High Loan Amount
Flexible Loan Tenure
Special offers for doctors
Attractive LAP Interest Rates
Based on the value of the property being offered as collateral, ICICI Bank lets you avail a high loan amount of up to Rs 5 crore, at a low interest rate.
ICICI Bank’s Loan Against Property features a longer loan duration with a tenure of up to 15 years, so you experience reduced EMIs
ICICI Bank lets you transfer your existing Home Loan or any other existing Loan Against Property with other financiers, using the Loan Against Property Balance Transfer facility.
Get a quick sanction on a loan amount that is up to 70% of your property value.
With ICICI Bank, you can avail a Loan Against Property at an interest rate, which is affordable.
Loan Against Property
Whether you own a residential, commercial or special use property, it is an asset that can be used as collateral against a loan, when you have a financial requirement. Monetary problems pertaining to business expansion, child’s higher studies, wedding or medical emergency can strike anytime, but it can be settled conveniently, if you own a property. You can easily secure a loan by mortgaging your property. A Loan Against Property or LAP is a secured loan obtained by any individual or entity who owns a property in his/her name.
Put your financial worries to rest as ICICI Bank offers Loan Against Property (LAP) that can help you live your dreams. LAP can be used for personal or business needs. You do not need to sell your property; it will be used as collateral by ICICI Bank to offer you the required loan amount. ICICI Bank Loan Against Property is one of the effective ways to raise money. It offers a high loan amount, lower interest rate and a flexible loan tenure. Additionally, you can leverage our attractive offers to meet your financial needs, without any hassles.
Applying for a Loan Against Property at ICICI Bank involves a simple online application process for salaried employees, business professionals and self-employed individuals, who own residential, commercial, or a special purpose property in their name. Enjoy comfortable EMIs with a long tenure of up to 15 years and also avail an Overdraft with it.
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Loan Against Property Features
Eligibility Criteria for Loan Against Property
The eligibility for LAP is assessed based on the financials of the customer and the value of the property being offered as a collateral:
|Loan Amount||Rs 10 lakh – Rs 5 crore*|
|Age||Minimum: 25 Years
Maximum: 65 Years or retirement age whichever is earlier
|Eligible profiles||Salaried & Self-Employed|
|Tenure||Up to 15 Years|
|End use||Business expansion, Long Term Working Capital, Debt Consolidation, equipment purchase, medical exigency, education/marriage of children, holiday, etc.|
*On a case to case basis, ICICI Bank offers higher loan amount too.
Terms and Conditions apply.
Loan Against Property Documents
ICICI Bank’s Loan Against Property follows a simple documentation process. If you are a salaried or self-employed individual, you need to submit the below documents, along with a signed application for a loan sanction:
Proof of Identity and Residence:
- Aadhaar card
- PAN Card
- Voter ID etc
Proof of Income
- Salary slips (For salaried individuals)
- Bank account statements
- Income tax returns
- Title Deeds, including the previous chain of documents from earlier owners, if any Property approval plan
- No encumbrance documents.
- Appointment letter, in case you are associated with a company for less than a year.
- Last 6 months’ bank statements of loan repayments, in case you have any ongoing loan
- Passport size photographs of the applicant/co-applicant, to affix on the application form.
*Self-employed non-professionals need to submit a business profile document.
Loan Against Property Charges
The following are the fees and charges, as applicable if you apply for a Loan Against Property.
Charges and Fees:
- Processing charges: ICICI Bank charges up to 1% of the loan amount, plus applicable taxes
- CIBIL report charges: For LAP, the Bank applies a fee of Rs 50, plus applicable taxes, in case of a CIBIL report
- Administrative charges: Once your loan is sanctioned, you are required to pay an administrative fee, which is fixed at Rs 5,000 plus taxes or 0.25% plus taxes, whichever is lower.
- Charges won’t be applicable if the end use is other than business
- The pre-payment Loan Against Property charges are applicable on full repayment of the loan sanctioned with Private Ltd, Public Ltd, Partnership Firms, Proprietorship firms, HUF. The Bank shall levy a charge at the rate of 4% (loans at fixed and floating interest rates), plus applicable charges
- In case the borrower/s makes a full pre-payment, within one year of part pre-payment, the full pre-payment fees shall be applicable on the amount prepaid to foreclose the loan and on all amounts tendered by the borrower/s towards pre-payment of the facility during the last one year, from the date of final pre-payment.
- This type of Loan Against Property charge is levied in case a customer wants to move from a fixed rate to a floating rate or from a floating rate to a fixed interest rate, based on the needs to avail an affordable LAP. Pertaining to this, ICICI Bank shall levy a charge of 0.5% of the outstanding, plus applicable taxes
- In case you permanently want to shift from fixed to floating interest rate, the applicable conversion charge is 1.75% of the outstanding, plus applicable taxes.
Loan Against Property Benefits
ICICI Bank’s Loan Against Property is designed to provide financial support for businesses of all sizes, whether big or small.
LAP for Doctors:
ICICI Bank offers an advantage to medical professionals in the form of LAP for Doctors, with a loan sanction of up to 70% of the property value. If you are a doctor and own a property and are looking for funds to transform your clinic into a nursing home or have any other financial requirement, you can apply for a Loan Against Property at a higher loan amount, for a loan term of 15 years.
Now enjoy a credit limit of up to Rs 1 crore for salaried borrowers and Rs 5 crore for Self Employed borrowers with Loan Against Property Overdraft (Home OD) or the LAP OD facility. The OD facility financing option lets you withdraw a certain amount from the sanctioned limit and the borrower can utilise the limit as per their requirement. This is a long term dropline limit that would be auto-renewed every year, at minimum renewal charges. The interest rate is applicable only on the amount you utilise to finance your needs.
You can also avail a 100% Top-up Loan on your existing Loan Against Property. Whether you are facing a shortage of funds for personal or business purposes, a Top-Up Loan is an ideal choice. It requires simple and minimal documentation if you already have an ongoing LAP with ICICI Bank.
Frequently Asked Questions (FAQs)
What is Loan Against Property (LAP)?
A Loan Against Property is a secured loan, wherein you can mortgage your residential, commercial or special use property to get immediate funds for any purpose, ranging from business expenditure to personal needs. In LAP, the property you own, which has a clear title is kept with ICICI Bank as a collateral or security, to help you get financial assistance.
What is the maximum funding that I can avail myself on a property as LAP?
The loan amount that ICICI Bank sanctions, ultimately depends on the financial status of an individual and the overall value of the property, after inspection by the ICICI Bank. If you are a salaried or self-employed or business professional, you are eligible to receive a maximum loan amount of up to Rs 5 crore. Check our Loan Against Property calculator to know how much loan amount you can avail.
Who can avail a Loan Against Property (LAP)?
When it comes to a Loan Against Property eligibility, ICICI Bank’s Loan Against Property is available for salaried individuals between the age of 25 to 65 who want to fund wedding expenses, child’s education, medical treatment, property purchase, debt consolidation, or for any other purpose.
The loan facility is also available to self-employed individuals who have their own business or practice. The minimum age is 25 and the maximum age is 65, when it comes to a Loan Against Property’s eligibility.
ICICI Bank LAP is also tailored to meet the needs of medical professionals. This category of customers can easily qualify for the loan and get an instant Loan Against Property approval on the loan amount.
Doctors are eligible to get a loan amount that is up to 70% of their property value. They can use the funds for buying medical equipment, expanding their operations, buying a second home and more.
The funding is also available for industrial or any other special use properties, for a tenure of up to 10 years and a maximum loan amount of Rs 5 crore.
What is the maximum term for which I can avail a Loan Against Property (LAP)?
ICICI Bank Loan Against Property tenure is easy funding that any individual can opt for a maximum tenure of up to 15 years.
What is the security that I need to provide to avail myself a Loan Against Property (LAP)?
As the name suggests, you need to mortgage your property, to ensure access to immediate funding. Your property will act as a security against the loan amount that you are seeking to apply at the ICICI Bank. It can be either a residential, commercial or special use space, which is well constructed, has a clear title and free from any legal complications.
What are the documents required for a Loan Against Property?
Whether you are a salaried employee or a self-employed professional, you need to submit the following list of Loan Against Property documents.
You need to provide an Identity & Address Proof – it can be either Aadhaar Card, PAN card, Passport or Voter ID for both salaried and self-employed individuals
You need to provide Income Proof that includes 6 months’ bank statements, 3 months’ salary slips, Income Tax Returns (ITR) or Form 16, in case of salaried individuals
Self-employed need to produce a business existence document of a minimum of 5 years and ITR of 3 years
Apart from these, both categories of customers should also submit property documents which include, a title deed, no encumbrance certificate and previous chain of paperwork from previous owners of the property
Passport size photos, to affix on the LAP application form.
What type of property can I mortgage for a LAP?
ICICI Bank allows you to secure a mortgage Loan Against Property by mortgaging residential or commercial property or a special use property (owned or rented). In case you own any of these properties like schools, warehouses, industrial or nursing bed with a capacity of 30 beds, you are eligible to get the loan.
Can you offer a LAP as an Overdraft?
Overdraft facility is available to all customers. It is a great financing option, which you can use for business or personal needs. Under this scheme, you are given a credit limit and you can withdraw a required amount from the eligible loan amount during the loan tenure. The interest rate is applicable only on the amount withdrawn/utilised.
What percentage of the property value can I avail as a LAP?
The loan amount, which you can avail through ICICI Bank’s LAP depends on the overall condition of the property. This is nothing but the Loan to Value or LTV Ratio, which ICICI Bank refers to before approving any loan. Also, LTV ratios differ by the type of property. Age and prevailing market value of the property also comes under assessment. Once all these parameters are evaluated, ICICI Bank offers a loan amount of up to 70% of the property value. You can use a LAP EMI calculator to know how much loan you can avail.
What are the purposes for which I can avail of a LAP?
A LAP can be availed for various purposes such as a wedding, child’s higher studies, medical exigency, buying a new home, business expansion, debt consolidation to lower cash outflows, purchase of medical equipment and much more.
Can I avail a LAP against rented premises?
Yes, you can avail a LAP against a rented property. It is important to note here that the Loan to Value Ratio or LTV will vary, depending on the type of rented property you are mortgaging in exchange for the loan amount.
Can I foreclose the loan before the loan’s tenure?
ICICI Bank allows you to foreclose the loan before the maturity of the loan term.
I have availed a LAP from ICICI Bank 5 years back; now, I want a tenure extension for that loan. Can I availit?
Yes, you can opt for a loan term extension. Note that the maximum tenure for LAP is up to 15 years, depending upon the borrower's age.
Is it possible to get the Rate Conversion done as per the prevailing Rate of Interest?
When it comes to interest on Loan Against Property, ICICI Bank allows you to convert your interest rate; however, it will attract conversion charges.
Difference between Home Loan & Loan Against Property?
Both loans are different from each other. A Home Loan is taken by a borrower to purchase a new home, which can be under construction, ready-to-move or a second property or one that needs to be constructed from scratch. On the other hand, a Loan Against Property is taken by mortgaging an existing property (owned or rented residential, commercial or special use space), to finance immediate requirements (personal or business).
Can I transfer my Loan Against Propertyto another bank for an enhanced amount or tenure?
Yes, you can transfer the outstanding principal of your LAP from your existing lender to ICICI Bank at lower interest rates and longer tenures, with the help of the Balance Transfer facility. This will help to reduce the monthly instalments. Moreover, you will also be eligible for a Top-up Loan when you opt for a LAP Balance Transfer.
Can I take part disbursement under LAP, as per my need?
Yes, ICICI Bank allows you to take part-disbursement.
Is it allowed to sell off the property during the tenure of the loan?
Yes, you can sell the mortgaged property, if you pay the balance amount at once. In either case, the loan liability can be shifted to the new borrower.
Is it mandatory to take all the property owners as co-applicants in the loan?
Yes. In case a property is owned by more than one participant, it is necessary that everyone should be co-applicants, as they are also the owners of the property.
Can I apply for a loan for my business against my friend’s residential property?
No. The condition of applying for a Loan Against Property is that you need to have your own property or a rented space. You will not be eligible to apply for a Loan Against Property if it is your friend’s property. ICICI Bank does not accept pledging of Third-Party Property in any case.
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