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Loan Against Specialised Property

Loan Against Specialised Property

A specialised property is used to run a business. You can now capitalise on your property and avail a loan against it to fund your business expansion, renovation or purchase of a new property or even for your personal use.

ICICI Bank offers a secured loan type in the form of a Loan Against Specialised Property, with a slight modification to benefit the borrowers. It is specifically offered by the bank, wherein a borrower can secure a loan by mortgaging only a specific use property.

Available at affordable interest rates, get easy access to funds with a maximum loan amount on your LAP of up to Rs 5 crore and enjoy comfortable Loan Against Specialised Property EMIs, with a long tenure, of up to 10 years.

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Specialised Property Includes

A Loan Against Specialised Property is especially offered to meet the unique needs of self-employed professionals and non-professionals. These loans cover various industries, with a special focus on providing Loan Against Property, as listed below:

industrial-property warehouse-property school-property hotels-property

Industrial Property

Warehouse

School

Hotels

marriage-garden marriage-hall-property Nursing Home

Marriage Garden

Marriage Hall

Hospital / Nursing Home

Features of Loan Against Specialised Property

easy-access balance-transfer tenure

Maximum Loan Amount

Balance Transfer

Flexible Tenure

Mortgage your Specialised Property to avail loan up to ₹ 5 crores

Easily transfer existing loan to ICICI bank to pay low interest EMIs

Avail a loan tenure upto 10 years & pay the loan easily

Loan Against Specialised Property Eligibility

easy-access tenure

Resident Indian

Self Employed

Any resident Indian can apply for a Loan Against Specialised Property

Any self-employed individual with a minimum age of 25 to a maximum of 65 years, can apply

  • You can apply for the loan, individually or jointly
  • All property owners need to be co-applicants. However, it is not necessary that the co-applicants need to be co-owners
  • Self-employed professionals can be doctors, lawyers, chartered accountants, architects, consultants, engineers or company secretaries 
  • Self-employed non-professionals can be hospital operators/owners, trusts, societies, private or public limited companies, partnership firms or proprietorship firms.

Documents

As a borrower, you need to provide the Loan Against Specialised Property documents as listed below, along with the signed application for the loan approval process.

Proof of Identity and Residence:

  • PAN Card
  • Aadhaar Card
  • Passport
  • Voter ID
  • Driver’s License

Proof of Income:

  • Income Tax Returns, along with income computation for the last 3 years
  • Last 3 years Balance Sheet and Profit & Loss account statements of the business entity, attested by a CA
  • Last 6 months bank statements of the business entity

Property Documents:

  • Copy of the Buyer Agreement
  • Title deeds of the property, including the previous chain of documents from previous owners

Other documents:

  • Details of ongoing loans of the borrower and the business, including outstanding amount, security, purpose, instalments etc.

FAQS

What is a Loan Against Specialised Property?


A Loan Against Specialised Property is a mortgage loan. It can be availed by keeping your existing or idle property as collateral with ICICI Bank, to get funds for business requirements. Whether you are a doctor, CA, trader or engaged in any other business, a Loan Against Specialised Property is designed to meet your business goals. 

How do you apply for a Loan Against Specialised Property?


You can apply for a Loan Against Specialised Property in a similar way, as that of any other Loan. ICICI Bank offers an application process, both digital (online) and physical, (Offline) through a visit to the branch or connecting to our call centre.

Who is eligible for a Loan Against Specialised Property?


Both self-employed professionals and non-professionals can apply for a Loan Against Specialised Property. Self-employed professionals include doctors, CAs, architects, lawyers, etc. Non-professionals include hospital operators/owners, trusts, societies, private or public limited companies, partnership firms or proprietorship firms.

What are the documents required to apply for a Loan Against Specialised Property?


To apply for a Loan Against Specialised Property, you need to produce the necessary paperwork, as follows:

  • Proof of Identity and Residence: Aadhaar Card, PAN Card, Passport, Driving License
  • Proof of Income: Last 3 years Income Tax Returns, with the computation of income, last 3 years’ Profit & Loss Account statements and Balance Sheets and last 6 months’ Bank Account Statements
  • Proof of Property Related Documents: Copy of Buyer Agreement and Title Deeds, Ongoing Loans, pertaining to the Business Entity.

What is the minimum loan amount offered on a Loan Against Specialised Property?


A borrower can avail up to 50% of the value of the property. The maximum loan amount on LAP that a self-employed professional or non-professional can avail is up to Rs 5 crores; however, it depends on the type of property that is mortgaged. 

I am currently running a Loan Against Specialised Property. Can I transfer this loan?


Yes. If you are already servicing a Loan Against Specialised Property from another bank or financial institution, you are eligible for a balance transfer of the Loan Against Specialised Property that lets you transfer the outstanding loan balance to ICICI Bank. In addition to the transfer facility, you can benefit from low interest rates and Top up Loan solution, to meet your other financial needs.

Can I avail a Loan Against a Leased Specialised Property?


Yes. If you have a leased commercial property, ICICI Bank offers a Loan Against a Leased Specialised Property, which is offered in the form of Lease Rental Discounting.

Terms and Conditions apply.

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