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Loan Against Property – An overview

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. Your property can help fulfil your dreams. Avail a mortgage loans at lower interest rates.

  • Mortgage Loan EMI Calculator
    Check your monthly EMI

    Check your Home Loan eligibility

  • Balance Transfer Calculator

    Calculate your monthly savings


    Plan your finances for Home Loan

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Your Existing Home Loan
ICICI Bank Home Loan



Monthly EMI

You Save ₹10,201/month



Total Amount Paid
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Loan Against Property: Interest, Documents & Eligibility

Loan Against Property documents

Loan Against Property (LAP) offered by ICICI Bank follows a simple documentation process. If you are a salaried or self-employed individual, you are required to submit the following documents along with the signed application form for Loan sanction.

  • Aadhaar Card, PAN Card, Passport, Voter ID etc.*
  • Salary Slips (for salaried individuals), Bank Account Statements, Income Tax Returns**
  • Title Deeds, including chain of documents of the previous owners (if any), property approval plan and non-encumbrance certificate***
  • Appointment letter, in case you are associated with a company for less than a year**
  • Bank Statements of the last 6 months to check Loan repayment capability, if you have any ongoing Loan with the Bank**
  • Passport size photographs of the applicant and co-applicant, to be affixed on the application form****
  • Business profile documents for self-employed non-professionals.****

Mandatory documents for Loan against Property

  • Proof of identity

    Proof of Identity *

  • Proof of Residence

    Proof of residence

  • Proof of Income**

    Proof of income**

  • Property documents***

    Property documents***

  • Other documents****

    Other documents****

Mortgage Loan Eligibility

Here are the necessary eligibility requirements for securing a mortgage loan:

  • Age: The age of the applicant should be between 21 to 65 years or retirement age.
  • Employment Type: Both salaried and self-employed individuals are eligible.
  • Credit Score: A minimum credit score of 700 or above is usually required for eligibility.
  • Citizenship: Applicants must be Indian residents to qualify for a mortgage loan.
  • Income Stability: Lenders assess the applicant's income stability and may require proof of steady income for loan approval.
  • Debt-to-Income Ratio: Lenders evaluate the applicant's Debt-to-Income (DTI) ratio to ensure they can comfortably afford mortgage payments.
Read More

Types of Loan Against Property

Loan Against Property for Doctors

LAP for Doctors

ICICI Bank provides a Loan Against Property for doctors, allowing a loan sanction of up to 75% of the property value. If you own a property as a doctor and need funds for clinic expansion or other financial needs, you can apply for a higher Loan amount with a 15-year term.

Home Overdraft

Home Overdraft

The LAP OD facility has a financing option that allows you to withdraw a certain amount from the sanctioned limit. This facility has a long-term dropline limit that gets auto-renewed every year at minimum charges. The interest rate is applicable only on the amount you utilise to finance your needs.

LAP Top-up

LAP Top-up

You can also avail a Top-up Loan on your existing Loan Against Property. If you are facing a shortage of funds for personal or business purposes, a Top-up Loan is the ideal choice. It requires minimal documentation, especially if you already have an ongoing LAP with ICICI Bank.

Mortgage Loan FAQs

What is Loan Against Property (LAP)?

A Loan Against Property is a Secured Loan, where 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.

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 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 up to 75% 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.

What is the maximum term for which I can avail a Loan Against Property (LAP)?

You can avail an ICICI Bank Loan Against Property for a maximum tenure of up to 15 years.

What is the security that I need to provide to avail 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 with 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 individuals need to produce a business existence document of minimum 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, commercial or a special use property (owned or rented). If you own any property like schools, warehouses, industrial or nursing with a capacity of 30 beds, you are eligible to get the Loan.

Do ICICI Bank offer Property Loan 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. 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?

ICICI Bank offers a loan amount of up to 75% of the property value. 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. You can use a mortgage loan calculator to know how much loan you can avail.

For what purposes can I avail a LAP Loan?

A LAP can be availed for various purposes such as a wedding, child’s higher studies, medical emergency, buying a new home, business expansion, debt consolidation to lower cash outflows, purchase of medical equipment and much more.