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Do you need immediate funds for personal or business needs? Borrowing from other sources like family or friends may not work out at times. But if you own a residential or commercial property, you can give it as collateral and get a quick loan against property with minimal documentation. That’s how a pre approved Loan Against Property or LAP offer works.
Pre-Approved Loan against Property: Features & Benefits
Resident Indian
Any resident Indian is eligible for the loan facility
No Age Limit
Any person between the age of 25 years to 65 years or of retirement age, whichever is earlier, can apply for an Pre-approved Loan Against Property
Salaried or Self-Employed
Any salaried or self-employed individual holding an account with ICICI Bank, can apply for an Pre-approved Loan Against Property
Owner of the Property
The applicant should be the owner of the property, which is being pledged as a collateral.
Instant Approval
You have an added advantage of getting the loan amount sanctioned in a few minutes
Saves Time
The Pre-Approved Against Property Loan saves you from the time-consuming paperwork process
Swift Processing
We know that you need immediate cash to fund any purpose, which is why the Pre-approved Loan Against Property application process is swift
Easy Balance Transfer
If you have an ongoing Pre-approved Loan Against Property with another bank, ICICI Bank lets you opt for a LAP Balance Transfer
Affordable EMIs
The pre-approved Loan Against Property lets you pay your EMIs at an affordable rate
Pre-approved Loan Against Property - Overview
At ICICI Bank, you can avail funds even faster by applying for a Pre-approved Loan Against Property, a facility that enables you to meet personal or business goals. A Pre-approved Loan Against Property is a perfect financing option for doctors who want to transform their clinic into a nursing home or professionals looking to expand their business.
You can also use the funds for personal needs like funding the education of your child, a marriage in the family or even a medical emergency!
Avail Instant Loan Against Property in 3 Easy Steps
Pre-Approved Loan Against Property FAQs
A Pre-Approved Loan Against Property is a loan facility available to existing ICICI Bank customers, having a “pre-approved offer” from the Bank. Under this, borrowers can mortgage their residential or commercial property as collateral, to avail instant funds for funding their business or personal goals, at attractive interest rates.
Since this is a pre-approved offer for existing ICICI Bank customers, it does not require you to produce any Loan Against Property documents, at the sanction stage. Therefore, making the loan application process, quicker.
Pre-approved LAP eligibility - you need to be an existing ICICI Bank customer, with a pre-approved offer, to avail the pre-approved Loan Against Property.
ICICI Bank’s Pre-approved Loan Against Property is available to existing customers who own a fully constructed freehold residential or commercial property.
Yes, you can reduce the loan tenure on the slider; however, the maximum tenure will be as mentioned on the offer.
Yes, you can reduce the loan amount on the slider. However, there is no facility to enhance the loan amount once the offer amount is declared by ICICI Bank.
The Sanction Letter is valid for up to 6 months.
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