Instant Loan Against Property
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 up as collateral and get instant funds, with no documentation at all. That’s how a Loan Against Property or LAP works.
At ICICI Bank, you can avail funds even faster, by applying for an Instant Loan Against Property, a Pre-Approved LAP facility that enables you to meet personal or business goals. Holding a Salary or Savings Account with our Bank has its own benefits, which means you do not have to go through the documentation process to avail instant funds, thus, ensuring quick sanction and disbursement. An Instant 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.
Get instant sanctions for loans up to Rs 1 crore, against the prevailing market value of your property, at the best Loan Against Property interest rate starting from 8.35%, p.a. You can also avail an instant sanction to transfer your existing Loan Against Property from other financial institutions.
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Features of ICICI Bank’s Instant Loan Against Property
You have an added advantage of getting the loan amount sanctioned in a few minutes
The Pre-Approved LAP Loan saves you from the time-consuming paperwork process
High Loan Amount
Avail a loan amount as high as Rs 1 crore. ICICI Bank provides loan sanction on the basis of market valuation of the property
We know that you need immediate cash to fund any purpose, which is why the Pre-Approved LAP application process is swift
Easy Balance Transfer
If you have an ongoing LAP with another bank, ICICI Bank lets you opt for a LAP Balance Transfer
The pre-approved Loan Against Property lets you pay your EMIs at an affordable rate
Instant Loan Against Property Eligibility
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 Instant Loan Against Property
Salaried or Self-Employed
Any salaried or self-employed individual holding an account with ICICI Bank, can apply for an Instant Loan Against Property
The Instant LAP facility is also available for NRIs
Owner of the Property
The applicant should be the owner of the property, which is being pledged as a collateral.
How does one apply for an Instant Loan Against Property?
As a pre-approved customer, you can apply for an Instant Loan Against Property in just three simple steps:
- Select the Loan Offer
- Pay the Processing Fee, online
- Download sanction letter
Prominent features of ICICI Bank Instant Loan Against Property:
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.
It is easy to avail the pre-approved offer for an Instant Loan Against Property. You can apply through Internet Banking or the iMobile Pay app.
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.
The minimum loan amount is Rs 10 lakh and the maximum can go up to Rs crore, depending on your pre-approved offer disclosed by the Bank. You can use the Loan Against Property EMI calculator to know the monthly instalment you will need to pay against the loan.
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 Instant 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.