ICICI Bank Loan Against Property
ICICI Bank Loan Against Property is one of the most powerful financial tools designed to help individuals and businesses leverage the value of their real estate assets. Through the LAP scheme, borrowers can get substantial funds to meet a variety of needs, be it expanding their business or arranging for adequate funds for a child's higher education. ICICI LAP starts with an interest rate of 10.85% per annum for a maximum tenure of 15 years.
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ICICI Bank Loan Against Property Interest Rate
ICICI Loan Against Property interest rate begins at 10.85% per annum for loans above Rs. 1 Cr and may go up to 12.50% per annum for loans up to Rs. 50 lakhs. The maximum loan amount offered under the LAP scheme is Rs. 5 crore, or up to 70% of the property value.
The ICICI LAP interest rate 2024 is mentioned below for your quick reference:
| Rate Package | Rate of Interest |
|---|---|
| Floater | 10.85% - 12.50% per annum |
| Fixed | 10.85% - 12.50% per annum |
ICICI Bank Loan Against Property Eligibility Criteria
To benefit from the LAP scheme, applicants must meet specific eligibility criteria set by the ICICI Bank. The bank evaluates several factors to determine a borrower’s suitability for a LAP such as the credit score, age, income, and nationality.
Have a look at the table below to understand the ICICI loan against property eligibility:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 25 - 65 years | 25 - 65 years |
| Nationality | Indian Residents | Indian Residents |
| Minimum Income Earned | Nothing specific | Nothing specific |
| Credit Score | 700 or above | 700 or above |
ICICI Bank Loan Against Property Fees and Charges
ICICI Bank offers three types of LAP schemes, including a LAP Overdraft Facility, a Top-Up, and one LAP scheme, especially for doctors. While the benefits of accessing funds through a LAP are significant, prospective borrowers need to understand the associated fees like processing fees to make an informed decision.
The ICICI loan against property processing fees and other charges can be clearly understood through the table below:
| Processing Fee | 1.50% of the loan amount or Rs. 11,000 (whichever is higher) |
|---|---|
| Prepayment Charges | 4% of the loan amount |
| Conversion Charges | 0.5% of the outstanding loan |
| CIBIL Report Charges | Rs. 50 |
| Administrative Charges | Up to 0.25% of the loan amount + GST or Rs. 5000 + GST (whichever is lower) |
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Compare Interest Rates on Loan Against Property for Top Banks & NBFCs
Comparing ICICI Bank LAP with similar offerings from other lenders is a crucial step for potential borrowers to ensure they secure the best possible deal. Such a comparison can reveal unique benefits or drawbacks specific to each bank, empowering borrowers to make an informed decision. So, we are now presenting a table of comparison between ICICI and other leading banks in terms of interest rates and processing fees on LAP:
| Bank/ NBFC Name | Rate of Interest | Processing Fee |
|---|---|---|
| ICICI Bank | 10.85% - 12.50% p.a. | 1.50% of the loan amount or Rs. 11,000 (whichever is higher) |
| HDFC Bank | 9.50% - 11.00% p.a. | 1% of the loan amount (minimum of Rs. 7,500) |
| Bajaj Housing Finance | 9.75% - 18.00% p.a. | Up to 4% of the loan amount + GST |
| SBI | 10.00% - 11.30% p.a. | 1% of the loan amount |
| Cholamandalam Housing Finance | 10.00% - 24.00% p.a. | 1% of the loan amount + GST |
| Axis Bank | 10.40% - 12.75% p.a. | 1% of the loan amount or Rs. 10,000 (whichever is higher) |
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Documents Required For ICICI Bank Loan Against Property
ICICI Bank validates the borrower’s identity, financial status, and property details by asking for a set of KYC documents at the time of application. Interested applicants must also go through the ICICI Bank loan against property documents required list shared below for self-employed and salaried applicants:
1. For Salaried Loan Applicants
- Address or Identity Proof: Aadhaar Card, Passport, Voter ID Card, PAN Card, etc.
- Income Proof: Salary Slips for 3 months, Bank Account Statements for 6 months, Latest ITR/ Form 16
- Documents of Property: Approved Plan, Title Deeds, No Encumbrance Proof, and so on
- Other Documents: Processing Fee Cheque, Duly-Filled Application Form with recent passport size photograph, Appointment Letter
2. For Self-Employed Loan Applicants
- Address or Identity Proof: Like Aadhaar Card, PAN Card, Passport, and Voter ID Card
- Income Proof: ITR/ Form 16 for 3 years, Profit and Loss Account Statements and Balance Sheets for 3 years, Savings Account Statement/ Current Statement of the Business Entity for 6 months, Business Profile, Form 26AS
- Documents of Property: Approved Plan, Title Deeds, No Encumbrance Proof, etc.
- Other Documents: Processing Fee Cheque, Duly Filled Application Form with a recent passport-size photograph, Declaration and Documents mentioning the end use of the loan, Partnership Deed if the business entity is in partnership, and the List of Stakeholders
FAQs
The current rate of interest on ICICI Bank loan against property ranges between 10.80% - 12.50% per annum.
Yes, ICICI Bank offers a Loan Against Property as an overdraft facility allowing the borrower to withdraw a certain amount from the sanctioned limit.
ICICI Bank offers up to 70% of the property value as a loan against a property to eligible borrowers.
A borrower can mortgage residential as well as commercial property for an ICICI Bank loan against property.
ICICI Bank offers both fixed and floater rates of interest on a loan against property, so the borrower can choose as per wish.
The maximum and minimum loan against property amount you can get from ICICI Bank is Rs. 5 crores and Rs. 7 lakhs respectively.