Life’s unexpected or planned expenses—from urgent medical bills to critical business capital—can be substantial. ICICI Bank’s Loan Against Property helps fulfill these aspirations by converting the value locked in your property into accessible funds.
Need funds urgently? Fast, hassle-free financing starts with a loan against property.
ICICI Bank Loan Against Property Highlights
ICICI Bank Loan Against Property offers flexible terms, competitive interest rates, and high loan amounts, making it an ideal choice for aspiring homeowners.
| Aspects | Highlights |
|---|---|
| Interest Rates | 10.85% p.a. -12.50% p.a. |
| Loan Amount | 75% of the property value |
| Tenure | Up to 15 years |
| Processing Fees | Up to 2% of the loan amount |
| Special Benefits | Special offers to doctors |
Suggested Read: Loan Against Property vs. Personal Loan
ICICI Bank Loan Against Property Interest Rates
ICIIC Bank offers LAP at interest rates starting from 10.85% p.a. These rates vary based on factors such as CIBIL score, loan amount, occupation profile, and the property value.
| Slab | Salaried/ Self Employed (Professionals) | Self Employed (Non -Professionals) |
|---|---|---|
| Up to ₹50 lakh | 11.35% p.a. – 12.00% p.a. | 11.85% p.a. – 12.50% p.a. |
| ₹50 lakh to ₹100 lakh | 11.10% p.a.- 11.75% p.a. | 11.60% p.a. – 12.25% p.a. |
| Above ₹100 lakh | 10.85% p.a. – 11.50% p.a. | 11.35% p.a. – 12.00% p.a. |
Suggested Read: JIO Finance Launched Loan Against Property
Types of Loan Against Property Offered by ICICI Bank
ICICI Bank understands that owning a home is a cherished goal for everyone. ICICI Bank loan against property schemes are thoughtfully designed to meet your unique needs, offering flexible terms and competitive rates.
LAP Top-up
- Additional Funding: Secure extra funds on top of your existing Loan Against Property.
- Versatile Usage: Suitable for both personal and business requirements.
- Minimal Documentation: Enjoy a streamlined process if you already hold an LAP with ICICI Bank.
LAP for Doctors
- Loan-to-Value: Avail up to 75% of your property’s value.
- Purpose: Ideal for clinic expansion or other professional financing needs.
- Loan Tenure: Access higher loan amounts with repayment terms of up to 15 years.
Suggested Read: Loan Against Property vs. Medical Loan
Home Overdraft (LAP OD)
- Flexible Withdrawals: Draw funds as needed from your sanctioned limit.
- Long-Term Dropline Limit: Auto-renews every year at minimal charges.
- Interest Benefits: Pay interest only on the amount you actually utilize.
Suggested Read: Home Loan vs. Loan Against Property
ICICI Bank Loan Against Property: Eligibility Criteria
Before applying for a loan against property, it’s essential to understand the eligibility criteria. Here’s the essential eligibility checklist set by ICICI Bank:
| Eligibility Criterion | Requirement |
|---|---|
| Age | 21 to 65 years or up to retirement age |
| Employment Type | Both salaried and self-employed individuals are eligible |
| Credit Score | Minimum 700 or above |
| Citizenship | Must be an Indian resident |
| Income Stability | Proof of steady income is typically required |
| Debt-to-Income Ratio | Must meet acceptable DTI to ensure affordability |
Suggested Read: Loan Against Property Tax Benefits
ICICI Bank Loan Against Property: Documents Required
When applying for a home loan with ICICI Bank, you will need to provide specific documents that verify your identity, income, and property details. Below is a detailed list:
| Document Type | Documents Required |
|---|---|
| Identity and Address Proof | Aadhaar Card Passport Driving License Voter ID NREGA Card Letter from the National Population Register (NPR) |
| Date of Birth (DOB) Proof | Passport Driving License Voter ID NREGA Card Letter from the NPR |
| Income Proof (Salaried) | Latest Form 16 One-month Salary Slip Bank Statements (last 6 months) |
| Income Proof (Self Employed) | Bank Statements of All Operative Accounts (last 6 months) CA-Certified/Audited Income Tax Returns (ITR) (last 2 years) Computations of Income, Profit & Loss Account, Balance Sheet GST Return (last 1 year) |
| Property Documents | Title Deed Encumbrance Certificate Latest Property Tax Receipts Occupancy Certificate Registration & Sale Deed |
Suggested Read: Loan Against Property without All Income Documents
ICICI Bank Loan Against Property: Processing Fees and Other Charges
ICICI Bank takes processing fees to cover the cost of reviewing your documents and assessing your loan application. Besides processing fees, borrowers may also have to pay administrative costs, legal fees, and prepayment charges.
| Charge | Amount / Rate |
|---|---|
| Processing Fee | Up to 2% of the loan amount |
| CIBIL Report Charges | ₹50 |
| Administrative Charge | ₹5,000 + GST or 0.25% + GST, whichever is lower |
| Prepayment Charges | 4% of the outstanding amount |
| Conversion Charges | – Floating (adjustable) to Fixed: ₹3,000 – Semi-Fixed/Fixed to Adjustable: 2% of principal outstanding – Overdraft: 0.5% of principal outstanding |
Suggested Read: NRI Loan Against Property
Compare Top Banks Loan Against Property Interest Rates
Comparing loan against property interest rates from leading banks helps you identify affordable financing options. Get a clearer view of each lender’s terms and choose the best home loan that matches your budget and financial goals.
| Banks/ NBFCs | Rate of Interest | Maximum Loan Amount |
|---|---|---|
| SBI | 10.60% p.a. – 11.30% p.a. | Rs. 7.5 Crore |
| HDFC | 9.50% p.a. – 11.00% p.a. | 65% of the market value of the property |
| IDFC | 9.25% p.a. onwards | 50% – 70% of the market value of the property |
| Tata Capital | 14.25% p.a. onwards | Depending on the market value of the property |
| Axis Bank | 10.50% p.a. – 10.90% p.a. | Rs. 5 Crore |
| Kotak Mahindra Bank | 9.50% p.a. onwards | Rs. 5 Crore |
| Bank of India | 10.10% p.a. Per lakh | Rs. 5 Crore |
| LIC Housing Finance | 9.70% p.a. – 11.55% p.a. | Rs. 2 lakhs onwards |
| PNB Housing Finance | 9.24% p.a. – 12.75% p.a. | 70% of the market value of the property |
| ICICI Bank | 10.85% p.a. – 12.50% p.a. | 75% of the market value of the property |
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Conclusion
Taking a loan against property is a big step. Putting your property as a collateral can be hard, but we make it easy. Choosing Credit Dharma for your home loan simplifies this process. We offer expert advice and personalized assistance to make everything hassle-free. You’ll receive timely updates on your loan application and disbursement progress.
From the initial application to the final disbursement, we provide comprehensive support. Enjoy clear and honest communication at every stage, with no hidden surprises.
Frequently Asked Questions
As of February 12, 2025, ICICI Bank offers loans against property with interest rates starting from 10.85% per annum.
HDFC Bank offers loans against property with interest rates starting from 9.50% per annum, which is lower than ICICI Bank’s starting rate of 10.85% per annum.
At an indicative interest rate of around 10% for a 10-year tenure, the EMI would be roughly ₹52,800 per month.
Assuming a 10% annual interest rate over a 10-year period, the approximate EMI would be about ₹13,200 per month.
With a notional 10% interest rate for a 5-year term, the EMI could be in the ballpark of ₹1.06 lakh per month.
HDFC Home Loan
SBI Home Loan
