Securing your financial future has never been easier with ICICI Bank Loan Against Property Interest Rates in 2024. Whether you’re looking to fund a new business venture, consolidate debts, or manage unexpected expenses, ICICI Bank offers competitive and flexible interest rates tailored to your needs.
ICICI Bank Loan Against Property Interest Rates 2024
ICICI Bank offers competitive loans against property interest rates, making it a reliable option for unlocking the value of your property. With flexible repayment options and attractive rates, you can meet your financial needs with ease while keeping your property as collateral.
| Slab | Salaried/ Self Employed (Professionals) | Self Employed (Non -Professionals) |
|---|---|---|
| Up to ₹50 lakhs | 11.35% p.a. – 12.00% p.a. | 11.85% p.a. – 12.50% p.a. |
| ₹50 lakhs to ₹100 lakhs | 11.10% p.a.- 11.75% p.a. | 11.60% p.a. – 12.25% p.a. |
| Above ₹100 lakhs | 10.85% p.a. – 11.50% p.a. | 11.35% p.a. – 12.00% p.a. |
Types of Loan Against Property Offered by ICICI Bank
ICICI Bank understands that different customers have varied financial needs. To cater to this diversity, the bank offers several types of LAPs:
LAP Top-up
If you already have an existing LAP with ICICI Bank and need additional funds, the LAP Top-up is an ideal solution. It requires minimal documentation and can be used for both personal and business purposes, helping you overcome any financial shortfalls swiftly.
LAP for Doctors
Specifically designed for medical professionals, this loan allows doctors to leverage up to 75% of their property’s value. Whether you’re looking to expand your clinic, invest in new medical equipment, or meet other financial requirements, this loan offers a higher amount with a tenure of up to 15 years.
Home Overdraft
The Home Overdraft facility provides a flexible financing option. You can withdraw funds up to a sanctioned limit, and interest is charged only on the amount utilized.
This facility features a long-term dropline limit that auto-renews annually with minimal charges, offering both convenience and cost-effectiveness.
Key Features and Benefits of ICICI Loan Against Property
ICICI Bank’s Loan Against Property comes with a range of features designed to meet your financial goals. Enjoy attractive interest rates, flexible loan tenure, and high loan amounts, all while leveraging the value of your property.
| Features/ Benefits | Description |
|---|---|
| Flexible Loan Amounts | Range: Loans from ₹5 lakhs to ₹10 crores Purpose: Suitable for various financial needs, whether big or small |
| Support for Small Businesses | Commitment: Dedicated to helping small businesses thrive Options Available: a. LAP: For substantial business requirements b. Micro LAP: For smaller, everyday business needs |
| Inclusive Loan Options | Salaried Individuals: Government employees, corporate professionals Self-Employed Individuals: Doctors, lawyers, CAs, traders, small business owners Property Owners: Loans available against land purchase if you own a plot of land |
| Quick Loan Disbursal | Wide Network: Accessible at 215+ branches nationwide Expert Support: Team of legal and technical experts available Benefits: a. On-the-spot application review b. Minimizes the need for multiple visits and extensive documentation |
| Shift to ICICI HFC | Balance Transfer Facility: a. Reduce your EMI burden b. Enjoy more competitive interest rates c. Avail tax benefits associated with your loan |
ICICI LAP Eligibility Criteria
To qualify for ICICI Bank’s Loan Against Property, applicants must meet specific eligibility criteria. Factors like age, income, property type, and credit score play a crucial role in determining eligibility for this loan.
| Criteria | Requirements |
|---|---|
| Age | Between 21 to 65 years (or retirement age) |
| Credit Score | Minimum of 700 or above |
| Employment Type | Both salaried and self-employed individuals are eligible |
| Citizenship | Must be an Indian resident |
| Income Stability | Proof of steady income is required |
| Debt-to-Income Ratio | Should be within acceptable limits to ensure repayment capability |
Documents Required for ICICI LAP
When applying for ICICI Bank’s Loan Against Property, you need to provide key documents like identity proof, address proof, income proof, property documents, and bank statements. These documents help in verifying your eligibility and processing the loan smoothly.
| Category | Documents Required |
|---|---|
| Proof of Identity | Aadhaar Card PAN Card Passport Voter ID |
| Proof of Residence | Utility bills Rental agreement Passport |
| Proof of Income – Salaried | Latest salary slips Bank account statements Income Tax Returns Appointment letter if employed for less than a year |
| Proof of Income – Self Employed | Bank statements Income Tax Returns Business profile documents |
| Self-Employed Non-Individuals | GST Registration Copy AOA/MOA of Company Latest 2 Income Tax Returns Last 2 Years Profit & Loss Accounts and Balance Sheets (with schedules) Six-Month Bank Statements |
| Property Documents | Registered Sale deed and link documents for tracing of title Occupancy Certificate Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed |
ICICI LAP Fees and Charges
ICICI Bank’s Loan Against Property comes with certain fees and charges, including processing fees, legal charges, and prepayment penalties. It’s essential to review these costs to understand the overall expenses associated with the loan.
| Category | Fees and Charges |
|---|---|
| Login/Application Fee | ₹7,000 or ₹10,000 (depending on the property) plus GST @18%. |
| Processing Fee | 1.00% or ₹11,000 (whichever is higher) or 1.50% (depending on the property) of the loan amount plus GST @18%. |
| Foreclosure Charges | Floating Rate Loan (Non-Business Purpose, Individual Borrower): NIL Floating Rate Loan (Business Purpose, Individual/Non-Individual Borrower): 4% of the outstanding loan amount plus applicable taxes Fixed Rate Housing Loan: 2% plus applicable taxes Fixed Rate Non-Housing Loans: 4% plus applicable taxes |
| Conversion Fees | 1.00% plus applicable taxes on the principal outstanding amount. |
How to Apply for a Loan Against Property with ICICI?
Applying for an LAP with ICICI Bank is a straightforward process:
- Submit Your Application: Spend approximately 10 minutes filling out the loan application form and gather the required documents.
- Pay the Application Fee: A non-refundable ‘application’ or ‘login’ fee of ₹7,000 or ₹10,000 (depending on the property) plus GST @18% is required.
- Loan Review: The bank’s experts will quickly review your application, considering factors like existing EMIs, age, income, and property details.
- Loan Approval: Once approved, you’ll receive a sanctioned loan amount from the bank’s team.
- Processing Fee: At the time of loan sanction, pay a processing/administrative fee equal to 1.00% or ₹11,000 (whichever is higher) or 1.50% (depending on the property) of the loan amount plus GST @18%.
Conclusion
Your property holds immense potential beyond its market value—it can be the financial solution to many of life’s significant milestones and unexpected challenges. ICICI Bank’s Loan Against Property offers a versatile and accessible way to leverage your asset for immediate funds.
If you’re considering unlocking the value of your property, Credit Dharma is here to guide you through every step of the process. Our expert advisors provide personalized assistance to help you navigate loan options, eligibility, and documentation, ensuring a seamless experience.
Frequently Asked Questions
Yes, if the property is co-owned, all co-owners must be co-applicants for the loan.
The loan amount is typically up to 75% of the property’s market value, subject to income eligibility and repayment capacity.
The loan tenure can extend up to 15 years, depending on the loan amount and applicant’s profile.
With complete documentation, the loan approval process can be swift, sometimes within 5 – 10 working days.
Yes, the loan amount can be used for various personal or business needs, except for speculative activities.
HDFC Home Loan
SBI Home Loan
