Here are a few factors

Rating 4.5 /
Total - 258 ratings
5
166
4
72
3
11
2
9
1
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Location 50Km from Branch
CIBIL Score 700+
Applicant Any Salaried & Self Employed
Applicant Age (i) Salaried: 21 year to 65 Year
(ii) Self Employed: 21 Year to 70 Year
Loan Amount & Tenure 50 Lac- No Limit
( 5 Year to 15 Year)
Login Fees 5900
Rate of Interest & Type 9.25%-11%
(Reducing)
TAT 5 days
Processing Fees 0.50%
Foreclosure Charges (i) If MSME Registration-Nil
(ii) Other-Upto 4%
Insurance As per Age
Minimum Business Vintage 3 Year
Lock In Period 0-6 month
Part Payment Allowed No
LTV (i) Residential-70% (ii) Commercial-65% (iii) Industrial-55% (iv) Plot-50% (v) Hospital/School/Hotel-40%
(vi) if residential property is rented/vacant then LTV will be 5% lower
(vii) If Commercial Property Puchase/vacant/rented then LTV will be 5% lower
Product (i) Fresh Loan (ii) BT+Topup (iii) Commercial & Industrial Purchase (iv) Seller BT (v) DOD Product
Program (i) Banking Program-5 Cr
(ii) GST Product-5 Cr
(iii) Income Program-No Limit
(iv) Lease Rental Discounting-No Limit 
FOIR (i) Salaried:<50k-60%,50K-1 Lac-65%, >1 lac-70%
(ii) Self Employed-200% of Cash Profit if Loan required< 4Cr else 85% of Gross Profit
Cautious Profile (i) Jewellers
Negative Profile (i) Politian (ii) Share Traders (iii) NBFC (iv) Police below Inspector (v) Liquor Seller
(vi)DSA (vii) Applicant living in dominated area
Funded Property (i) Residential Property (ii) Commercial Property (iii) Industrial Property
(iv) Mall & Commercial Complex Property (v) Plot (vi) Primary School & School
(vii)Hospital & Nursing Home viii) Hotel & Restaurent
Negative Property (i) Lease hold Property without PTM (ii)Stand Alone Basement (iii) Auction Property
(iv) Demolition List Property (v) Lal Dora Property (vi) PG Property (vii) Khasra & Khatauni Property
(viii) Subject to Sale Deed Property (ix) GPA Property (x) Gift Deed Property (xi) Single Sale Deed Property
(xii) Banquet Hall (xiii)Without MAP Property (xiv) Unapproved Freehold Property
(xv) Legal & technical not clear(xvi) Stone Slab Property (xii) Unapproved Farm House
(xiii) Multi Tanented Unit
Accepted Collateral Other than Negative Property-Only Approved Property
Specific Property wise Funding Limit (i) Primary School-40% (ii) School-40% (iii) Hotel & Restaurent-40% (iv) Hospital-40%
(v) Nursing Home-40% (vi) Approved Farm House-40%
Any Specific  Product for Professionals No
USP (i) Low Rate & No Loan Limit (ii) Upto 5 Cr No Financial Required
Right Documents - Easy Process

Required Documents to Apply for ICICI Loan Against Property

Salaried income documents

  • KYC of applicant & Co-Applicant
  • Last 3 Month Salary Slip of Applicant
  • Last 12 month Bank Statement of applicant & co-applicant
  • Last 3 year ITR with computation of income of applicant & co-applicant
  • Last 2 Year Form 16 of applicant
  • 26AS of last 2 year of applicant & co-applicant
  • Appointment letter of applicant if available
  • Agreement to Sale if purchase case
  • Property Paper with complete chain of last 13 years
  • LOD (List of documents), Foreclosure Statement & SOA (Statement of account) if BT case
  • Sanction letter of all running loan
  • Latest utility Bill if owned residence or rent agreement if rented
  • 2 Reference with contact details

Self Employed person documents

  • KYC of applicant & Co-Applicant
  • Last 3 year ITR with computation of income of applicant & co-applicant
  • Last 3 year audited balance sheet of applicant
  • Last 3 year Tax audit report of applicant
  • Last 12 month Bank Statement of applicant & co-applicant
  • 26AS of last 2 year of applicant & co-applicant
  • Copy of GST registration
  • Copy of MSME registration
  • Copy of Last 12 month GST return
  • Agreement to Sale if purchase case
  • Property Paper with complete chain of last 13 years
  • LOD (List of documents), Foreclosure Statement & SOA (Statement of account) if BT case
  • Sanction letter of all running loan
  • Debt Sheet
  • Latest utility Bill of residence if owned or rent agreement if rented
  • Latest utility Bill of Office if owned or rent agreement if rented
  • 2 Reference with contact details
  • Last 3 year Debtors & Creditors on letter head
  • List of Directors & Shareholders, if applicant if Company or List of Partners if applicant is Partnership firm/LLP

Some Important Points

1. KYC Means
If Applicant is
  • Company-MOA, AOA, COI , PAN Card
  • Partnership Firm/LLP- Partnership Deed & PAN Card
  • Proprietorship Firm- PAN Card, Adhaar Card, Passport size photo
For Co-Applicant
  • KYC means  Adhaar Card, PAN Card, Passport Size Photo

Co-Applicant means in case of
  • Company : Directors
  • Partnership firm/LLP : Partners
  • Proprietorship Firm : Spouse of Proprietor
2. If LAP is applied with Government Bank then 30 year chain is required
3. If applicant is professional, then his professional degree is required

Note : ICICI Bank’s Loan Against Property may ask for additional documents based on the applicant’s profile. The above list is for reference purposes only.

About ICICI Bank Loan Against Property

It doesn't matter how well you manage your money and save; a few unforeseen occurrences always happen in life and are occasionally unavoidable. It may be a requirement for corporate growth, an urgent medical issue, a marriage ceremony, etc.

You could wish to use your funds at this stage to cover the necessary expenses. People frequently realize that their savings are insufficient and that they need additional cash to cover anticipated costs. Furthermore, it is not a good idea to spend all of your funds at once since you can run into difficulty later. You'll have to start over with your financial situation after using up all of your funds at once.

The best option in such circumstances may be to take out a loan from a banking institution or financial organization to cover your immediate needs. When someone needs money for either personal or professional needs, ICICI Bank provides a loan against property. To get an ICICI loan, both business and personal property may be mortgaged. The minimum interest rates for ICICI Loan Against Property are 8.35% per year.

01
Visit Our Website

For the first step, you will have to visit our website to explore the loan options that fit your needs.

02
Select and Apply

Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.

03
Submit Your Document

One of the most important steps. Now you will have to submit all the required documents digitally.

04
Enjoy Your Financial Freedom!

Once your application is approved based on your eligibility, you will receive your loan amount shortly.

ICICI Bank offers a Loan Against Property with attractive interest rates starting at just 8.35% p.a. Here is a table that enlists the interest rate bifurcation for salaried and self-employed individuals:

Salaried Borrower:

Slab Priority Sector Lending Non-priority Sector Lending
Loan Against Property (LAP) RR +4.85% (9.75%) – RR+5.50% (10.40%) RR +4.85% (9.75%) – RR+5.50% (10.40%)
Non Residential Premises (NRP) RR +4.85% (9.75%) – RR+5.50% (10.40%) RR +4.85% (9.75%) – RR+5.50% (10.40%)
Lease Rental Discounting (LRD) RR +4.85% (9.75%) – RR+5.50% (10.40%) RR +4.85% (9.75%) – RR+5.50% (10.40%)

Self - Employed Borrower:

Slab Priority Sector Lending Non-priority Sector Lending
Loan Against Property (LAP) RR +4.85% (9.75%) – RR+5.50% (10.40%) RR +5.35% (9.75%) – RR+6.00% (10.90%)
Non Residential Premises (NRP) RR +4.85% (9.75%) – RR+5.50% (10.40%) RR +5.35% (9.75%) – RR+6.00% (10.90%)
Lease Rental Discounting (LRD) RR +4.85% (9.75%) – RR+5.50% (10.40%) RR +5.35% (9.75%) – RR+6.00% (10.90%)
*Repo Rate (RR) is 4.90. However, the lap interest rates will vary based on various parameters such as the Bureau Score, Segments, etc. Also, ICICI Bank charges up to 1% of the loan amount, plus applicable taxes as processing charges.
Leave Your Question

FREQUENTLY ASKED QUESTIONS

Following an assessment by the ICICI Bank, the loan amount is finally determined by the borrower's financial situation and the property's total value. You are eligible to acquire a maximum loan amount of up to Rs 5 crore if you are a salaried, self-employed, or business professional.

Any person can choose the simple funding option of an ICICI Bank Loan Against Property for a maximum tenure of up to 15 years.

As the name implies, you must mortgage your property to guarantee access to quick finance. Your assets will serve as collateral for the loan amount you are requesting from the ICICI Bank. It can be a well-built property with a clear title and no legal issues, and it can be either a residential, commercial, or special use space.

The Interest for ICICI Bank Loan Against Property is around 9.75% which can vary and will be decided at the time of documentation.

ICICI offers LAP of a maximum value of 5 crores which can be taken for a maximum tenure of 15 years.

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