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ICICI Bank Loan Against Property

Loanmani- ICICI Bank

ICICI Bank offers Loan Against Property (LAP) for individuals who need funds for their personal or business requirements. The loan amount is provided against the mortgage of an existing property, which could be a self-occupied or rented residential or commercial property. The loan amount is decided based on the value of the property and the applicant's repayment capacity. ICICI Bank offers flexible repayment options and a longer repayment tenure of up to 15 years.

9.00 %

Advertised Rate

15 Years

Available Terms

750

Credit Score

5 L - 100 L

Loan Amount

Why Choose ICICI Bank

  1. Competitive interest rates and flexible repayment options.
  2. Quick and hassle-free loan processing.
  3. Minimal documentation and easy application process.
  4. Dedicated customer support to assist with any queries or concerns.
  5. Wide range of loan options to suit individual needs.
  6. Balance transfer facility available to transfer outstanding loan amount from other banks or financial institutions to ICICI Bank.


ICICI Bank Eligibility Criteria

  1. Age: Applicant must be between 21 and 70 years of age.
  2. Income: Applicant must have a minimum monthly income of Rs. 25,000.
  3. Employment: Applicant must be a salaried employee or self-employed individual with a stable income source.
  4. Credit score: Applicant must have a good credit score.


ICICI Bank Fees & Charges

  1. Processing fee: Up to 1% of the loan amount.
  2. Prepayment charges: Up to 5% of the outstanding principal.
  3. Late payment charges: Up to 2% per month on the outstanding amount.
  4. Foreclosure charges: Up to 5% of the outstanding principal.


ICICI Bank Features & Benefits

  1. Flexible repayment tenure ranging from 1 year to 20 years.
  2. Loan amount ranging from Rs. 5 lakhs to Rs. 10 crores.
  3. Quick and hassle-free loan disbursal process.
  4. Minimal documentation and easy application process.
  5. Part-prepayment facility to make prepayments towards the loan amount.
  6. Top-up loan facility available for existing customers.
  7. Insurance options to protect against unforeseen circumstances.
  8. Online account management facility to track loan details and make payments.
  9. Customizable EMI options to suit the borrower's repayment capacity.
  10. Balance transfer facility available to transfer outstanding loan amount from other banks or financial institutions to ICICI Bank.


ICICI Bank Required Documents

  1. Identity proof: PAN card, Aadhaar card, passport, voter ID card, or driving license.
  2. Address proof: Aadhaar card, passport, voter ID card, or utility bill.
  3. Income proof: Salary slips, bank statements, income tax returns, or audited financial statements.
  4. Property-related documents: Title deeds, property purchase agreement, building plan, or land records.
  5. Passport size photographs.


FAQs on ICICI Bank Loan Against Property

1.What is a Loan Against Property?

A Loan Against Property (LAP) is a secured loan that is granted by a financial institution against a property you own. The property may be residential or commercial, and you can pledge it to the lender as collateral to obtain the loan.

2.What are the features of a Loan Against Property?

  • Some of the key features of a Loan Against Property are:
  • Loan amount can range from a few lakhs to crores depending on the property's value.
  • Interest rates are usually lower than other unsecured loans.
  • Longer loan repayment tenure of up to 20 years.
  • The loan amount can be used for any purpose, such as business expansion, wedding expenses, education, medical emergencies, etc.

3.What are the eligibility criteria for a Loan Against Property from ICICI Bank?

  • The eligibility criteria for a Loan Against Property from ICICI Bank are:
  • The applicant must be an Indian citizen or a Non-Resident Indian (NRI).
  • The applicant must be between 25-65 years of age.
  • The property should be owned by the applicant.
  • The property should have a clear title.
  • The property should be free from any legal encumbrances.

4.What is the maximum loan amount that I can get under Loan Against Property from ICICI Bank?

The maximum loan amount that you can get under Loan Against Property from ICICI Bank depends on the property's value, your income, and repayment capacity. Generally, ICICI Bank offers up to 75% of the property's value as the loan amount.

5.What is the tenure of Loan Against Property from ICICI Bank?

The tenure of Loan Against Property from ICICI Bank can range from 5 to 20 years, depending on your repayment capacity and the loan amount.

6.How is the interest rate for Loan Against Property from ICICI Bank calculated?

The interest rate for Loan Against Property from ICICI Bank is calculated based on factors such as loan amount, property value, repayment capacity, credit score, and other financial parameters. The interest rate can be fixed or floating, depending on your preference.

7.How can I apply for a Loan Against Property from ICICI Bank?

You can apply for a Loan Against Property from ICICI Bank either through their online portal or by visiting the nearest ICICI Bank branch. You need to submit the required documents and property details to the bank for verification. Upon successful verification, the loan amount will be disbursed to your account.

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