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