ICICI Bank Loan Against Property
ICICI Bank Loan Against Property
ICICI Bank Home Loan EMI Calculator
Your Monthly EMI
₹ 77,530
Total Principal
₹ 1,00,00,000
Total Interest
₹ 86,07,174
Total Payable
₹ 1,86,07,174
ICICI Bank Loan Against Property Interest Rate
| Rate Package | Rate of Interest |
|---|---|
| Floater | 10.85% - 12.50% per annum |
| Fixed | 10.85% - 12.50% per annum |
ICICI Bank Loan Against Property Eligibility Criteria
To benefit from the LAP scheme, applicants must meet specific eligibility criteria set by the ICICI Bank. The bank evaluates several factors to determine a borrower’s suitability for a LAP such as the credit score, age, income, and nationality.
Have a look at the table below to understand the ICICI loan against property eligibility:
For Salaried Individuals
Age Range (in years)
25 - 65 years
Nationality
Indian Residents
Minimum Income Earned
Nothing specific
Credit Score
700 or above
For Self-Employed Individuals
Age Range (in years)
25 - 65 years
Nationality
Indian Residents
Minimum Income Earned
Nothing specific
Credit Score
700 or above
ICICI Bank Loan Against Property Fees and Charges
ICICI Bank offers three types of LAP schemes, including a LAP Overdraft Facility, a Top-Up, and one LAP scheme, especially for doctors. While the benefits of accessing funds through a LAP are significant, prospective borrowers need to understand the associated fees like processing fees to make an informed decision.
The ICICI loan against property processing fees and other charges can be clearly understood through the table below:
| Processing Fee | 1.50% of the loan amount or Rs. 11,000 (whichever is higher) |
| Prepayment Charges | 4% of the loan amount |
| Conversion Charges | 0.5% of the outstanding loan |
| CIBIL Report Charges | Rs. 50 |
| Administrative Charges | Up to 0.25% of the loan amount + GST or Rs. 5000 + GST (whichever is lower) |
Compare Interest Rates on Loan Against Property for Top Banks & NBFCs
Comparing ICICI Bank LAP with similar offerings from other lenders is a crucial step for potential borrowers to ensure they secure the best possible deal. Such a comparison can reveal unique benefits or drawbacks specific to each bank, empowering borrowers to make an informed decision. So, we are now presenting a table of comparison between ICICI and other leading banks in terms of interest rates and processing fees on LAP:
- Rate Of Interest - 10.85% - 12.50% p.a.
- Processing Fee - 1.50% of the loan amount or Rs. 11,000 (whichever is higher)
- Rate Of Interest - 9.50% - 11.00% p.a.
- Processing Fee - 1% of the loan amount (minimum of Rs. 7,500)
- Rate Of Interest - 9.75% - 18.00% p.a.
- Processing Fee - Up to 4% of the loan amount + GST
- Rate Of Interest - 10.00% - 11.30% p.a.
- Processing Fee – 1% of the loan amount
- Rate Of Interest - 10.00% - 11.30% p.a.
- Processing Fee – 1% of the loan amount
- Rate Of Interest - 10.40% - 12.75% p.a.
- Processing Fee – 1% of the loan amount or Rs. 10,000 (whichever is higher)
Documents Required For ICICI Bank Loan Against Property
| For Salaried Loan Applicants | Address or Identity Proof: Aadhaar Card, Passport, Voter ID Card, PAN Card, etc.
Income Proof: Salary Slips for 3 months, Bank Account Statements for 6 months, Latest ITR/ Form 16
Documents of Property: Approved Plan, Title Deeds, No Encumbrance Proof, and so on
Other Documents: Processing Fee Cheque, Duly-Filled Application Form with recent passport size photograph, Appointment Letter |
| For Self-Employed Loan Applicants | Address or Identity Proof: Like Aadhaar Card, PAN Card, Passport, and Voter ID Card
Income Proof: ITR/ Form 16 for 3 years, Profit and Loss Account Statements and Balance Sheets for 3 years, Savings Account Statement/ Current Statement of the Business Entity for 6 months, Business Profile, Form 26AS
Documents of Property: Approved Plan, Title Deeds, No Encumbrance Proof, etc.
Other Documents: Processing Fee Cheque, Duly Filled Application Form with a recent passport-size photograph, Declaration and Documents mentioning the end use of the loan, Partnership Deed if the business entity is in partnership, and the List of Stakeholders |
How to Apply for ICICI Loan Against Property
You can easily proceed with the ICICI loan against property apply online procedure in the following manner:
Apply Now on the BASIC Website
Go to the official website of BASIC Home Loan and click on the Apply Now section
Choose ‘Loan Against Property’
Select LAP under ‘Tell us about your requirements’ on the next displayed page
Enter Your Details
Enter the key details required on the form provided - your name, contact details, and all other information as may be mentioned on the form.
Our Expert Will Reach Out to You
The BASIC Home Loan team will then contact you for further process in applying for an ICICI Home Loan Against Property
Talk to our Expert
- Neutral, AI-backed advice
- Compare 50+ lenders instantly
- Transparent process, Zero bias
By continuing, I agree with Basic Terms and Conditions and Privacy Policy
FAQ's
Ready to Find the Best-Fit Home Loan?
- Talk to Your Dedicated Loan Expert Today!
