ICICI Loan Against Property

ICICI offers loan against property to meet your business as well as personal needs against the mortgage of your existing residential or commercial property. Taking a loan from ICICI has the following benefits:

• Nil prepayment charges for individual non business borrowers
• Pay less EMIs for a longer tenure up to 15 years
• Attractive and affordable interest rates
• Avail loan against property for business as well as personal needs

Along with ICICI Loan against Property Rates, ICICI also charges various fees and charges when a borrower takes a loan against property:-

• Processing Fee on ICICI LAP Loan is 0.75%. This fee is charged by ICICI to maintain the applicant’s loan account and to process the loan application.
• Advocate's fee for property search and title investigation report.
• Valuer's fee for valuation report.
• Stamp duty payable for Loan agreement and mortgage.
• Property insurance premium.
• CERSAI Registration Fee of ₹ 50 + GST up to ₹ 5 Lakh limit and ₹ 100 + GST for limits above ₹ 5 Lakh.

The mortgage loan interest rates in ICICI Bank for salaried employee are listed in the table:-

Interest Rate for Salaried for Residential Property

Loan Amount	Rate
Upto ₹ 30 Lakh	8.85%
₹ 30 Lakh - ₹ 50 Lakh	8.60%
₹ 50 Lakh - ₹ 1 Cr	8.35%
Above ₹ 1 Cr	8.35%

Interest Rate for Salaried for Commercial Property

Loan Amount	Rate
Upto ₹ 30 Lakh	8.85%
₹ 30 Lakh - ₹ 50 Lakh	8.60%
₹ 50 Lakh - ₹ 1 Cr	8.35%
Above ₹ 1 Cr	8.35%

The interest rate for mortgage loans for Self-employed people are listed in the table:

Interest Rate for Self-Employed for Residential Property

Loan Amount	Rate
Upto ₹ 30 Lakh	8.85%
₹ 30 Lakh - ₹ 50 Lakh	8.60%
₹ 50 Lakh - ₹ 1 Cr	8.35%
Above ₹ 1 Cr	8.35%

Interest Rate for Self-employed for Commercial Property

Loan Amount	Rate
Upto ₹ 30 Lakh	8.60%
₹ 30 Lakh - ₹ 50 Lakh	8.60%
₹ 50 Lakh - ₹ 1 Cr	8.60%
Above ₹ 1 Cr	8.60%

You can apply for ICICI Bank Loan against property through online as well as offline modes. To apply for a loan through offline mode, you need to visit the official ICICI Bank bank branch and fill the application form along with the required documents for loan against property. The bank will then complete the verification process and will sanction the loan on loan approval. Once the loan is approved, you will receive the amount in your bank account.

To apply online for ICICI Bank Loan against Property online, you need to follow these steps:-

• Visit the official website of ICICI Bank and navigate to Loan Against Property.
• Before applying, now check your eligibility for ICICI Bank Loan against Property.
• Check various details about the loan, such as interest rates and other charges.
• If you are satisfied and have cross verified all the details, fill the application form and upload the required documents.
• On successful verification, the bank will sanction the loan amount in 10-15 days.

Apart from that, you can also visit online marketplaces like MyLoanCare to apply for a ICICI Loan against property. Here, you can compare offers ICICI with other top banks and can use the EMI and Eligibility calculators to plan your expenses and loan repayments. ICICI Loan against property application process at MyLoanCare is hassle-free and transparent.

ICICI Bank offers multiple schemes for loan against property at affordable interest rates. However, you must compare SBI and other bank’s home loan rates before applying:-

Particulars	ICICI Bank	SBI	HDFC
Interest Rate	8.35% - 9.50%	8.80% - 13.10%	8.75% - 9.90%
Processing Fees	Upto 0.50%	Upto 1.00% Max ₹ 50,000	Upto 0.75%
Loan Tenure	15 Years	10 Years	15 Years
Maximum Loan Amount	₹ 7 Cr	₹ 7.50 Cr	₹ 5 Cr
Age	Min 21 and Max 65 years	Min 18 and Max 70 years	Min 24 and Max 65 years
Benchmark Rate	RLLR	RLLR	PLR
Lowest EMI Per Lakh	₹ 976 per lakh	₹ 1,256 per lakh	₹ 999 per lakh

As on 20 Jan, 2022, ICICI offers the lowest rate starting at 8.35%. ICICI Loan against property rates have been dropped by 0.25%, from the earlier rate of 8.60% with effect from 13 Dec, 2021.

ICICI Bank Mortgage Loan	Interest Rates
ICICI Loan Against Property Floating	8.35% - 8.85%

ICICI Loan Against Property Floating
Loan Amount	Current LAP Rates
Upto ₹ 30 Lakh	8.85%
₹ 30 Lakh - ₹ 50 Lakh	8.85%
₹ 50 Lakh - ₹ 1 Cr	8.85%
Above ₹ 1 Cr	8.85%

Last Updated Date	Interest Rates
13 Dec, 2021	8.85%
07 Oct, 2021	8.85%
04 Oct, 2021	8.85%
23 Sep, 2021	8.85%
16 Jul, 2021	8.60%
12 May, 2021	8.85%
05 May, 2021	8.85%
08 Apr, 2021	8.35%
01 Apr, 2021	8.35%
31 Mar, 2021	8.35%
11 Feb, 2021	8.35%

Some of the factors that impact ICICI Loan Against Property rates are listed as follows:

• Loan amount: Property loan rates in ICICI depend upon the loan amount you apply. You can get a minimum loan of ₹ 20 Lakh from ICICI.
• Your Net Monthly Income: Income helps you in identifying your rate of interest. Higher the income, higher will be your repayment capacity increasing your eligibility for higher loan amount.
• Type of loan opted for: ICICI offers differential rates for customers different profiles and also fixed and floating rate schemes. Loan against property interest rates may be higher or lower for special loan products.
• Type of property: Typically, loans against prime residential properties are easier to get and can be availed at the lowest rates compared to loans against commercial and industry properties.
• Your profession: ICICI may charge a higher interest rate on a mortgage loan to a salaried person than a self-employed professional or a businessman. A self employed professional or businessman is expected to deploy loan proceeds for productive purposes in his occupation or business compared to salaried people who will most likely take a mortgage loan for his personal purposes.

ICICI has detailed criteria to determine a potential borrower’s eligibility for mortgage loans. Some of the key criteria are:

Eligibility Criteria	Details
Age	21 to 60 years
Minimum Income	₹ 25,000
Loan Amount	₹ 20 Lakh to ₹ 0 Cr
Minimum years of business existence	1 years
Minimum work experience	5 years
Minimum Credit Score	650 and above
Loan to Value Ratio	Upto 50%
FOIR (Fixed Obligations to Income Ratio)	0.65

You can also use an online ICICI Bank Loan against property EMI Calculator to calculate loan EMIs. EMI is a fixed amount that you are required to pay each month towards the repayment of your loan till the end of tenure

• The ICICI Bank Mortgage Loan EMI calculator helps you calculate your monthly EMI at different rates of interest and check and compare the lowest EMI per lakh on LAP.
• You can compare the estimated EMI with your monthly repayment capacity to decide on a level of EMI you can comfortably service without creating financial burden.
• Loan tenure matters equally as higher loan tenure reduces your EMI.
• Another factor that affects your EMI is the loan against property interest rate. Higher the interest rate, higher will be the EMI. However, your cumulative interest outgo will be significantly higher in a longer tenure loan than a short tenure loan. Loan against property interest rate comparison of different banks will allow you to choose the cheapest loan and hence, improve your eligibility.

ICICI Bank offers mortgage loan balance transfer from another bank, subject to your meeting other eligibility criteria of ICICI Bank at an affordable interest rate, higher loan amount and convenient loan tenure. ICICI Bank loan against property balance transfer helps you make your loan repayment convenient and opt for a beer customer service. Current loan against property balance transfer rates in ICICI Bank are 8.35%. Along with that, you can also avail of additional top-up on your loan against property.

ICICI Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

• You can avail loan against your residential property for personal use for up to 15 years.

• You can take a loan against your property for travel, educational purpose, medical emergencies etc.

• You can avail loan amount ranging between Rs. 10 Lakhs to 5 Crores.

• Both self-employed and salaried professionals can take a loan against property for personal use.

• Get finance up to Rs 5 crores for business use with a property mortgage loan.

• You can take property mortgage loans for business expansion, fulfilling long-term working capital or for purchase of equipment.

• You can get loan up to 60% of the value of the property for business needs for a maximum tenure of 15 years.

• Self-employed professionals can take a mortgage loan against the residential or commercial property for business purpose.

For Self-Employed

• Filled up loan application form
• 2 Passport Size Photo
• ITR of last 3 years
• Identity Proof - Passport/ Driving License/ Voter ID/ PAN
• Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
• Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

• Filled up loan application form
• 2 Passport Size Photo
• ITR of last 2 years
• Identity Proof - Passport/ Driving License/ Voter ID/ PAN
• Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
• Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

• Registered Sale Deed/ Conveyance/ Lease Deed
• Past Sale Deeds Chain (each transaction in respect of this property since first allotment
• Latest House Tax Return/ Receipt
• Approved Building Plan from Municipal Corporation

✅What is ICICI Banks loan against property interest rate?

ICICI Bank offers loan against property at a rate of 8.35% with the lowest EMI of ₹ 976. If you are currently paying a higher interest rate than ICICI Bank rate, you can opt for a balance transfer of loan to ICICI Bank.

✅Did ICICI Bank Loan against property rates drop?

Yes, ICICI Bank loan against property rates has decreased by 0.25% from the previous rate of 8.60% to 8.35%. The lowest mortgage rates of ICICI Bank are effective from 13 Dec, 2021.

✅How to increase my eligibility on ICICI Bank Mortgage loan?

If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.

✅Can I foreclose my Mortgage loan? What are the charges applicable?

Yes, you can foreclose your ICICI Bank loan against property anytime you want with Nil foreclosure charges.

✅What is the maximum loan tenure I can opt under ICICI Bank Property loan?

ICICI Bank offers a maximum tenure of 15 years to repay your loan.You can choose the tenure for your LAP loan as per your convenience and repayment ability.

✅What is the benchmark rate applicable for Mortgage loan?

The benchmark rate applicable for property loans in ICICI Bank is RLLR

✅Can I transfer my LAP from another bank to ICICI Bank?

Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Loan balance transfer to ICICI Bank offers you to pay lower EMIs and save money and enables you to choose better customer service, if you are not satisfied with your existing bank. Current Balance transfer rates in ICICI Bank are 8.35%.

✅What is ICICI Bank mortgage loan processing fees?

The loan processing fee charged is 0.50% of the total loan amount.

✅What security do I need to provide for ICICI Bank Mortgage Loan?

ICICI Bank requires a registered mortgage of the property against which the bank will provide you a loan.

• Property on which you intend to take loan is not vacant land, has an approved map plan and is in a municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
• Your total EMIs on all loans and credit cards (from ICICI Bank and other banks) are no more than 60 - 70% of your net monthly income.
• You have not defaulted on loans or credit card dues to ICICI Bank and other banks and all EMI's have been paid. Note that ICICI Bank can see the record or status of your EMI defaults to all banks and NBFC’s in India and not just to ICICI Bank in your CIBIL report. Estimate your CIBIL score for free for free by using CIBIL score estimate calculator
• If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan application
• If you are self employed, your business must have been in existence for at least three years and last three income tax returns with audited financial must be available

✅Are prepayment or foreclosure charges applicable on ICICI Bank loan against property?

You can prepay loan against property (LAP) without any penalty or charges in case:

• Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest
• The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP