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ICICI Loan Against Property

ICICI Bank Mortgage Loan Interest Rates 2021

Last Updated 14th Jul 2021

ICICI Loan Against Property is ideal for borrowers having a residential or a commercial real estate property. It is available with ease and convenience to the Loan against Property customers. ICICI Bank Loan against Property offer facilities like quick processing, secure payment options, and transparent charges. Check Best Offers

Processing Fee Upto 0.50%
Max Tenure 15 years
Lowest EMI ₹ 991 per lakh
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans to individuals
Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed

    Nil prepayment charges for individual non business borrowers

    Apply for Loan Against Property @ 7.20%* Get upto ₹ 1,000* Cashback Get Call from Banker

    ICICI Bank 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

    ICICI Bank Loan Against Property Fees and Other Charges

    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.

    Loan Against Property Interest Rates in ICICI Bank for Salaried Employees

    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 ₹ 25 Lakh 8.60%
    ₹ 25 Lakh - ₹ 50 Lakh 8.60%
    ₹ 50 Lakh - ₹ 1 Cr 8.60%
    Above ₹ 1 Cr 8.60%

    Interest Rate for Salaried for Commercial Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 8.60%
    ₹ 25 Lakh - ₹ 50 Lakh 8.60%
    ₹ 50 Lakh - ₹ 1 Cr 8.60%
    Above ₹ 1 Cr 8.60%

    ICICI Bank Property Loan Interest Rate for Business Man or Self Employed Person

    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 ₹ 25 Lakh 8.60%
    ₹ 25 Lakh - ₹ 50 Lakh 8.60%
    ₹ 50 Lakh - ₹ 1 Cr 8.60%
    Above ₹ 1 Cr 8.60%

    Interest Rate for Self-employed for Commercial Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 8.60%
    ₹ 25 Lakh - ₹ 50 Lakh 8.60%
    ₹ 50 Lakh - ₹ 1 Cr 8.60%
    Above ₹ 1 Cr 8.60%

    Steps to Apply for ICICI Bank Loan Against Property

    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.

    Compare ICICI Bank Loan Against Property Interest Rate with Top Banks

    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:-

    Interest Rate 8.60% - 9.25% 8.80% - 9.30% 8.75% - 9.90%
    Processing Fees Upto 0.50%
    Upto 1.00%
    Max ₹ 50,000
    Upto 0.75%
    Loan Tenure 15 Years 15 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 ₹ 991 per lakh ₹ 1,002 per lakh ₹ 999 per lakh
    ICICI Bank Floating Rate on Loan Against Property

    As on 25 Jul, 2021, ICICI offers the lowest rate starting at 8.60%. ICICI Loan against property rates have been hiked by 0.25%, from the earlier rate of 8.35% with effect from 16 Jul, 2021.

    ICICI Bank Mortgage Loan Interest Rates
    ICICI Loan Against Property Floating 8.60%
    ICICI Loan Against Property Floating
    Loan AmountCurrent LAP Rates
    Upto ₹ 25 Lakh 8.60%
    ₹ 25 Lakh - ₹ 50 Lakh8.60%
    ₹ 50 Lakh - ₹ 1 Cr8.60%
    Above ₹ 1 Cr 8.60%

    ICICI Loan Against Property Rate Trends of Last 1 Year

    Last Updated Date Interest Rates
    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%
    16 Sep, 2020 9.00%
    07 Aug, 2020 9.00%

    Factors Affecting ICICI Loan against Property Interest Rates

    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 Loan Against Property Eligibility Criteria

    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

    ICICI Bank Mortgage Loan Interest Rate and EMI Calculator

    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.
    Loan Against Property Top up, Transfer in ICICI Bank

    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 8.60%. Along with that, you can also avail of additional top-up on your loan against property.

    Loan Against Property ICICI Bank Products

    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:

    Loan Against Property for Personal Use

    • 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.

    Property Mortgage Loan for Business 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.

    ICICI Bank Loan Against Property Documents Required

    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
    For Salaried employee
    • 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
    Property documents
    • 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

    FAQs

    What is ICICI Banks loan against property interest rate?

    ICICI Bank offers loan against property at a rate of 8.60% with the lowest EMI of ₹ 991. 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?

    No, ICICI Bank lowest rates on loan against property have been increased from 16 Jul, 2021. The new rates have been hiked to 8.60% from 8.35% earlier.

    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 8.60%.

    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

    ICICI Bank Loan Against Property Reviews 3.7/5  by 13 customers
    MyLoanCare Service
    3.8/5.0
    Banks Service
    3.7/5.0
    Puram, Hyderabad
    Reviewed on 23rd Mar 2021
    4 / 5 stars
    ICICI Bank Loan Against Property Availed in Jan 2021

    They provide all kind of support in getting approvals for your loan.Read more...

    Kayur Ananth Girish, Hyderabad
    Reviewed on 02nd Jan 2020
    5 / 5 stars
    ICICI Bank Loan Against Property Availed in Dec 2019

    MyLoanCare sales representative Mr.Krishna Gautam helped me in getting the loan.Read more...

    Madhan Kumar P, Chennai
    Reviewed on 20th Feb 2019
    5 / 5 stars
    ICICI Bank Loan Against Property Availed in Feb 2019

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    jaheer mohmed, Hyderabad
    Reviewed on 04th Apr 2018
    5 / 5 stars
    ICICI Bank Loan Against Property Availed in Mar 2018

    Good. MyLoanCare helped me a lot in getting best interest rate in the market.Read more...

    Ramkumar Kannan, Coimbatore
    Reviewed on 19th Jun 2017
    1 / 5 stars
    ICICI Bank Loan Against Property Availed in Jun-17

    I applied loan against property by last month end ITSELF. required documents were already produced. Read more...

    Amit Prasad, Patna
    Reviewed on 14th Apr 2017
    4 / 5 stars
    ICICI Bank Loan Against Property Availed in Jan-17

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    ICICI Bank Loan Against Property Availed in Dec-17

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    PS Narayana, Bangalore
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    ICICI Bank Loan Against Property News - Jul 2021
    • 2021-07-09 : ICICI Bank Q1 Net Profit seen up 59.1% YoY to Rs. 4,136.5 crores
      Motilal Oswal has come out with its first-quarter earnings estimates for the Banks and Insurance sector. The brokerage house expects ICICI Bank to report a net profit of Rs. 4,136.5 crore up 59.1% year-on-year on all products combined including Personal Loan, Home Loan, Loan Against Property, Business Loan, Gold Loan, and Car Loan. Net Interest Income (NII) is expected to increase by 15.6% Y-o-Y to Rs. 10,731.6 crore.
    • 2021-06-03 : ICICI Bank revised its Marginal cost of lending rates
      ICICI Bank revised its MCLR, with effect from 1 June 2021. The overnight and one-month MCLR is 7.05%. The rate for three months, six months and one year are 7.10%, 7.25% and 7.30%, respectively.
    • 2021-05-12 : ICICI Bank reduced its loan against property rates to 8.85%
      ICICI Bank cut its mortgage loan rates to 8.85%. The revised rates will be applicable for the month of May. The rate cut will help the mortgage loan borrowers to reduce the cost of the loan against property.
    • 2021-04-27 : ICICI Bank reported a massive hike of 261% in its Q4 profits
      ICICI Bank reported a 260% jump in its net profit at Rs 4,403 crore for the quarter ended March 31, 2021. The profit was boosted by retail loans like home, LAP, personal, two-wheeler, car, education and doctor loan along with business and mudra loan. Further, the bank reported a total income of Rs 23,953 crore in January-March from Rs 23,443.66 crore in the year-ago quarter.
    • 2021-03-05 : ICICI Bank reduced the home loan rates to 6.70%
      ICICI Bank revised its home loan rates for March 2021. The new home loan rate stands at 6.70%. Further, the LAP rate for the bank stands at 8.35%.
    *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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