ICICI Bank Loan Against Property Interest Rates 2016

Loan Against Property

ICICI Bank is a public-sector bank originally promoted in 1994 by ICICI Limited, an Indian financial institution. ICICI bank loan against property is available at attractive interest rates from 11.80% p.a. onwards. The bank gives the maximum tenure of 15 years and maximum loan amount that makes this mortgage loan scheme unique. You can take this mortgage loan against commercial or residential property without any hassle. So, if you are looking for funds to start a new business or for a long term working capital or for your child's higher education, ICICI bank mortgage loan is here with reasonable interest rates ranging with faster processing facility.

ICICI Bank Loan Against Property Details:

ParticularsDetails
Interest Rates11.80% p.a onwards
Minimum AmountRs. 20,00,000/-
Maximum AmountRs. 20,00,00,000/-
Processing Fee0.50% to 1 % on the loan amount
Processing Time7 to 10 days
RepaymentFlexible EMI payment option of 60 months to 180 months

How to Apply for ICICI Bank Loan Against Property

The procedure to apply for a loan against property at ICICI bank is very simple. All you have to do is fill the application form available both online as well as online. The basic details of the applicant, the property details and the purpose of loan has to be mentioned along with KYC. 

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ICICI Bank Loan Against Property EMI Calculator

EMI (Equated Monthly Installment) calculator is an easy way to know how much amount you have to pay per month to your lender bank. You just need to fill in the principal amount, the rate of interest and tenure of the loan in the EMI calculator and the EMI will come. If you are taking loan against property of Rs 20,00,000/- for 15 years at the rate of interest 14% p.a., the EMI details will be as follows: 

Table for EMI per month, Total Interest Outgo, and Total Amount

Loan Amount (in Rs.)Loan Tenure (in Years)Interest Rate (p.a.)EMI (in Rs.)Total Interest Outgo (in Rs.)Total Amount (EMI+Interest) (in Rs.)
20,00,0001 14%1,79,5741,54,89121,54,891
20,00,0002 14%96,0263,04,61823,04,618
20,00,0003 14%68,3554,60,78924,60,789
20,00,0004 14%54,6536,23,34226,23,342
20,00,0005 14%46,5377,92,19027,92,190
20,00,0006 14%41,2119,67,22629,67,226
20,00,0007 14%37,48011,48,32231,48,322
20,00,0008 14%34,74313,35,32833,35,328
20,00,0009 14%32,66715,28,07935,28,079
20,00,00010 14%31,05317,26,39437,26,394
20,00,00011 14%29,77319,30,07939,30,079
20,00,00012 14%28,74321,38,92641,38,926
20,00,00013 14%27,90223,52,72243,52,722
20,00,00014 14%27,21025,71,24545,71,245
20,00,00015 14%26,63527,94,26947,94,269

Amortization Table

YearPrincipal Payment (in Rs.)Interest Outgo (in Rs.)Balance Amount (in Rs.)
142,2652,77,35519,57,735
248,5752,71,04519,09,160
355,8302,63,79018,53,330
464,1662,55,45417,89,164
573,7502,45,87017,15,414
684,7632,34,85716,30,651
797,4222,22,19815,33,229
81,11,9732,07,64714,21,256
91,28,6951,90,92512,92,561
101,47,9141,71,70611,44,647
111,70,0031,49,6179,74,644
121,95,3911,24,2297,79,253
132,24,57295,0485,54,681
142,58,11161,5092,96,570
152,96,87622,963Rs 0
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ICICI Bank Loan Against Property Eligibility

The loan against property at ICICI bank is available for all the salaried individuals and self-employed professional and non-professionals. The applicant must be the owner of the property he/she wants to take the loan on.

  • Individual between 23 – 65 years
  • 3 years of job experience
  • 3 years of business experience for self-employed
  • Salary above Rs. 20,000 per month
  • Income above Rs. 2,50,000/- p.a for self-employed

Documents Required

List of the documents required to apply for ICICI bank loan against mortgage is:

  • Salary credited bank statement & payslips for 3 months
  • Self-employed latest 2 years ITR & 6 months bank statement
  • Property details & Documents copy
  • Identity proof
  • Address Proof

Benefits & Features of ICICI Bank Loan Against Property

  • Attractive interest rates
  • Tenure ranges from 5 years to 15 years
  • Faster processing services
  • Up to 70% loan against commercial/residential property
  • High loan amount
  • Loan against commercial/residential property 
  • Available for salaried, self-employed professionals and non-professionals
  • No pre-payment fee charged
  • Repayment in EMIs
  • Multi-purpose loan facility
  • Loan can be applied online

ICICI Bank Loan Against Property Interest Rate

ICICI bank offers loan against property for minimum amount of Rs 20,00,000/- to Rs 20,00,00,000/- and flexible interest rates ranging from 11.80% p.a. onwards. The  faster processing facility with processing fee of up to 1% on the loan amount make it easy for applicants to apply and get benefits.  

ICICI Bank Loan Against Property Application Form

You need to fill in the below-given details in the application form:

  • Personal details
  • Property details
  • Address details
  • Professional details
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ICICI Bank Loan Against Property Processing Fee

The procession fee of the ICICI Bank loan against property is up to 1% of the loan amount.