ICICI Bank Loan Against Property
Last Updated : Oct. 27, 2016, 5:13 a.m.
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 ranging from 8.35% - 9.50% p.a. 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.
Loan Against Property
ICICI Bank Loan Against Property Details
| Particulars | Details |
|---|---|
| Interest Rates | 8.35% - 9.50% |
| Minimum Amount | ₹20,00,000/- |
| Maximum Amount | ₹20,00,00,000/- |
| Processing Fee | 0.50% to 1 % on the loan amount |
| Processing Time | 7 to 10 days |
| Repayment | Flexible 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.
ICICI Bank LAP 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 ₹20,00,000/- for 15 years at the rate of interest 11.35% p.a., the EMI details will be as follows:
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 53,823 | ₹ 2,24,257 | ₹ 19,46,176 |
| 2 | ₹ 60,260 | ₹ 2,17,820 | ₹ 18,85,915 |
| 3 | ₹ 67,467 | ₹ 2,10,613 | ₹ 18,18,447 |
| 4 | ₹ 75,536 | ₹ 2,02,544 | ₹ 17,42,910 |
| 5 | ₹ 84,570 | ₹ 1,93,511 | ₹ 16,58,340 |
| 6 | ₹ 94,684 | ₹ 1,83,396 | ₹ 15,63,655 |
| 7 | ₹ 1,06,008 | ₹ 1,72,073 | ₹ 14,57,647 |
| 8 | ₹ 1,18,686 | ₹ 1,59,395 | ₹ 13,38,960 |
| 9 | ₹ 1,32,880 | ₹ 1,45,200 | ₹ 12,06,080 |
| 10 | ₹ 1,48,772 | ₹ 1,29,309 | ₹ 10,57,308 |
| 11 | ₹ 1,66,564 | ₹ 1,11,516 | ₹ 8,90,743 |
| 12 | ₹ 1,86,484 | ₹ 91,596 | ₹ 7,04,258 |
| 13 | ₹ 2,08,787 | ₹ 69,294 | ₹ 4,95,470 |
| 14 | ₹ 2,33,757 | ₹ 44,324 | ₹ 2,61,713 |
| 15 | ₹ 2,61,930 | ₹ 16,368 | ₹ 0 |
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 ₹20,000 per month
- Income above ₹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 ₹20,00,000/- to ₹20,00,00,000/- and flexible interest rates ranging from 8.35% - 9.50% per annum . The faster processing facility with the 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 Processing Fee
The procession fee of the ICICI Bank loan against property is up to 1% of the loan amount.
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