ICICI Bank Loan Against Property Highlights |
|
|---|---|
| Interest Rate | 10.85%-12.50% p.a. |
| Processing Fees | Up to 1% of loan amount |
| Loan Amount | Rs 10 lakh - Rs 5 crore |
| Tenure | Up to 15 years |
| LTV Ratio | Up to 70% of property value |
ICICI Bank Loan Against Property Interest Rates
ICICI Bank offers Loan Against Property with interest rates starting from 10.85% per annum. The bank sets different interest rates based on factors such as the loan amount and the applicant's employment profile. Additionally, other lenders may also take into account the credit score of applicants when determining their Loan Against Property interest rates.
For Salaried/Self-employed Applicants (Priority Sector Lending)
| Loan Amount | Interest Rates (p.a.) |
|---|---|
| Above Rs 100 lakh | 10.85%-11.50% |
| Rs 50 lakh to Rs 100 lakh | 11.10%-11.75% |
| Up to Rs 50 lakh | 11.35%-12.00% |
For Self-Employed Applicants (Non Priority Sector Lending)
| Loan Amount | Interest Rates (p.a.) |
|---|---|
| Above Rs 100 lakh | 11.35%-12.00% |
| Rs 50 lakh to Rs 100 lakh | 11.60%-12.25% |
| Up to Rs 50 lakh | 11.85%-12.50% |
Also read: Best Loan Against Property Interest Rate
Compare Interest Rates on Loan Against Property for Top Banks & HFCs
| Name of the Lender | Interest Rate (% p.a.) | |
|---|---|---|
| State Bank of India | 10.00 - 11.30 | Apply Now |
| Axis Bank | 10.50 - 10.95 | Apply Now |
| Bank of Baroda | 10.85 - 16.50 | Apply Now |
| ICICI Bank | 10.85 - 12.50 | Apply Now |
| Standard Chartered Bank | Starts from 9.25% | Apply Now |
| HSBC Bank | 9.75 - 14.00 | Apply Now |
| Union Bank of India | 10.45% - 13.10% p.a. | Apply Now |
| PNB Housing Finance | 9.25 - 15.00 | Apply Now |
| IDFC First Bank | 9.00 - 16.50 | Apply Now |
| HDFC Bank Limited | 9.50 - 11.00 | Apply Now |
| L&T Housing Finance | 9.50 onwards | Apply Now |
| LIC Housing Finance | 9.50 - 11.55 | Apply Now |
| Godrej Housing Finance | 9.75 onwards | Apply Now |
| Indiabulls Finance | 9.75% p.a. onwards | Apply Now |
| Tata Capital | 10.10 onwards | Apply Now |
| Bajaj Housing Finance | 9.75 - 18.00 | Apply Now |
| Punjab National Bank | 10.40 - 12.75 | Apply Now |
Types of ICICI Bank Loan Against Property
Loan Against Property
- Purpose: You can use a loan against property for various purposes such as expanding your business, consolidating debt, covering working capital needs, funding education or marriage expenses for your children, going on holiday, handling medical emergencies, and even for balance transfer purposes.
- Tenure: Up to 15 years
- Loan Amount: Rs 10 lakh-Rs 5 crore
Loan Against Property Top-up
- Purpose: : Additional loan amount provided to existing Loan Against Property borrowers to meet their personal or business needs.
Loan Against property for Doctors
- Purpose: Special scheme offering quick approval for loan amounts of up to 70% of the property value.
- Tenure: Up to 15 years
Home Overdraft
- Purpose: Overdraft facility available for loan against property.
- Credit limit:
- Up to Rs 5 crore for self-employed borrowers
- Up to Rs 1 crore for salaried borrowers
Also read: Best Loan Against Property EMI Calculator
ICICI Bank Loan Against Property Fees and Charges
| Particulars | Charges |
|---|---|
| Processing Fees | Up to 1% of loan amount |
| Pre=payment charges | 4% |
| CIBIL report charges | Rs 50 |
| Administrative Charges | Rs 5,000+GST or 0.25% + GST, whichever is lower |
| Conversion Charges |
0.5% of outstanding loan For permanently shifting from fixed to floating interest rate: 1.75% |
Eligibility Criteria for ICICI Bank Loan Against Property
- Age: Applicants need to be between 25 and 65 years old, or up to retirement age.
- Both salaried and self-employed individuals are eligible for a loan against property.
Also read: Best Loan Against Property Eligibility
Documents Required for ICICI Bank Loan Against Property
The documents required for Loan Against Property by ICICI Bank include:
- Property documents (Title deed, along with previous chain of documents from previous owner in case of any property approval plan and no encumbrance document)
- ID and residence proof (such as Aadhaar card, passport, voter ID, PAN card)
- Income Proof (like salary slips, bank account statements, ITR)
- Other Documents:
- In case of an ongoing loan, loan repayment history for the last 6 months
- Appointment letter if employed for less than a year
- Passport size photographs
Also Read : Best Loan Against Property Documents Required
FAQs On ICICI Bank Loan Against Property
1. Does ICICI Bank offer Loan Against Property as an overdraft?
Yes, customers can avail up to 90% of the total Loan Against Property amount as an overdraft.
2. How much loan can a customer get under ICICI Bank Loan Against Property?
The maximum loan amount available under ICICI Bank's Loan Against Property is Rs. 5 crore. However, the actual loan amount provided to a customer depends on their financial situation and the value of the property being pledged.
3. Which type of property can be mortgaged for ICICI Bank’s Loan Against Property?
You can use both residential and commercial properties as security to get a Loan Against Property. However, the property you offer as security must be free from any existing charges or liabilities.
4. Loan Against Property from ICICI Bank can be used for which purpose?
Customers can use ICICI Bank's Loan Against Property for various personal or business needs, such as expanding a business, funding children's higher education, purchasing expensive equipment, and more.
5. How much amount will the ICICI Bank be able to finance against a property?
The amount of loan that the bank approves depends on the customer's ability to repay, the type of property, and its market value. The bank typically offers loans of up to 70% of the property's market value, which is assessed by the bank's team of valuers.