Loan Against Property
Learn more about the options to choose from
Avail Loan Against Property by mortgaging Residential/Commercial Property.
Customers who require a loan for either personal or business needs can get a loan against their property (residential or commercial) from ICICI Direct. The loan value may vary depending on whether the mortgaged property is residential (60% of property value) or commercial (50% of property value). Salaried and self-employed individuals between 25 years to 65 years (or retirement age, whichever is earlier) are eligible to avail such loans. A loan of Rs 10 lakh to Rs 5 crore can be taken, with a tenure of up to 15 years.
Features & Benefits
- Secure a loan against your residential or commercial property
- Loans available at attractive rates of interest
- Longer tenure and easy repayment in monthly instalments
- Minimal, hassle-free documentation
Documents Required for Loan Against Property
Salaried Customers
- Application form with photograph
- Identity and Residence proof
- Last 6 months bank statements
- Processing fee cheque
Businessmen – Professionals
- Application form with photograph
- Identity and Residence proof
- Last 6 months bank statements
- Processing fee cheque
Income Documents
- Latest Salary Slip
- Form 16
- Educational Qualifications Certificate and Proof of Business
- Business Profile and Previous 3 years Income Tax returns (self and business)
- Statement of previous 2 years of loans availed
- Previous 3 years Profit/Loss and Balance Sheet
Loan Against Property FAQs
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What is a Loan Against Property (LAP)?
It is a loan against fully constructed, freehold residential and commercial properties for personal and business needs (other than for speculative purposes) like marriage, medical expenses and child's education, etc. Existing Loan Against Property (LAP) from other banks and financial institutions can also be transferred through ICICIDirect.
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Who can avail a Loan Against Property (LAP)?
Loan Against Property (LAP) can be availed by both salaried and self-employed individuals for personal and professional needs (other than for speculative purposes) like marriage, child's education, business expansion, debt consolidation, etc.
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What is the security that I need to provide in order to avail a Loan Against Property (LAP)?
Security of the loan would generally be security interest on the property being financed by us and/or any other collateral/interim security as may be required by us.
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Can I avail Loan Against Property (LAP) for a commercial property?
Yes, Loan Against Property (LAP) can be availed against a fully constructed and freehold commercial properties.