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Introduction

Get tailor-made property loans from a wide range of loan options. Mortgage your residential or commercial real estate to avail a loan against the property. The loan value may vary depending on whether the mortgaged property is residential (60% of property value) or commercial (50% of property value). Customer can be Salaried and self-employed individuals between 25 years to 65 years of age (or aage, 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.

About Loan against property

Investing in a property is always advantageous whether it’s your house or a commercial space. Your property’s value appreciates over time, giving you a chance to earn good capital gains whenever you choose to sell your property. It allows you to avail significant line of credit as well. You can apply for a Loan Against Property and meet your various financial requirements.

The maximum loan amount offered differs for every bank, your personal financial profile, and the property value. Furthermore, as you pledge your property as collateral, it becomes a secured line of credit. You can repay the loan amount in Equated Monthly Installments (EMI) as per your affordability.

The loan value may also vary depending on the type of mortgage property - residential or commercial. Any salaried and self-employed individuals between 25 years to 65 years of age (or age, whichever is earlier) are eligible for Loan Against Property.

  • Loan Calculator

  • EMI Comparison calculator

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INTEREST RATE
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Existing Loan
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INTEREST RATE
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Balance Transfer Loan
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INTEREST RATE
LOAN TERM (Years)
Emi Savings
Total Interest Savings
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Existing Loan
Balance Transfer Loan

Property types for Loan against property

Following are the various types of properties you can pledge as collateral and secure the required loan amount:

  • Residential property - As the name suggests, residential properties are the housing properties you reside in. It can be an apartment, building, villa, or plot. As long as you hold ownership of the property you can pledge it, whether the property is self-occupied, let out, or vacant. It is the most common type of property pledged for loan availment.

  • Commercial property - Commercial properties are used for business activities and generating income. This includes retail stores, gyms, saloons, schools, medical centres, and warehouses. It can be self-occupied, let out, or vacant. The property should be free for any legal disputes to be eligible to be as collateral.

  • Co-owned property - You can also pledge a co-owned property as collateral. The property could be residential or commercial. You can either apply for a joint loan or as an individual applicant. In the first case, the documents and agreement of both owners are necessary for the loan application. Generally, if you are applying for a loan as an individual applicant, the co-owner has to provide the bank with a No-Objection Certificate (NOC).

Documents Required for Loan Against Property

Home loan documents

SALARIED CUSTOMERS

  • Application form with photograph
  • Identity and Residence proof
  • Last 6 months bank statements
  • Processing fee cheque
Home loan documents

BUSINESSMEN – PROFESSIONALS

  • Application form with photograph
  • Identity and Residence proof
  • Last 6 months bank statements
  • Processing fee cheque

Loan Against Property FAQs

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.

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.

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.

Yes, Loan Against Property (LAP) can be availed against a fully constructed and freehold commercial properties.