ICICI Bank Loan Against Property

About ICICI Bank

ICICI Bank is one of the leading private sector banks in India and has a wide offering of credit products. It was established in 1994 and provides a range of banking products and financial services for wholesale and retail banking. It has a network of more than 4000 branches across the country. On the retail banking side, it offers an array of loan options designed to suit the differing needs of its customers.

ICICI Bank Loan Against Property

Avail of a Loan against Property from ICICI Bank if you are in need of money and own a property. A loan against property will help you stay afloat in times of crisis, and give you that much needed resource in times of financial crunch. There is no restriction on the end use of the funds – it could be used for starting a new business, for working capital, children’s marriage, higher education expenses, debt consolidation etc. Live your dream with this multi-purpose loan from ICICI Bank. A loan against property is a much cheaper way of raising money as compared to a personal loan.

ICICI Bank Loan Against Property Features

Loan tenure

Get flexible tenures that go up to 15 years. Plan your finances accordingly and pay in EMIs suited to your budget and needs.

Faster processing

Faster processing coupled with minimal documentation of your ICICI loan against property application makes it convenient and simple.

Types of property eligible

Both residential and commercial properties are accepted as collateral for availing of a loan against property.

ICICI Bank Loan Against Property Interest Rate

ICICI Bank offers a range of interest rates for their products. For the latest interest rates, it is advisable to contact the bank directly.

ICICI Bank Loan Against Property Eligibility

In order to be eligible for a Loan Against Property from ICICI Bank, the applicant can be a salaried employee or self-employed. The applicant needs to own the property and if the property is owned jointly, all other owners of the property also need to be co-applicants on the loan.

ICICI Bank Loan Against Property Documents Required

The basic documents needed to apply for a Loan Against Property are as follows:

For salaried employees:

• PAN Card
• Identity Proof – Voter ID / Driving License / Passport (Any one can be submitted)
• Address Proof – Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement (Any one can be submitted)
• Last 2 years Income tax returns / latest 3 months’ salary slip / latest Form 16 issued by the employer.
• Six months bank statement (where salary is credited)
• Passport Size Photographs as required
• Processing fee cheque

For Self-Employed Individuals

• PAN Card
• Identity Proof – Voter ID / Driving License / Passport (Any one can be submitted)
• Address Proof – Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement (Any one can be submitted)
• Latest audited ITR and financials for the last 3 years (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules), duly attested by a CA
• Bank statements from the borrower's main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet.
• Business Continuity Proof – Bank Statement / Sales Tax Challans / IT Returns / Shops & Est. Certificate / Partnership Deed (Any one document can be submitted)

For Self-Employed Professionals:

• PAN Card
• Identity Proof – Voter ID / Driving License / Passport (Any one can be submitted)
• Address Proof – Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement (Any one can be submitted)
• Latest audited ITR and financials for the last 3 years (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules), duly attested by CA
• Bank statements from the borrower's main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet.
• Professional Qualification Certificate and Degree Certificate for professionals. (Doctors, Architects, Chartered Accountants etc.)
• Business Continuity Proof – Bank Statement / Sales Tax Challans / IT Returns / Shops & Est. Certificate / COI / Partnership Deed (Any one document to be submitted; it should be dated 5 years old)

ICICI Bank Loan Against Property FAQs

Can I pledge my commercial property in order to avail Loan Against Property from ICICI Bank?

Yes, you may pledge your commercial property in order to avail a loan under this product portfolio. Both Residential and Commercial property can be pledged for Loan Against Property from ICICI Bank. The property can be self-occupied or rented to a tenant. Keep in mind that the title deed of the property should be in your name and clear of any encumbrances.

What is the loan amount that will be paid out as an amount of the value of the property?

The approval of the loan amount you apply for would depend on the kind of property you are pledging as well as prevailing market rates. Complete verification will be done in order to ensure the monetary worth of the property before accepting it as an instrument for collateral. In order to know about the amount of money disbursed in proportion to the property, you can contact your nearest branch.

How do I pay back my loan?

You can pay in Equated Monthly Instalments (EMIs).

What is an EMI?

EMI stands for Equated Monthly Instalment. It is the amount you need to pay on a monthly basis to repay your loan amount over the entire tenure of the loan. It includes payment towards the principal amount as well as the interest amount.

Is there any benefit to having a Current/Saving Account with ICICI Bank when I apply for a Loan Against Property?

Yes, you get the benefit of easier documentation and faster approval process since you are already an existing customer.

ICICI Bank Loan Against Property Review

Unlock the hidden value of your property and realize your dreams with ICICI’s Loan Against Property. This is a multi-purpose loan as the end use of the loan amount is not restricted. The loan comes at a reasonable rate which makes it easy to repay comfortably over a long tenure spread over a maximum of 15 years.

How to Get Loan Against Property from ICICI Bank - Apply for ICICI Loan Against Property

You can apply for ICICI Bank Loan Against Property by approaching the bank to have a representative contact you with details.

You can also call the 24 hours customer service number for details.

You could send an SMS to the dedicated number listed on the website.

You could also walk into your nearest ICICI Bank branch and complete the application process. You can also fill in the ICICI Bank Loan Application form online to have a bank representative call you with suitable options.

ICICI Bank Loan Against Property status check

You can track the progress of your loan application online by entering your loan reference number and registered mobile number.

Alternatively, if you think you need help with your loan application and advice on loan eligibility, CreditMantri can guide you through the entire process and match you with the loan offer that best suits your profile.