Whether you own a residential, commercial or special use property, this is a property that can be used as collateral against a loan when your financial need arises. Financial problems related to business expansion, child's higher education, marriage or medical emergencies can come anytime, but if you are the owner of the property, it can be easily resolved. You can easily get a loan by pledging your property. Loan Against Property or LAP is a secured loan availed by any person or entity that owns the property in his name.
₹
500000
36
months
10
%
Monthly EMI
₹
₹ 32,124.56
Total Interest
₹
10,622.78
Principal Amount
₹
500000
Payable Amount
₹
160,622.78
| Pay No. |
Begining Balance | EMI | Principal | Interest | Ending Balance |
|---|---|---|---|---|---|
| 1 | 150000.00 | 32124.56 | 28637.06 | 3487.50 | 121362.94 |
| 2 | 121362.94 | 32124.56 | 29302.87 | 2821.69 | 92060.07 |
| 3 | 92060.07 | 32124.56 | 29984.16 | 2140.40 | 62075.91 |
| 4 | 62075.91 | 32124.56 | 30681.30 | 1443.26 | 31394.61 |
| 5 | 31394.61 | 32124.56 | 31394.64 | 729.92 | -0.03 |
Applying for Loan Against Property in ICICI Bank involves a simple online application process for salaried employees, business professionals and self-employed individuals who own residential, commercial or special purpose property in their own name.
ICICI Bank Loan Against Property follows a simple documentation process. If you are a salaried or self-employed individual, you need to submit the following documents along with a signed application for loan approval:
The following fees and charges are applicable if you apply for a loan against property.
A Loan Against Property is a secured loan, wherein you can mortgage your residential, commercial or special use property to get immediate funds for any purpose, ranging from business expenditure to personal needs. In LAP, the property you own, which has a clear title is kept with ICICI Bank as a collateral or security, to help you get financial assistance.
The loan amount that ICICI Bank sanctions, ultimately depends on the financial status of an individual and the overall value of the property, after inspection by the ICICI Bank. If you are a salaried or self-employed or business professional, you are eligible to receive a maximum loan amount of up to Rs 5 crore. Check our Loan Against Property calculator to know how much loan amount you can avail.
When it comes to a Loan Against Property eligibility, ICICI Bank’s Loan Against Property is available for salaried individuals between the age of 25 to 65 who want to fund wedding expenses, child’s education, medical treatment, property purchase, debt consolidation, or for any other purpose. The loan facility is also available to self-employed individuals who have their own business or practice. The minimum age is 25 and the maximum age is 65, when it comes to a Loan Against Property’s eligibility.
ICICI Bank Loan Against Property tenure is easy funding that any individual can opt for a maximum tenure of up to 15 years.
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