LOAN AGAINST PROPERTY

As the name suggests, you need to mortgage your property, to ensure access to immediate funding. Your property will act as a security against the Loan amount that you are seeking to apply with ICICI Bank. It can be either a residential, commercial or special use space, which is well constructed, has a clear title and free from any legal complications.

Whether you are a salaried employee or a self-employed professional, you need to submit the following list of Loan Against Property documents.

• You need to provide an Identity & Address Proof – it can be either Aadhaar Card, PAN Card, Passport or Voter ID for both salaried and self-employed individuals 
• You need to provide Income Proof that includes 6 months’ Bank Statements, 3 months’ Salary Slips, Income Tax Returns (ITR) or Form 16, in case of salaried individuals
• Self-employed individuals need to produce a business existence document of minimum 5 years and ITR of 3 years
• Apart from these, both categories of customers should also submit property documents which include a Title Deed, No Encumbrance Certificate and previous chain of paperwork from previous owners of the property
• Passport size photos, to affix on the LAP application form.

ICICI Bank allows you to secure a mortgage Loan Against Property by mortgaging residential, commercial or a special use property (owned or rented). If you own any property like schools, warehouses, industrial or nursing with a capacity of 30 beds, you are eligible to get the Loan.

Overdraft facility is available to all customers. It is a great financing option, which you can use for business or personal needs. Under this scheme, you are given a credit limit. You can withdraw a required amount from the eligible Loan amount during the Loan tenure. The interest rate is applicable only on the amount withdrawn/utilised.

ICICI Bank offers a loan amount of up to 75% of the property value. The loan amount, which you can avail through ICICI Bank’s LAP depends on the overall condition of the property. This is nothing but the Loan to Value or LTV Ratio, which ICICI Bank refers to before approving any loan. Also, LTV ratios differ by the type of property. Age and prevailing market value of the property also comes under assessment. You can use a mortgage loan calculator to know how much loan you can avail.

A LAP can be availed for various purposes such as a wedding, child’s higher studies, medical emergency, buying a new home, business expansion, debt consolidation to lower cash outflows, purchase of medical equipment and much more.