Loan Against Property (LAP) – Overview 

Looking to boost your business growth? Get quick and easy financial backing to scale your business to new heights.

ICICI HFC Loan Against Property (LAP) can be taken against a fully constructed, residential, commercial, or leased property. The interest rate for a Loan Against Property can be fixed or floating based on your needs. The terms of the loan are flexible and will depend on the purpose for which the property is being used. Loan Against Property can help you finance capital growth, service working capital requirements, and consolidate debt.

You can also avail our Micro LAP in case you need a lower value loan

Loan Against Property (LAP) – Key Features & Benefits

Loans from ₹ 5 lakhs to ₹ 10 crores

We are committed to helping small businesses like yours as we support the entrepreneurial spirit that drives the growth of the Indian economy. You can avail LAP or Micro LAP for every business need, big or small. 

Loans for all

LAP supports both salaried individuals like government employees and corporate professionals, and also self-employed individuals like doctors, lawyers, CAs, traders and small business owners. If you have a plot of land, we even offer a loan against land purchase. 

Quick loan disbursal

With an established set-up like yours, you can get a LAP at each of our 215+ branches. We have a team of legal and technical experts to guide you and review your application on the spot, to help you avoid multiple visits and requests for documents.

Loan Against Property Calculator

You can use our Loan Against Property Calculator to calculate your loan eligibility and the corresponding EMI. It’s simple and easy to use and will help you know the loan eligibility amount and your EMI on the spot

Shift to ICICI HFC

Shift to ICICI HFC with our Balance Transfer facility to reduce your EMI burden, enjoy competitive interest rates and get tax benefits against your loan.

Why take a loan from ICICI HFC?

We have a team of legal and technical experts at each of our 215+ ICICI HFC branches who review your loan application on the spot without repeated requests for documents. 

Walk into any of our branches to meet our local experts. They are committed to helping you at every step of your journey. They speak your language and are familiar with your locality. Click here to find the branch closest to you and get the right kind of guidance face-to-face.

A major advantage of walking into your nearest ICICI HFC branch is the special offers. Our in-house experts will guide you through the benefits of each of the offers, so you can find an attractive deal.

When you take a loan from us, you become a part of the ICICI HFC family. It is not just a loan, but a relationship. As an existing customer of ICICI HFC, your application can be reviewed more quickly, as many checks are already done, and your documents are already in our system. 

Where to apply

You can apply for a Loan Against Property (LAP) by walking into any of the ICICI HFC branches. Our local experts can assist you through our quick and easy loan application process.  Click here to find your nearest branch. If you don’t have an ICICI HFC branch near you, walk into your nearest ICICI Bank branch to start your loan application process.

Additionally, you can also apply for Loan Against Property online by clicking here 

How to apply

  1. Take 10 minutes to submit your loan application form along with the required documents
  2. Pay a non-refundable ‘application’ or ‘login’ fee of ₹ 7000 or ₹ 10,000 (depending on the property) + GST @ 18%
  3. Get your loan application quickly reviewed by our team of experts who study your existing EMIs, age, income, and property
  4. Get a loan amount approved by our team of experts who are present at each ICICI HFC branch
  5. Pay a processing/administrative fee equal to 1.00% or ₹ 11,000 (whichever is higher) or 1.50% (depending on property) of the loan amount + GST @18% at the time of sanction of your loan

Loan Against Property (LAP) - Eligibility Criteria 

You can check your eligibility for Loan Against Property here. 

Salaried Individuals

  • Nationality

Indian, residing in India

  • Age Limit (Primary applicant)

28 years to 60 years

  • Minimum income

₹ 7,000 per month

  • Co-owned Property

ICICI HFC provides better interest rates to women to encourage them to apply as co-applicants.If you add your wife or mother to your home loan, you may be able to get a lower interest rate, even if they are not earning.

Self-Employed

  • Nationality

Indian, residing in India

  • Age Limit (Primary applicant)

28 years to 70 years

  • Co-owned Property

ICICI HFC provides better interest rates to women to encourage them to apply as co-applicants. If you add your wife or mother to your home loan, you may be able to get a lower interest rate, even if they are not earning.

Co-applicant

  • Age Limit

Salaried and Self- Employed – 18 years to 65 years

  • Why should you add a co-applicant?

  • If you want to increase your Loan Against Property (LAP) eligibility, you can add an earning co-applicant. This can also help you to be eligible for a larger loan amount. Your co-applicant can be your spouse or immediate family member.

  • Woman co-applicant can get lower interest rates on Home Loan.

Loan Against Property (LAP) - Documents Required

Carry the important documents mentioned below to any of our 215+ ICICI HFC branches to complete your application , without having to make multiple visits. You can apply for a Loan Against Property (LAP) with minimum documents.

Salaried Individuals

  • Fully filled application which you have signed
  • Identity and residence proof (KYC), such as Aadhaar, PAN card, Voter ID card, Job card issued by NREGA or as may be specified by IHFC from time to time
  • Income proof such as last 2 months salary slip, latest Form 16 and three-month bank statement
  • Property documents 

Self-Employed Individuals

  • Fully filled application which you have signed
  • Identity and residence proof (KYC), such as PAN card, Voter ID card, Aadhaar, etc. or as may be specified by IHFC from time to time
  • Income proof such as latest 2 income returns, latest two years P&L accounts and B/S (with schedules), six-month bank statement etc.
  • Property documents 

Self-Employed Non-Individuals

  • Fully filled application which you have signed
  • Identity proof (KYC), such as PAN card, copy of GST registration, AOA, MOA of company or as may be specified by IHFC from time to time etc.  
  • Income proof such as latest 2 income returns, latest two years P&L accounts and B/S (with schedules), six-month bank statement etc.
  • Property documents 

Loan Against Property (LAP) - Interest Rates and Charges

We make it a point to be transparent about our rates and charges. 

Charges Rates*
Login/Application Fee (for KYC checks and other Documents)** ₹ 7,000 or ₹ 10,000 (depending on property) + GST @18%*
Processing/ Administrative Fees (Charged at the time of sanction)** 1.00% or ₹ 11,000 (whichever is higher) or 1.50% (depending on property) of the loan amount + GST @18%*
Full Prepayment/Foreclosure Charges

Sr. No

Product

Full Prepayment/Foreclosure Charges1

 

1.

Floating rate Housing loan

NIL

 

2.

Floating rate Non Housing loan where the Borrower(s) is individual and the end use of the loan facility is other than business purpose.

NIL

 

3.

Floating rate Non Housing loan where the loan is given to individual Borrower(s) for business purpose and to Non-Individual Borrower(s) for all-purpose.

4.00% + Applicable Taxes

  4. Fixed rate housing loan where loan is pre-closed by the borrower out of their own sources2. NIL
  5. Fixed rate housing loan where loan is not pre-closed by the borrower out of their own sources2. 2.00% + Applicable Taxes
 

6.

Fixed rate non housing loans

4.00% + Applicable Taxes

Conversion fees 1.00%, plus applicable taxes, for non-HL on POS amount

1Charges, wherever applicable, will be applied to the outstanding loan amount and on all amounts tendered by the Borrower(s) toward prepayment of the Facility during the last one year from the date of final prepayment.

2The expression “own sources” for the purpose means any source other than by borrowing from a bank/ HFC/ NBFC and/or a financial institution.

Fixed rate loan is one where the rate is fixed for entire duration of the loan.

#All Hybrid (dual) rate (combination of fixed and floating) housing loans will attract the pre-closure norms applicable to fixed/ floating rate depending on whether at the time of pre-closure, the loan is on fixed or floating rate.

In case of a Hybrid rate housing loans, the pre-closure norm for floating rate will apply once the loan has been converted into floating rate loan, after the expiry of the fixed interest rate period.

Disclaimer: The rates, fees, charges etc. as stated herein above are subject to changes/revision from time to time. Pre- Payment/Foreclosure charges shall be applicable as per contracted rate or rates as per regulatory norms prescribed, if any.

** Login fees and Processing/Administrative fees are non-refundable

* The above amounts & percentages are exclusive of applicable taxes and other statutory levies, if any such amounts shall include all amounts prepaid during the given financial year.

# Goods and Services Tax (GST) and other government taxes, levies, etc. applicable as per the prevailing rate will be charged over and above these charges.

Disclaimer:

The rates, fees, as stated hereinabove, are subject to changes/ revision from time to time at the sole discretion of ICICI Home Finance Company

The floating interest rate on ICICI Home Finance is linked to ICICI Home Finance Company Prime Lending rate (IHPLR). 

Loan Against Property (LAP) FAQs

Loan Against Property (LAP) is a type of mortgaged loan that is given against a property pledged as a collateral. The property can either be an owned land, a house, or a commercial space. The property remains as a collateral with the lender until the entire loan amount is repaid.

ICICI HFC ensures a hassle-free application experience. Our eligibility criteria for LAP is very flexible and we have very easy eligibility norms. We also ensure minimal documentation and a quick turnaround time. At each one of our branches, you will meet a team of experts who will guide you through the entire process, one step at a time, and help you in every way they can to minimize your loan rejection.

You can avail a LAP for both business and personal needs like. It can help with anything that may cause you stress and ensure that it does not.

  • Business expansion
  • Working capital
  • Debt consolidation
  • Your child’s education
  • Your child’s wedding expenditure
  • An urgent medical expense 

or as may be specified by IHFC

We fund LAP up to ₹10 crores. We have different types of products depending on the amount you need. You do not have to be worried about being self-employed as we provide loans to both, cash salaried and bank salaried professionals. In case you have any questions, you can view our eligibility section by clicking here

Your spouse or immediate family member can be your co-applicant, even if they are not earning. However, if you want to increase your eligibility, your co-applicant must be earning. If your property is co-owned by two or more people, it is necessary all co-owners are co-applicants for your loan.