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Loan Against Property (LAP)
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.
LAP for Doctors
ICICI Bank's LAP for Doctors is a tailored financing solution designed to help medical professionals like you unlock the potential of your property. With a loan sanction of up to 75% of your property's value, you can access the funds you need to take your medical practice to the next level. Plus, with a loan term of up to 15 years, you can enjoy a flexible repayment tenure that aligns with your financial goals.
Home Overdraft
Experience the flexibility of a credit limit with ICICI Bank's Loan Against Property Overdraft (Home OD) or LAP OD facility. This financing option allows you to withdraw funds as needed from your sanctioned limit, providing you with the freedom to manage your finances according to your requirements. As a long-term dropline limit, your facility will be auto-renewed annually at minimal renewal charges. Plus, interest is only applicable on the utilised amount, ensuring you only pay for what you need.
LAP Top-up
Boost your existing Loan Against Property with a convenient Top-up Loan from ICICI Bank. Whether you're facing a financial shortfall for personal or business needs, a Top-up Loan is the perfect solution. With minimal and simple documentation required, especially if you already have an ongoing LAP, you can easily access additional funds to meet your requirements.
Benefits
Attractive interest rate
Make your Loan repayment easy with long tenure and affordable interest rates
Special offer for doctors
Get a quick sanction on a loan amount up to 75% of your property value specially designed for doctors
Flexible loan tenure
Avail a loan tenure of up to 15 years and avail the benefit of reduced EMI
Loan transfer
Transfer your existing Home Loan or any other existing loan Against Property with other financiers, using the LAP balance transfer facility
Frequently asked questions
Who can avail a Loan Against property (LAP)?
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 70 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 70, when it comes to a Loan Against Property’s eligibility.
ICICI Bank LAP is also tailored to meet the needs of medical professionals. This category of customers can easily qualify for the loan and get an instant Loan Against Property approval on the loan amount.
Doctors are eligible to get a loan amount that is up to 75% of their property value. They can use the funds for buying medical equipment, expanding their operations, buying a second home and more.
The funding is also available for industrial or any other special use properties, for a tenure of up to 10 years.
Is it mandatory to provide tenant NOC in every LAP case?
It is not mandatory but advisable to collect the tenant NOC in each case.
What is the maximum tenure allowed in LAP cases for specialised properties?
15 years.
Is audited financial mandatory for funding specialised property?
Audited financials are not mandatory for funding specialised property. Appraisal can be done on audited/ CA certified/ ITR financials/ banking variant.
What is the maximum LTV possible and at what level for industrial purchase?
LTV of up to 50% can be given as RAAC. Higher LTV can be considered on a case-to-case basis.