Mortgage Loans simplified.
Flexible Loan Tenure of up to 15 years
Instant Provisional Sanction
Attractive Interest Rates
Special Offers for Doctors
Whether you own a residential, commercial or special use property, it is an asset that
can be used as collateral against a Loan, when you have a financial requirement.
Monetary problems pertaining to business expansion, child’s higher studies, wedding
or medical emergencies can strike anytime, but it can be settled conveniently, if you
own a property. You can easily secure a Loan by mortgaging your property. Your
property can help fulfil your dreams. Avail mortgage loans at lower interest rates.
Loan Against Property documents
| Mortgage Loan Eligibility | |
|---|---|
|
Age
|
The age of the applicant should be between 21 to 65 years or retirement age. |
|
Employment Type: |
Both salaried and self-employed individuals are eligible. |
|
Credit Score:
|
A minimum credit score of 700 or above is usually required for
eligibility |
|
Citizenship: |
Applicants must be Indian residents to qualify for a mortgage loan. |
|
Income Stability: |
Lenders assess the applicant’s income stability and may require
proof of steady income for loan approval. |
|
Debt-to-Income Ratio |
Lenders evaluate the applicant’s Debt-to-Income (DTI) ratio
to ensure they can comfortably afford mortgage payments. |
Loan Against Property (LAP) offered by ICICI Bank follows a simple documentation
process. If you are a salaried or self-employed individual, you are required to submit the
following documents along with the signed application form for Loan sanction.
- Aadhaar Card, PAN Card, Passport, Voter ID etc.*
- Salary Slips (for salaried individuals), Bank Account Statements, Income Tax Returns**
- Title Deeds, including chain of documents of the previous owners (if any), property approval plan and non-encumbrance certificate***
- Appointment letter, in case you are associated with a company for less than a year**
- Bank Statements of the last 6 months to check Loan repayment capability, if you have any ongoing Loan with the Bank**
- Passport size photographs of the applicant and co-applicant, to be affixed on the application form****
- Business profile documents for self-employed non-professionals.****
Types of Loan Against Property
LAP for Doctors
ICICI Bank provides a Loan Against Property for doctors, allowing a loan
sanction of up to 75% of the property value. If you own a property as a doctor
and need funds for clinic expansion or other financial needs, you can apply for a
higher Loan amount with a 15-year term.
Home Overdraft
The LAP OD facility has a financing option that allows you to withdraw a certain
amount from the sanctioned limit. This facility has a long-term dropline limit that
gets auto-renewed every year at minimum charges. The interest rate is
applicable only on the amount you utilise to finance your needs.
LAP Top-up
You can also avail a Top-up Loan on your existing Loan Against Property. If you
are facing a shortage of funds for personal or business purposes, a Top-up Loan
is the ideal choice. It requires minimal documentation, especially if you already
have an ongoing LAP with ICICI Bank.
FAQ
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