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Loan Against Property – An overview

When you own property, you’re not just holding onto real estate – you’re holding onto a wealth of potential. A Loan Against Property (LAP) enables you to unlock the hidden value of your property and use it to meet a variety of financial needs. Whether it’s for business expansion, funding higher education, medical emergencies, or even a dream wedding, a Loan Against Property offers a flexible and affordable solution.

Personal Loan: Benefits & Features

High Loan Amount

Get access to high loan amounts for your financial needs

Minimal Documentation

Save time and effort with a simple application process that requires minimal documentation

Instant Provisional Sanction*

Get quick and hassle-free provisional sanction for your loan

Flexible Tenure

Select repayment tenures that suit your budget

Types of Loan Against Property

LAP for Doctors

We 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.

Popular Loan Against Poperty (FAQs)

What is Loan Against Property (LAP)?

A Loan Against Property is a Secured Loan, where 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 us as a collateral or security, to help you get financial assistance.

 
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 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 is 65, 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 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.
What is the maximum term for which I can avail a Loan Against Property (LAP)?

Applicants can avail a Loan Against Property for a maximum period of 15 years. This gives you flexibility so you can select a repayment plan that works best for your budget. You can conveniently manage your loan and get the money you need with this longer term.Â