Overview – LAP 

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 fully constructed, residential, commercial or leased property. The terms of the loan are flexible and will depend on the purpose for which the property is being used. An ICICI HFC LAP can help you finance capital growth, service working capital requirements, and consolidate debt.

With an ICICI HFC LAP, you can get the financing you need to level up and expand your business across markets and beyond limits. 

Key Features & Benefits – LAP

Loans from ₹ 5 lakhs to ₹ 10 crores

LAP can help businesses of all sizes – whether your need is big or small, we finance them all.  We are committed to helping small businesses like yours as we support the entrepreneurial spirit that drives the growth of the Indian economy. 

Loans for all

LAP supports both salaried individuals like government employees and corporate professionals, and self-employed individuals like doctors, lawyers, CAs, traders and small business owners. 

Quick loan disbursal

With an established set up like yours, you can get a LAP in as less as 72 hours at each of our 140+ ICICI HFC branches. We have a team of legal and technical experts to guide you and review your application on the spot, so you avoid multiple visits and requests for documents.

Shift to ICICI HFC

Already been repaying a LAP for 2-3 years at an interest of rate of more than 11% p.a.  If your LAP interest is at least 50 basis point higher than our, 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 if it is used for building a new property or for business purposes1.

Why take a loan from ICICI HFC?

You can get a loan in as little as 72 hours. We have a team of legal and technical experts at each of our 140+ ICICI HFC branches who review your loan application on the spot without repeated requests for documents. You can also walk into your nearest ICICI Bank branch to start your loan process.

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

Walk into any one of our 140+ ICICI HFC branches for help. Our local experts can assist you through our quick and easy loan application process. You can get your loan disbursed in as little as 72 hours. 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.

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% or 1.5% (depending on property) of the loan amount + GST @18% at the time of sanction of your loan
  6. The approved loan amount will be disbursed basis the stage of construction of your property

Eligibility - LAP 

Salaried Individuals

  • Nationality

Indian, residing in India

  • Age Limit (Primary applicant)

28 years to 60 years

  • Minimum income

₹ 7,000 per month

  • LAP Interest Rate

We are committed to ensuring that you stay on track while achieving your personal and professional goals. That’s why we provide multiple interest options. Our present commercial property loan interest rates are: Floating rate – 12.15% onwards & Fixed-rate – 13.10% onwards

  • Co-owned Property

In case your property has more than one owner, it is necessary that both or all the co-owners are co-applicants. This ensures that your property is secure and both owners can benefit.

Self-Employed

  • Nationality

Indian, residing in India

  • Age Limit (Primary applicant)

28 years to 70 years

  • LAP Interest Rate

We are committed to ensuring low interest commercial property loans; our present interest rates are: Floating rate – 12.20% onwards & Fixed rate – 13.20% onwards

  • Co-owned Property

In case your property has more than one owner, it is necessary that both or all the co-owners are co-applicants. This ensures that your property is secure and both owners can benefit from the investment in the property.

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 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.

  • Because ICICI HFC provides better interest rates to women to encourage them to apply as co-applicants.

  • If your property has more than one owner, it is necessary that both or all the co-owners are co-applicants. This ensures that your property is secure and both owners can benefit from the investment in the property.

Documents Required for LAP

Carry the important documents mentioned below to any of our 140+ ICICI HFC branches to complete your application in as little as 72 hours, without having to make multiple visits.

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, etc.
  • 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.
  • 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, 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 

Rates & Charges for LAP

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

Charges Rates*
Login/Application Fee (for KYC checks) ₹ 7,000 or ₹ 10,000 (depending on property) + GST @18%
Processing/ Administrative Fees (Charged at the time of sanction) 1% or 1.5% (depending on property) of the loan amount + GST @18%
Prepayment charges

For Individuals (salaried or self-Employed), if you are able to pay off a part or all of your LAP, you can choose to settle it

as per your convenience, no matter your chosen tenure. For non-Individuals, we charge a minimum rate of 4% for prepayment,

in part or full.

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

* The above 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 herein above, are subject to changes/ revision from time to time at the sole discretion of ICICI Home Finance. 

Also, the GST, other taxes and levies, applicable as per prevailing rate will be charged over and above these charges. 

Loan Against Property FAQs

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

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 140+ ICICI HFC branches, you will meet a team of legal and technical experts who will guide you through the entire process, one step at a time, and help you in every way they can. 

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.