Overview – Micro LAP 

You may be running a small business, but your dreams can still be larger than life.

With an ICICI HFC Loan Against Property (LAP), you can get quick and easy financing for all kinds of urgent needs, be it personal or business, with micro loans starting from ₹ 3 lakhs. We understand your pain points to procure a loan; hence we can provide you a loan against property without proofs like Income Tax Returns.

We believe in giving you the support you need to achieve all your goals- be it personal or professional. So you can provide a comfortable life for your family, without compromising on the success of your growing business. 

Key Features & Benefits – Micro LAP

Convenient payment terms

Whether your need is big or small, we finance them all. LAP offers loans for as less as ₹ 3 lakhs, and up to ₹ 15 lakhs. Our technical experts spend time with you to help decide a comfortable repayment term for your loan, that can be up to 120 months.

Easy eligibility

It is simple to get a loan against property from ICICI HFC as we have easy eligibility norms and require basic documents. Even if you don’t have formal income proofs such as ITR, our experts are trained to spend time with you to understand the nature of your business. To increase your eligibility, add an earning co-applicant like your spouse or immediate family member.

Loans for different job profiles

LAP helps both salaried individuals like government employees and corporate professionals, as well as self-employed individuals like doctors, lawyers, CAs, traders and small business owners. We are committed to helping small businesses like yours as we believe that SMEs and MSMEs like yours are the backbone of India’s growing economy. 

Quick loan disbursal

It can take as little as 72 hours to get your loan disbursed. This is because at every one of the 135+ branches of ICICI HFC, we have a team of legal and technical experts who can review your application on the spot and answer all your questions face to face, so that you can avoid multiple visits and requests for documents.

Interest rates

Even if you already have a loan against property, you can shift to ICICI HFC to reduce your EMI burden and get competitive interest rate options. You can shift your LAP to ICICI HFC with our Balance Transfer facility and join the ICICI HFC family.

Balance personal or business needs

No dream is big or small and we value that. You can get a loan against your property starting from ₹ 3 lakhs up to ₹ 15 lakhs. Whether it is a business expansion for your Kirana store, long-term working capital for a catering business or financing your child’s education, you can reach out to us.

Why take a loan from ICICI HFC?

LAP is a product created to make your dreams come true. We believe that the lack of formal documents should not keep anyone from achieving their goals. We build products like LAP Prarambh with easy eligibility criteria that makes the loan process simple and stress-free for you from start to finish. 

Walk into any of our branches to meet your 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.

At every ICICI HFC branch, you can get a loan in as little as 72 hours. We have a team of legal and technical experts physically present who will review your loan application on the spot without repeated requests for documents or multiple visits. 

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 one that truly helps you. Walk in to find the deal of the day. 

When you take a loan from us, you become a part of the ICICI HFC family. It is not just a loan, but in 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. Today, you may need a loan to keep your finances on track. But tomorrow, if you are expanding your business, or looking for an FD to grow your savings, we can help you.

Where to apply

Walk into any one of our ICICI HFC branches to get all the help you need. Our neighbourhood experts can assist you through our quick and easy loan application process. You can get your loan disbursed in as little as 72 hours because we require very basic documents and offer you easy eligibility norms.  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.

You can also give us a call at 1800 267 4455

How to apply

  1. Take 10 minutes to submit your loan application form along with the required documents
  2. Pay a non-refundable ‘application’ of ‘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

Eligibility - Micro LAP

Salaried Individuals

  • Nationality

Indian, residing in India

  • Age Limit (Primary applicant)

28 years to 60 years

  • Minimum income

₹ 7,000 per month

  • Maximum loan amount

₹ 15 lakhs

  • Prarambh LAP Interest Rate

We are committed to ensuring that you can stay on track for 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

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

  • Income Limit

₹ 1 lakh p.a. to ₹ 15 lakhs p.a.

  • 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

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 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.

Documents Required for Micro LAP

Carry the important documents mentioned below to any of our 135+ 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. for yourself and your business
  • Income proof, such as latest 2 income returns, latest two years P&L accounts and B/S (with schedules), six-month bank statement etc.
  • Office address proof
  • Property documents 

Rates & Charges for Micro LAP

You have a right to know exactly how much you will need to pay for your loan and when. You can find below the list of charges and rates applicable. We make it a point to be transparent about how our loan works, so you rest easy with the support of the local experts who sit out of our branches. 

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 the property) of the loan amount + GST @18%*
Prepayment charges

For Individuals (salaried or self-employed), if you are able to pay off part or all of your Prarambh LAP, you can choose to

settle all or part of your LAP 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 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 the ICICI Home Finance Company Prime Lending rate (IHPLR).

FAQs for Micro LAP

You can avail a Prarambh 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
  • Your child’s education
  • Your child’s wedding expenditure
  • An urgent medical expense

The eligibility for a Prarambh LAP is based on your financial standing and the value of the property offered you are offering as security/collateral. The amount ranges from ₹  3 lakhs to a maximum of ₹ 15 lakhs. 

Both residential and commercial properties can be used as collateral security for a loan. However, no ongoing loan should be running on the property. Industrial or institutional property cannot be used as collateral.

Our eligibility criteria for Prarambh LAP is very flexible and we have very easy eligibility norms. We also ensure minimal submission of documents and a quick turnaround time. At each one of our 135+ 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. 

While the option of applying online is always available, an expert consultation at one our branches is always a better idea. You can sit face to face and have all your queries answered. 

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.