Finding the right home loan is a tedious task. It involves comparing interest rates of various lenders, home loan tenure, loan amount, etc. In the era of online banking, things have become easier. Most of the large banks in India today allow you to take home loans via e-banking or debit card payments. But can you pay an electricity bill with a credit card? That’s what we’re talking about in this blog! Read along to know the answer and unlock the secrets of paying home loans with debit cards!
Get the Lowest Interest Rate with ICICI Bank Loan Against Property
If you’re looking for the lowest interest rate on loan, ICICI bank offers loans against property of different types at attractive rates.
– Get mortgage loan against residential, commercial and multiple properties through the bank- Enjoy lower interest rates based on profession and type of loan- Avail attractive rates with Loan Against Property Balance Transfer- High loan amount of up to Rs 5 crore available- Enjoy the lowest interest rate with ICICI bank loan
Each type of loan has its own eligibility criteria, which vary from person to person. If you’re interested in availing such a loan, it’s important to check the eligibility criteria of the loan type before applying.
ICICI Bank Loan Against Property in India
– ICICI Bank is one of the largest loan against property service providers in the country. It offers a loan tenure of up to 10 years with interest rates as low as 0.5%.
– LAP offered by ICICI bank can be used for business expansion, acquiring a property, setting up a new office or business, wedding or others.
– Loan Against Property from ICICI bank can be availed for business and personal needs with loan tenure of up to 10 years. The eligibility criteria for the bank’s loan against property service are flexible and simple.
– Its loan tenure is 10 years, while interest rate varies between 0.5% and 6%. With the bank’s loan against property service, you can repay the amount over the loan tenure without any hassle.
– In case you are looking for a loan tenure of 15 years or more, then you should consider other banks’ loan against property service. However, if you wish to avail such loan from ICICI bank, then it’s a great option for you
Overall, the bank’s LAP offer is a good choice for those looking to acquire or expand their business or buy property through an easy and convenient method
Updated ICICI Bank Loan Against Property Interest Rates
– ICICI bank loan against property interest rates are attractive. Interest rates for salaried applicants are 8.75% p.a. onwards and for self-employed applicants, the interest rate is 8.75% p.a. onwards. The loan amount is up to ₹5 crore.
– Processing fees range from 0.50% to 2% of the loan amount or INR 1500 (INR 2000 for Mumbai, Delhi and Bangalore).
– Maximum loan amount up to ₹5 crore
– Interest rate of 2-6% per annum depending on the tenure of the loan
– You can avail home loan tenure of up to 20 years
– Eligibility criteria- Salaried applicant must have income of above 9 lakhs annually and self-employed applicant income of 20 lakhs or more
The eligibility criteria of ICICI bank home loan is fairly complex, but with the interest rate more attractive than other banks, it’s surely worth considering the loan tenure as long as possible
– In summary, a home loan is a good option if you have a decent income and track record of repayment.
Know Your Eligibility for ICICI Bank Loan Against Property
If you’re looking to avail the loan against property facility offered by ICICI bank, then it’s important to know the eligibility criteria before applying. Usually, the loan amount must be at least Rs50 lakh and the property value must not exceed Rs5 crore.
– Applicants with income of less than Rs25 lakh per annum can avail loan amount of up to Rs2 crore.
– The usual repayment period for this loan is 10-15 years, with interest rate ranging from 6-10%.
– For Fixed rate home loan, monthly repayment amount should be equal to or greater than the amount of interest accrued every month.
– In case of a home loan of loan amount of Rs2 crore and repayment period of 20 years, monthly repayment amount should be equal to or greater than interest accrued for that month.
The Loan Against Property Balance Transfer facility allows existing loans with other financiers to be transferred at an attractive rate of interest, with minimal documentation.
What is the lowest interest rate available with an ICICI Bank loan against a property?
ICICI Bank offers a loan against property with a low interest rate of 7.5% fixed interest rate per annum. The loan amount that you can avail against the property is Rs 10 lakh and the loan tenure is up to 10 years. The interest rate is fixed and it does not change even if the market rate changes.
What are the eligibility criteria for an ICICI Bank loan against a property?
The eligibility criteria for an ICICI bank loan against a property are as follows:
- Age of applicants must be between 21-65 years
- Salaried applicants must have a net monthly income of at least Rs. 30,000 and self-employed applicants must have a PAT (Profit After Tax) of at least Rs. 30,000
- Salaried applicants must have a work experience of at least 2 years and self-employed applicants must have a business vintage of 3 years
- Loan to value ratio (LTV) of the property must be up to 70% if it is occupied and up to 60% if it is vacant
What are the benefits of taking out an ICICI Bank loan against a property?
If you are looking to take out a loan against your property, then ICICI Bank is the perfect bank to go with. They offer loan amount of up to 70% of the property value, which is higher than any other bank in India. You can also avail of low interest rates and a tenure of up to 15 years on mortgage loans. In addition, their processing process is very quick and easy, requiring minimal documentation.
Therefore, if you are looking for a bank that offers flexible loan options and great interest rates, ICICI Bank should definitely be your first choice.
The interest rate of the loan against property loan offered by ICICI bank is the lowest in the business. The bank offers loans against property from home and business premises, and the loan amount can be used for home and business purposes. The loan amount can range from ₹25 lakhs to ₹5 crore, depending on the property’s value and the applicant’s income. To know more about home loan interest rates, visit our page on home loan interest rates.