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      • 25/09/2023

      • 21/09/2024

      OPEN Recurring DEPOSIT

      See how easy it is to get Recurring Deposit ! Watch Now

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      Recurring Deposit FAQs

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      What is a Loan Against Property EMI calculator?

      A Loan Against Property EMI calculator is a financial tool that helps you to determine your EMI based on your loan amount, interest rate and tenure. It simplifies the loan planning process, making it easier to manage your finances.

      How much loan amount can I get against my property?

      The loan amount against your property depends on factors such as the property's market value, the lender's policies, your income and creditworthiness. Generally, you can get a loan ranging from 50% to 75% of your property's current market value.

      What is the formula to calculate the EMI of a Loan Against Property?

      The formula to calculate the EMI of a Loan Against Property is:

      EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]

      Where:

      • P is the principal loan amount
      • R is the monthly interest rate
      • N is the number of monthly instalments

      What are the documents required to apply Loan Against Property?

      When applying for a Loan Against Property at ICICI Bank, you will need to submit the following documents based on your employment type:

      For salaried individuals:

      1. Aadhaar card, passport, voter ID or any other government-issued ID for identity proof

      2. Utility bills, passport, Aadhaar card or voter ID for address proof

      3. Form 16, salary slips for the last 3 months and bank statements for the last 6 months

      4. Sale deed, title deed, approved building plan and other occupancy documents

      5. Recent passport-sized photos

      6. Duly filled and signed loan application form.

      For self-employed individuals:

      1. Aadhaar card, passport, voter ID or any other government-issued ID for identity proof

      2. Utility bills, passport, Aadhaar card or voter ID for address proof

      3. Audited financial statements for the last 2 years, including balance sheets and profit & loss statements. ITR documents will also be required

      4. GST registration, trade licence, partnership deed, articles of association, SEBI registration certificate and ROC registration certificate

      5. Bank statements for the last 6 months

      6. Recent passport-sized photos

      7. Duly filled and signed loan application form.

      VIEW MORE

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