Loan Against Property charges and fees:

Loan Against Property is a type of Mortgage Loan, which can be availed by salaried, self-employed individuals and self-employed non-professionals. The loan can be taken against a residential, commercial or specialised property. The property acts as a collateral and based on the assessment of various factors, the loan amount sanctioned can be used to meet personal or business needs.

One of the concerns while applying for the loan would be the Loan Against Property charges. While some of the charges may be fixed, others would vary depending on the amount you avail. The following table indicates the LAP charges:

Loan type Loan against property
Loan Processing Charges 1% + Applicable Taxes onwards
CIBIL Report Charges Rs 50 + Applicable Taxes*
Administrative Charges Rs 5,000 + Applicable Taxes * or 0.25% + Applicable Taxes (whichever is lower)
  • Loan Processing: The Loan Against Property processing fee is applicable when the loan is processed. This is a one-time charge, which is levied during the submission of the application form.

  • CIBIL Report Charges: CIBIL charges a nominal sum, as banks check the credit score at the time of assessment of the loan applicant. This is also included during the loan processing charges, which is usually Rs 50 plus applicable taxes

  • Administrative Charges: This is a non-refundable fee charged by ICICI Bank even before the loan is approved. ICICI Bank levies a charge of Rs 5,000 or 0.25, whichever is lower, plus applicable taxes.

Pre-Payment Charges

Types of Pre-Payment Charges Charges
Floating Rate of Interest 4% + Applicable charges
Fixed Rate of Interest 4% + Applicable charges
Overdraft facilities 4% + Applicable charges

ICICI Bank levies a pre-payment charge if a borrower prepays the LAP Loan amount (partial or full) before its due date/during the loan tenure. It helps reduce either the number of EMIs or lower the EMI amount. It is applicable for non-individual borrowers, including Public Ltd., Private Ltd., Partnership firms, HUF, proprietorships. There are no charges on the part-prepayment of the LAP Loan, if the end use is anything other than for business purposes. The applicable charges will be calculated on the principal outstanding, on the pre-payment date.

Conversion Charges

Customers have an option to reduce the applicable Loan Against Property Interest rates through the conversion facility. You can convert from a floating to a fixed rate and vice versa by paying a nominal fee.

Floating to Floating Dual Fixed Rate to Floating Floating to Dual Fixed Rate Lifetime Fixed to Floating
0.5 % of the Outstanding + applicable taxes 0.5 % of the outstanding + applicable taxes 0.5 % of the outstanding + applicable taxes 1.75 % of the outstanding + applicable taxes

Other Charges

Repayment Mode Swap Charges Rs. 500
Documents Retrieval Charges Rs. 500
Cheque / AD / ECS / Bounce Charges Rs. 500
Duplicate No Objection Certificate / No Due Certificate Rs. 100
Revalidation of No Objection Certificate Rs. 100
Late payment chargers - Home Loan 2 % Per Month

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