ICICI Loan Against Property EMI Calculator
Compare with other banks - Loan Against Property
| Bank | Interest Rate (%) | Source |
|---|---|---|
| ICICI Bank (Your selected bank) | 8.95 - 10.35 | View Details |
| State Bank of India | 9.7 - 11 | View Details |
| Bank of Baroda | 10.60 - 15.50 | View Details |
| HDFC Bank | 8.90 - 10.15 | View Details |
| Bank of India | 9.60 - 11.85 | View Details |
| Canara Bank | 9.8 - 12.10 | View Details |
| Punjab National Bank | 11.75 - 13.25 | View Details |
| Kotak Mahindra Bank | 9.5 - 13.25 | View Details |
| Axis Bank | 10.50 - 10.95 | View Details |
| Central Bank of India | 9.40 - 12.65 | View Details |
| Indian Bank | 10.05 - 11.75 | View Details |
| Indian Overseas Bank | 11.10 - 14.25 | View Details |
| Union Bank of India | 10.05 - 12.60 | View Details |
| IndusInd Bank | 11.75 - 13.25 | View Details |
| Yes Bank | 9.75 - 13.25 | View Details |
| IDFC First Bank | 9.25 - 12.60 | View Details |
| Federal Bank | 12.10 - 16.10 | View Details |
| RBL Bank | 9.95 - 12.85 | View Details |
Loan Against Property EMI Calculator
This calculator helps you calculate the EMI for your Loan Against Property.
How It Works
- Enter your loan amount
- Select the number of years
- Enter the yearly interest rate
- Click the calculate button
Factors Affecting Loan Against Property EMI
- Property Value: Higher property value allows for larger loan amounts
- Loan-to-Value Ratio: Typically 60-75% of the property value
- Credit Score: Higher score helps secure better interest rates
- Income: Determines your loan eligibility and EMI capacity
- Income Stability: Consistent employment history improves loan terms
- Existing Debt: Current debt obligations affect eligibility and rates
- Interest Rate: Fixed or floating rates affect your EMI amount
- Loan Term: Longer terms mean lower EMI but more total interest
Loan Against Property EMI Examples
Example 1: ₹50 Lakh Loan Against Property
For a ₹50 lakh Loan Against Property at 9.5% interest rate for a term of 15 years, your monthly EMI would be approximately ₹52,438. The total interest paid would be ₹44,38,840.
Example 2: ₹30 Lakh Loan Against Property
For a ₹30 lakh Loan Against Property at 10% interest rate for a term of 10 years, your monthly EMI would be approximately ₹39,582. The total interest paid would be ₹17,49,840.
Types of Loans Against Property
Term Loan Against Property
Fixed amount disbursed upfront with regular EMI payments over 10-15 years. Generally has lower interest rates compared to personal loans.
Overdraft Facility
Offers a credit line against your property, allowing you to withdraw and repay as needed. Interest is charged only on the utilized amount.
Balance Transfer
Transfer your existing Loan Against Property to another lender offering better interest rates or terms, potentially saving on overall interest costs.
Loan Top-Up
Additional loan amount over your existing Loan Against Property with the same lender, generally at the same interest rate.
Rental Discounting Loan
Loan against a property that generates rental income. The lender considers future rental receipts as income for loan qualification.
Frequently Asked Questions
What is a Loan Against Property?
A Loan Against Property (LAP) is a secured loan where you pledge your property (residential or commercial) as collateral to obtain financing. It typically offers larger loan amounts, longer repayment terms (10-15 years), and lower interest rates compared to unsecured loans.
What documents are required for a Loan Against Property?
Common documents include property documents (title deed, purchase agreement), KYC documents (Aadhaar, PAN), income proof (salary slips or ITR for 2-3 years), bank statements for the past 6 months, and property valuation and legal reports. Business owners may need to provide business proof and financial statements.
Can I prepay my Loan Against Property?
Yes, most lenders allow you to prepay your Loan Against Property. However, many impose prepayment penalties, typically 2-5% of the outstanding loan amount. Some banks don't allow prepayment during the first 1-3 years. Check your loan agreement for specific rules. Prepaying when interest rates are high can save substantial money on future interest.
How does my credit score affect my Loan Against Property?
Credit score significantly impacts your Loan Against Property approval and interest rate. A score above 750 typically secures the best rates. Lower scores may result in higher interest rates or loan rejection. Since LAP involves large amounts, lenders scrutinize credit history closely. Maintaining timely payments on existing loans helps maintain a good score.
What is the Loan-to-Value ratio for Loan Against Property?
Loan-to-Value (LTV) ratio is the percentage of the property's value that a lender is willing to offer as a loan. For Loans Against Property, banks typically offer 60-75% of the property's market value. For example, if your property is valued at ₹1 crore, you may be eligible for a loan of ₹60-75 lakhs. The LTV varies based on property type, location, age, and your credit profile.
What are the differences between fixed and floating interest rates?
Fixed interest rates remain constant throughout the loan tenure, providing predictable EMIs but typically start higher than floating rates. Floating interest rates are linked to the bank's base rate and fluctuate with market conditions, potentially offering savings when market rates fall but risking increases when rates rise. Most LAPs in India are offered with floating rates, which are generally 1-2% lower than fixed rates initially.
How much Loan Against Property can I get based on my income?
Lenders typically consider your fixed obligation to income ratio (FOIR), which is the percentage of monthly income going toward debt repayments. Most banks cap this at 50-60% of your income. For example, if your monthly income is ₹1 lakh and existing obligations are ₹20,000, you may qualify for an EMI of up to ₹30,000-40,000. This, combined with the LTV ratio and your property value, determines your maximum eligible loan amount.
What happens if I default on my Loan Against Property payments?
If you default on your LAP, the lender will initially charge late payment fees and send reminders. Continued default will impact your credit score. After sustained non-payment (usually 3-6 months), the lender can initiate legal proceedings under the SARFAESI Act to recover the loan by auctioning your property. It's crucial to communicate with your lender if you anticipate payment difficulties.
Tips for Loan Against Property Planning
- Compare interest rates and terms from multiple lenders before finalizing your Loan Against Property
- Check for hidden fees such as processing fees, property valuation fees, legal charges, and prepayment penalties
- Maintain a good credit score (above 750) for better interest rates
- Choose a shorter loan term if you can afford higher EMIs to save on total interest
- Consider part-prepayments whenever you have surplus funds to reduce overall interest burden
- Avoid pledging your primary residence if possible, consider using other properties you own
- Keep property documents and NOCs ready to speed up the loan approval process
- Understand the difference between overdraft and term loan facilities based on your requirements