Loan Against Property
Unlock the value of your property with ICF, Loan Against Property. ICF, LAP can be used to fulfill your business, professional or personal requirements. You can avail loan against Residential, Commercial, School, Industrial, Warehouse properties & for Purchase of Commercial Property for a tenure of up to 20 Years.ICF introduces Loan Against Property (LAP). Unleash the power of your property to fulfill your dreams.
Real estate continues to stand out as one of the safest financial investment options and an essential asset. In the face of financial emergencies, solutions that involve mortgaging existing property as collateral prove to be more beneficial than selling.With the inclusion of commercial as well as non-commercial property, mortgage loans allow you to make the most of your dormant investments. Be it for the expansion of existing business or to devote financial assistance to a start-up venture, a Loan against Property (LAP) from ICF is suitable for all your financial needs.
Benefits of a Loan against Property
• Availability of a higher loan amount at a considerably competitive interest rate for an extensive tenure.
• Solutions tailored to suit every personal and professional financial requirement.
• Residential & Commercial properties whether self-occupied, rented or vacant are accepted as collateral.
• Multiple product variants on offer, including loans for buying or upgrading commercial property, term loans, drop-line overdraft facility & lease rental discounting loans.
• Facility to transfer balance along with easy top-up provision.
• No restrictions on the utilization of loaned amount. Can be used for personal as well as commercial needs.
Eligibility For Loan against Property
ICF provides LAP as per the following eligibility pre-requisites as mentioned below:
Salaried —
• Applicant must have a minimum annual income of INR 3 lakhs.
• Where income is considered for eligibility: Minimum 21 years at loan origination & Maximum 65 years or age of retirement whichever is less at loan maturity.
• Where income is not considered for eligibility : Minimum 18 years at loan origination & Maximum 70 years at loan application or 85 years at loan maturity
• Minimum 3 years of total employment.
Self-Employed
• Minimum cash profit should be INR 4 lakhs per annum.
• Minimum turnover is set at INR 15 lakhs per annum for service providers/commission income; INR 10 lakhs per annum for doctors; INR 60 lakhs for non-service providers.
• Where income is considered for eligibility : Minimum 23 years at loan origination & Maximum 65 years or age of retirement whichever is less at loan maturity
• Where income is not considered for eligibility : Minimum 18 years at loan origination & Maximum 70 years at loan application or 85 years at loan maturity
• A minimum of 3 years into the current profession/business.
Self-Employed
• Minimum cash profit should be INR 4 lakhs per annum.
• Minimum turnover is set at INR 15 lakhs per annum for service providers/commission income; INR 10 lakhs per annum for doctors; INR 60 lakhs for non-service providers.
• Where income is considered for eligibility : Minimum 23 years at loan origination & Maximum 65 years or age of retirement whichever is less at loan maturity
• Where income is not considered for eligibility : Minimum 18 years at loan origination & Maximum 70 years at loan application or 85 years at loan maturity
• A minimum of 3 years into the current profession/business.
Age norms
• Where income is considered for eligibility : Minimum 23 years at loan origination & Maximum 65 years or age of retirement whichever is less at loan maturity.
• Where income is not considered for eligibility : Minimum 18 years at loan origination & Maximum 70 years at loan application or 85 years at loan maturity.
Documents for a LAP
The duly filled application form is required with the following identification documents:
• Photocopies of identity proof (with photograph) — Driving license/PAN card, Form 60/61, Passport/Voter’s ID/Ration card/Aadhar card
• Proof of address (residential and office) — Driving License/Voter’s ID/Ration card/Aadhar card/Passport/registered lease agreement with utility bills in the name of the owner, not older than 3 months
• Income proof: For salaried applicants – 3 latest salary slips & latest year IT return/Form 16 for the last 2 years
• Proof of signature
• Self-employed applicants – Last 2 years’ IT returns with computation of income, audited balance sheet and profit & loss account including tax audit report if applicable, and proof of turnover vide latest sales/service tax returns
• Self Employed Businessmen/Retail SME Enterprises – Last 2 years’ IT Returns with computation of income, audited Balance Sheet and Profit & Loss