Apply Now Contact Us
To borrow smartly, one must be able to take out a loan against property with reasonable terms. We are aware of this requirement and have designed our loan to be as affordable as possible. With some of the lowest costs available, ICICI Loan Against Property is provided at a competitive rate of interest. Furthermore, we promise unmatched transparency in all loan proceedings and there are no hidden fees of any type.
Applicable Fees
Interest rate
Our LAP loan interest rate starting at 8.35 percent would help you control costs and keep your EMIs manageable. Fund all types of personal or professional costs while assuring the best possible return.
Processing charges
A processing fee is charged when a Loan Against Property is processed. The application fee is a one-time charge imposed during the submission process. Our fee is 1 percent of the approved loan value, along with the applicable taxes.
CIBIL Charges
At the time of loan assessment, banks check CIBIL's credit score, so it charges a nominal fee. It is also included along with the loan processing fee, which is usually Rs50 plus applicable taxes.
Administrative Charges
There is a non-refundable fee assessed by ICICI Bank even before the loan application is approved. We impose a charge of Rs5,000 or 0.25 percent, whichever is lower, along with plus applicable taxes.
Pre-payments Charges
If a borrower prepays the LAP Loan amount (partially or fully) before its due date/during the loan tenure, a prepayment charge is levied. As a result, either the number of EMIs or the amount of the EMI is reduced.
Floating Rate of Interest: - 4% plus applicable charges
Fixed Rate of Interest: - 4% plus applicable charges
Overdraft facilities: - 4% plus applicable charges
Conversion Charges
The conversion facility allows customers to reduce the applicable Loan Against Property Interest rates. By paying a nominal fee, you can convert from a floating rate to a fixed rate.
|
Floating to Floating |
Dual Fixed Rate to Floating |
Floating to Dual Fixed |
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 |
Others 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 Charges – Home Loan |
2% per month |
There are two kinds of ICICI Loan Against Property interest rates: fixed and floating.
Here, the rate of interest charged on the ICICI Loan Against Property amount will remain constant throughout the loan repayment period. You know your ICICI Loan Against Property EMI obligation at the start of the tenor, allowing you to plan your monthly budget accordingly.
Here, ICICI Loan Against Property interest rates could change depending on changes to the Marginal Cost of Lending Rate (MCLR), which is the base rate set for banks by the RBI. With changes in MCLR, the interest rate on loans also gets revised. With a lower interest rate, the repayment amount also reduces. On the other hand, if the interest rates increase, your EMI obligation will also increase. A floating ICICI Loan Against Property interest rate makes it difficult for you to ascertain your monthly financial obligation.
There are two methods to calculate interest: flat rate method and the reducing balance method.
In the flat interest rate method, the interest rate is based on the complete loan amount you pay during the repayment period. In case of reducing the balance method, the rate of interest on the ICICI Loan Against Property will be considered and calculated on the basis of the outstanding loan amount.
Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.
Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.
You are doing an awesome work as team. Faster service with immediate response is quite amazing. Will recommend to everyone in need, faster documents processing …….Keep up the good work
Amazing. Dedicated. Professional. I came through a reference from my Aunt. I was getting a personal loan for the first time. I was nervous. But they made me sail through the loan application process. Good work. Definitely recommend
Folks, they are very quick with their services. I actually didn't know there were so many conditions for getting a loan. My documents weren't proper as well. They really helped me pick up my profile. Also, they give you helpful suggestions regarding which banks should I opt for.
Excellent service from all team members. All are supportive. Its different from others NBFCs. Now and in future, My Mudra is my first choice for financial needs.
The service provided by My Mudra is great, everything is seamless and very convenient. Its one of the very best experiences, I’ve had with any loan provider.
I was in dire need of funds for a medical emergency. Due to my low CIBIL score, I didn’t much get support from other lenders. This is when I submitted a personal loan application on My Mudra. Fortunately, I got the amount, and that too at lower interest rates. Thanks to My Mudra. The entire application was very smooth.
I have had a wonderful experience with My Mudra. The process was exceptionally seamless when I applied for a loan. I also liked how their people interacted with me. It is the best solution to the month-end cash issue. Also, I can use it to pay off my credit card dues.
To realize my business plans, I decided to take My Mudra Business loan and my decision was perfectly alright. It assured me of fast money and the entire process was transparent. No surprise loan charges helped me plan my working capital and manage my business activities efficiently.
I was in need of INR 2 lakh. I visited the My Mudra website and found out that there is a personal loan offer for me. It was a great experience. I got an awesome deal on my loan application. The process involved only a few documents. The amount transferred to my account was faster than promised and the interest rate and other charges were also not too high
I wanted quick fund disbursal and one of my friends suggested me to apply for a personal loan from My Mudra. He had a great experience. I agree with him. The application and approval process were smooth. They offer fast money transfers to my bank. I was asked to choose the repayment period. I am happy with the services. Their agents are also polite and helpful.
We collaborate with the best and biggest in the banking & financial world to get you relevant products at great rates.
Apply Now
We employ best-in-class security practices and procedures to keep your information secure every time.
From taking regular backups to using stronger passwords, we strictly prohibit any kind of unauthorized access of your crucial data, corruption, or theft throughout its life cycle.
We identify all the different ways your privacy could be at risk and have prepared safeguards to help you protect yourself online with us. Your privacy is important to us.
We are ISO 27001:2013 and SOC2 Type 2 compliant which instills trust into the hearts of our customers. We are secured with SSL and a certified GSP (GST Suvidha Provider).
Our blogs are where you get the latest news along with insights from industry experts.
Check
Credit Score
