"Its just the IP of the router Lan Interface must be configured in the Port Channel right?
No IP needed from Switch side correct?"
It depends on your intent. The switch<>router port-channel, for IP usage, might be configured similar to single-switch-port<>router-port. I.e. the switch, if a L3 switch, might be configured as a routed port or with SVI(s).
Regarding load balancing, remember you may need to adjust the hashing algorithm on the switch, I don't recall routers, though, providing that as an option. I.e. you might not achieve the load balancing desired on the router, but will have additional redundancy.
