ICICI Bank Plot Loan

ICICI Bank Plot Loan Interest Rate

Lowest ICICI plot loan rate is 8.90%, as applicable based on the . Any change in will translate into a similar change in the bank’s land loan rate. ICICI’s interest rates on loan for land purchase depend upon the loan amount, salary and occupation of the borrower and nature of the property.

Loan Amount	Rate	Rate for Female Borrower	Rate
Upto ₹ 35 Lakh	8.90%	N/A	N/A
₹ 35 Lakh - ₹ 75 Lakh	9.30%	N/A	N/A
₹ 75 Lakh - ₹ 3 Cr	9.35%	N/A	N/A
Above ₹ 3 Cr

Loan for land purchase ICICI Bank

ICICI Bank loan for land purchase can be taken for different purposes by different borrowers. It can be taken either for the purchase of land for investment purposes, to construct a dream home, to construct one's desired personal space, or to conduct agricultural activities on that loan. ICICI Bank provides the following land loans to its customers.

ICICI Bank plot loans can be availed by both salaried and self-employed people who hold a good credit report. However, the borrower needs to meet the required eligibility factors. The loan can be availed for a maximum period of 30 years, which may differ based on the borrower's needs and repayment ability. Currently ICICI Bank plot loan interest rate ranges between 8.90% to 9.50%. However, ICICI Bank land loan interest rate may vary across borrowers based on occupation and income status.

ICICI Land Loan

• The loan is taken for the purchase of a plot to construct a home.
• ICICI Land Loan is a loan product for the purchase of a plot of land for constructing a home. Customers can also avail credit for construction on this loan product, as per the construction estimate. However, the development of the land must be completed under two years.

ICICI Bank Land Loan Features

Features of ICICI Bank loan for plot purchase are listed as follows:

• Loan to Value Ratio: The LTV ratio or Loan to Value ratio in case of a plot loan is comparatively lower. ICICI offers plot loan upto 70% of the cost of the property. However, the risk score of the customer is also an important feature for the LTV ratio in the case of ICICI Bank plot loan.
• Property Type: ICICI Bank site loan is exclusive to some properties and not applicable to others. When the borrower plans to opt for a ICICI Bank land loan, he needs to ensure certain things, for instance, the land must be located within the municipal limits. Further, it should not be located in an area that is under conflicts regarding authorizations or previous ownerships.
• Loan Tenure: The time period for which you can avail a ICICI Bank land loan is comparatively lower than that of a home loan. It may be borrowed for a maximum amount of 30 years which may vary across the customer's repayment ability.

ICICI Bank Land Loan Benefits

Some of the benefits of availing ICICI Bank Land loan are:

• Tax Benefits: A plot loan may not provide any tax benefit when availed on its own. However, if you avail ICICI Bank plot and construction loan, the borrower may enjoy a tax benefit on the construction loan. This means a plot loan provides benefits if availed together with a construction loan.
• Specific to borrower's need: A plot loan is beneficial to the borrower as it is much specific to his or her needs in comparison to a home loan. Through ICICI Bank land purchase loan, a customer can design and create his own space as per his or her needs. Thus, a plot loan caters to the needs of the borrowers in comparison to an already constructed home.
• Affordable: Another key benefit of ICICI Bank plot loans is that it is very affordable in nature. Plot loan by ICICI Bank offers low processing fee at Upto 1.00%; and borrowers do not lose out from the loan amount in terms of processing fee. Further, the prepayment penalty is very low. It is even NIL in case of floating rate loan for individuals.

ICICI Bank loan for plot purchase Eligibility Criteria

• The borrower must be aged between 25-65 years of age.
• The loan amount should range between Rs 8 lakhs and Rs 3 crores.
• The maximum tenure for this loan is 20 years.
• ICICI Land loan can be taken by both salaried and self-employed people.

Documents Required for ICICI Bank Land loan

In order to avail of a plot loan, a borrower needs to meet the documentation process. The required document for a plot loan are:

• Identity proofs: This includes Aadhar Card, PAN card, passport, driving license
• Address proofs: This includes Voter ID card, ration card, rent agreement
• Utility bills: Telephone, electricity bill, water bill, etc.
• Bank documents: Copies of bank statement and passbook
• Salary documents: salary slips, ITR returns and qualification certificates in case of self-employed professionals
• Others: Sale Deed or Sale purchase agreements

Other Home Loan Products

• ICICI Repo Rate Home Loan
• Saral Rural Housing Loan
• ICICI Pragati Home Loans
• ICICI Home Improvement Loan
• Home Loan Balance Transfer
• ICICI Land Loan

FAQs on ICICI Land Loan