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.
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.
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
How long will it take for ICICI Bank land loan approval?
ICICI Bank land loan is approved after meeting the required eligibility conditions and fulfilling the documentation requirements. Borrowers can even get instant approvals on plot loans through the online application portal.
What is the interest rate of a plot loan in ICICI Bank?
The interest rate of ICICI Bank plot loan ranges between 8.90% to 9.50%.
What is the processing fee for ICICI Bank land loans?
The processing fee for ICICI Bank land loan is Upto 1.00%; .
Can I get a loan on land purchase from ICICI Bank?
Yes, you can get a loan for land purchase from ICICI Bank through the ICICI Land Loan.
Can self-employed people avail ICICI Bank Plot loan?
ICICI Bank plot loan can be availed by salaried and self-employed people who have a decent credit track record.
2020-12-21 :IIFL Home tied up with ICICI Bank for home and MSME loans IIFL Finance home loan subsidiary has join hands ICICI Bank. The tie-up is striving to provide affordable housing and MSME loans. Under the tie-up, IFL Home will originate and service customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing and in turn, ICICI Bank will provide funding to these customers.
2020-12-15 :ICICI Bank plans to digitally source 75% of new home loans ICICI Bank is planning to offer 75% of its new home loans digitally in the next few years, aided by its digital initiatives. The bank in the past few years has invested to digitize and decongest the entire home loan process including loan application, sanction letter, instant top-up disbursements, document submission and even balance transfers.
2020-12-08 :ICICI Bank launched interoperable banking app ICICI Bank launched a new version of its mobile payment app which is interoperable and allows payments and other banking services to customers of any other bank. The new app will allow customers to link their bank accounts, generate a UPI ID and avail services such as online transactions, opening savings accounts, making investments, applying for loans and credit cards without being an ICICI Bank account holder.
2020-11-11 :ICICI Bank home loan crosses Rs 2 lakh crore ICICI Bank reported that the bank home loan portfolio has crossed the milestone of ₹2 lakh crore. ICICI bank becomes the first private sector bank in the country to achieve this feat. Digital mortgage loan process, instant loan approvals along with a hassle-free and frictionless experience to customers were the main reason behind the bank’s achievement. In addition to this, the growth was also backed by the Bank expansion of footprint in remote locations of the country including tier 2, 3 and 4 cities. ICICI Bank now sources nearly one-third of new home loans digitally. It is planning to scale it up to three-fourth within the next three years.
2020-10-01 :ICICI Bank announces special benefits on personal and home loans ICICI Bank announced the launch of a festive bonanza that offers attractive benefits to personal and home loan customers. Personal loan customers will be offered an attractive interest rate starting from 10.50% and flat processing fee of ₹3,999. Whereas, home loan customers will be offered loans starting from 6.90% and processing fee starting from ₹3,000.
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