ICICI Bank Plot Loan

ICICI, the leading Private Bank bank in the country, offers a unique home loan product. If you want to purchase a plot for investment purposes, construct a dream home, construct one's desired personal space, or conduct agricultural activities on that loan, ICICI can provide you a loan for land purchase. ICICI plot loans can be availed by you, even if you are salaried or self-employed, provided you have a good credit score. However, to avail of the plot loan ICICI, you need to meet the required eligibility factors. You can avail of the loan for a maximum period of 30 years, which may differ based on the loan amount needs and repayment ability. Currently ICICI plot loan interest rate ranges between 8.90% to 9.50%.

Lowest ICICI plot loan rate is 8.90%, as applicable based on the RLLR. Any change in repo rate 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, your salary and occupation and nature of the property.

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

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 ICICI Bank plot loan is comparatively lower. ICICI offers a plot loan upto 70% of the cost of the property. However, your risk is also an important feature for the LTV ratio in the case of ICICI Bank plot loan.
• Property Type: Site loan in ICICI Bank exclusive to some properties. When you plan to opt for a ICICI Bank land loan, you need 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 your repayment ability.

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,you may enjoy a tax benefit on the construction loan.
• Specific to borrower's need: Through ICICI Bank land purchase loan, you can design and create your own space as per your needs. Thus, a plot loan caters to the needs of the borrowers in comparison to an already constructed home.ICICI Bank plot loan thus helps you fulfil your needs more than an already constructed home.
• Affordable: Another key benefit of ICICI Bank plot loans is that it is very affordable in nature.ICICI Bank charges NIL processing fee at plot loans. Further, the prepayment penalty is very low at Nil. It is even NIL in case of floating rate loans for individuals

• To avail ICICI Land Loan, you must be 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.

In order to avail of a ICICI Bank plot loan, you need to meet the documentation requirements. The required document for a plot loan ICICI Bank are:

• Identity and address proofs: ICICI Bank requires you to submit identity and address proofs such as Aadhar Card, PAN card, passport, driving license, Voter ID card, ration card, rent agreement.
• Utility bills: Telephone, electricity bill, water bill, etc are some utility bills required to avail ICICI Bank site loans.
• Bank documents: ICICI Bank requires copies of bank statement and passbook
• Salary documents: Salary slips, ITR returns and qualification certificates in case of self-employed professionals are also required.
• Others: In addition, ICICI Bank may ask for Sale Deed or Sale purchase agreements

The features of ICICI Bank ICICI Land Loan are mentioned below:

• ICICI Bank offers a Plot Loan to purchase land for the construction of residential and commercial properties.
• You can avail funds based on the construction estimate.
• To avail of ICICI Bank Plot Loan, you must complete the development of the land in under two years.

✅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.You can even get instant approvals on plot loans through the online application portal of ICICI Bank.

✅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 % . The rate may further vary between this range based on your eligibility and ICICI Bank plot loan requirements.

✅What is the processing fee for ICICI Bank land loans?

The processing fee for ICICI Bank land loan is Upto 1.00% . This however is subjected to change as per ICICI Bank’s terms and conditions.

✅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. ICICI Bank offers a Plot Loan to purchase land for the construction of residential and commercial properties.

✅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 with a good credit score of above 650. Apart, you must show proof of a good income and occupation stability to avail land purchase loans ICICI Bank.

✅Can ICICI Bank Plot loan Interest rate be negotiated?

Yes, you can negotiate ICICI Bank Plot loan Interest rates 2021 if you have a good existing relationship with the Bank and fulfil other eligibility criteria such as good CIBIL Score, repayment capacity etc.

✅At what Interest rate does an ICICI Bank employee get a Loan for land purchase?

ICICI Bank employee can get a concessional rate on loan for land purchase, which is lower than the regular ICICI Bank Plot Loan Interest Rates of 8.90%.

✅Does ICICI Bank provide a specific ICICI Bank Agriculture Land Loan?

Yes, you can avail ICICI Bank Agriculture Land Loan for a maximum of 85% of the cost of the land as assessed by the Bank.