ICICI Plot Loan

ICICI Bank's Plot Loan is a financial solution for individuals looking to buy a residential plot of land. It is a product designed for those looking to purchase a piece of land for residential purposes, with a focus on constructing a house on the acquired land. ICICI Bank offers plot loans of up to ₹1 Crore, allowing you to provide your family with the home of their dreams. Enjoy competitive interest rates throughout the loan term and visit any of our 135+ ICICI HFC branches to receive assistance from a friendly local expert who can help you secure a loan in just 72 hours.

Features of ICICI Bank Plot Loans

ICICI Bank, one of the leading private sector banks in India, offers plot loans to individuals looking to purchase a piece of land or plot for residential purposes. Here are some of the key features of ICICI Bank’s plot loans:

• Streamlined Eligibility Criteria

Securing a plot loan from ICICI Bank is a straightforward process. The eligibility criteria are simple, and they only require a few essential documents. Even if you do not have formal income proof like ITR, their professionals can evaluate your income and assist you in determining a loan amount suitable for purchasing land that you can easily repay. To enhance your eligibility, you also have the option of including a co-applicant, such as your spouse or a close family member.

• Quick Disbursal of Loan

You can expect your plot loan to be approved and disbursed just within 3 days. This is because, at each of  135+ ICICI HFC branches, there is a dedicated team of legal and technical professionals to assist people. 

• Competitive Interest Rates

If you currently have a plot loan, consider switching to ICICI HFC for a lighter EMI load and personalised assistance from their team of professionals. Take advantage of our attractive interest rate options for land loans.

• Tax Benefits

There are tax benefits available on the ICICI plot loan amount under certain conditions, particularly if you start construction on the plot.

ICICI Bank Plot Loan Interest Rates 

ICICI Bank provides plot loans at the same interest rates as their home loans. For pre-approved customers, ICICI Bank offers home loan interest rates starting from 8.75% per annum.

ICICI Bank Plot Loan Fees & Charges

*GST and other government taxes, levies, etc. applicable as per the prevailing rate will be charged over and above these charges.*

ICICI Bank Plot Loan Eligibility Criteria for Salaried

Eligibility criteria for salaried individuals for ICICI Bank Plot Loan are as follows:

• Nationality: Indian
• Age Limit (Primary Applicant): 23 years to 60 years
• Age Limit (Co-Applicant): 18 years to 65 years
• ICICI HFC offers more favourable interest rates to women, motivating them to apply as co-applicants. By including your wife or mother in your home loan, you could potentially secure a reduced interest rate, regardless of their income status.

ICICI Bank Plot Loan Eligibility Criteria for Self-Employed

Eligibility criteria for self-employed individuals for ICICI Bank Plot Loan are as follows:

• Nationality: Indian
• Age Limit (Primary Applicant): 28 years to 70 years
• Age Limit (Co-Applicant):18 years to 65 years
• ICICI HFC offers more favourable interest rates to women, motivating them to apply as co-applicants. By including your wife or mother in your home loan, you could potentially secure a reduced interest rate, regardless of their income status.

ICICI Bank Plot Loan Documents Required for Salaried

Get your land purchase loan application done quickly and effortlessly. Just bring along the important documents mentioned below to complete the application process in one go.

• A completed and signed application form.
• ID and residence Proof (KYC): (Aadhaar/ PAN card/ Voter ID card/ Job card issued by NREGA etc.)
• Income Proof: (last 2 months’ salary slip/ latest Form 16 and three-month bank statement)
• Property documents (unless you have not finalised a property)

ICICI Bank Plot Loan Documents Required for Self-Employed

The following documents are required for the ICICI Bank Plot Loan for self-employed:

• Complete the application form with signatures
• ID and Address Proof (KYC): (PAN card/ Voter ID card/ Aadhaar, etc.)
• Income Proof: (Latest 2 ITR, latest two years P&L accounts and B/S (with schedules), six-month bank statement etc.)
• Property documents (unless you have not finalised a property)

Things to Remember while Applying for an ICICI Bank Plot Loan

When applying for an ICICI Bank plot loan, there are several important factors and considerations to keep in mind to ensure a smooth application process and to make an informed decision. Here are some key points to remember:

• Ensure you have a good credit score.
• Carefully read the loan agreement and understand the terms and conditions, especially regarding prepayment charges, default penalties, and foreclosure norms.
  
• The plot you intend to purchase must be approved by local municipal authorities and should comply with all regulatory norms.
  
• Compare the interest rates offered and decide whether a fixed or floating interest rate is more suitable for your financial situation.