Building a home from the ground up is more than just a financial investment—it’s a journey toward fulfilling a life-long dream. With ICICI Bank Plot + Construction Loan, you gain access to competitive interest rates, flexible repayment tenures, and expert guidance throughout the construction process.
Land today, home tomorrow! ICICI Bank Plot Loans make it happen.
ICICI Bank Plot Loan Highlights
ICICI Bank plot loan offers flexible terms, competitive interest rates, and high loan amounts, making it an ideal choice for aspiring homeowners.
| Category | Highlights |
|---|---|
| Interest Rates | 8.75% p.a. onwards |
| Loan Amount | Up to 70% on the market value of the land |
| Loan Tenure | Up to 20 years |
| Processing Fees | ₹3,000 / 0.50% – 2% of loan amount [whichever is higher + taxes] |
Suggested Read: Plot Loan vs. Home Loans
Types of ICICI Bank Plot Loan
ICICI Bank understands that owning a home is a cherished goal for everyone. ICICI plot loan schemes are thoughtfully designed to meet your unique needs.
| Types | Description |
|---|---|
| Construction Loan [Only] | Can be utilized for constructing a property even if you already own the land. |
| Residential Plot + Construction Loan | Provides funds to purchase a plot and construct a property on the same land. |
Suggested Read: Can You Build a House on Agricultural Land?
ICICI Bank Plot Loan Interest Rates
ICICI Bank offers home loans at interest rates starting from 8.50% p.a. These rates vary based on factors such as CIBIL score, loan amount, occupation profile, and the specific home loan scheme you choose.
Special Home Loan Rates
| CIBIL Score | Salaried | Self-Employed |
|---|---|---|
| >= 800 | 9.00% p.a. onwards | 9.00% p.a. onwards |
| 750 – 800 | 9.00% p.a. onwards | 9.10% p.a. onwards |
Standard Pricing
| Loan Amount | Floating Interest Rates (p.a.) | Salaried | Self Employed |
|---|---|---|---|
| Up to ₹35 lakh | 9.25% p.a. – 9.65% p.a. | 9.25% p.a. – 9.65% p.a. | 9.40% p.a. – 9.80% p.a. |
| ₹35 lakh to ₹75 lakh | 9.50% p.a. – 9.80% p.a. | 9.50% p.a. – 9.80% p.a. | 9.65% p.a. – 9.95% p.a. |
| Above ₹75 lakh | 9.60% p.a. – 9.90% p.a. | 9.60% p.a. – 9.90% p.a. | 9.75% p.a. – 10.05% p.a. |
Check Out: ICICI Bank EMI Calculator
ICICI Bank Plot Loan: Processing Fees and Other Charges
ICICI Bank takes processing fees to cover the cost of reviewing your documents and assessing your loan application. Besides processing fees, borrowers may also have to pay administrative costs, legal fees, and prepayment charges.
| Fee/Charge | Details |
|---|---|
| Loan Processing Fee (non-refundable) | 0.50% to 2.00% of the loan amount or ₹3,000 (whichever is higher), plus applicable taxes |
| Prepayment Charges | Floating Rate: Nil Fixed Rate: 2% on the amount prepaid and on the borrower’s prepayment amount |
| Repayment Mode Swap | ₹500 |
| Document Retrieval | ₹500 |
| Cheque Bounce | ₹500 |
| Duplicate NOC / NDC | ₹100 |
| Revalidation of NOC | ₹100 |
| Administrative Charges | ₹5,000 |
| CIBIL Report | ₹50 |
| Legal, Repossession & Incidental Charges | As applicable (at actuals) |
Suggested Read: Everything You Should Know About Home Construction Loans
ICICI Bank Plot Loan Eligibility Criteria
Before applying for a plot loan, it’s essential to understand the eligibility criteria. Here’s the essential eligibility checklist set by ICICI Bank:
| Criteria | Salaried |
|---|---|
| Minimum Age | 20 years |
| Maximum Age at Loan Maturity | 70 years |
| Eligible Profiles | Self employed/ Salaried |
| Minimum Monthly Income | ₹25,000 per month |
| Nationality | Indian |
ICICI Bank Plot Loan: Documents Required
When applying for a plot loan with ICICI Bank, you will need to provide specific documents that verify your identity, income, and property details. Below is a detailed list:
| Document Type | Requirement |
|---|---|
| Identity & Address Proof | Aadhaar Card Valid Passport PAN Card (Mandatory if income is considered) Driving License Voter ID Card |
| Income Documents for Salaried | Salary slips of the last 2 months Salary certificate Bank account statements for the last 3 months Income details on company letterhead Salary slips for the last 6 months |
| Income Documents for Self-Employed | Certificate of qualification (CA/Doctor/Architect) Last 2 years’ income tax returns (ITR) with computation of income Last 2 years’ P&L account with schedules & audited balance sheet (if applicable) Bank statements for the past 6 months (savings, current, overdraft accounts) VAT/Service Tax Returns/TDS Certificate |
| Property/ Plot Documents | Title Deed Encumbrance Certificate Approved Layout Plan No Objection Certificate Property Tax Receipts Land Use Certificate Survey Documents Zoning Certificate |
Read More: ICICI Bank Plot Loan Statement Download
ICICI Bank Plot Loan Tax Benefits
Tax benefits on plot loans depend on your intent:
- No tax benefits if the plot is purchased purely as an investment with no plans to build.
- Tax benefits apply only if you construct a residential property (e.g., house, villa) on the plot. Benefits cover both the plot loan and subsequent home loan for construction.
Key Tax Deductions
| Section | Deduction Type | Maximum Deduction | Key Details |
|---|---|---|---|
| 80C | Principal Repayment | Up to ₹1.5 lakh/year | – Includes stamp duty & registration fees if paid in the year construction is completed. – Joint Ownership: Both owners can claim, but combined total cannot exceed ₹1.5 lakh. |
| 24 | Interest Repayment | – Up to ₹2 lakh/year (self-occupied) – No upper limit (rented) | – Deduction applies after construction completion. – Pre-construction interest: Claimed over 5 years once construction starts. |
Conditions to Claim the Tax Benefits
- Construction timeline: You must complete construction within 5 years of taking the loan. Failure reduces the Section 24 deduction to ₹30,000/year.
- Loan conversion: Convert the plot loan to a home loan after construction by submitting a completion certificate and occupation certificate to the lender.
New Tax Regime (2025 Update)
The new tax regime (optional from FY 2025-26) does not allow deductions under Sections 80C or 24 for plot loans. Stick to the old regime to maximize benefits.
Suggested Read: Impact of Union Budget 2025 on Home Buyers
Conclusion
Buying a plot and constructing your home is a big step. Getting a plot loan can be hard, but we make it easy. At Credit Dharma, we make this possible by offering lowest guaranteed interest rates that keep your monthly payments manageable, allowing you to enjoy more of what truly matters.
But that is not it. We offer:
- Guaranteed up to 100% funding
- Receive lifetime assistance and expert guidance long after your loan is approved.
- Enjoy a fully digital process with minimal paperwork
- Get your loan approved within just 1-2 weeks.
Frequently Asked Questions
Yes, ICICI Bank’s Plot Loan allows you to purchase a plot with the intention of constructing a residential property. You are typically required to complete the construction within a specified period, often within 2 years from the loan disbursement date.
Typically, ICICI Bank finances up to 70% of the plot’s market value for land purchases. Securing a 90% loan for plot purchase is uncommon and would require exceptional circumstances and strong eligibility credentials.
As of February 2025, ICICI Bank offers plot loans with interest rates starting from 8.75% per annum.
For a ₹20 lakh loan at an interest rate of 8.75% per annum over a tenure of 20 years, the EMI would be approximately ₹17,634. You can use ICICI Bank’s Home Loan EMI Calculator for precise calculations.
No, ICICI Bank does not offer 100% financing for property purchases. For plot loans, the bank typically finances up to 70% of the plot’s market value.
If you’re looking to purchase land with the intention of constructing a residential property, ICICI Bank’s Plot Loan is a suitable option. This loan offers competitive interest rates, flexible tenures, and funding of up to 70% of the plot’s market value.
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