Investing in a residential plot can be a significant step toward building your dream home or making a valuable long-term investment. To support this, ICICI Bank offers a dedicated plot loan with competitive interest rates and flexible repayment options. This loan is designed to provide the financial assistance you need to purchase land, with straightforward eligibility criteria and an easy application process.
| Category | Highlights |
|---|---|
| Loan Amount | Up to 70% funding on market value for purchasing land |
| Loan Tenure | 20 years |
| Interest Rates | 8.75% p.a. onwards |
What is a Plot Loan?
A plot loan is a financial product specifically designed for individuals seeking to purchase a piece of land. The primary purpose of this loan is to enable buyers to acquire land on which they can build their homes or invest in property.
Types of ICICI Bank Plot Loans
ICICI Bank offers a variety of plot loan options to cater to different needs, whether you’re planning to build a home, develop a commercial space, or both.
| Type | Description |
|---|---|
| Residential Plot Loans | For purchasing land in approved layouts to build a home. |
| Commercial Plot Loans | Tailored for businesses or entrepreneurs to buy land for commercial development. |
| Plot and Construction Loans | Covers both land purchase and construction, ideal for immediate building after buying the plot. |
ICICI Bank Plot Loan Interest Rates
ICICI Bank offers competitive interest rates for its plot loans, which are aligned with its home loan interest rates. The interest rates vary based on the applicant’s credit score, loan amount, and employment type. Below is a detailed breakdown of the interest rates for both salaried and self-employed borrowers:
Special Home Loan Rates:
| CIBIL Score | Salaried | Self-Employed |
|---|---|---|
| >= 800 | 9.00% | 9.00% |
| 750 – 800 | 9.00% | 9.10% |
Standard Pricing:
| Loan Amount | Floating Interest Rates (p.a.) | Salaried | Self Employed |
|---|---|---|---|
| Up to ₹35 lakh | 9.25% – 9.65% | 9.25% – 9.65% | 9.40% – 9.80% |
| ₹35 lakh to ₹75 lakh | 9.50% – 9.80% | 9.50% – 9.80% | 9.65% – 9.95% |
| Above ₹75 lakh | 9.60% – 9.90% | 9.60% – 9.90% | 9.75% – 10.05% |
However, it’s important to note that interest rates are subject to change and may vary based on several factors:
- Loan amount
- Repayment tenure
- Applicant’s credit score
- Relationship with the bank
- Plot location and type
Eligibility Criteria for ICICI Bank Plot Loans
ICICI Bank has specific eligibility criteria for plot loans, which vary slightly for salaried and self-employed individuals:
| Criteria | Salaried | Self-Employed |
|---|---|---|
| Minimum Age | 23 years | 25 years |
| Maximum Age at Loan Maturity | 60 years | 70 years |
| Minimum Monthly Income | ₹25,000 p.m. | ₹3,00,000 p.a. |
| Minimum Work Experience | 2 years | 3 years |
| Credit Score | 700+ | 700+ |
Documents Required for ICICI Bank’s Plot Loan
To apply for a plot loan, applicants need to prepare the following documents:
| 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 |
| Document Type | Agreement of Sale Allotment Letter from builder Registration & Stamp Duty receipt NOC from builder Sale Deed |
Benefits of Choosing ICICI Bank Plot Loans
Choosing ICICI Bank for your plot loan comes with numerous benefits:
- Quick Disbursal: Loans are processed swiftly, allowing for quick access to funds.
- Flexible Repayment Options: Borrowers can choose from various repayment tenures, making it easier to manage EMIs.
- Expert Guidance: ICICI Bank provides access to financial experts who can assist throughout the loan process.
- Balance Transfer Facility: Existing plot loan holders can transfer their loans to ICICI Bank for better terms.
- Competitive interest rates: Among the best in the market
- Digital application process: Convenient online application and tracking
- No prepayment charges: No prepayment charges are applicable if you choose to repay the entire loan amount during the loan tenure.
Steps to Apply for ICICI Bank’s Plot Loan Online
- Visit the ICICI Bank website and navigate to the loans section.
- Fill out the online application form with the required details.
- Upload the necessary documents.
- Submit the application and await a response from the bank.
Offline Application Procedure for ICICI Bank’s Plot Loan
- Visit the nearest ICICI Bank branch.
- Request the plot loan application form from a bank representative.
- Fill out the form and submit it along with the required documents.
- The bank will process the application and inform you about the loan status.
Conclusion
ICICI Bank’s plot loan options provide a robust solution for individuals looking to invest in land for residential or commercial purposes. With competitive interest rates, flexible eligibility criteria, and a straightforward application process, ICICI Bank stands out as a reliable partner in your property investment journey.
Looking to simplify your ICICI Bank plot loan application process? Partner with Credit Dharma, an official partner of ICICI Bank, to make your loan journey smooth and stress-free. We guide you through every step, from choosing the right loan option to completing your application entirely online.
Frequently Asked Questions
The tenure for ICICI Bank plot loans can range up to 20 years, depending on the borrower’s age and repayment capacity.
Yes, ICICI Bank offers plot loans to NRIs under certain conditions, including documentation and eligibility criteria.
No, it is not necessary to start construction immediately after getting a plot loan. Many lenders, including ICICI Bank, offer plot loans specifically for the purchase of land without requiring immediate construction. However, if you choose a Plot and Construction Loan, then you may be expected to begin construction within a specified time frame.
Plot loans do not provide tax benefits directly, but tax deductions may apply once the construction is completed and a home loan is taken.
Yes, ICICI Bank allows joint applications for plot loans, which can potentially increase your loan eligibility.
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