ICICI Bank Plot Loan
ICICI Bank Plot Loan for Salaried provides @7.85% p.a. onwards for loan amounts of up to Rs 3 crore and for tenures of up to 20 years.
ICICI Plot Loan For Salaried
Under the umbrella of loan products, one of the most important loans to be offered after home loans are plot or land loans. These loans are quite similar to home loans in many aspects, but do have one core difference. While home loans are meant or financing the cost of construction or purchase of a new / existing house, a land / plot loan is taken to purchase a piece of land on which construction will be done thereupon.
In India, where land is purchased dominantly for investment purposes, land loans are one of the massively popular loan products being offered by multiple banks. If you too are planning to purchase a piece of land for yourself, a land or plot loan is what you are looking for. Among the many leading banks in India which offer plot loans to customers, is, ICICI.
Considering the rising cost of real estate, it is not often feasible to purchase land with the help of one's own savings. This is where the ICICI Plot Loans come in. These land loans have been designed to help you financing the cost of a piece of land, which you wish to purchase for residential purposes. With favorable tenure and repayment terms, ICICI plot loans make a great choice to help you on your way to build your dream home.
Features & Benefits of the ICICI Plot Loan
Given below are some of the salient features of the ICICI Plot Loans, which you may benefit from.
- You may avail this loan to purchase a plot of land today, in order to construct a residential structure on it in the near future.
- With the ICICI Plot Loan, you get a time period of two years, from the date of the first loan disbursement, to finish construction of property on the land in question.
Eligibility Criteria for ICICI Plot Loan
Following is the eligibility criteria required to avail an ICICI Plot Loan.
- Applicant must be an Indian resident.
- Applicants may be salaried or self-employed individuals.
- This loan is also open to non-resident Indians (subject to terms and conditions).
- You may avail this loan only to purchase land which is located within the city municipal limits of specified locations OR for land directly allotted by the concerned development authority (outside municipal limits).
Rates & Charges for Plot Loan for Salaried
Charges | Rates |
Login Fee (for KYC checks and other documents) | Rs. 5,000 |
Processing/ Administrative Fees (Charged at the time of sanction) | 0.75% of the loan amount or Rs. 11,000, whichever is higher |
Rates & Charges for Plot Loan for Self-Employed
Charges | Rates |
Login Fee (for KYC checks and other documents) | Rs. 5,000 |
Processing/ Administrative Fees (Charged at the time of sanction) | 0.75% of the loan amount or Rs. 11,000, whichever is higher |
Prepayment charges | If you are able to pay off part or all of your loan, you can choose to settle all or part of your plot loan as per your convenience, no matter your chosen tenure. |
Documents Required for Plot Loan for Salaried
- Fully filled application which you have signed
- Identity and residence proof (KYC), such as Aadhaar, PAN card, Voter ID card, Job card issued by NREGA etc.
- Income proof, such as last 2 months salary slip, latest Form 16 and three-month bank statement
- Property documents (unless you have not finalised a property)
- In order to avail of a plot loan from ICICI HFC, you must provide a written undertaking that states that the construction of your home will be completed within 3 years after taking a plot loan.
Documents Required for Plot Loan for Self-Employed
- Fully filled application which you have signed
- Identity and residence proof (KYC), such as PAN Card, Voter ID card, Aadhaar, etc.
- Income proof, such as latest 2 income returns, 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)
Documents Required for Plot Loan for Self-Employed Non-Individuals
- Fully filled application which you have signed
- Identity proof (KYC), such as PAN card, copy of GST registration, AOA, MOA of company etc.
- Income proof, such as latest 2 income returns, 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)
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