ICICI Bank Plot Loan Highlights
|Interest Rates||9.00%-10.05% p.a.|
|Loan Tenure||Up to 20 years|
|Loan to value ratio||Up to 70% of market value for buying plot plus home construction|
|Processing/Renewal Charges||Rs 3,000 or 0.50% – 2% of loan amount, whichever is higher, plus taxes|
Note: Interest rates as on 27th October 2023
ICICI Bank Plot Loan Interest Rates
The interest rates offered by ICICI Bank on its plot loan scheme is the same as the ICICI Bank Home Loan interest rates. The home loan interest rates offered by ICICI Bank for its plot loan applicants are as follows:
Special Home Loan Rates
Also Read: How you can build or rebuild your credit score with Step UP Credit Card Co-branded with SBM Bank
|Slab||Floating Interest Rates (p.a.)|
|For Salaried||For Self-employed|
|Up to Rs. 35 lakh||9.25%-9.65%||9.40%-9.80%|
|Rs. 35 lakh to Rs. 75 lakh||9.50%-9.80%||9.65%-9.95%|
|Above Rs. 75 lakh||9.60%-9.90%||9.75%-10.05%|
ICICI Bank Plot Loan Fees and Charges
|Particulars||Applicable Fees & Charges|
|Loan Processing Charges (non-refundable)||0.50% – 2.00% of the loan amount or Rs 3,000, whichever is higher, plus applicable taxes|
|Repayment mode swap Charges||Rs 500|
|Document Retrieval Charges||Rs 500|
|Cheque bounce charges||Rs 500|
|Duplicate No Objection Certificate / No Due Certificate||Rs 100|
|Revalidation of No Objection Certificate||Rs 100|
|Administrative Charges||Rs 5000|
|CIBIL Report Charges||Rs 50|
|Legal, Repossession and Incidental Charges||At Actuals|
Also know about home loan processing fees charged by top home loan lenders
Eligibility criteria for Availing Plot Loan from ICICI Bank
- Both salaried and self-employed applicants are eligible to apply for ICICI Bank Plot Loan
- Age: 20 to 70 years
Check Also:- ICICI Bank Home Loan Eligibility
Documentation Required for ICICI Bank Plot Loan
- Identity, age and residence proof
- Bank statements of last 6 months
- Salary slips of last 6 months (for salaried professionals)
- Income tax returns/Form 16
- Proof of existence of business (both for self-employed professionals and non-professionals)
- Business profile (for self-employed non-professionals)
- Income tax returns of last 3 years with computation of income (both for self-employed professionals and non-professionals)
- CA certified/audited Profit & Loss Account and Balance Sheet of last 3 years (both for self-employed professionals and non-professionals)
FAQs On ICICI Bank Plot Loan
1. Can I take a plot loan along with a home loan?
Ans. You can avail home loan from ICICI Bank after availing plot loans for constructing your house on the purchased land.
2. Can I avail plot loans without approved plan for construction?
Ans. You can avail plot loans to purchase land before having approved construction plans. The lender permits you to take the approval for construction post availing the plot loan.
3. Do I get any tax benefits on a plot loan?
Ans. No. There are no income tax benefits on availing plot loans.
4. How many years can I keep the plot of land before starting construction?
Ans. You have to complete the construction of your home within 2 years from the disbursal date of your plot loan.