ICICI Bank Plot Loan

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ICICI Bank Plot Loan Features

Interest Rate 8.90%
Plot Loan amount Up to INR 3 Crores
Loan Tenure 15 Years
Margin  24%
Pre-payment Penalty Nil

Eligibility Criteria for ICICI Bank Plot LoanICICI Plot Loan

  • The borrower’s age has to be between 25-65 years of age.
  • The loan amount has to range between Rs 8 lakhs and Rs 3 crores.
  • The maximum tenure for the loan is 20 years
  • Both salaried and self-employed people can avail of Plot loan from ICICI

Benefits of ICICI Bank Plot Loan

Listed below are benefits of availing ICICI Bank Plot loan.

  • Tax Benefits: A plot loan shall not produce any tax benefit when availed on its own. However, when you avail both ICICI Bank plot and construction loan, the borrower shall enjoy tax benefits on the construction loan. This simply means a plot loan produces benefits if availed together with a construction loan.
  • Precise to the borrower’s need: A plot loan will be beneficial to the borrower as it is very much specific to their needs in comparison to a home loan. By applying through ICICI Bank to avail the Plot loan, a borrower can design and make their own space as per the needs. ICICI Plot loan caters to the needs of the customer in comparison to an already constructed home.
  • Nominal: Another main benefit of ICICI Bank Plot loans is that it is very nominal in nature. Plot loan by ICICI Bank offers a low processing fees at Up to 1% and borrowers do not lose the loan amount in terms of processing fee. Also, the prepayment penalty is very low. It is even NIL in the case of floating-rate for the individuals.

Plot Loan

As the name suggests a Land loan or Plot loan is provided by banks to their borrowers for the purchase of any plot of land. The repayment has to be made in form of Equated Monthly Instalments (EMI), within a specific term as advised by the bank. ICICI Bank loan for land purchase can be availed for different purposes by the borrowers. Either for the purchase of land for investment purposes, to construct a dream house, or desired place to construct personal space.

Plot Loan Interest Rates

The rate of interest in case of a loan to buy land and home loans are same.‭ ‬However,‭ ‬certain banks offer a few basis points higher rates for loan for land purchase than that of home loans.‭ ‬Banks give a specific time for construction over the plot,‭ ‬and the borrower is required to give way a construction certificate with the bank.‭ ‬If the borrower does not make construction over the plot within the period from the date of the first payment,‭ ‬land loan interest rates structure for the borrower changes from a home loan to a loan against the property.

Loan to Value Ratio‭ (‬LTV‭)‬

Loan to value or LTV means the amount of loan which a borrower will get against his property.‭ ‬LTV,‭ ‬in the case of‭ ‬a loan for land purchase with construction,‭ ‬is notably lower and could be round off at a maximum of‭ ‬70%‭ ‬of the land value.‭ ‬In the case of home loans,‭ ‬LTV scale between‭ ‬75%‭ ‬to‭ ‬90%.

Lower Tenure

Land loans have comparably a shorter tenure of up to‭ ‬15‭ ‬years,‭ ‬which is not the case of home loans,‭ ‬which is companied by a longer tenure of‭ ‬30‭ ‬years.‭ ‬Therefore,‭ ‬the EMI in the case of a loan for plot purchase is more than that of regular home loans.‭ ‬The tenure for a land loan also varies with the age of the borrower,‭ ‬repayment capacity,‭ ‬etc.

Tax Benefits

Home loans qualify for a tax subtraction on payment of the principal amount under Section‭ ‬80C of the Income Tax Act as well as the interest component under Section‭ ‬24‭(‬b‭) ‬of the Income Tax Act.‭ ‬On the other hand,‭ ‬tax benefits on land loans are not available.‭ ‬However,‭ ‬borrowers could claim a tax deduction on a loan if the house is constructed on a plot purchased by the borrower.‭ ‬A borrower can claim a tax deduction against the loan amount taken for construction,‭ ‬after the accomplishment on the plot.

Prepayment Penalty

Floating rate loans authorize to individual borrowers are free from the prepayment penalty if a borrower wants to foreclose the loan.‭ ‬However,‭ ‬a land loan like a home loan could bring prepayment charges of‭ ‬2‭ ‬to‭ ‬4%‭ ‬of the prepaid amount if the non-individual borrower has availed it.‭ ‬A borrower should go through the loan agreement carefully and clarify the foreclosure charges of the loan before signing the agreement.‭

Types of Plot Loan ICICI Bank Provides

Plot Loan

A simple plot loan will only allow you to purchase a plot of empty land or a vacant residential plot that can be used for constructing a house or any other investment purposes. This type of loan is risky because there are no tax benefits. The property should also be located with the municipal limits.

The plot loan rates provided by each bank is very different. Factors such as your employment type, amount, etc play an important role in the determination of the loan.

Plot + Construction Loan

This loan is taken to not only buy a residential plot but to also construct a house on it within a given time. If the borrower fails to begin the construction on time, the bank will significantly increase the interest rate.

ICICI Bank Plot Loan for Self-employed Individuals:

Self-employed individuals enjoy various benefits with ICICI Bank Plot Loan conditioned to eligibility.

Who Can Apply for a Self-employed ICICI Bank Plot Loan

LOAN AMOUNT MAXIMUM FUNDING
Rs. 30 lakh – 75 lakh Up to 80% of the document cost or the market value, whichever is the lowest.
Above Rs. 75 lakh Up to 75% of the document cost or the market value, whichever is the lowest.

Types of Plot Loans for Self-employed Individuals

ICICI Bank provides two types of loans to all self-employed individuals

  1. Adjustable-Rate Loan- This loan is provided at Retail Prime Lending Rate. This type of plot loan is revised every six months and the interest rate depends on that. This increases the EMI rate which in turn decreases the principal amount.
  2. TruFixed Home Loan- 2/3 year Fixed Rate Variant- This type of loan provides both, one half of an adjustable-rate and the other half fixed rate.

ICICI Bank Plot Loan Interest Rate for Self-employed Professionals

Adjustable Plot Loan Rate

Loan Slab Home Loan Interest Rates (% p.a)
For women* (up to 30 lakh) 7.05 to 7.55
For others* (up to 30 lakh) 7.10 to 7.60
For women* (above 30 lakh) 7.30 to 7.80
For others* (above 30 lakh) 7.35 to 7.85
For Women* (75.01 Lakhs & Above) 7.40 to 7.90
For Others*(75.01 Lakhs & Above) 7.45 to 7.95

TruFixed Rate- 2/3 Year Fixed Rate Variant

Loan Slab Home Loan Interest Rates (% p.a.)
For Women* (up to 30 Lakhs) 7.50 to 8.0
For Others* (up to 30 Lakhs) 7.55 to 8.05
For Women* (Above 30 Lakhs) 7.65 to 8.15
For Others* (Above 30 Lakhs) 7.70 to 8.20
For Women* (75.01 Lakhs & Above) 7.75 to 8.25
For Others*(75.01 Lakhs & Above) 7.80 to 8.30

ICICI Bank Plot Loan Interest Rate for self-Employed Non-professionals

Adjustable Home Rate Loan

Loan Slab Interest Rates (% p.a.)
For Women* (Up to 30 Lakhs) 7.20 to 7.70
For Others* (Up to 30 Lakhs) 7.25 to 7.75
For Women* (Above 30 Lakhs) 7.45 to 7.95
For Others* (Above 30 Lakhs) 7.50 to 8.00
For Women* ( 75.01 Lakhs & Above) 7.55 to 8.05

TruFixed Loan- 2/3 Year Fixed Rate Variant

Loan Slab Interest Rates (% p.a.)
For Women* (up to 30 Lakhs) 7.65 to 8.15
For Others* (up to 30 Lakhs) 7.70 to 8.20
For Women* (Above 30 Lakhs) 7.80 to 8.30
For Others* (Above 30 Lakhs) 7.85 to 8.35
For Women* ( 75.01 Lakhs & Above) 7.90 to 8.40
For Others*( 75.01 Lakhs & Above) 7.95 to 8.45

ICICI Bank Documents Required for Self-employed

Identity Proof PAN Card / Passport / Aadhar Card / Voter ID
Residence Proof Driver’s License, Telephone Bill, Election or Ration Card
Education Qualification Last qualifying degree
Proof of Business Certificate or any other proof of business
Tax Returns Last three years Income Tax Returns
Bank Account Statements Last 1 year bank statements
Other documents Processing fee cheque, photocopy of title documents of the property.

ICICI Bank Plot Loan fees for Self-employed Individuals

Processing Fees: 

The processing fees for Rs. 2,500 – Rs. 5,000

Pre-payment Charges

Adjustable-Rate Home Loans
  • No prepayment charges
  • For loans sanctioned to individual borrowers with the firm, company, etc. as a co-applicant, prepayment charges are at 2% plus taxes.
Fixed-Rate Home Loans
  • No prepayment charges
  • The customer should submit documents that ICICI Bank asks for.
  • Prepayment charges will be 2% plus tax and charges of the outstanding amount
Fixed and Variable Rate Loans Fixed and Variable Rate Loans (Combination rate)

  • During the Fixed Rate period:
    • The prepayment charges will be 2%, with taxes and statutory charges on the outstanding amount
    • The customer must submit documents that the bank asks for, to confirm the source of funds at the time of prepayment of the loan.
    • During the Variable Rate period:
      • No prepayment charges will be applicable
      • For loans sanctioned to individual borrowers with the firm, company, etc. as co-applicants, Prepayment charges at 2% plus taxes and statutory charges are payable.

Conversion Fees

Name of the service Name of the charge/fee levied When payable Frequency
Amount in rupees
Switch to a lower rate in Variable Rate Loans
Conversion fees On conversion On every spread change
Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of 50,000 rupees plus taxes whichever is lower.
Switching to Variable Rate Loan from Fixed Rate Loan (Housing/improvement/extension)
Conversion fees On conversion Once
Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of 50,000 rupees plus taxes whichever is lower.
Switching from Trufixed Fixed Rate to Variable Rate Loan
Conversion fees On conversion Once
1.75% of the principal outstanding and undisbursed amount plus taxes at the time of conversion.
Switch to Lower Rate (Non-Housing Loans)
Conversion fees On conversion On every spread change
Half of the spread difference on the principal outstanding and undisbursed amount plus taxes, with a minimum fee of 0.5% and a maximum fee of 1.50%.
Switch to Lower Rate (Non-Housing Loans)
Conversion fees On conversion On every spread change
0.5% of principal outstanding and undisbursed amount plus taxes at the time of conversion.

Cheque Dishonour Charges

The Cheque Dishonour Charges go up to 200 rupees.

Fees on Account of External Opinion

The external opinion is taken from technical advocates whose fees is to be paid by the borrower.

Property Insurance

Borrowers are to pay for the insurance.

Incidental Charges

The incidental charges have to be paid by the borrower.

Statutory / Regulatory Charges

The customer has to pay for any charges of stamp duty/MOD/MOE/Central Registry of Securitization Asset Reconstruction and Security Interest of India.

List of Documents

Amount of Rs. 500

Photocopy of Documents

Amount of Rs. 500

Increase/Decrease in Loan Term

Amount of Rs. 500

Disbursement Cheque Cancellation Charge Post Disbursement

Amount of Rs. 200

Re-appraisal of Loan After 6 Months from Sanction

An amount of Rs. 2000 plus applicable charges.

PDC Swap

Maximum amount of Rs. 200

ICICI Bank Plot Loan for Salaried Individuals

All salaried individual can take ICICI Bank Plot loan and avail its benefits.

Who can apply for a Salaried ICICI Bank Plot Loan

LOAN AMOUNT MAXIMUM FUNDING
 Rs. 30 lakh to Rs. 75 lakh. Up to 80% of the market value or cost of the property, whichever is lower.
Above Rs. 75 lakh. Up to 75% of the market value or cost of the property, whichever is lower.

Types of Plot Loans for Salaried Individuals

  1. Adjustable-Rate Loan: This is provided at Retail Prime Lending Rate. It is increased every six months. The increase in the interest rate makes an increase in the EMI that reduces the principal amount.
  2. TrueFixed Home Loan- This is provided at 2/3 Year Fixed Rate Variant. This loan provides one half of an adjustable-rate and other half of a fixed rate.

ICICI Bank Plot Loan Interest Rate for Salaried Individuals

Adjustable Plot Loan Rate

Loan Slab Home Loan Interest Rates (% p.a)
For women* (up to 30 lakh) 7.05 to 7.55
For others* (up to 30 lakh) 7.10 to 7.60
For women* (above 30 lakh) 7.30 to 7.80
For others* (above 30 lakh) 7.35 to 7.85
For Women* (75.01 Lakhs & Above) 7.40 to 7.90
For Others*(75.01 Lakhs & Above) 7.45 to 7.95

TruFixed Loan- 2/3 Year Fixed Rate Variant

Loan Slab Home Loan Interest Rates (% p.a.)
For Women* (up to 30 Lakhs) 7.50 to 8.0
For Others* (up to 30 Lakhs) 7.55 to 8.05
For Women* (Above 30 Lakhs) 7.65 to 8.15
For Others* (Above 30 Lakhs) 7.70 to 8.20
For Women* (75.01 Lakhs & Above) 7.75 to 8.25
For Others*(75.01 Lakhs & Above) 7.80 to 8.30

ICICI Bank Plot Loan Documents For Salaried Individuals

Identity proof Passport, PAN Card, Aadhar Card, Election Card
Residence Proof Driving License, Telephone Bill, Ration Card, Election Card
Education Qualification Last qualifying Degree
Salary Slips Last three months’ salary slips
Bank Statements Last six months bank statements
Others Processing fee cheque and photocopy of title documents

ICICI Bank Plot Loan Fees for Salaried Individuals

Processing Fees: 

The processing fees for ICICI Bank Plot Loan ranges from Rs. 2,500- Rs. 5,000

Pre-payment Charges:

Adjustable-Rate Home Loans
  • No prepayment charges are levied
  • For loans sanctioned to individual borrowers with a co-applicant, prepayment charges are at 2% plus taxes.
Fixed-Rate Home Loans
  • No prepayment charges will be applicable
  • Prepayment charges will be 2% plus tax and charges of the outstanding amount should be prepaid through any financial institution or a bank.
Fixed and Variable Rate Loans Fixed and Variable Rate Loans (Combination rate)

  • During the Fixed Rate period:
    • The prepayment charges of 2%, plus applicable taxes and statutory charges of the outstanding amount being so prepaid through refinance from financial institutions or any banks, and will apply to all partial/full prepayments.
    • The customer must submit documents that ICICI Bank requests for, to confirm the source of funds at the time of prepayment of the loan.
  • During the Variable Rate period:
    • No prepayment charges will be applicable
    • For loans sanctioned to individual borrowers with the firm, company, etc. as co-applicants. Prepayment charges at 2% plus taxes and statutory charges are payable as prepaid

Conversion Fees:

Name of the service Name of the charge/fee levied When payable Frequency Amount in rupees
Switch to a lower rate in Variable Rate Loans Conversion fees On conversion On every spread change Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of 50,000 rupees plus taxes whichever is lower.
Switch to Variable Rate Loan from Fixed Rate Loan (Housing/improvement/extension) Conversion fees On conversion Once Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of 50,000 rupees plus taxes whichever is lower.
Switch from Trufixed Fixed Rate to Variable Rate Loan Conversion fees On conversion Once 1.75% of the principal outstanding amount plus taxes at the time of conversion.
Switch to Lower Rate (Non-Housing Loans) Conversion fees On conversion On every spread change Half of the difference on the principal outstanding amount plus taxes, with a minimum fee of 0.5% and a maximum fee of 1.50%.
Switch to Lower Rate (Non-Housing Loans) Conversion fees On conversion On every spread change 0.5% of principal outstanding and undisbursed amount plus taxes at the time of conversion.

Cheque Dishonour Charges

The Cheque Dishonour Charges are a maximum of Rs. 200

Fees on Account of External Opinion

The external opinion is provided by technical advocates whose fees is paid by the customer.

Property Insurance

Borrowers have to pay for the insurance.

Incidental Charges

The incidental charges, used to cover the extra expenses paid by the defaulter.

Statutory / Regulatory Charges

The customer is supposed to pay for any charges that are applicable on stamp duty/MOD/MOE/Central Registry of Securitization Asset Reconstruction and Security Interest of India.

List of Documents

Up to Rs. 500

Photocopy of Documents

Maximum amount of 500 rupees.

Increase/Decrease in Loan Term

Maximum amount of Rs. 500

Disbursement Cheque Cancellation Charge Post Disbursement

Maximum money of Rs. 200

Re-appraisal of Loan After 6 Months from Sanction

Maximum amount of Rs. 2000 and applicable tax.

PDC Swap

Maximum amount of Rs. 200

How to apply for ICICI Bank Plot Loan with Dialabank

1.You can conveniently apply for the ICICI Bank plot loan online at www.dialabank.com.

2. Just fill the online form with appropriate details and required documents.

3. Our Customer Representative will contact you and help you choose the best loan for you.

Documents Required to get ICICI Bank Plot Loan

Rightly Filed Loan Application Form is a prerequisite to get ICICI Bank Plot Loan.

  • Recent Passport Size Photographs.
  • Previous ‬2‭ ‬years ITR.
  • Proof of Identity‭ – ‬PAN Card,‭ ‬Voter’s ID Card,‭ ‬Passport,‭ ‬Driving Licence
  • Proof of Residence‭ – ‬Rent agreement,‭ ‬Leave and License,‭ ‬Latest Utility Bills and Passport
  • Income Documents for salaried‭– ‬6‭ ‬months payslip,‭ ‬2‭ ‬years Form‭ ‬16,‭ ‬latest‭ ‬6‭ ‬months bank statement showing salary credit
  • Business proof for self-employed such as VAT/‭ ‬service tax registration,‭ ‬incorporation details in case of companies,‭ ‬business address proof,‭ ‬profit and loss account and balance sheets certified by CA,‭ ‬copy of partnership deed and proof of business existence and business profile
  • Property Documents‭ ‬-‭ ‬Past title chain,‭ ‬Sales deed,‭ ‬Conveyance deed,‭ ‬Allotment letter,‭ ‬Possession letter,‭ ‬Latest property tax receipt,‭ ‬Copy of approved plan for construction/‭ ‬extension

ICICI Bank Plot loan with Construction vs Home Loan

Parameters Land Loan with Construction Regular Home Loan
Plot + Construction loan interest rates Rates are the same for a home loan, ‬but the plot + Construction Loan interest rates can be higher if you want the construction period to be longer than usual Interest rates are start from 6.75%
LTV Up to‭ ‬70%‭ ‬of the property’s value Up to‭ ‬90%‭ ‬of the property’s value
Tenure Up to‭ ‬15‭ ‬years Up to‭ ‬30‭ ‬years
Tax Benefits The plot loan availed for construction and its benefits can be claimed post completion of the construction On principal amount under section‭ ‬80C and interest amount under section‭ ‬24‭(‬b)
Prepayment Penalty Nil for individuals on floating rates Nil for individuals on floating rates

FAQs

What is the plot loan interest rate in ICICI Bank?

The interest rate starts at 8.90%

What is ICICI Bank Plot Loan?

ICICI Bank Plot Loan is provided by the bank for a borrower to buy a piece of land. It is up to the borrower to do whatever they wish to do with the land.

How much processing fee is applicable on ICICI Bank Plot Loan?

The processing fees for ICICI Bank Plot loan is a minimum of 0.25%

What is the loan tenure of the ICICI Bank Plot Loan?

Up to 30 years of loan tenure is available

How much EMI per lakh can be fixed on ICICI Bank Plot Loan?

The EMI payable per lakh depends on the loan amount issued.

How can I avail plot loan from ICICI Bank?

You need to fulfill the basic eligibility criteria and have proper documents.

How to apply for ICICI Bank Plot Loan?

You can visit your nearest ICICI bank branch or take the assistance of Dialabank via our website or call.

How to repay the ICICI Bank Plot Loan earlier than the schedule?

More payments can be made by the borrower in order to prepay the loan.

Is it possible to repay my loan earlier than the schedule?

If the borrower has enough funds, they can pay the whole loan amount earlier than schedule.

How to check ICICI Bank Plot Loan eligibility?

By visiting the ICICI Bank website or by contacting Dialabank.

What is the ICICI Bank Plot Loan phone number?

ICICI Bank Plot Loan queries can be answered by Dialabank on 9878981144

What is the Plot Loan interest rate for women?

The ICICI Bank plot loan interest rate starts at 9.60% for women.

What is ICICI Bank plot loan interest rates for salaried individuals?

The ICICI Bank Plot loan interest rate for salaried individuals range from 7.05% to 8.00%

What is ICICI Bank plot loan interest rates for self-employed professionals?

The ICICI Bank Plot Loan interest rates for self-employed professionals range from 7.25% to 7.75%

What is ICICI Bank plot loan interest rates for self-employed non-professionals?

The ICICI Bank plot loan interest rates in case of self- employed non-professions range from 7.25% to 7.75%

How is a plot loan different from a home loan?

A plot loan is used to buy an empty piece of land. On the other hand, home loan is taken to purchase an already constructed house.

Can I take a plot loan with a home loan?

Both these loans cannot be taken together by the borrower.

What is the maximum amount that I can take as a loan?

The loan is issued at an amount of up to 70% of the property value.

Can a plot loan be taken on any plot, anywhere?

A plot loan can only be used to buy a piece of land within pre decided municipal limits.

What is a Balance Transfer on Plot Loan?

The Balance transfer on plot loan can be taken at an interest rate beginning from 6.75%.

Do I get any tax benefits on a plot loan?

It only in case of Plot loan combined with a construction loan that tax benefits can be taken use of after the construction is completed.

How many years can I keep the plot of land before starting construction?

In case of a Plot Loan along with a construction loan, the construction has to begin before the decided upon time.

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