ICICI Plot Loan

ICICI Plot Loan is offered under the name of Land Loan and comes at the same interest as Home Loans. You can build your assets with this loan by purchasing a piece of land. The bank offers also offers Home construction loans on land to enable building of a residential property on the purchased plot.

Tip: Best Home Loan for Salaried Person before applying for a loan

Follwing are the details of ICICI plot loan interest rates for different types of borrowers:

Following is the ICICI Bank land loan interest rate for salaried borrowers:

Following is the ICICI Bank plot loan interest rate for self-employed borrowers:

• The current Repo Rate (RR) is 6.25%
• Above mentioned ICICI land loan interest rates will vary basis different parameters such as the borrower’s Credit Score, Profile, Segments, etc. 

Additional Info: Also check Best Home Loan Interest Rates

The eligibility for a plot loan ICICI is mostly similar to ICICI home loan eligibility. Some of the most common factors that the bank considers are the applicant’s credit score, age, monthly income, job stability, work experience, existing loans, etc.

The eligibility criteria for ICICI land loan are as follows:

• Minimum age: The applicant should be aged at least 25 years when applying for the loan. 
• Maximum: The applicant should be aged 65 years or less when the loan matures.
• Eligible profiles: Salaried as well as self-employed individuals, can apply for the ICICI Bank plot loan.
• Time limit for starting construction: The construction on the bought land has to be completed within a maximum period of 2 years from the date of disbursement of the land loan.
• Eligible purpose: Land loans are offered only for the construction of individual residential units for self-consumption. This loan cannot be availed by a builder or for constructing multiple units for sale.
• Citizenship: This loan can be availed of by Indian residents, Non-Resident Indians (NRI), and Overseas Citizen Of India (OCI).

Additional Info: Also check How to Calculate Home Loan Eligibility on Your Own?

Apart from the land loan interest rates ICICI Bank also levies the following fees and charges for a plot loan:

• Processing charges/ Renewal charges: 1% of the loan amount + applicable taxes.
• CIBIL report charges: Rs. 50 + applicable taxes.
• Administrative charges: Rs. 5,000 + applicable taxes or 0.25% + + applicable taxes (whichever is lower).
• Documents retrieval charges: Rs. 500.
• Repayment mode swap charges: Rs. 500.
• Cheque/ AD/ ECS/ Bounce charges: Rs. 500.
• Duplicate No Objection Certificate (NOC)/ No Due Certificate (NDC): Rs. 100.
• Revalidation of NOC: Rs. 100.

To apply for a loan for plot purchase ICICI Bank requires you to submit the following list of documents:

Identity & Address Proof (any one of the below-mentioned):

• Aadhaar Card
• Valid Passport
• PAN Card (Mandatory, if income is being considered for calculating the loan eligibility)
• Driving License
• Voter ID Card
• Utility Bills including Electricity/ Telephone/ Postpaid Mobile/ Water
• Ration Card
• Bank Statement/ copy of Passbook mentioning address
• Letter from employer
• Valid Rent Agreement
• Sale Deed

Income Documents for Salaried Individuals

• Salary slips of the last 2 months/ Salary certificate.
• For cash salary: Income details on the employing company’s letterhead (for salary up to Rs. 30, 000 p.m.).
• Copy of salary account bank statements for the last 3 months.
• If variable components (e.g. overtime & incentives are reflected), then salary slips for the last 6 months will be required.

Income Documents for Self-employed Professionals 

• Certificate of qualification for professionals like CA/ Doctor/ Architect.
• Copy of last 2 years’ income tax returns (ITR) with computation of income.
• Copy of last 2 years’ P&L account with all schedules & audited balance sheet, wherever applicable.
• VAT/ Service Tax Returns/ TDS Certificate.
• Bank statements for the past 6 months of savings account, current account and overdraft account.

Income Documents for Self-employed Non-Professionals

• Copy of last 2 years’ ITR along with computation of income.
• Copy of last 2 years’ P&L account with all schedules & audited balance sheet, wherever applicable.
• VAT/ Service Tax Returns/ TDS Certificate
• Bank statements for the past 6 months of savings account, current account and overdraft account.

Property Documents

• Agreement of Sale
• Allotment Letter from builder
• Registration & Stamp Duty receipt
• Index- ii
• Own Contribution Receipt (OCR)
• NOC from builder
• All builder-linked documents (for cases not approved/ previously not funded by ICICI Bank).
• Tripartite Agreement
• Development Agreement
• Sale Deed
• Partnership Deed
• Title Search Report
• NA order

You can also Apply for Pan Number for All Banks

Apart from loans for buying plots for residential construction purposes, some banks also offer govt loan for land purchase. However, these loans are offered for purchasing land for agricultural purposes.

These government-sponsored schemes aim at providing term loans to small/marginal farmers (including sharecroppers, tenant cultivators, etc.) to buy agricultural land as well as fallow and wasteland production to develop and cultivate.

Additional Info: Also check DDA Housing Scheme 2025

You can use the ICICI plot loan EMI calculator or home loan calculator to know how much Equated Monthly Instalment (EMI) you will be paying each month. For instant results, you can also use our Home Loan EMI Calculator for the same purpose. 

Additional Info: Also check Home Loan EMI through ICICI Bank Home Loan EMI Calculator

Pradhan Mantri Awas Yojana (PMAY) is only available for the purchase of a new property. Also, an applicant should not possess any other pucca property when applying for this credit-linked scheme. PMAY subsidy can not be obtained for purchasing a plot.

Additional Info: Also check How to Apply for Pradhan Mantri Awas Yojana