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 finance 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 building 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:
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).
