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ICICI Bank ICICI Bank

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*Land Loan sanction is subject to construction of a residential property within a period of 4 years

 

 

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Land Loan FAQs

I want to purchase a land. However, I do not have any approved plans etc. for the construction. Can I still take the loan for the purchase of the land?

Yes, Land Loan can be taken for purchase of land without approved plans. Post completion of this transaction, you can take the estimate and other construction approvals.

Do I get income tax benefit on Land Loan?

No, there is no income tax benefit for Land Loans. The benefit is available only for Home Loans.

What is the maximum time available for starting construction on a purchased land?

The construction has to be completed within a period of 4 years from the date of disbursement of Land Loan.

I want to purchase a commercial land and construct a shop on the plot. Can I get a Land Loan for the same?

We have a separate product offering for the purchase and/or construction on a commercial or industrial plot for our self-employed customers. You can apply for the same under that program.

I am a builder, constructing a 2 storey, 2-unit house which will be sold as individual units. Can I avail a Land Loan and Home Loan for the construction of the house?

No, Land Loans are provided for construction of individual residential units for self-consumption only. It cannot be availed by a builder or for construction of multiple units for sale.

How long does it take for Land Loan approval?

ICICI Bank takes a few hours to approve a Land Loan based on the required eligibility criteria. However, it also depends on factors like the applicant’s documentation, property evaluation and credit profile.

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