What is a Loan Against Property and what are its benefits?
Loan against property or LAP is a secured loan type that allows you to pledge your property in exchange for a loan. Let’s get to know what is LAP and what are its benefits.
You can now apply for ICICI Bank Land Loan to build your asset with land to use now or later.
Land Loans are funded for purchase of land for construction of residential/non-residential property. You can also avail funds for construction based on the construction cost estimate. The construction has to be completed within a period of two years from the date of availing the loan.
Attractive interest rates
Rate of interest same as Home Loans
Construction loans can be availed on land property
Tenure of up to 20 years available
The eligibility criteria for you to avail ICICI Bank Land Loan depends on the following factors:
|Loan type||Land Loan|
|Loan Amount||Rs 8 lakh – Rs 3 crore|
|Age||Minimum: 25 Years
Maximum: 65 Years
|Eligible profiles||Salaried & Self-Employed|
|Tenure||Up to 20 Years|
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.
No, there is no income tax benefit for Land Loans. The benefit is available only for Home Loans.
The construction has to be completed within a period of 2 years from the date of disbursement of Land Loan.
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.
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.
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Applying for a Loan Against Property is a great option to put your financial worries to rest. On the other hand, it can be a daunting task when you actually want to evaluate your monthly instalments. However, that can be resolved by using a Loan Against Property EMI Calculator. Read on to know how you can use this free online tool.
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