1. What is ICICI Land Loan EMI?

The ICICI Land Loan EMI is the fixed monthly payment you make to repay your land purchase loan. ICICI Bank offers land loans starting at 6.70% p.a. interest rate with flexible repayment terms.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate ÷ 12 ÷ 100)
• \( n \) — Loan tenure in months
• \( PMT \) — Monthly EMI payment (INR)

Explanation: The formula calculates the fixed monthly payment needed to fully repay a loan over its term, accounting for both principal and interest.

3. Importance of EMI Calculation

Details: Calculating EMI helps borrowers understand their repayment obligations, plan finances, and choose loan terms that fit their budget before committing to a land purchase.

4. Using the Calculator

Tips: Enter the loan amount in INR, annual interest rate (starting at 6.70% for ICICI), and loan tenure in years. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the current ICICI land loan interest rate?
A: Rates start at 6.70% p.a. but may vary based on loan amount, tenure, and applicant's credit profile.

Q2: What is the maximum tenure for ICICI land loans?
A: Typically up to 15-20 years, depending on the property and borrower's age at loan maturity.

Q3: Are there any prepayment charges?
A: ICICI may charge prepayment penalties for fixed-rate loans; floating-rate loans usually allow prepayment without charges.

Q4: What documents are needed for ICICI land loan?
A: Typically includes identity proof, address proof, income documents, property papers, and bank statements.

Q5: Can I get tax benefits on land loans?
A: Tax benefits under Section 24(b) may be available if construction begins within 3 years of purchase.