SBI Bank plot loan is a secured loan. It offers up to Rs. 15 Crores loan amount to salaried and self-employed individuals to purchase a plot for residential or commercial purposes. The SBI plot loan is offered at interest rates ranging from 9.45% - 9.85% for a repayment tenure of up to 10 years.
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|Interest Rates||9.45% - 9.85%|
|Loan Amount||Loan Amount Up to Rs. 15 Crores|
|Processing Fees||0.35% of the Loan amount plus GST, minimum Rs. 2,000 to maximum Rs. 10,000 plus applicable GST (50% waiver in processing fees applicable from 1st August to 30th September 2022)|
|Maximum Tenure||Repayment up to 10 years|
A plot loan is granted by banks and several other financial institutes to customers who utilise the loan to buy vacant lands to build their dream home. You can buy a residential plot with the help of a plot loan to build your home. Plot loans and home loans are different.
SBI is known for offering great loans at low-interest rates to customers based on their demands. If you intend to take out a plot loan from the SBI, here are all the details you need before applying for the loan.
If you want a loan for land purchase SBI is one if the best available options available now. Plot loans are also known as land loans since these loans help customers buy lands to build their houses in the future. SBI land loan offers its customers to select a tenure of up to 10 years at their convenience. However, the construction of the unit must be completed within the first 5 years after the bank grants the loan. Under the loan for land purchase SBI offers funds up to 15 crores to the borrowers.
Land loans are huge amounts that you have to repay along with an added interest rate within a selected tenure. It is a long process that can often be overwhelming for some borrowers. If you want to take a plot loan, make sure you use an SBI land loan EMI calculator before applying for a land loan. An Online EMI Calculator will help you make informed decisions in the future regarding your expenses and personal finances. Compare and analyse different interest rates and learn plans before you apply for a land loan.
Just like HDFC, you can also Apply for ICICI Plot Loan and check loan benefits.
SBI land loan interest rate is affordable and allows the borrowers to be able to build their homes at an easy pace at their convenience. The rates for plot loans offered by the State Bank of India are quite competitive in the market, for they offer great loan plans from around 9.45% - 9.85%.
Take a look at the chart to compare the rates and figure out which loan plan fits your budget properly and fulfils your demands at the same time.
SBI Interest Rate for Plot Loan differs from one customer to the other based on the entire principal amount they take out from the bank and their credit history. If you take out a loan of up to 30 lakh, an interest rate of 9.45% - 9.85% will be applied. The higher the principal amount goes, the interest rate increases along with it. Before you apply for a plot loan, use the SBI Home Loan EMI Calculator to figure out which plan is the best for you.
Compare Loan Against Property Interest Rates from different lenders and check EMI Online
Several leading banks in India offer plot loans to customers starting from an interest rate of 9.45% - 9.85%. If you want to take a plot loan soon, make sure you go through all the interest rates that are being offered by the banks in contemporary times to figure out which loan fits your budget properly.
Take a look at the chart to compare and analyse the interest rates so that you end up applying for the right plot loan that will help you build your ideal home in the future.
|Bank Names||Interest Rate for Plot Loans|
|State Bank of India||9.45% - 9.85%|
|HDFC Bank Plot Loans||8.50% - 9.40%|
|PNB land loans||9.05% - 11.65%|
|ICICI Bank Plot Loan||8.80% – 9.20%|
|Federal Bank Plot Loan||9.55% - 9.70%|
|Karnataka Bank Plot Loan||11.63% - 12.83%|
|Maharashtra Bank Land Loan||8.60% - 10.80%|
The State bank of India and the ICICI bank offer similar interest rates when it comes to plot loans. The Loan on Plot SBI offers other benefits such as low processing and prepayment fees as well. Other leading banks such as Federal Bank, HDFC Bank, Maharashtra Bank and PNB offer an average interest rate of 9.05% - 11.65% depending on the customers’ credit score and other details.
Make sure you go for the right plan that will make your repayment duration ideal and easy to manage.
You can also check different features & benefits from SBI Loan Against Property Online.
The key features and benefits that make the SBI plot loan unique and feasible are listed below:
If you want to purchase property and are confused in between Plot Loan or Flat Loan. Read our blog to know Which is a better option?
If you are intending to build your dream home soon, this problem can make your life easier with the benefits and perks it offers. However, before you apply for the plot loan, make sure you check the SBI loan eligibility criteria to ensure you are eligible to apply for the loan in the first place:
Make sure you are aware of all the eligibility terms before you decide to apply and compare Land Loan Interest Rates SBI.
Compare 50 lakh home loan EMI from different lenders and apply easily on MyMoneyMantra.
The essential documents that you will need to keep ready in order to apply for the SBI land purchase scheme are listed below:
Apart from these essential documents, the bank may also ask for your recent sale-purchase agreements and receipts when you apply for the SBI land loan.
Apart from the SBI land loan, the other loans that are offered by the bank are:
These are the major loan schemes that are offered by the State bank of India at the moment. Check out all the details, such as the interest rates, tenure, processing fees, and benefits, before you apply for an SBI loan.
You can also check different Types of Home Loans Offered by SBI
At present SBI does not offer any loan for agricultural land purchase. The bank just provides loan for agricultural needs to provide timely and adequate credit to farmers to help them meet their production credit needs besides meeting contingency expenses and expenses related to ancillary activities.
Additional Info: Apply SBI MaxGain Home Loan @9.55% - 10.05%
You can avail of SBI land purchase scheme or loan under the name of SBI Realty Home Loan. This loan provides an opportunity to the borrower to purchase a plot for the purpose of constructing a dwelling unit. The house construction should commence within 5 years from the date of loan sanction. You can also avail another housing loan for constructing a house on a plot financed under SBI Realty scheme. The maximum loan amount that can be offered to a customer can be up to Rs. 15 Crores with a flexible repayment tenure of up to 10 years.
Check different offers on DDA Housing Scheme 2023
If you have any query, feedback, complaint or suggestion regarding SBI Plot Loan, you can call the customer care team on their Toll Free Number i.e. 1800 11 2018. The SBI plot loan customer care team will help you in regards to your concern.
You can check different Home Loan Customer Care Number Online
SBI Plot Loan is helpful if you want to purchase a plot for construction of a dwelling unit on it within 5 years from date the loan sanction. The maximum loan quantum offered under the scheme can range up to Rs. 15 Crores with a comfortable repayment tenure of 10 years.
A few lenders offer this facility, however, SBI only offers loan against residential and commercial property, not plot.
Yes, you can avail of SBI Realty Home Loan it a loan offered by SBI for plot purchase purpose.
The SBI does not charge any processing fee when it comes to land loans.
SBI takes around 3 to 7 business days to grant a loan. When you take an SBI plot loan, you are expected to construct the house within five years from the date the bank grants your loan.
You can take a plot loan of up to 15 crores, depending on your affordability.
For women borrowers, SBI offers a 05 bps concession when it comes to the SBI plot loan.