SBI Plot Loan

A plot loan is granted by banks and several other financial institutions to customers who utilise the loan to buy vacant land 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 of the best available options now. Plot loans are also known as land loans since these loans help customers buy land 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 over 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 about plans before you apply for a land loan.

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 another 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.

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.

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.

The key features and benefits that make the SBI plot loan unique and feasible are listed below:

• The repayment period can go up to 10 years, depending on your demands and affordability
• For women employees, a concession on the interest rate while they apply for plot loans.
• No hidden charges are there to worry about.
• The loan comes at a low processing fee to make your experience even smoother
• If you decide to make a prepayment in the middle of your tenure, you do not need to pay extra charges for the procedure.
• A plot loan does not usually provide customers with any sort of tax benefits on home loan. However, if you take a loan for land purchase from SBI, it can give you a certain percentage of tax discounts.
• The SBI loan can help you design and create your own space at your convenience. It helps you fulfil your specific needs related to the construction of your home.
• Unlike the SBI home loan, it caters to the specific needs of the borrowers.
• This loan is comparatively more affordable than the other plot loans offered by other banks and financial institutions in contemporary times. SBI does not charge any processing fee for the plot loans. Any prepayment charges are not applicable when it comes to the plot loan as well.
• The eligibility criteria for home loan are simple. Anyone who has a credit score of 650 or more can apply for the SBI land loan easily.
• You can take your time and repay the loan for 8-10 years, depending on your affordability.

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:

• You must be an Indian resident in order to apply for this loan.
• To apply for the SBI home loan or the land loan, you have to belong to the age group of 18 to 65 years.
• You can only repair your entire loan amount and the interest within the maximum duration of 10 years. Check the SBI plot loan calculator to determine whether or not it fulfils your demands properly.
• You must have a credit score of 650 or above to be eligible to apply for the plot loan offered by the SBI.
• If you have a net annual income of up to 2 lakhs, your monthly EMI should not exceed 30%.

Make sure you are aware of all the eligibility terms before you decide to apply and compare the land loan interest rates SBI.

The essential documents that you will need to keep ready in order to apply for the SBI land purchase scheme are listed below:

• A properly submitted application form for the loan
• Identity proof- voter card, passport, PAN card, driving license (anyone)
• Bank statement from the last six months
• Three passport-size photographs
• Address proof- the electricity bill, tax reports, passports, telephone bills, and voter ID.
• Identification signatures from your current bank
• Your income tax receipt
• An identification card from your employer
• Utility bills- postpaid mobile charges, electricity, water bill, etc.
• Driving license
• A valid rent agreement
• In the case of self-employed individuals, proof of their business must be provided to the bank
• In the case of salaried applicants, salary statements from your current employer

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:

1. Auto loans- SBI offers car loans for an interest rate of 8.65% - 9.45% based on your credit history and other details.
2. SBI also provides educational loans to students at an interest rate of 10.55%. It is not a fixed interest rate and can change at any time.
3. Home loans are also offered by the SBI Bank. The SBI home loan is offered at an interest rate of 7.50% - 8.45%.
4. SBI also offers several personal loan schemes for an interest rate of 11.45% and onwards. Personal loans of up to 20 lakh are offered to customers by the bank.
5. SBI also offers home loan balance transferschemes to customers who want to shift their home loans lenders in the middle of a repayment tenure to the SBI bank.

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.

At present, SBI does not offer any loans for agricultural land purchase. The bank just provides loans 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.

You can avail of the 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 to construct a dwelling unit. The house construction should commence within 5 years from the date of loan sanction. You can also avail of another housing loan for constructing a house on a plot financed under the 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.

If you have any queries, feedback, complaints, or suggestions 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.