SBI Plot Loan

SBI Plot Loan Features

Interest Rate	7.65% onwards
Loan amount	Up to Rs. 15 crores
Eligibility	Minimum 18 years of age
Pre- payment	No pre-payment charges
Repayment time	Up to 10 years

Eligibility criteria for SBI Plot Loan

• Indian Residency
• Minimum 18 years of age
• Maximum 65 years of age
• CIBIL score of 650 or above
• Net annual income of minimum 2 lakhs

Benefits of SBI Plot Loan

SBI Plot Loan comes with certain benefits for the borrower such as –

• Low Interest rate – SBI plot loans come with a low interest rate so that the borrower can easily pay back the loan amount.
• Low Processing fee – SBI offers its borrowers a processing fee at up to 0.40% of the loan amount plus applicable GST subject to a minimum of Rs 10000/- and maximum of Rs 30000/- plus GST
• Pre-payment penalty – In case the borrower wishes to foreclose the loan account, the pre payment penalty is either very low or NIL for floating rate loan.
• Tax Benefits – A plot loan allows the borrower to avail tax benefits after the construction is complete, so it is applicable in case of plot + construction loans only.
• EMI – State bank of India caters to the people of all social strata, so they give you the provision of devising a plot loan according to your needs. You can choose your monthly EMIs according to your income and capacity.
• Repayment – SBI provide its plot loan customers with up to 10 years to pay back the loan amount.

Plot Loan

A plot loan is a loan that a Bank or any NBFC offers a borrower to purchase a piece of land. Contrary to a home loan, a plot loan is given to buy a residential land and not a resident under construction or already constructed. For anyone who wishes to buy a plot of land and does not have enough funds for it, SBI Plot Loan will come to the rescue. SBI plot loan or the SBI Realty home Loan cannot just be used to construct a land; it can also be used to buy land for investment purposes, agricultural purposes, etc.

Plot Loan interest rates

The interest rate majorly depends on the loan amount and the financial stability of the borrower. SBI gives its customer the first five years to complete the construction of the house, later than that, the interest rate is increased.

Loan to value ratio (LTV)

LTV means the conversion of property’s market value into the loan amount. The LTV ratio for a plot loan is comparatively lower than the other loans offered. SBI offers plot loan up to 90% of the market value of the property. But, the risk score of the borrower is also an important factor in determining the LTV ratio in case of SBI plot loan.

Lower Tenure

The time period for which SBI Land Loan can be availed is for a maximum time of 30 years, but it majorly depends upon the borrower’s repayment ability.

Tax Benefits

Tax benefits can only be claimed by the borrower if the SBI Plot Loan is coupled with the construction loan. In that case, for principal amount it can be benefitted under section 80C and for interest amount under Section 24(b).

Prepayment penalty

For a floating rate loan, no pre payment penalty is charged. But in case of other forms of loans, a minimal prepayment fee is charged.

Eligibility	Minimum 18 years of age
Loan amount	Up to Rs. 15 crores
Interest Rate	Depends on the risk factor of the customer
Pre- payment	No pre-payment charges
Repayment time	Up to 10 years

Types of Plot Loans SBI provides

It is important for the customer to know the types of Plot loans before finalizing SBI Plot Loan for their needs. They offer a plot loan and a plot + Constriction loan for all their eligible customers.

1. Plot Loan

A simple plot loan can be taken by any eligible customer to buy an idle piece of land within the municipal or corporate limits which will be used by them to either build a house on or to keep as an investment. The bank does not overlook at what you do with the land in this type of land loan.

2. Plot + Construction Loan

In this form of land loan, a borrower is required to start the construction on the land within a limited period of time. If the construction on the land is not started timely, it may lead to the bank increasing the interest levied on the loan.

SBI Plot Loan for Self-employed Individuals:

Self-employed individuals enjoy various benefits with SBI Plot Loan conditioned to eligibility.

Who Can Apply for a Self-employed SBI Plot Loan

LOAN AMOUNT	MAXIMUM FUNDING
Rs. 30 lakh to 75 lakh	Up to 80% of the document cost or the market value, whichever is the lowest.
Above Rs. 75 lakh	Up to 75% of the document cost or the market value, whichever is the lowest.

Types of Plot Loans for Self-employed Individuals

SBI provides two types of loans to all self-employed individuals

1. Adjustable-Rate Loan- This refers to the Retail Prime Lending Rate. This type of loan is revised every six months and the interest rate depends on that. This increases the EMI rate which in turn decreases the principal amount. 
2. TruFixed Home Loan- 2/3 year Fixed Rate Variant- This loan provides both, an adjustable-rate and a fixed rate. The rate is initially fixed but eventually gets reviewed and becomes an adjustable-rate. 

SBI Plot Loan Interest Rate for Self-employed Professionals

Adjustable Plot Loan Rate

Loan Slab	Home Loan Interest Rates (% p.a)
For women* (up to 30 lakh)	7.05 to 7.55
For others* (up to 30 lakh)	7.10 to 7.60
For women* (above 30 lakh)	7.30 to 7.80
For others* (above 30 lakh)	7.35 to 7.85
For Women* (75.01 Lakhs & Above)	7.40 to 7.90
For Others*(75.01 Lakhs & Above)	7.45 to 7.95

TruFixed Rate- 2/3 Year Fixed Rate Variant

Loan Slab	Home Loan Interest Rates (% p.a.)
For Women* (up to 30 Lakhs)	7.50 to 8.0
For Others* (up to 30 Lakhs)	7.55 to 8.05
For Women* (Above 30 Lakhs)	7.65 to 8.15
For Others* (Above 30 Lakhs)	7.70 to 8.20
For Women* (75.01 Lakhs & Above)	7.75 to 8.25
For Others*(75.01 Lakhs & Above)	7.80 to 8.30

SBI Plot Loan Interest Rate for self-Employed Non-professionals

Adjustable Home Rate Loan

Loan Slab	Interest Rates (% p.a.)
For Women* (Up to 30 Lakhs)	7.20 to 7.70
For Others* (Up to 30 Lakhs)	7.25 to 7.75
For Women* (Above 30 Lakhs)	7.45 to 7.95
For Others* (Above 30 Lakhs)	7.50 to 8
For Women* ( 75.01 Lakhs & Above)	7.55 to 8.05

TruFixed Loan- 2/3 Year Fixed Rate Variant

Loan Slab	Interest Rates (% p.a.)
For Women* (up to 30 Lakhs)	7.65 to 8.15
For Others* (up to 30 Lakhs)	7.70 to 8.20
For Women* (Above 30 Lakhs)	7.80 to 8.30
For Others* (Above 30 Lakhs)	7.85 to 8.35
For Women* ( 75.01 Lakhs & Above)	7.90 to 8.40
For Others*( 75.01 Lakhs & Above)	7.95 to 8.45

SBI Documents Required for Self-employed

Identity Proof	PAN Card / Passport / Aadhar Card / Voter ID
Residence Proof	Driver’s License, Telephone Bill, Election or Ration Card
Education Qualification	Last qualifying degree
Proof of Business	Certificate or any other proof of business
Tax Returns	Last three years Income Tax Returns
Bank Account Statements	Last 1 year bank statements
Other documents	Processing fee cheque, photocopy of title documents of the property.

SBI Plot Loan fees for Self-employed Individuals

Processing Fees: 

The processing fees is Rs. 2,500 – Rs. 5,000.

Pre-payment Charges

Adjustable-Rate Home Loans	No prepayment charges  For loans sanctioned to individual borrowers with the firm, company, etc. as a co-applicant, prepayment charges are at 2% plus taxes.
Fixed-Rate Home Loans	No prepayment charges  The customer should submit documents that SBI asks for.  Prepayment charges will be 2% plus tax and charges of the outstanding amount
Fixed and Variable Rate Loans	Fixed and Variable Rate Loans (Combination rate)   During the Fixed Rate period: The prepayment charges will be 2%, plus applicable taxes and statutory charges of the outstanding amount  The customer must submit documents that SBI asks for, to confirm the source of funds at the time of prepayment of the loan. During the Variable Rate period: No prepayment charges will be applicable For loans sanctioned to individual borrowers with the firm, company, etc. as co-applicants, Prepayment charges at 2% plus taxes and statutory charges are payable.

Conversion Fees

Name of the service	Name of the charge/fee levied	When payable	Frequency	Amount in rupees
Switch to a lower rate in Variable Rate Loans	Conversion fees	On conversion	On every spread change	Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of 50,000 rupees plus taxes whichever is lower.
Switching to Variable Rate Loan from Fixed Rate Loan (Housing/improvement/extension)	Conversion fees	On conversion	Once	Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of 50,000 rupees plus taxes whichever is lower.
Switching from Trufixed Fixed Rate to Variable Rate Loan	Conversion fees	On conversion	Once	1.75% of the principal outstanding and undisbursed amount plus taxes at the time of conversion.
Switch to Lower Rate (Non-Housing Loans)	Conversion fees	On conversion	On every spread change	Half of the spread difference on the principal outstanding and undisbursed amount plus taxes, with a minimum fee of 0.5% and a maximum fee of 1.50%.
Switch to Lower Rate (Non-Housing Loans)	Conversion fees	On conversion	On every spread change	0.5% of principal outstanding and undisbursed amount plus taxes at the time of conversion.

Cheque Dishonour Charges

The Cheque Dishonour Charges are 200 rupees.

Fees on Account of External Opinion

The external opinion can be from technical advocates and the fees is to be paid by the borrower. 

Property Insurance

Customers have to pay for the insurance. 

Incidental Charges

The incidental charges are used to cover expenses that a customer has to pay when they default. 

Statutory / Regulatory Charges

The customer had to pay for any charges which are applicable on stamp duty/MOD/MOE/Central Registry of Securitization Asset Reconstruction and Security Interest of India. 

List of Documents

Up to Rs. 500 

Photocopy of Documents

Up to Rs. 500  

Increase/Decrease in Loan Term

Maximum Rs. 500 

Disbursement Cheque Cancellation Charge Post Disbursement

Maximum Rs. 200 

Re-appraisal of Loan After 6 Months from Sanction

Maximum Rs. 2000 plus applicable tax. 

PDC Swap

Maximum of Rs. 200 

SBI Plot Loan for Salaried Individuals

Any salaried individual can apply for a SBI Plot loan and avail their benefits. 

Who can apply for a Salaried SBI Plot Loan

LOAN AMOUNT	MAXIMUM FUNDING
Rs. 30 lakh to Rs. 75 lakh.	Up to 80% of the market value or cost of the property, whichever is lower.
Above Rs. 75 lakh.	Up to 75% of the market value or cost of the property, whichever is lower.

Types of Plot Loans for Salaried Individuals

1. Adjustable-Rate Loan: This refers to the Retail Prime Lending Rate. It is raised every six months. The increase in interest rate leads to an increase in the EMI that further reduces the principal amount. 
2. TrueFixed Home Loan- 2/3 Year Fixed Rate Variant: This loan provides one half of an adjustable-rate and other half of a fixed rate. The rate is changed after 2/3 years into an adjustable-rate. 

SBI Plot Loan Interest Rate for Salaried Individuals

Adjustable Plot Loan Rate

Loan Slab	Home Loan Interest Rates (% p.a)
For women* (up to 30 lakh)	7.05 to 7.55
For others* (up to 30 lakh)	7.10 to 7.60
For women* (above 30 lakh)	7.30 to 7.80
For others* (above 30 lakh)	7.35 to 7.85
For Women* (75.01 Lakhs & Above)	7.40 to 7.90
For Others*(75.01 Lakhs & Above)	7.45 to 7.95

TruFixed Loan- 2/3 Year Fixed Rate Variant

Loan Slab	Home Loan Interest Rates (% p.a.)
For Women* (up to 30 Lakhs)	7.50 to 8.0
For Others* (up to 30 Lakhs)	7.55 to 8.05
For Women* (Above 30 Lakhs)	7.65 to 8.15
For Others* (Above 30 Lakhs)	7.70 to 8.20
For Women* (75.01 Lakhs & Above)	7.75 to 8.25
For Others*(75.01 Lakhs & Above)	7.80 to 8.30

SBI Plot Loan Documents For Salaried Individuals

Identity proof	Passport, PAN Card, Aadhar Card, Election Card
Residence Proof	Driving License, Telephone Bill, Ration Card, Election Card
Education Qualification	Last qualifying Degree
Salary Slips	Last three months’ salary slips
Bank Statements	Last six months bank statements
Others	Processing fee cheque and photocopy of title documents

SBI Plot Loan Fees for Salaried Individuals

Processing Fees: 

The processing fees for SBI Plot Loan is Rs. 2,500- Rs. 5,000 

Pre-payment Charges:

Adjustable-Rate Home Loans	No prepayment charges are levied  For loans sanctioned to individual borrowers with a co-applicant, prepayment charges are at 2% plus taxes. The customer will have to submit documents that SBI asks for, to confirm the source of the funds.
Fixed-Rate Home Loans	No prepayment charges will be applicable  The customer should submit documents that SBI asks for.  Prepayment charges will be 2% plus tax and charges of the outstanding amount should be prepaid through any financial institution or a bank.
Fixed and Variable Rate Loans	Fixed and Variable Rate Loans (Combination rate)   During the Fixed Rate period: The prepayment charges of 2%, plus applicable taxes and statutory charges of the outstanding amount being so prepaid through refinance from financial institutions or any banks, and will apply to all partial/full prepayments. The customer must submit documents that SBI requests for, to confirm the source of funds at the time of prepayment of the loan. During the Variable Rate period: No prepayment charges will be applicable For loans sanctioned to individual borrowers with the firm, company, etc. as co-applicants. Prepayment charges at 2% plus taxes and statutory charges, as may be applicable from time to time, of the amount being prepaid are payable

Conversion Fees:

Name of the service	Name of the charge/fee levied	When payable	Frequency	Amount in rupees
Switch to a lower rate in Variable Rate Loans	Conversion fees	On conversion	On every spread change	Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of 50,000 rupees plus taxes whichever is lower.
Switch to Variable Rate Loan from Fixed Rate Loan (Housing/improvement/extension)	Conversion fees	On conversion	Once	Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of 50,000 rupees plus taxes whichever is lower.
Switch from Trufixed Fixed Rate to Variable Rate Loan	Conversion fees	On conversion	Once	1.75% of the principal outstanding amount plus taxes at the time of conversion.
Switch to Lower Rate (Non-Housing Loans)	Conversion fees	On conversion	On every spread change	Half of the difference on the principal outstanding amount plus taxes, with a minimum fee of 0.5% and a maximum fee of 1.50%.
Switch to Lower Rate (Non-Housing Loans)	Conversion fees	On conversion	On every spread change	0.5% of principal outstanding and undisbursed amount plus taxes at the time of conversion.

Cheque Dishonour Charges

The Cheque Dishonour Charges are Rs. 200 

Fees on Account of External Opinion

The external opinion is from technical advocates and the fees is paid by the customer.  

Property Insurance

Customers have to pay the money to the insurance providers. 

Incidental Charges

The incidental charges are used to cover the extra expenses that a defaulter has to pay. 

Statutory / Regulatory Charges

The customer is responsible to pay for any charges that are applicable on stamp duty/MOD/MOE/Central Registry of Securitization Asset Reconstruction and Security Interest of India. 

List of Documents

Up to 500 rupees. 

Photocopy of Documents

Up to 500 rupees. 

Increase/Decrease in Loan Term

Maximum of Rs. 500 rupees. 

Disbursement Cheque Cancellation Charge Post Disbursement

Maximum of Rs. 200

Re-appraisal of Loan After 6 Months from Sanction

Maximum of Rs. 2000 plus applicable tax. 

PDC Swap

Maximum of Rs. 200 

How to apply for SBI Plot Loan with Dialabank.

• Visit Dialabank website.
• Fill in your contact details on the form that appears at the top of the page.
• Our Customer Relations officer will get in touch with you.
• You can also call us on 9878981166 for faster assistance.

Additional tips to get SBI Plot loan

• CIBIL score – Keep a close eye on your CIBIL score in order to get the best SBI Plot Loan. A minimum of 650 CIBIL score is required.
• Reduce your monthly expenditure to be able to pay the EMI timely.
• Use the Diala Bank EMI calculator to know the best EMI plans for you.
• Keep yourself update with the latest news related to SBI Plot loan.
• Net annual income of minimum 2 lakhs

Plot Loan with Construction vs Home Loan

Parameters	Plot Loans with construction	Home Loans
Tax Benefits	The plot loan and its benefits can be claimed after construction	Home Loans qualify for a tax deduction on the payment of the actual amount.
Tenure	Up to 15 years	Up to 30 years
LTV	Up to 70% of the property’s value	Up to 90% of the property’s value
Interest Rates	Similar to home loans but they can get higher	Interest rates start at @6.75%
Prepayment Penalty	Nil for people with floating rates	Nil for people with floating rates

FAQs

✅ What is the plot loan interest rate in SBI?

The interest rate of SBI plot loan depends upon the loan amount and the borrower.

✅What is SBI Plot Loan?

SBI Plot Loan is provided by the State Bank of India in order to buy a piece of land. It can be used to buy a land to build a house on, or even for investment purposes. 

✅How much processing fee is applicable on SBI Plot Loan?

The processing fees on SBI Plot loan depends upon the loan amount.

✅What is the loan tenure of the SBI Plot Loan?

Up to 30 years

✅How much EMI per lakh can be fixed on SBI Plot Loan?

The EMI depends on the loan amount, loan tenure and the income of the borrower.

✅How can I avail plot loan from SBI?

You need to be eligible and possess the required documents. 

✅How to apply for SBI Plot Loan?

You can visit the nearest bank branch or take the assistance of Dialabank.

✅How to repay the SBI Plot Loan earlier than the schedule?

Extra payments can be made to pay back the loan earlier than the designated time. 

✅Is it possible to repay my loan earlier than the schedule?

Yes, loan can be paid earlier than schedule.

✅How to check SBI Plot Loan eligibility?

You can visit SBI website or take the help from Dialabank’s customer service relationship manager by visiting our website. 

✅What is the SBI Plot Loan phone number?

If you have any questions about SBI Plot Loan, you can call us on 9878981144

✅What is the Plot Loan interest rate for women?

The SBI plot loan interest rate for women starts at 9.60 percent

✅What is SBI plot loan interest rates for salaried individuals?

The interest rate for SBI Plot Loan for salaried individuals is 7.05% to 8.0%

✅What is SBI plot loan interest rates for self-employed professionals?

The interest rate for SBI Plot Loan for self-employed professionals is from 7.25 percent to 7.75 percent

✅What is SBI plot loan interest rates for self-employed non-professionals?

The SBI plot loan interest rates for self- employed non-professions is from 7.25% to 7.75%

✅How is a plot loan different from a home loan?

A plot loan is taken to buy an idle piece of land whereas a home loan is taken to take a loan to purchase an already constructed house.  

✅Can I take a plot loan with a home loan?

Both these loans cannot be taken by a borrower simultaneously.

✅What is the maximum amount that I can take as a loan?

The loan amount can be up to 70% of the property value depending upon the payment capabilities of the borrower.

✅Can a plot loan be taken on any plot, anywhere?

 A plot loan can be used to buy a piece of land within municipal limits for investment purposes or construction.

✅What is a Balance Transfer on Plot Loan?

The plot loan balance transfer can be availed at an interest rate starting from 6.75%.

✅Do I get any tax benefits on a plot loan?

Plot loan combined with a construction loan can be used to avail tax benefits after the construction is completed under section 80C of the income tax act.

✅How many years can I keep the plot of land before starting construction?

In case of a Plot Loan with construction loan, the construction has to begin before the designated time decided upon by the bank and the borrower.