Features of Paschim Banga Gramin Bank Plot Loan
| Interest Rate | 9.95% onwards |
| Loan Amount | Rs. 25 lakh – Rs. 100 lakh |
| Loan Tenure | Up to 20 years |
| Processing Charges | As the bank decides |
Eligibility Criteria of Paschim Banga Gramin Bank Plot Loan
- Individual salaried employees, self-employed persons, professionals, any other person having a legal, identified, and regular source of income.
- The applicant has to be 18 years old according to the date on the application.
Benefits of Paschim Banga Gramin Bank Plot Loan
- Offers plot loans with low-interest rates.
- Provides fast service
- Quick approval and disbursal of the loan
- Efficient workers
- Minimum documents required.
Plot Loan
Plot Loans are provided by many banks across India. They are usually given to individuals who wish to buy a plot or a flat. Plot Loans, also known as land loans, are often confused with home loans. In fact, these two words are used interchangeably. However, there is a difference between the two that should be understood.
Land Loan Interest Rates
The rate of interest is the same for both, although, it varies from bank to bank to give higher interests for the land loan instead of the home loan. The bank will provide a stipulated time for the construction over the said plot. The borrower is then required to submit a construction certificate to the bank. If the construction does not begin or end within the stipulated date, the land loan interest rate will subsequently change from a home loan to a loan against property.
Loan to Value Ratio
This means the amount of loan that a borrower will get against his property. LTV is lower for land purchases with construction than with home loans and ranges from 75% to 90%.
Lower Tenure
Land Loans provide a shorter tenure of up to 15 years. Home loans, on the other hand, offer up to 30 years of tenure. Hence, the EMI in the case of a loan for plot purchase is higher than that of regular home loans. The tenure depends upon the age or repayment capacity.
Tax Benefits
Home Loans qualify for a tax deduction of the actual amount that is mentioned under Section 80C of the Income Tax Act. Tax benefits on land loans are not available. Borrowers are allowed to claim a tax deduction on the loan if the house constructed is purchased.
Prepayment Penalty
Floating rate loans that are sanctioned to certain borrowers are free from the prepayment penalty for both a home loan and a land loan but both may charge 2-4% of the penalty if a non-individual borrower has taken the money. The borrower should read the charges and accept them before signing any agreement.
Types of Plot Loan Paschim Banga Gramin Bank Plot Loan provides
Plot loans are of two types, plot loans, and plot+ construction loans. The difference between a plot loan and a plot+ construction loan should be understood.
Plot Loan
A plot loan is a loan that is taken specifically to purchase land. An individual can decide what he wants with the land. It will not be of any concern for the bank as long as the loan is repaid. However, such loans are risky as there are no tax benefits. A plot loan is given only when the plot, in question, is in the same municipality.
Plot+ construction Loan
A plot+ construction loan is availed to not only purchase land but to also construct on it. An individual, in this case, has to begin and end the construction within the decided time, the failure to do which will lead to an increase in the interest rate.
Paschim Banga Gramin Bank Plot Loan for Self-employed Individuals
The Paschim Banga Gramin Bank Plot Loan offers many exciting benefits for any self-employed professional or non-professional.
Who Can Apply for a Self-employed Paschim Banga Gramin Bank Plot Loan
The self-employed individuals can apply for a Paschim Banga Gramin Bank Plot Loan if they follow the criteria.
| LOAN AMOUNT | MAXIMUM FUNDING |
| Above Rs. 30 lakh to up to 75 lakh. | Up to 80% of the market value or document cost of the property, whichever is lower. |
| Above Rs. 75 lakh. | Up to 75% of the market value or document cost of the property, whichever one happens to be lower. |
Types of Plot Loans for Self-employed Individuals
Paschim Banga Gramin Bank Plot Loan has various schemes that any self-employed individual along with a salaried individual can avail of.
- Adjustable-Rate Loan: This refers to the Retail Prime Lending Rate. It is changed every six months. There is a rise in the interest rate that in turn increases the EMI and reduces the principal amount.
- TrueFixed Home Loan- 2/3 Year Fixed Rate Variant: This loan provides half of an adjustable-rate and half of a fixed rate. The rate is changed after 2/3 years.
Paschim Banga Gramin Bank 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 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 |
Paschim Banga Gramin Bank Plot Loan Interest Rates for Self-employed non-professionals:
Adjustable Home Rate Loan:
The Retail Prime Lending Rate for Paschim Banga Gramin Bank is 16.20%
| 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 8.00 |
| For Women* ( 75.01 Lakhs & Above) | 7.55 to 8.05 |
TruFixed Loan- 2/3 Year Fixed Rate Variant:
The Retail Prime Lending Rate for self-employed individuals stands at 16.20%
| 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 |
Paschim Banga Gramin Bank Plot Loan Documents Required for Self-employed Individuals
|
Address Proof (Aadhaar, Voter ID, Passport, Driving License, etc.) ID Proof (Aadhaar, PAN, Passport, Driving License, Voter ID, etc.) Photograph Form 16 or latest salary slips Bank account statements of the previous 6 months Document for proof of Business, of min. 5 years (for Businessmen/ self-employed individuals) |
Paschim Banga Gramin Bank Plot Loan fees for Self-employed Individuals
Processing Fees:
The processing fees for the Paschim Banga Gramin Bank Plot Loan is 2,500-5,000 rupees.
Pre-payment Charges
| Adjustable-Rate Home Loans |
|
| Fixed-Rate Home Loans |
|
| Fixed and Variable Rate Loans | Fixed and Variable Rate Loans (Combination rate)
|
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 can be paid directly to the person involved.
Property Insurance
Customers are advised to pay a certain amount to the insurance providers.
Incidental Charges
The incidental charges are used to cover certain other expenses for a default customer.
Statutory / Regulatory Charges
The customer is responsible for any charges that are applicable on stamp duty/MOD/MOE/Central Registry of Securitisation 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
Up to 500 rupees.
Disbursement Cheque Cancellation Charge Post Disbursement
Up to 200 rupees.
Re-appraisal of Loan After 6 Months from Sanction
Up to 2000 rupees plus applicable tax.
PDC Swap
Up to 200 rupees.
Paschim Banga Gramin Bank Plot Loan for Salaried Individuals
The Paschim Banga Gramin Bank Plot Loan allows salaried individuals to apply for a plot loan if they are within the age of 23 to 62.
Who Can Apply for a Salaried Paschim Banga Gramin Bank Plot Loan
The salaried individuals who can apply for a Paschim Banga Gramin Bank Plot Loan should follow the criteria given below.
| LOAN AMOUNT | MAXIMUM FUNDING |
| Above Rs. 30 lakh to up to 75 lakh. | Up to 80% of the market value or document cost of the property, whichever is lower. |
| Above Rs. 75 lakh. | Up to 75% of the market value or document cost of the property, whichever one happens to be lower. |
Types of Plot Loans for Salaried Individuals
Paschim Banga Gramin Bank has various schemes that any self-employed individual along with a salaried individual can avail of.
- Adjustable-Rate Loan: This refers to the Retail Prime Lending Rate. It is changed every six months. There is an increase in the interest rate that increases the EMI and in turn, reduces the principal amount.
- TrueFixed Home Loan- 2/3 Year Fixed Rate Variant: This loan provides only half of an adjustable-rate and another half of a fixed rate. The rate is changed after 2/3 years.
Paschim Banga Gramin Bank 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 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 |
Paschim Banga Gramin Bank Plot Loan Documents Required for Salaried Individuals
| Proof of Address (Aadhaar, Voter ID, Passport, Driving License, etc.)
Proof of Identity (Aadhaar, PAN, Passport, Driving License, Voter ID, etc.) Photograph Form 16 or latest salary slips Bank account statements of the previous 6 months |
Paschim Banga Gramin Bank Plot Loan fees for Salaried Individuals
Processing Fees:
The processing fees for the Paschim Banga Gramin Bank is 2,500-5,000 rupees.
Pre-payment Charges
| Adjustable-Rate Home Loans |
|
| Fixed-Rate Home Loans |
|
| Fixed and Variable Rate Loans | Fixed and Variable Rate Loans (Combination rate)
|
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 200 rupees.
Fees on Account of External Opinion
The external opinion is from technical advocates and the fees can be paid off directly to the person involved.
Property Insurance
Customers are asked to pay a certain amount of money to the insurance providers.
Incidental Charges
The incidental charges are used to cover certain extra expenses for a default customer.
Statutory / Regulatory Charges
The customer is responsible to pay for any charges that are applicable on stamp duty/MOD/MOE/Central Registry of Securitisation 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
Up to 500 rupees.
Disbursement Cheque Cancellation Charge Post Disbursement
Up to 200 rupees.
Re-appraisal of Loan After 6 Months from Sanction
Up to 2000 rupees plus applicable tax.
PDC Swap
Up to 200 rupees.
How to Apply for Paschim Banga Gramin Bank Plot Loan with Dialabank
- Open the Dialabank website
- Visit the Paschim Banga Gramin Bank Plot Loan
- Check your eligibility.
- Apply online
- Wait for an expert to call you.
Additional Tips to get Paschim Banga Gramin Bank Plot Loan
- Check the website for any other information that you might require.
- Check if you have all your documents
- Check to see if you are eligible.
Plot Loan with Construction VS Home Loan
| Parameters | Plot Loan with Construction | Home Loans |
| Tenure | Up to 15 years | Up to 30 years |
| Tax | 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. |
| Interest Rates | Similar to home loans | The interest rate starts at 7.40% |
| LTV | Up to 70% of the property value | Up to 90% of the property value |
| Prepayment charges | Nil | Nil |
FAQs
✅ What is the plot loan interest rate of Paschim Banga Gramin Bank Plot Loan?
The interest rate of the Paschim Banga Gramin Bank Plot Loan is 9.95% onwards.
✅What Paschim Banga Gramin Bank Plot Loan?
Paschim Banga Gramin Bank Plot Loan allows one to purchase land to construct on it. Plot loans are of two types with each having specific functions.
✅How much processing fee is applicable on Paschim Banga Gramin Bank Plot Loan?
The processing fees on Paschim Banga Gramin Bank Plot Loan are 2,500-5,000 rupees.
✅What is the loan tenure of the Paschim Banga Gramin Bank Plot Loan?
Up to 20 years
✅How much EMI per lakh can be fixed on the Paschim Banga Gramin Bank Plot Loan?
Rs. 3,423 per lakh
✅How can I avail plot loan from Paschim Banga Gramin Bank Plot Loan?
You need to fulfill the eligibility criteria and provide the required documents.
✅How to apply for Paschim Banga Gramin Bank Plot Loan?
You can visit Dialabank, open the Paschim Banga Gramin Bank page, and fill out the application form.
✅How to repay the Paschim Banga Gramin Bank Plot Loan earlier than the schedule?
You can make extra payments than the stipulated amount to repay the loan early.
✅Is it possible to repay my loan earlier than the schedule?
Yes, it is possible to repay the loan earlier than the schedule.
✅How to check Paschim Banga Gramin Bank Plot Loan eligibility?
You can check your eligibility using the eligibility criteria calculator on the Paschim Banga Gramin Bank website.
✅What is the Paschim Banga Gramin Bank Plot Loan phone number?
If you have any questions about the Paschim Banga Gramin Bank Plot Loan, you can call 9878981144
✅What is the Plot Loan interest rate for women?
The plot loan interest rate for women is 7.05%
✅What is Paschim Banga Gramin Bank Plot Loan interest rates for salaried individuals?
The interest rate for Paschim Banga Gramin Bank Plot Loan for salaried individuals is 7.05% to 8.0%
✅What is Paschim Banga Gramin Bank Plot Loan interest rates for self-employed individuals?
The interest rate for Paschim Banga Gramin Bank Plot Loan for self-employed individuals is 7.25% to 7.75%
✅What is Paschim Banga Gramin Bank Plot Loan interest rates for self-employed non-professionals?
The interest rate for women is up to 7.25 to 7.75%
✅How is a plot loan different from a home loan?
A plot loan is availed to buy residential land while a home loan is taken to buy residential built-up/under-construction property.
✅Can I take a plot loan with a home loan?
No. You can avail of either one of them.
✅What is the maximum amount that I can take as a loan?
The loan amount is up to 70% of the property value.
✅Can a plot loan finance investment in any plot, anywhere?
A plot loan can be financed only within municipal limits of pre-specified locations or, in cases of direct allotment by the concerned development authority, outside municipal limits.
✅What is a Balance Transfer on Plot Loan?
A home loan balance transfer can be availed at an interest rate starting from 6.75%.
✅Do I get any tax benefits on a plot loan?
No.
✅How many years can I keep the plot of land before starting construction?
If the plot loan has been taken specifically for construction, the construction should begin immediately.
