Bank of Baroda Plot Loan Features
| Interest Rate | 7.00% onwards |
| Loan Amount | Rs. 1 Lakh to Rs. 5 crores |
| Tenure | Up to 15 years |
| Processing Fees | Up to 1% of the loan amount |
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Eligibility criteria for Bank of Baroda Plot Loan
- Borrower’s Age should be 21 to 60 years.
- The minimum income for eligibility should be ₹ 20,000 and Above.
- Work experience required for Salaried Individual is a minimum of 2 years.
- Self-Employed People Business Sustainability should be at least 3 years.
- The CIBIL Score should be 650 or above.
Benefits of Bank of Baroda Plot Loan
- Different types of schemes to suit customer’s fund requirements.
- The interest rate associated with the repo rate starts from 7.00% per annum.
- The loan term extends up to 15 years.
- Free credit card with an offer.
- Free risk insurance for all plot loans.
- There are no advance payments on the floating plot or land loan rate.
- Many loan repayment options for the convenience of customers.
Plot Loan
If you come upon a plot for sale that you think makes the perfect location for your future home, then a plot loan can help you take advantage of the opportunity. Unlike home purchase loans that are used to purchase existing, underlying properties, plot loans allow you to purchase land.
You can use a plot loan to buy land so that you can build on it in the future. Plot loans can have tenures of up to 15 years.
One restriction on plot loans in India is that the plot loan or land cannot be used to purchase agricultural land. It is quite easy to get approval for plot or land loans. Generally, it does not take more than a week for your application to be approved. To apply for a plot loan, you must be at least 21 years of age and not more than 60 years old.
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1. Plot Loan Interest Rates
In the case of loans for getting land and plot loans, the speed of interest is the same. Bank of Baroda might give some higher marks for the plot loan purchase than home loans. Banks allow a group time for construction on the plot, and also the borrower is required to present a construction certificate to the bank. If the borrower doesn’t depend on the plot within the amount from the date of the primary disbursement, the structure of land loan interest rates changes from a loan to a loan against property for the borrower.
2. Loan to Value Ratio (LTV)
Loan to value or LTV means the quantity of loan that a borrower will get against his property. LTV just in case of grant of loan for purchase of land with construction. , is kind of low and may be capped at a maximum of 70% of the land value. just in case of equity credit line, LTV is between 75% to 90%.
3. Time Period
Land loans have a comparatively longer tenure of 15 years than those in home loans with an extended tenure of 30 years. Therefore, the EMI in terms of loans for plot purchase is beyond that of normal home loans. The time period for a land loan may also depend up on the age, and repayment capacity of the borrower.
4. Tax Benefits
Home loans qualify for tax write-off on payment of a principal amount under Section 80C of the revenue enhancement Act also as Section 24 (b) of the revenue enhancement Act. On the opposite hand, tax benefits aren’t available on a land loan. However, borrowers can claim a write-down on the loan if the home is constructed on a plot purchased by the borrower. After completion of construction on the plot, one can claim a deduction against the loan amount taken for construction.
5. Prepayment Penalty
A floating-rate loan is sanctioned to an individual borrower if the prepayment penalty is exempted or if a borrower wishes to repay the amount of the loan. However, a land loan form of a home equity loan can attract a prepayment charge of two.4% of the prepaid amount if taken by a non-individual borrower. A borrower must always read the loan agreement very carefully, and clear their doubts before signing the agreement.
Types of Bank of Baroda Plot Loan
Plot loan
A loan for plot purchase can only be taken for the purchase of an empty residential plot or a piece of land, which can then be used for the purpose of building a house or for investment. The property must be located within the municipal or corporate limits. This type of loan is a high-risk loan. However, it mainly depends on factors like employment type, loan amount for plot purchase, and loan type.
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Plot + Construction Loan
This loan is taken to purchase residential plots and build a house on the property within the stipulated time. If a borrower does not start construction within a specified period, the bank may increase the interest rate on the loan.
Bank of Baroda plot loans for Self-Employed Individuals
Who can apply Bank of Baroda plot loans self-employed?
| Self-Employed Professional | Self-Employed Non-Professional |
| Health Care Workers or Doctors | Contractors |
| Teachers or Tutors | Different Traders |
| Chartered Accountants | Handyman or Workers |
| Engineers, etc. | Commission Agents, etc. |
Type of Bank of Baroda plot loans self-employed
TruFixed plot Loan – 2 Year Fixed Rate Vary
The loan gives customers one a {part of} the fixed-rate and one part of the fixed rate. Under the TruFixed plot Loan, the applicant can get a set rate of up to 2 years, after which the loan are converted into a variable rate loan, a loan period of 15 years.
Flexible loan rate
The loan rate of interest is updated once every three months. If there’s a change within the RPLR, the date of initial release is taken into account. a rise within the charge per unit will increase the rate of EMI which has led to a decrease within the main share. this may extend the loan period, and similarly, in cases where interest rates fall.
Bank of Baroda Plot Loan Interest Rates For Self-Employed Individuals
Bank of Baroda Adjustable Home Plot Loan
| The Loan | Plot Loan Interest Rate (in %) |
|---|---|
| Women (up to 30 lakh) | 7.05 to 7.55 |
| Others (up to 30 lakh) | 7.10 to 7.60 |
| Women (above 30 lakh) | 7.30 to 7.80 |
| Others (above 30 lakh) | 7.35 to 7.85 |
| Women (75.01 Lakhs & Above) | 7.40 to 7.90 |
| Others (75.01 Lakhs & Above) | 7.45 to 7.95 |
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Bank of Baroda TruFixed Loan – 2 Year Fixed Rate Variant
| The Loan | Plot Loan Interest Rate (in %) |
|---|---|
| Women (upto 30 Lakhs) | 7.50 to 8 |
| Others (upto 30 Lakhs) | 7.55 to 8.05 |
| Women (Above 30 Lakhs) | 7.65 to 8.15 |
| Others (Above 30 Lakhs) | 7.70 to 8.20 |
| Women (75.01 Lakhs & Above) | 7.75 to 8.25 |
| Others (75.01 Lakhs & Above) | 7.80 to 8.30 |
Bank of Baroda Plot Loan Interest Rates For Self-Employed Professionals
Bank of Baroda Adjustable Rate Plot Loan
| The Loan | Plot Loan Interest Rates (in %) |
|---|---|
| Women (Upto 30 Lakhs) | 7.20 to 7.70 |
| Others (Upto 30 Lakhs) | 7.25 to 7.75 |
| Women (Above 30 Lakhs) | 7.45 to 7.95 |
| Others (Above 30 Lakhs) | 7.50 to 8 |
| Women ( 75.01 Lakhs & Above) | 7.55 to 8.05 |
Bank of Baroda TruFixed Loan – 2 Year Fixed Rate Variant
| The Loan | Plot Loan Interest Rates (in %) |
|---|---|
| Women (up to 30 Lakhs) | 7.65 to 8.15 |
| Others (up to 30 Lakhs) | 7.70 to 8.20 |
| Women (Above 30 Lakhs) | 7.80 to 8.30 |
| Others (Above 30 Lakhs) | 7.85 to 8.35 |
| Women ( 75.01 Lakhs & Above) | 7.90 to 8.40 |
| Others ( 75.01 Lakhs & Above) | 7.95 to 8.45 |
Bank of Baroda Plot Loan documents required for self-employed
| Purpose | Documents |
|---|---|
| Identity and residence Proof (Any 1) | – Voter ID Card, Valid Passport, etc. |
| Proof of income | – Business statements for the last 6 months. – Savings account statements and current. |
| Other documents | – List of directors and shareholders whose shares have been verified if the business is a company. – Details of the individual outgoing and business loans with a residual value, installments, security, purpose, duration of the remaining loan, etc. |
| Property related documents | – Proof of the letter/buyer’s agreement. |
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Bank of Baroda Plot loan fees and charges for self-employed
Processing fee
For self-employed professionals, the charge can be Rs.3,000 or up to 0.50% of the total loan amount plus additional taxes.
For unprofessional self-employed, the charge can be Rs.4500 or up to 1.50% of the total loan amount plus additional taxes.
Prepayment charges
| Adjustable Rate Home Loans (ARHL) | – No advance payment is required. – On loans allowed for individual lenders in the firm, company, etc. – The customer will have to submit documents requested by the Bank of Baroda, to verify the source of funding. |
| Fixed-Rate Home Loans (FRHL) | – The customer must submit the documents requested by the Bank of Baroda. – Prepayments will be 2% plus tax and residual costs must be paid in advance by any financial institution or bank. – No prepayment fee will apply. |
| Fixed and Variable Rate Loans (Combination rate) | During the period of Fixed-Rate: – Prepayments will be 2%, plus applicable taxes and legal fees for prepaid payments to financial institutions or any banks, and will apply to all prepayment / full payments. – The client must submit the documents requested by the Bank of Baroda, to verify the source of the funds in advance of the loan. During the Variable Rate: – No prepayment fee will apply – For loans granted to individual lenders by the firm, company, etc. A prepaid fee of 2% plus tax and legal fees, as it may apply from time to time, is payable. |
The Conversion Fees
| Name of the service | Name of the charge/fee levied | When payable | Frequency | Amount |
|---|---|---|---|---|
| Switch to a lower rate in Variable Rate Loans | Conversion fees | On conversion | On every spread change | Up to 50% of the remaining principal undisclosed amount at the time of conversion or cap of 50,000 rupees and taxes at any lower level. |
| Switching to Variable Rate Loan from Fixed Rate Loan | Conversion fees | On conversion | Once | Up to 50% of the remaining principal undisclosed amount at the time of conversion or cap of 50,000 rupees and taxes at any lower level. |
| Switching from Trufixed Fixed Rate to Variable Rate Loan | Conversion fees | On conversion | Once | 1.75% of the principal outstanding balance and taxes at the time of conversion. |
| Switch to Lower Rate | Conversion fees | On conversion | On every spread change | Part of the difference in the spread on the principal outstanding balance and taxes, with a minimum of 0.5% and a maximum of 1.50%. |
| Switch to Lower Rate | Conversion fees | On conversion | On every spread change | 0.5% of the principal outstanding balance and taxes at the time of conversion. |
Cheque Dishonour Charges
The Cheque Dishonour Charges can be go as much as Rs.200
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Fees on Account of External Opinion
External opinions may come from technical attorneys and fees may be paid directly to the person concerned.
Property Insurance
The customer must always pay the premium directly to the insurance provider in order to remain active during the loan period during the policy
Incidental Charges
Emerging cases are used to cover some of the default customer costs.
Statutory / Regulatory Charges
The Customer is responsible for any costs incurred in the stamp / MOD / MOE / Central Registry of Securitization Asset Reconstruction and Security Interest of India.
List of Documents
Charges are Rs.500
Photocopy of Documents
Charges are Rs.500
Increase/Decrease in Loan Term
Charges are Rs.500
Disbursement Cheque Cancellation Charge Post Disbursement
Charges are Rs.200
Re-appraisal of Loan After 6 Months from Sanction
Charges are Rs.2000 plus all the applicable tax.
PDC Swap
Charges are Rs.200
Bank of Baroda plot loans for salaried individuals
Who can apply Bank of Baroda plot loans for salaried individuals?
| Loan Amount | Maximum Amount Provided (in %) |
|---|---|
| Up to Rs.30 lakh | 80% of the cost of the property* |
| Rs.30.01 lakh to Rs.75 lakh | 80% of the cost of the property* |
| Over Rs.75 lakh | 75% of the cost of the property* |
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Type of plot loans for salaried individuals
TruFixed Home Loan – 2 Year Fixed Rate Variants:
This loan provides only half of the convertible rate and the other half of the fixed rate. The rate changes after 2 years.
Adjustable Rate Loans:
It is subject to changed every six months. There is an increase in the interest rate that increases EMI and reduces the principal amount.
Bank of Baroda plot loan interest rates for salaried individuals
Adjustable Home Rate Loan
| Loan | Loan Interest Rates (in %) |
|---|---|
| For Women* (Upto 30 Lakhs) | 7.05 to 7.55 |
| For Others* (Upto 30 Lakhs) | 7.10 to 7.60 |
| For Women* (Above 30 Lakhs) | 7.30 to 7.80 |
| For Others* (Above 30 Lakhs) | 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 | Loan Interest Rates (% p.a.) |
|---|---|
| For Women* (upto 30 Lakhs) | 7.50 to 8 |
| For Others* (upto 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 |
Karnataka Bank plot loan documents required for salaried individuals
| Purpose | Documents |
|---|---|
| Identity and residence Proof (Any 1) | – Voter ID Card, Valid Driving License, Valid Passport, etc. |
| Income proof | – Income Tax Returns – Latest six month bank statements – Latest salary slips |
| Other Important documents | – Last six month bank statements showing your repayment of any ongoing loans. – Latest employment contract or the appointment letter in case current employment. – Passport size photograph of all the co-applicants/applicants to be included on the application with signature from the photo to the form. |
| Property related documents | – Copy of letter/buyer’s agreement. – Title Deeds in the event of resale of the previous property documents |
Karnataka Bank plot loan fees and charges for salaried individuals
Processing fees
For self-employed professionals, The loan amount of Rs.3,000 or 0.50% whichever is greater plus the applicable taxes.
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Prepayment charges
| Adjustable Rate Home Loans (ARHL) | – No advance payment is required – For loans granted to individual lenders and co-applicant, the prepayment fee is 2% plus tax. – The customer will have to submit documents requested by the Bank of Baroda, to verify the source of funding. |
| Fixed Rate Home Loans (FRHL) | – No prepayment fee will apply – The customer must submit the documents requested by the Bank of Baroda. – Prepayments will be 2% plus tax and residual costs must be paid in advance by any financial institution or bank. |
| Fixed and Variable Rate Loans (Combination rate) | During the period of Fixed-Rate: – Prepayments will be 2%, plus applicable taxes and legal fees for prepaid payments to financial institutions or any banks, and will apply to all prepayment / full payments. – The client must submit the documents requested by the Bank of Baroda , to verify the source of the funds in advance of the loan. During the Variable Rate: – No prepayment fee will apply – For loans granted to individual lenders by the firm, company, etc. A prepaid fee of 2% plus tax and legal fees, as it may apply from time to time, is payable. |
Conversion fees
| Name of the Service | The charge levied | When payable | Frequency | Amount |
|---|---|---|---|---|
| Switch to lower rate in Variable Rate Loans | Conversion fees | On conversion | On every spread change | Up to 50% of the remaining principal undisclosed amount at the time of conversion or cap of 50,000 rupees and taxes at any lower level. |
| Switching to Variable Rate Loan from Fixed Rate Loan | Conversion fees | On conversion | Once | Up to 50% of the remaining principal undisclosed amount at the time of conversion or cap of 50,000 rupees and taxes at any lower level. |
| Switching from Trufixed Rate to Variable Rate Loan | Conversion fees | On conversion | Once | 1.75% of the principal outstanding balance and taxes at the time of conversion. |
| Switching to Lower Rate | Conversion fees | On conversion | On every spread change | Part of the difference in the spread on the principal outstanding balance and taxes, with a minimum of 0.5% and a maximum of 1.50%. |
| Switching to Lower Rate | Conversion fees | On conversion | On every spread change | 0.5% of the principal outstanding balance and taxes at the time of conversion. |
Cheque dishonor charges
Up to Rs.200 (conditions apply)
Fees on account of external opinion
External opinions may come from technical attorneys and fees may be paid directly to the person concerned.
Property Insurance
The customer must always pay the premium directly to the insurance provider in order to remain active during the loan period during the policy
Charges on account of delayed payments
The customer is liable to pay an additional interest rate of up to 24% per annum if interest or EMI payment is delayed.
Incidental charges
Incidental costs and expenses are set aside to cover costs, expenses and other costs that may be incurred to obtain revenue from customers who fail to pay.
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Statutory/regulatory charges
The Customer is responsible for any costs incurred in the stamp / MOD / MOE / Central Registry of Securitization Asset Reconstruction and Security Interest of India.
List of documents
Charges are Rs.500
Photocopy of documents
Charges are Rs.500
Increase/decrease in loan term
Charges are Rs.500
Disbursement Cheque cancellation charge post disbursement
Post Disbursement the Charges are Rs.200
Re-appraisal after 6 months of loan sanction
Charges are Rs.2000 plus all the applicable tax.
PDC swap
Charges are Rs.200
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How to apply for Bank of Baroda Plot Loan With DialAbank
- Now apply for the Bank of Baroda Plot Loan with Dialabank easily.
- You just need to fill an online form with the appropriate details and required documents at the Dialabank website itself.
- Our representative from Dialabank will get in contact with you to assist you with the process.
- Just give a call at 9878981166, for any inquiries.
Additional tips to get Bank of Baroda Plot Loan Easily
- Consider getting a Co-Signer: If you are not able to get a plot loan on your own record, you can apply for one by adding a guarantor or co-signer. The CIBIL score of the guarantor you choose should be good. The main purpose of the guarantor is to ensure that you will repay your loan. However, if you are not able to do so, they themselves are liable to repay the loan. It is beneficial to choose a person with a credit score of over 750 as it will greatly increase your chances of getting a plot loan.
- Choose the right lender: Talking about income and credit score, each lender has its own set of requirements. In search of a plot loan, choose a lender whose eligibility criteria you can meet and apply accordingly. The problem with using more than one lender is that each of them will check your credit score. Whenever your entire credit report is taken out, your credit score falls, little.
Bank of Baroda Plot loan with Construction vs Home Loan
| Parameters | Plot Loan with Construction | Regular Home Loan |
| Loan to Value (LTV) | Up to 70% of the property value | Up to 90% of the property value |
| Plot + Construction Loan interest rates | The rates are similar to a home loan, but if you want the construction period to be longer then the interest rates of plot + construction loan can be higher. | The rate of Interest starts at 6.95% |
| Time Period | 15 years | 30 years |
| Prepayment Penalty | Nil in case of individuals | Nil in case of individuals |
| Tax Benefits | Plot loans and interest may be claimed after construction is completed | For principal prices under section 80C and interest rates under section 24 (b) |
FAQ’s
✅What is the Plot loan interest rate in Bank of Baroda Bank?
The Interest rate starts from 7.00% onwards.
✅ What is Bank of Baroda Bank Plot Loan?
If you come upon a plot for sale that you think makes the perfect location for your future home, then a Bank of Baroda plot loan can help you take advantage of the opportunity. Unlike home purchase loans that are used to purchase existing, underlying properties, plot loans allow you to purchase land. You can use a plot loan to buy land so that you can build on it in the future. Plot loans can have tenures of up to 15 years. One restriction on plot loans in India is that the plot loan or land cannot be used to purchase agricultural land. It is quite easy to get approval for plot or land loans. Generally, it does not take more than a week for your application to be approved. To apply for a plot loan, you must be at least 21 years of age and not more than 60 years old.
✅ How much processing fee is applicable on Bank of Baroda Bank Plot loan?
Processing fee of up to 1% of the loan amount is appliocable.
✅ What is the loan tenure of the Bank of Baroda Bank Plot loan?
The Bank of Baroda plot loan tenure is usually of up to 15 years.
✅ How much EMI per Lakh can be fixed on Bank of Baroda Bank Plot Loan?
The Bank of Baroda plot loan EMI per Lakh is ₹ 655.
✅ How can I avail plot loan from Bank of Baroda Bank?
You can avail the plot loan only if you fulfil the eligibility criteria by the Bank of Baroda.
✅ How to Apply for Bank of Baroda Plot loan?
You can apply for the plot loan at the website of Bank of Baroda or by visiting the website of Dialabank.
✅ How to repay Bank of Baroda Bank plot loan earlier than the schedule?
Visit the Bank of Baroda and check if you are eligible for the earlier payment.
✅ Is it possible to repay my loan earlier than the schedule?
Yes, its is allowed by Bank of Baroda to repay the loan earlier than scheduled.
✅ How to check Bank of Baroda + Plot Loan eligibility?
To fully understand the plot loan eligibility of Bank of Baroda plot loan the applicant must visit the website of Bank of Baroda or also can contact Dialabank for the same.
✅ What is Bank of Baroda Plot loan phone number?
For Bank of Baroda Plot loan the borrower can call – 9878981166
✅ What is Bank of Baroda plot loan interest rate for woman?
For women, the Bank of Baroda plot loan interest rate starts from 7%.
✅ What is Bank of Baroda plot loan interest rates for salaried individuals?
For Salaried Individuals the Bank of Baroda plot loan interest rate starts from 7.10%.
✅ What is Bank of Baroda plot loan interest rates for self-employed individuals?
For Self-Employed the Bank of Baroda plot loan interest rate starts from 7.10%.
✅ What is Bank of Baroda plot loan interest rates for self-employed non-professionals?
For Self-Employed Non-Professionals 7.10% is the interest rate for Bank of Baroda plot loan.
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✅ How is a plot loan different from a home loan?
The basic difference can be:
- The loan tenure i.e. the Bank of Baroda plot loan tenure can go up to 15 years whereas the home loan tenure can go as high as 30 years.
- Plot loan is for empty piece of land whereas home loans are for the purchase of residents.
- No tax benefits are provided in Bank of Baroda plot loans whereas Bank of Baroda home loan owners can enjoy tax benefits over their loan amounts.
✅ Can I take a plot loan along with a home loan?
Usually it is not allowed to get multiple loans by Bank of Baroda even if elligible.
✅ What is the maximum amount that I can take as a loan?
The maximum amount depends upon the documents produced of the plot to the Bank of Baroda.
✅ Can a plot loan finance an investment in any plot, anywhere?
Yes, a Bank of Baroda plot loan can be used to purchase plot anywhere in India.
✅ What is a Balance Transfer on Plot Loan?
Balance Transfer for Bank of Baroda plot loan helps you lower your EMIs by transferring your remaining loan to other financial institutions to one that offers a lower interest rate.
✅ Do I get any tax benefits on a plot loan?
No, unfortunately no tax benefits are provided with Bank of Baroda plot loan.
✅ How many years can I keep the plot of land before starting construction?
For Bank of Baroda plot loan with Construction please contact the bank for more information regarding the scheme or call Dialabank at 9878981166.
