Bank of India Plot Loan Features
| The Interest Rates | 6.85% |
| Time Period | 15 years extendable up to 30 years |
| LTV | 85% |
| Processing Fees | 0.25% and a maximum of upto Rs. 20,000 only |
Eligibility criteria for Bank of India Plot Loan
Profiles that are Eligible –
- Salaried employees
- Self-employed non-Professionals
- Self-employed persons
Age requirements – 21 to 70 years
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Benefits of Bank of India Plot Loan
- Payment period of up to 15 years
- The maximum loan amount available up to Rs. 5 pounds
- There are no advance payments under the floating rate option
- Simplified application process and quick acceptance
- Low processing costs
- Available to all income and self-employed people
- Interest on Daily Reducing Balance Basis
- Free Personal Insurance Insurance Cover (banking renewal)
- Life Insurance Cover for Borrowers to Protect Loans (if You Will)
Plot Loan
If you are conspiring and feel that a certain piece of land could be a good place perhaps for your future home or it could be a good investment for your future or for any other reason, then a site loan from a central bank in india can help you with your profit.
A land site can be a good investment that can grow in value over time. Therefore, the conspiracy can provide an improved return at the time of resale. Even historically many Indians have been buying land and buildings for a variety of purposes so borrowing a plan can be a huge loan for those types of people.
1. Tenure
The land or plot loan has a comparatively 15-year term and can be extended by a bank for a period of 30 years.
2. Prepayment Fine
Loan prepaid loans are issued to individual borrowers but if the site loan is taken out by individual lenders or joint applicants rather than attracting a prepaid interest rate of 4%.
3. Loan to Value Ratio (LTV)
LTV is the amount of credit that the applicant or borrower will receive on a piece of land. Iff is a site loan and construction loan where the loan amount can be low and can reach up to 80% of the value of the property.
4. Tax Benefits
Domestic loans are eligible for principal value under Section 80C of the Tax Act in addition to Section 24 (b) of the Development Act and, however, tax benefits are not available on assisted loans. However, after successfully completing the construction of a loan site, a person is eligible to claim a loan reduction.
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Types of Bank of India Plot Loan
Bank of India Plot loan
A Plot Loan produced by Bank of India can be used to buy a site that attracts a borrower and can later be used for housing or investment purposes.
Bank of India Plot with Construction Loan
The loan can be taken with the purchase of land or any plot without any type of residence on it, but also the borrower must construct a home or residence on the plot within a specified time. The bank may increase the interest rate on a loan if construction does not commence on a particular site.
Bank of India plot loans for self-employed
People are working in this Indian Bank for a private property loan or any other joint venture. Applicants must be in charge of the site. Several times applicants include family members and do not want to be property managers.
The loan term is up to 15 years one can pay.
The term of the loan depends on factors such as the payment framework applied by the applicant.
The profile of the applicant, the age of the applicant during the maturity of the loan, and the age of the property/property at the time of the maturity of the loan are important factors during the name of the loan.
Type of plot loans self-employed
TruFixed plot Loan – 2 Year Fixed Rate Vary
In this the person receives a fixed interest rate for up to 2 years. The time provided by the variable rate and the fixed rate is provided to the Bank of India customers. Whenever a loan is revised for a fixed loan amount, this enhances the clause effect for a full 15 years of the loan.
Flexible loan rate
Loans for a corresponding property are included with the Bank of India Retail Prime disposition Rate (RPLR). If there is a change within the RPLR, taking into account the estimated issuance date, there is a charge review for each loan unit every three months. There is an increase within the EMI interest item if there is an increase within the sequence control in the sequence that can reduce the main item. This can extend the loan period, and externally, in cases where charges per unit are declining.
Bank of India Plot Loan Interest Rates For self-employed Non – Professionals
Bank of India Adjustable Home Plot Loan
| Loan Slab | Plot Loan Interest Rate (% 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 |
Bank of India TruFixed Loan – 2 Year Fixed Rate Variant
| Loan | Plot Loan Interest Rate (% 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 |
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Bank of India Plot Loan Interest Rates For self-employed professionals
Bank of India Adjustable Rate Plot Loan
| Loan | Plot Loan Interest Rates (% p.a.) |
|---|---|
| For Women* (Upto 30 Lakhs) | 7.20 to 7.70 |
| For Others* (Upto 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 |
Bank of India TruFixed Loan – 2 Year Fixed Rate Variant
| Loan | Plot Loan Interest Rates (% p.a.) |
|---|---|
| For Women* (upto 30 Lakhs) | 7.65 to 8.15 |
| For Others* (upto 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 |
Bank of India Plot Loan documents required for both self-employed Professionals and Non-Professionals
| Requirements | Self Employed Individuals |
| Proof of Identity | Valid Identity Card or the borrowers’ passport |
| Proof of address | Any govt. certified document or identity proof showing the borrowers’ address |
| Financial Details | ITR documents, proof of business, P/L statements. |
| Other Documents | Plot papers or documents that the borrower requires loan for |
Bank of India Plot loan fees and charges for self-employed
Processing fee
The Self-employed professionals will be charged Rs.3,000 or up to 0.50% with additional taxes and the non-professional self-employed will be charged up to Rs.4500 or up to 1.50% with additional taxes.
Prepayment charges
| Adjustable-Rate Home Loans | – No prepayment fee – 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 fee – The customer must submit all the documents that the Bank Of India requires. |
| Fixed and Variable Rate Loans | – The customer must submit documents that the Bank Of India requests to confirm the source of funds. – No prepayment charges applicable. |
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 | A cap of up to 50% of the original outstanding |
| Switching to Variable Rate Loan from Fixed Rate Loan | Conversion fees | On conversion | Once | A cap of up to 50% of the original outstanding |
| Switching from Trufixed Fixed Rate to Variable Rate Loan | Conversion fees | On conversion | Once | 1.75% original arrears and tax in excess of the undisputed amount at the time of conversion. |
| Switch to Lower Rate | Conversion fees | On conversion | On every spread change | Half of the spread difference on principal dues and a minimum fee of 0.5% and a maximum fee of 1.550%. |
| Switch to Lower Rate | Conversion fees | On conversion | On every spread change | 0.5% of tax in excess of the original outstanding and undisputed amount at the time of conversion. |
Cheque dishonor charges
Rs.200 + GST
Fees on Account of External opinion
Outside Opinion may be either from technical value or from advocates and fees may be paid directly to the person concerned, depending on the type of support provided
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Property insurance
The customer should regularly pay the premium amount directly to the insurance provider so that he remains active during the loan term during the policy
Statutory/regulatory charges
The customer will be fully responsible for all charges applicable for the stamp duty.
List of documents
Rs.500 + GST
Photocopy of documents
Rs.500 + GST
Increase/decrease in loan term
Rs.500 plus applicable tax
Disbursement Cheque cancellation charge post disbursement
Post Disbursement the charge can go up to Rs.200 + GST
Re-appraisal of loan
Rs.2000 + GST
PDC swap
Rs.200 + GST
Bank of India plot loans for salaried individuals
Who can apply Bank of India plot loans for salaried individuals?
| Loan | Maximum Amount (in %) |
|---|---|
| Up to Rs.30 lakh | upto 80% |
| Rs.30.01 lakh to Rs.75 lakh | upto 80% |
| Over Rs.75 lakh | upto 70% |
Type of plot loans for salaried individuals
TruFixed plot Loan – 2 Year Fixed Rate Vary
In this the person receives a fixed interest rate for up to 2 years. The time provided by the variable rate and the fixed rate is provided to the Bank of India customers. Whenever a loan is revised for a fixed loan amount, this enhances the clause effect for a full 15 years of the loan.
Adjustable-loan rate
Loans for a corresponding property are included with the Bank of India Retail Prime disposition Rate (RPLR). If there is a change within the RPLR, taking into account the estimated issuance date, there is a charge review for each loan unit every three months. There is an increase within the EMI interest item if there is an increase within the sequence control in the sequence that can reduce the main item. This can extend the loan period, and externally, in cases where charges per unit are declining.
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Bank of India 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 |
Bank of India plot loan documents required for salaried individuals
| Requirements | Self Employed Individuals |
| Proof of Identity | Valid Identity Card or the borrowers’ passport |
| Proof of address | Any govt. certified document or identity proof showing the borrowers’ address |
| Financial Details | Last 6-month salary slips of the borrower |
| Other Documents | Plot papers or documents that the borrower requires loan for |
Bank of India plot loan fees and charges for salaried individuals
Processing fees
For self-employed professionals, the processing charges can go as high as of Rs.3,000 or 0.50% + GST
Prepayment charges
| Adjustable-Rate Home Loans | – No prepayment fee – 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 fee – The customer must submit all the documents that the Bank Of India requires. |
| Fixed and Variable Rate Loans | – The customer must submit documents that the Bank Of India requests to confirm the source of funds. – No prepayment charges applicable. |
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 | A cap of up to 50% of the original outstanding |
| Switching to Variable Rate Loan from Fixed Rate Loan | Conversion fees | On conversion | Once | A cap of up to 50% of the original outstanding |
| Switching from Trufixed Fixed Rate to Variable Rate Loan | Conversion fees | On conversion | Once | 1.75% original arrears and tax in excess of the undisputed amount at the time of conversion. |
| Switch to Lower Rate | Conversion fees | On conversion | On every spread change | Half of the spread difference on principal dues and a minimum fee of 0.5% and a maximum fee of 1.550%. |
| Switch to Lower Rate | Conversion fees | On conversion | On every spread change | 0.5% of tax in excess of the original outstanding and undisputed amount at the time of conversion. |
Cheque dishonour charges
Up to Rs.200 (conditions apply)
Fees on account of external opinion
Outside Opinion may be either from technical value or from advocates and fees may be paid directly to the person concerned, depending on the type of support provided
Property Insurance
The customer should regularly pay the premium amount directly to the insurance provider so that he remains active during the loan term 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 borrower will be fully responsible for all charges applicable for the stamp duty.
List of documents
Can go up to Rs.500
Photocopy of documents
Can go up to Rs.500
Increase/decrease in loan term
Can go up to Rs.500 plus the term loan applicable
Disbursement Cheque cancellation charge post disbursement
Post Disbursement the charge can go up to Rs.200
PDC swap
Can go up to Rs.200
Re-appraisal of loan
Can go up to Rs.2000 plus all the applicable tax
How to apply for Bank of India Plot Loan With DialAbank
- Apply for the Bank of India Plot Loan directly from Dialabank.
- Visit dialabank website, check you eligiblity, and fill in the Bank of India plot loan form.
- Call at 9878981166 to get help if facing any issue or need any assistance with the process.
- After your call, you will be contacted by Dialabank expert and he/she will help you with any problems you are facing.
Additional tips to get Bank of India Plot Loan Easily
- Always check the plot documents and make sure there are no problems with the plot.
- Always carry original identity proof and all the statements produced must be original. (eg: Payslips, ITR, etc.)
- Try to limit the loan amount as a higher loan attracts higher interest rates.
- Be cooperative with the experts trying to assist you throughout the process of plot loan.
Bank of India Plot loan with Construction vs Home Loan
| Parameters | Plot Loan with Construction | Regular Home Loan |
| Tenure | Up to 15 years (extendable) | Up to 30 years (extendable) |
| Prepayment fine | Not required for individuals | Not required for individuals |
| Loan to Value (LTV) | 80% | 90% |
| Plot with Construction Loan interest rates | Can be slightly higher than home loans or equal mostly | Usually starts at 6.90% |
| Tax Benefits | Are eligible only after successful construction of a home on the plot | Are eligible to get tax benefits |
FAQ’s
✅ What is the Plot loan interest rate in the Bank of India?
The Bank of India plot loan starts at 6.85%.
✅ What is a Bank of India Plot Loan?
If you are conspiring and feel that a certain piece of land could be a good place perhaps for your future home or it could be a good investment for your future or for any other reason, then a site loan from a central bank in India can help you with your profit. A land site can be a good investment that can grow in value over time. Therefore, the conspiracy can provide an improved return at the time of resale. Even historically many Indians have been buying land and buildings for a variety of purposes so borrowing a plan can be a huge loan for those types of people.
✅ How much processing fee is applicable on the Bank of India Plot loan?
Bank of India charges a processing fee of 0.25% and a maximum of upto Rs. 20,000 only.
✅ What is the loan tenure of the Bank of India Plot loan?
The Bank of India plot loan tenure is a minimum of 15 and a maximum of 30 years.
✅ How much EMI per Lakh can be fixed on Bank of India Plot Loan?
The Bank of India plot loan EMI per Lakh is ₹ 772.
✅ How can I avail plot loan from Bank of India Bank?
After passing the eligibility for plot loan by Bank of India you can avail a plot loan from Bank of India.
✅ How to Apply for Bank of India Plot loan?
Go to the website of Dialabank or Bank of India and proceed accordingly.
✅ How to repay the Bank of India plot loan earlier than the schedule?
Visit the Bank of India website and check if you are eligible for the earlier payment.
✅ Is it possible to repay my loan earlier than the schedule?
Yes, you can repay your loan earlier than the schedule for the Bank of India plot loan.
✅ How to check Bank of India + Plot Loan eligibility?
Please check the eligibility requirements mentioned on the Dialabank website or the website of the Bank of India.
✅ What is the Bank of India Plot loan phone number?
For Bank of India Plot loan, the applicant can call – 9878981166 to get your plot loan faster.
✅ What is Bank of India plot loan interest rate for woman?
For women, the Bank of India plot loan interest rate starts from 6.85% – 7.05%.
✅ What is Bank of India plot loan interest rates for salaried individuals?
For Salaried Individuals 7.10% at Bank of India.
✅ What is Bank of India plot loan interest rates for self-employed individuals?
For Self-Employed 7.10% at Bank of India.
✅ What is Bank of India plot loan interest rates for self-employed non-professionals?
7.10% is the interest rate for Bank of India plot loan for Self-Employed Non-Professionals.
✅ How is a plot loan different from a home loan?
The difference:
- Tax benefits for Home loan owners but Bank of India plot loans don’t have any tax benefits.
- The LTV ratio in Bank of India plot loans is less than home loans.
✅ Can I take a plot loan along with a home loan?
No, it is not allowed to get multiple loans from the Bank of India.
✅ What is the maximum amount that I can take as a loan?
The maximum loan amount is determined by Bank of India after evaluating your plot documents..
✅ Can a plot loan finance an investment in any plot, anywhere?
Yes, a Bank of India plot loan can be used to purchase plot anywhere within the country.
✅ What is a Balance Transfer on Plot Loan?
Balance Transfer for Bank of India 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, as of now no tax benefits are provided with Bank of India plot loan.
✅ How many years can I keep the plot of land before starting construction?
For Bank of India plot loan with Construction please visit the nearest branch of Bank of India or just call Dialabank at 9878981166 for assistance regarding the same.
