[ecis2016.org] This article will help you find the best bank to get plot loans and know the latest land loan interest rates
Banks offer plot loans that enable you to purchase a piece of land and construct a house of your choice. Just like availing any other loan, such as home loan,a borrower needs to decide which bank to approach, based on land loan interest rates. This article will help you find the best bank to get plot loans.
You are reading: Plot loan: Check out the lowest land loan interest rates from the best banks
Bank of Maharashtra plot loan
Mumbai-based Bank of Maharashtra offers plot loans to purchase plots and construct your own abode.
Bank of Maharashtra land loan interest rates
| Rate of interest on home loan | Best rate | Highest rate |
| For applicants with CIBIL score 800 and above | 6.40% | 7.15% |
| For applicants with CIBIL score between 750 and 799 | 6.50% | 7.60% |
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Longest tenure: 30 years
Processing fees: None
Affordability scale: High
Bank of Baroda plot loan
Public lender Bank of Baroda (BoB) also offers plot loans at affordable rates. Those who want to take a plot loan only from a public sector bank may approach BoB.
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Bank of Baroda land loan interest rates
| Rate of interest on home loan | Best rate | Highest rate |
| For women | 6.50% | 7.85% |
| For men | 7.40% | 7.65% |
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Longest tenure: 30 years
Processing fees: 0.25% of the loan amount
Affordability scale: High
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Union Bank plot loan
Public lender Union Bank also offers plot loans for purchase of non-agricultural plots and construct a house. There is no cap on the plot loan amount by the Union Bank. This makes it an appropriate choice for those looking for big-ticket plot loans.
Union Bank land loan interest rates
| Rate of interest on home loan | Best rate | Highest rate |
| For applicants with CIBIL score 750 and above | 6.60% | 7.35% |
| For applicants with CIBIL score lower than 750 | 6.65% | 7.30% |
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Longest tenure: 30 years
Processing fees: 0.5% of the loan amount
Affordability scale: High
HDFC plot loan
Currently, Housing Development Finance Corporation (HDFC) offers the cheapest plot loans in India. HDFC plot loan is meant for purchase of resale plots as well as plots offered through direct allotment. You can borrow up to Rs 10 crore as HDFC plot loans.
HDFC plot loan interest rates
| Rate of interest on home loan | Best rate | Highest rate |
| For applicants with CIBIL score 750 and above | 6.70% | 6.70% |
| For applicants with CIBIL score lower than 750 | 6.85% | 7.75% |
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Longest tenure: 30 years
Processing fees: Rs 3,000 – Rs 5,000
Affordability scale: High
LIC Housing Finance plot loan
LIC Housing Finance offers plot loans of up to Rs 15 crores, for purchase of residential land parcels from statuary authorities such as development authorities like DDA, MHADA, etc.
LIC Housing Finance plot loan interest rates
| Rate of interest on home loan | Best rate | Highest rate |
| For applicants with CIBIL score 750 and above | 7.10% | 7.10% |
| For applicants with CIBIL score lower than 750 | 7.30% | 7.70% |
Longest tenure: 15 years
Processing fees: Rs 10,000 – Rs 15,000
Affordability scale: High
PNB Housing Finance plot loan
For purchase of plots in urban areas, PNB Housing Finance, the non-banking arm of Punjab National Bank, offers plot loans at affordable rates.
PNB Housing Finance plot loan interest rates
| Rate of interest on home loan | Best rate | Highest rate |
| For men | 7.20% | 8.90% |
| For women | 7.20% | 8.90% |
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Longest tenure: 30 years
Processing fees: 0.25% of the loan amount
Affordability scale: Medium
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State Bank of India plot loan
India’s largest public lender, State of Bank of India (SBI) offers plot loans under SBI Realty Home Loan product. At SBI, you can get a plot loan of up to Rs 15 crore for a repayment tenure of 10 years. Note, the bank gives the loans for the purchase of a plot where you should build a house within five years of the loan sanction.
Plot loan SBI interest rates
| Rate of interest on home loan | Best rate | Highest rate |
| For women | 7.45% | 7.80% |
| For men | 7.50% | 7.85% |
Longest tenure: 10 years
Processing fees: Rs 2,000 – Rs 10,000
Affordability scale: Medium
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ICICI Bank plot loan
Those looking for plot loans of up to Rs 3 crore will find ICICI Bank convenient to borrow, as this bank has efficient customer care services.
ICICI Bank plot loan interest rates
| Rate of interest on home loan | Best rate | Highest rate |
| For women | 7.40% | 7.65% |
| For men | 7.40% | 7.65% |
Longest tenure: 20 years
Processing fees: 1% of the loan amount
Affordability scale: Medium
List of documents required for plot loans
- Duly filled loan application
- 3 passport size photographs
- Proof of identify (photocopies of voter ID card or passport or driving licence or PAN card)
- Proof of residence (photocopies of recent telephone bills or electricity bills or property tax receipts or passport or voter ID card)
- Proof of business address for non-salaried individuals
- Statement of bank account or passbook for the past six months
- Signature identification from present bankers
- Personal assets and liabilities statement
For guarantor (wherever applicable)
- Personal assets and liabilities statement
- 2 passport size photographs
- ID proofs
- Residence proof
- Business proof
- Signature identification from present bankers
Additional documents required for salaried persons
- Original salary certificate from employer
- TDS certificate on Form 16 or copy of IT returns for the past two financial years.
Additional documents required for professionals/self-employed/ other IT assesses
- Acknowledged copies of three years IT returns or assessment orders.
- Photocopies of challans as a proof of payment of advance income tax.
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