Must Knows

Plot loan: Check out the lowest land loan interest rates from the best banks

[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%

[ecis2016.org] All about CIBIL score for home loan

Read also : Vidyalakshmi portal: A comprehensive guide

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.

[ecis2016.org] All about prohibited property

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%

Read also : Vidyalakshmi portal: A comprehensive guide

Longest tenure: 30 years

Processing fees: 0.25% of the loan amount

Affordability scale: High

[ecis2016.org] All about plot loan vs home loan

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%

Read also : Vidyalakshmi portal: A comprehensive guide

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%

Read also : Vidyalakshmi portal: A comprehensive guide

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%

Read also : Vidyalakshmi portal: A comprehensive guide

Longest tenure: 30 years

Processing fees: 0.25% of the loan amount

Affordability scale: Medium

Read also : All you need to know about mortgage loan

Also read: Land purchase: Due diligence checklist for buying land

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

[ecis2016.org] All about SBI CIBIL score

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.

[ecis2016.org] All about RBI home loan interest rate

Source: https://ecis2016.org/.
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Source: https://ecis2016.org
Category: Must Knows

Debora Berti

Università degli Studi di Firenze, IT

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