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SBI Plot Loan

Land Purchase Loan SBI

Last Updated 07th Jul 2021

Interest Rate 7.65%
Maximum Loan Amount Upto 90% of property value
Processing Fee NIL
Maximum Tenure 30 years
Lowest EMI Per Lakh ₹ 815 for 30 years
  • SBI plot loan interest rate starts at 7.65%.
  • SBI land loan can be availed by both salaried and self-employed with a good credit score.
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Loan for Land Purchase SBI

SBI, the leading Public Sector Bank bank in the country, offers a unique home loan product. If you want to purchase a plot for investment purposes, construct a dream home, construct one's desired personal space, or conduct agricultural activities on that loan, SBI can provide you a loan for land purchase. SBI plot loans can be availed by you, even if you are salaried or self-employed, provided you have a good credit score. However, to avail of the plot loan SBI, you need to meet the required eligibility factors. You can avail of the loan for a maximum period of 30 years, which may differ based on the loan amount needs and repayment ability. Currently SBI plot loan interest rate ranges between 7.65% to 8.00%.

SBI Plot Loan Interest Rate

Lowest SBI plot loan rate is 7.65%, as applicable based on the RLLR. Any change in repo rate will translate into a similar change in the bank’s land loan rate. SBI’s interest rates on loan for land purchase depend upon the loan amount, your salary and occupation and nature of the property.

Loan AmountRateRate for Female Borrower
Upto ₹ 30 Lakh7.70%7.65%
₹ 30 Lakh - ₹ 75 Lakh7.80%7.75%
₹ 75 Lakh - ₹ 1 Cr7.90%7.85%
Above ₹ 1 Cr7.90%7.85%

SBI Land Loan Features

Features of SBI loan for plot purchase are listed as follows:

  • Loan to Value Ratio: The LTV ratio or Loan to Value ratio in case of a SBI plot loan is comparatively lower. SBI offers a plot loan upto 90% of the cost of the property. However, your risk is also an important feature for the LTV ratio in the case of SBI plot loan.
  • Property Type: Site loan in SBI exclusive to some properties. When you plan to opt for a SBI land loan, you need to ensure certain things, for instance, the land must be located within the municipal limits. Further, it should not be located in an area that is under conflicts regarding authorizations or previous ownerships.
  • Loan Tenure: The time period for which you can avail a SBI land loan is comparatively lower than that of a home loan. It may be borrowed for a maximum amount of 30 years which may vary across your repayment ability.

SBI Land Loan Benefits

Some of the benefits of availing SBI Land loan are:

  • Tax Benefits: A plot loan may not provide any tax benefit when availed on its own. However, if you avail SBI plot and construction loan,you may enjoy a tax benefit on the construction loan.
  • Specific to borrower's need: Through SBI land purchase loan, you can design and create your own space as per your needs. Thus, a plot loan caters to the needs of the borrowers in comparison to an already constructed home.SBI plot loan thus helps you fulfil your needs more than an already constructed home.
  • Affordable: Another key benefit of SBI plot loans is that it is very affordable in nature.SBI charges NIL processing fee at plot loans. Further, the prepayment penalty is very low at Nil. It is even NIL in case of floating rate loans for individuals

SBI Loan for Plot purchase Eligibility Criteria

  • Home loan seekers with good cibil score of 650 and above can apply for this loan.
  • Applicants with a net annual income of up to Rs 2 lakhs can also apply, however, the EMI, in this case, should not exceed 30% of the income.
  • Customers who are willing to purchase a plot to construct a house on it.

Documents Required for SBI Land loan

In order to avail of a SBI plot loan, you need to meet the documentation requirements. The required document for a plot loan SBI are:

  • Identity and address proofs: SBI requires you to submit identity and address proofs such as Aadhar Card, PAN card, passport, driving license, Voter ID card, ration card, rent agreement.
  • Utility bills: Telephone, electricity bill, water bill, etc are some utility bills required to avail SBI site loans.
  • Bank documents: SBI requires copies of bank statement and passbook
  • Salary documents: Salary slips, ITR returns and qualification certificates in case of self-employed professionals are also required.
  • Others: In addition, SBI may ask for Sale Deed or Sale purchase agreements

SBI Realty Home Loan

The features of SBI SBI Realty Home Loan are mentioned below:

  • SBI Realty home loan allows home loans customers to purchase a plot for the construction of a house. However, the construction of the house on this plot must be completed within five years from the date of loan sanction. In addition, Existing loan customers can also avail another home loan for construction of the house on the plot financed as per the SBI plot loan scheme. In such a case, outstanding in realty account will be first liquidated through disbursement from a home loan, and the remaining amount will be disbursed for construction of house in phases linked to the stages of construction.
  • Under SBI Land Loan, you must complete the construction of the house within five years from the date of loan sanction.
  • In addition, if you are an existing customer, you can also avail of another home loan to construct the house on the plot financed as per the SBI plot loan scheme. In such a case, outstanding in realty account will be first liquidated through disbursement from a home loan, and the remaining amount will be disbursed for construction of house in phases linked to the stages of construction.

FAQs

How long will it take for SBI land loan approval?

SBI land loan is approved after meeting the required eligibility conditions and fulfilling the documentation requirements.You can even get instant approvals on plot loans through the online application portal of SBI.

What is the interest rate of a plot loan in SBI ?

The interest rate of SBI plot loan ranges between 7.65% to 8.00 % . The rate may further vary between this range based on your eligibility and SBI plot loan requirements.

What is the processing fee for SBI land loans?

The processing fee for SBI land loan is NIL. This however is subjected to change as per SBI’s terms and conditions.

Can I get a loan on land purchase from SBI ?

Yes, you can get a loan for land purchase from SBI through the SBI Realty Home Loan. SBI Realty home loan allows home loans customers to purchase a plot for the construction of a house. However, the construction of the house on this plot must be completed within five years from the date of loan sanction. In addition, Existing loan customers can also avail another home loan for construction of the house on the plot financed as per the SBI plot loan scheme. In such a case, outstanding in realty account will be first liquidated through disbursement from a home loan, and the remaining amount will be disbursed for construction of house in phases linked to the stages of construction.

Can self-employed people avail SBI Plot loan?

SBI plot loan can be availed by salaried and self-employed people who have a decent credit track record with a good credit score of above 650. Apart, you must show proof of a good income and occupation stability to avail land purchase loans SBI.

Can SBI Plot loan Interest rate be negotiated?

Yes, you can negotiate SBI Plot loan Interest rates 2021 if you have a good existing relationship with the Bank and fulfil other eligibility criteria such as good CIBIL Score, repayment capacity etc.

At what Interest rate does an SBI employee get a Loan for land purchase?

SBI employee can get a concessional rate on loan for land purchase, which is lower than the regular SBI Plot Loan Interest Rates of 7.65%.

Does SBI provide a specific SBI Agriculture Land Loan?

Yes, you can avail SBI Agriculture Land Loan for a maximum of 85% of the cost of the land as assessed by the Bank.


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