Lowest SBI plot loan rate is 7.65%, as applicable based on the . Any change in 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, salary and occupation of the borrower and nature of the property.
SBI loan for land purchase can be taken for different purposes by different borrowers. It can be taken either for the purchase of land for investment purposes, to construct a dream home, to construct one's desired personal space, or to conduct agricultural activities on that loan. SBI provides the following land loans to its customers.
SBI plot loans can be availed by both salaried and self-employed people who hold a good credit report. However, the borrower needs to meet the required eligibility factors. The loan can be availed for a maximum period of 30 years, which may differ based on the borrower's needs and repayment ability. Currently SBI plot loan interest rate ranges between 7.65% to 8.00%. However, SBI land loan interest rate may vary across borrowers based on occupation and income status.
SBI Realty Home Loan
This loan is taken to purchase a plot or land to construct a home on the same.
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 SBI home 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.
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 plot loan is comparatively lower. SBI offers plot loan upto 90% of the cost of the property. However, the risk score of the customer is also an important feature for the LTV ratio in the case of SBI plot loan.
Property Type: SBI site loan is exclusive to some properties and not applicable to others. When the borrower plans to opt for a SBI land loan, he needs 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 the customer's 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, the borrower may enjoy a tax benefit on the construction loan. This means a plot loan provides benefits if availed together with a construction loan.
Specific to borrower's need: A plot loan is beneficial to the borrower as it is much specific to his or her needs in comparison to a home loan. Through SBI land purchase loan, a customer can design and create his own space as per his or her needs. Thus, a plot loan caters to the needs of the borrowers in comparison to an already constructed home.
Affordable: Another key benefit of SBI plot loans is that it is very affordable in nature. Plot loan by SBI offers low processing fee at Upto 0.20%; Min 4,000; Max 17,400 and borrowers do not lose out from the loan amount in terms of processing fee. Further, the prepayment penalty is very low. It is even NIL in case of floating rate loan 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 and to construct a house on it.
Documents Required for SBI Land loan
In order to avail of a plot loan, a borrower needs to meet the documentation process. The required document for a plot loan are:
Identity proofs: This includes Aadhar Card, PAN card, passport, driving license
Address proofs: This includes Voter ID card, ration card, rent agreement
Utility bills: Telephone, electricity bill, water bill, etc.
Bank documents: Copies of bank statement and passbook
Salary documents: salary slips, ITR returns and qualification certificates in case of self-employed professionals
SBI land loan is approved after meeting the required eligibility conditions and fulfilling the documentation requirements. Borrowers can even get instant approvals on plot loans through the online application portal.
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%.
What is the processing fee for SBI land loans?
The processing fee for SBI land loan is Upto 0.20%; Min 4,000; Max 17,400.
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.
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.
2021-01-15 :SBI home-loan rates now start at 6.8% SBI has reduced the interest rate on its home loans up to ₹30 lakh to 6.80% from 6.90%. Further, for home loans above ₹30 lakh, the lowest interest rate is 6.95% from earlier 7%. Further, the bank also plans to offer 100% waiver on loan-processing fees.
2020-12-10 :SBI recasts only 4,000 retail loans SBI has recast loans of just around 4,000 retail customers so far under the limited window of the RBI, indicating that barring micro, small and medium businesses, not many are availing of easier repayment norms. The bank clarified that 100,000 retail borrowers logged on to its website to check their eligibility, but not many were found to have met the stringent conditions set by RBI.
2020-12-10 :SBI goes easy on a plan to spin off Yono State Bank of India is going slow on its plans to divest its stake in digital platform Yono, YONO is a digital initiative by SBI and stands for “You Only Need One”. YONO helps customers to apply for retail loans like home, personal, gold, two-wheeler and car loan along with business and mudra loans digitally. Further, it also helps in investing in FD and RDs. The special digital tool also provides the facility to apply for the current and savings account.
2020-11-11 :SBI to focus on financial inclusion SBI is planning to increase the share of its newly created business vertical, financial inclusion and micro-markets from the current 12% to 20% by March 2022. The bank recently created a separate FI&MM vertical within the bank with an aim of financial inclusion of rural and semi-urban areas to improve customer experience in the hinterland.
2020-11-05 :SBI net profit rises to ₹4,574 crores in Q2 SBI September quarter net profit jumped 52% year-on-year to Rs 4,574.16 crore as the provisions declined during the quarter. Credit growth for the bank logged an improvement of 6.02% over the previous year driven by home, personal, car, two-wheeler and gold loan along with mudra and business loan. Total advances at the end of Q2 were at Rs 23.83 trillion. Further, total Deposits which includes fixed and recurring deposits grew at 14.4% on a yearly basis to Rs 34.70 trillion, out of which current account deposit grew by 8.55% YoY while saving bank deposits grew by 16.28 per cent YoY.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources.
MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them. Read MoreRead Less
