All about SBI Plot Loan

SBI Plot Loan is offered from 9.40% onwards for a loan amount of up to INR 15 crores along with a loan tenure of up to 10 years. Women applicants get a rebate of 5 bps on an SBI Plot Loan. SBI Plot Loan comes with a condition i.e. the borrower has to construct a dwelling unit in the purchased plot within 5 years of availing the plot loan.  

SBI Plot Loan Highlights
Interest Rates9.40% – 9.85% p.a.
TenureUp to 10 years
Loan AmountUp to INR 15 crores
Processing Fees0.35% of the loan amount (minimum INR 2,000 to maximum INR 10,000) plus GST

Features of SBI Plot Loan

Below mentioned are the salient features of the SBI Plot Loan:

  • Up to 70% of the plot value as a loan.
  • Loan amounts of up to INR 15 crores can be availed.
  • Get the lowest interest rates in the market.
  • Get low processing fees on the loan.
  • No prepayment penalties.
  • No hidden charges or fees.
  • Interest Charges on daily reducing balance.
  • Get a repayment tenure of up to 10 years to repay the loan.
  • Interest Concession for women borrowers.

SBI Plot Interest Rates

Normally, the SBI Plot Loan interest rates range between 9.40% and 9.85%. Below mentioned are the SBI Plot Interest Rates:

Campaign Rates for term loans (valid up to 31st August 2023)  

CIBIL ScoreInterest Rate (p.a.)
750 and above9.40%
700 – 7499.65%
650 – 6999.75%
550 – 6499.85%
NTC/No CIBIL Score/-19.65%

Card Rates

CIBIL ScoreInterest Rate (p.a.)
750 and above9.45%
700 – 7499.65%
650 – 6999.75%
550 – 6499.85%
NTC/No CIBIL Score/-19.65%

Note:

  • 5 bps concession available for women borrowers subject to a minimum EBR of 9.15%.
  • A premium of 10 bps to card rates for loans up to INR 30 Lakhs for LTV above 80% but less than equal to 90%.

SBI MCLR Rates

The SBI MCLR Rate is mentioned below:

TenureExisting MCLR (in %)Revised MCLR (in %)
Overnight7.957.95
1 Month8.108.10
3 Month8.108.10
6 Month8.408.40
1 Year8.508.50
2 Years8.608.60
3 Years8.708.70

SBI Plot Loan Fees & Charges

Below mentioned are the processing fees & charges to apply for SBI Plot Loan:

ParticularsRates
Prepayment PenaltyNil
Processing Charges0.35% of the loan amount (minimum INR 2,000 to maximum INR 10,000) plus GST

Eligibility Criteria for SBI Plot Loan

Below mentioned are the eligibility criteria to apply for SBI Plot Loan:

  • The applicant should be an Indian resident.
  • The minimum age to apply is 18 years.
  • The maximum age to apply is 65 years. 
  • The applicant can be either a salaried or self-employed individual.
  • A credit score of a minimum of 700 and above is required.

Documents Required for SBI Plot Loan

Below mentioned are the documents required to apply for SBI Plot Loan:

  1. For Loan Applicant
  • Employer Identity Card
  • 3 Passport size photographs
  • Completed loan application
  • Identify Proof (photocopies of Passport/Voter ID card/IT PAN card/Driving license)
  • Residence Proof (photo copies of recent Electricity Bill/Telephone Bill/Passport/Property tax receipt/Voter ID card)
  • Business address proof for the non-salaried individuals
  • Bank Account/Pass Book statement for the last six months
  • Personal statement of assets and liabilities
  • Signature identification from present bankers

B) For Loan Guarantor

  • Personal statement of assets and liabilities
  • 2 Passport size photographs
  • Identify Proof (photocopies of Passport/Voter ID card/IT PAN card/Driving license)
  • Residence Proof (photo copies of recent Electricity Bills/Telephone Bills/Passport/Property tax receipts/Voter ID card)
  • Business address proof for the non-salaried individuals
  • Signature identification from present bankers
  • Additional Documents Required for Salaried Individuals
  • Original Salary Certificate from the employer
  • TDS certificate on Form 16 or a copy of IT Returns for the last 2 financial years (acknowledged by the IT department)
  • Additional Documents Required for Self-Employed, Professionals or Other IT Assesses
  • Acknowledged copies of 3-year IT returns/Assessment Orders
  • Photocopies of challans as evidence for payment of Advance Income Tax

Plot Loan Vs Home Loan

Below mentioned is the difference between SBI Plot Loan and SBI Home Loan:

Home LoansPlot Loans
Loans can be availed for up to 80-85% of the value of the propertyThe percentage of the loan amount can only be between 50-70% of the value of the land.
A loan on the under-construction property can be availed.On this land, a house is to be built within 5 years of the purchase of the plot.
Income tax benefits can be availed for home loans.No such tax benefits on Plot Loans.
Home loans can be availed on all types of properties from any area or locality.Plot loans can be availed only to buy residential plots located in a corporation or municipality.
NRIs can also get a home loan to purchase a house.These are not issued to NRIs.
The repayment tenure is up to 30 years.In this case, it is a maximum of 15 years.

How to Apply for SBI Plot Loans

Below mentioned are the different ways to apply for an SBI Plot Loan to buy a residential plot:

  • Apply online on the SBI home loans website.
  • Visit any nearest SBI branch and speak to the loan officer.

Benefits of SBI Plot Loan

  • Low-Interest Rate:

SBI plot loans come with a low-interest rate so that the borrower can easily pay back the loan amount.

  • Low Processing fee:

 SBI offers its borrowers a processing fee of up to 0.40% of the loan amount plus applicable GST subject to a minimum of INR 10000/- and a maximum of INR 30000/- plus GST

  • Pre-payment penalty:

In case the borrower wishes to foreclose the loan account, the pre-payment penalty is either very low or NIL for a floating-rate loan.

  • Tax Benefits:

A plot loan allows the borrower to avail of tax benefits after the construction is complete, so it is applicable in the case of plot + construction loans only.

  • EMI: 

State Bank of India caters to people of all social strata, so they give you the provision of devising a plot loan according to your needs. You can choose your monthly EMIs according to your income and capacity.

  • Repayment: 

SBI provides its plot loan customers with up to 10 years to pay back the loan amount.

SBI Plot Loan Customer Care

In case of any query, feedback, complaint, or suggestion related to the SBI Plot Loan, customers can call the customer care team on the Toll-Free Number i.e. 1800 11 2018

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