SBI Plot Loan

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Plot loans are designed to facilitate individuals' development or purchase of their desired land without waiting a long time. Borrowers must repay the amount and some added interest within a selected period. Hence, the State Bank of India (SBI) offers a loan scheme known as the SBI Plot loan to help individuals purchase the land of their choice. It enables every borrower to realize their aspirations of owning valuable real estate anywhere in India.

SBI land loan scheme involves evaluating factors like location, market value, potential use of land, and more to ensure a comprehensive approach to plot financing. However, the construction of the property should be completed within 3 years from the commencement date of the SBI home loan for plot purchase. You can apply for an SBI land loan from the Urban Money website and enjoy the benefits of seamless procedures in your journey. Check the SBI plot loan interest rates, eligibility criteria, features, and more

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Table of Content

1. SBI Plot Loan Interest Rates

2. Fees and Charges ofSBI Plot Loan

3. Eligibility Criteria of SBI Plot Loan

4. SBI Plot Loan Documents Required for Salaried Employees and Self-Employed Borrowers

4.1 General Documents

4.2 For Salaried Borrowers

4.3 For Self-Employed Borrowers

5. Features of SBI Plot Loans

6. Things to Remember while Applying for an SBI Plot Loan

Written By

Amrita Sinha

Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.

Reviewed By

Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

SBI Plot Loan Interest Rates

The following table highlights the SBI land loan interest rates and other key parameters you should know about State Bank of India plot loans:

SBI Plot Loan Interest Rates	Interest rates as low as 9.40% – 9.85% p.a. on plot loans
Maximum Loan Amount	The maximum amount is 15 crores. 70% of property value and 80% of construction value can be sanctioned
Processing Fees	A low processing fee of 0.35% of the borrowed amount, exclusive of taxes.
Loan Tenure	Up to 10 years

Note: The interest rate is subject to change based on the applicant’s credit score, loan amount, and tenure.

Fees and Charges of SBI Plot Loan

Let’s understand the fees and charges associated with an SBI plot loan for land purchase:

Processing Fee:	A low processing fee of 0.35% of the borrowed amount, excluding taxes. Within the range of 2,000-10,000, with a minimum requirement of 2,000.
Prepayment Charges:	There are no penalties for prepayment when repaying per installment.
Hidden Charges:	No hidden charges are applicable.
Interest Charges:	Interest Charges are based on the daily reducing balance.
Interest Concessions:	Interestingly, female candidates are given a concession of 0.5% on an SBI bank plot loan.
CIBIL Score:	The CIBIL score of 750 and above is considered healthy to qualify for a State Bank of India plot loan.

Eligibility Criteria of SBI Plot Loan

The eligibility criteria for salaried & self employed employees to qualify for an SBI home loan for plot purchase include the following factors:

Age Qualifications: Applicant should be between 18-85 years old to qualify for an SBI land loan.
Nationality: He/She must be a citizen of India.
Loan Tenure: Up to 10 years
Credit History: A positive credit score of 750 or above and a history of time repayments are prerequisites.

SBI Plot Loan Documents Required for Salaried Employees and Self-Employed Borrowers

Below, we have mentioned the list of all the applicable documents that are required for salaried and self-employed individuals in order to avoid any complications in the SBI plot loan application process:

General Documents

Identity Card
Loan application
3 Passport size photos
Proof of identity
Proof of residence
Statement of Bank Account/ Pass Book for the last six months
Signature identification from present bankers
Personal Assets and Liabilities Statement

For Salaried Borrowers

Salary Certificate from the employer
TDS certificate on Form 16 or a copy of IT Returns

For Self-Employed Borrowers

Proof of business address
I.T. returns/Assessment Orders of the last 3 years
Challan copies evidencing payment of the Advance Income Tax

Features of SBI Plot Loans

Let’s take a quick look at the snapshot of SBI land loan features:

Maximum SBI Plot Loan Amount	Borrowers can avail upto 15 crores.
Sanctioned Value	70% of plot and 80% of construction value will be authorized.
Hidden Charges	No hidden charges
Interest Concession	A concession interest of 0.5% applies to female applicants
Credit Score	A CIBIL score of 750 upwards is considered healthy.

Things to Remember while Applying for an SBI Plot Loan

An applicant should keep the following things in mind before applying for an SBI plot loan:

Check your credit score before applying for the loan
Compare home loan interest rates from different lenders
Choose a loan tenure that is comfortable for you
Provide all the required documents
Make sure you have a clear understanding of the terms and conditions of the loan

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