The SBI plot loan rate of interest starts from around 9.40% to 9.85% per annum. The interest rate you receive will depend on several conditions. These include: having a good credit score (SBI expects high creditworthiness, often CIBIL 750 or above); being salaried or self-employed with adequate documented income; the location and value of the plot; and other risk assessment criteria.
What is the SBI Plot Loan Interest Rate?
In some of their eligibility listings, SBI mentions that plot loans may begin at 9.50%, depending on the borrower’s creditworthiness (especially CIBIL score) and other factors. Some additional features and terms associated with SBI plot loans are: women borrowers are offered a small concession in the rate (that is, a slightly lower interest) when they meet the eligibility criteria. There are also processing fees to be considered, though SBI Realty states they are relatively low.
Regarding the loan amount and term: SBI provides plot loans up to a maximum amount of Rs. 15 crore, with tenure generally up to 10 years. The loan-to-value (LTV) ratio (i.e. how much of the plot’s value SBI will finance) also depends on factors such as urban vs rural location. For example, about 70 to 80% financing is possible depending on plot value and location.
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SBI offers you the best plot loan alternatives with low SBI plot loan rate of interest. This is an SBI plot loan, sometimes referred to as a land loan, that allows a borrower to purchase a plot for building purposes. Nonetheless, the unit needs to be built within five years of the loan being approved.
What is the SBI Plot Loan Interest Rate?
SBI plot purchase loan interest rates are as low as 9.40% to 9.85% p.a.; however, a 750 CIBIL score is required. Interestingly, women are eligible for a 0.5% discount when buying home loans.
There will be a minimal processing fee of 0.35% of the loan amount plus taxes
What are the Basic Eligibility to Avail of a Plot Loan?The age requirement to qualify for a land loan is 18 yrs.
While 65 is the maximum age allowed
Type of resident: Indian
Loan Maximum tenure: 10 yrs
I hope this helps!
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What is the difference between a plot loan and a home loan?
What is SBI Plot Loan Rate of Interest?
Arunima
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2024-01-30T11:27:27+00:00 2024-01-30T11:27:27+00:00Comment
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