CreditMantri Finserve Private Limited
Door No.3, Block B, No. 147, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
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Up to Rs.15 crores
Up to 70% of Plot Value
Starts at 7.50%
Up to 10 years
Rs.10000 – Rs.30000
SBI leads the home loan segment across the country with low-interest rates and processing charges. SBI is the most sought after lender for a home loan in India. They serve millions of home loan customers across the country.
Though purchasing a fully constructed house or apartment has its benefits, investing in a residential plot of land has been an integral part of the investment portfolio for most Indian households. Borrowers can get an SBI Home Loan to buy a residential plot of land on which they would like to construct a house on a late date.
Loans to purchase a residential plot of land can be availed under the SBI Realty Home Loans. The bank requires the borrower to build the house within 5 years of the loan being disbursed. Under the SBI Realty Home loan, the borrower can acquire a home loan to build a house in addition to taking out a loan to buy a plot of land. Here are some salient features of this loan product:
Additional Read: Top 5 Plot Loans in India
Current SBI home loan interest rates are based on the external benchmark rate (EBR), which is linked to the Reserve Bank of India's (RBI) repo rate. Any change in the repo rate will affect the EBR. The latest EBR Rate is at 6.65% as of 01.05.2021
Up to Rs 30 Lacs
EBR + 85 BPS - 7.50%
Above Rs 30 lacs to Rs.75 Lacs
EBR + 95 BPS - 7.60%
Above Rs 75 Lacs
EBR + 105 BPS - 7.70%
Points to Note
A premium of 10 bps will be added to the Card Rate for customers who fall under Risk Grade 04 to 06.05 bps concession will be available to women.A premium of 05 bps will be added for the customers who are not having a salary account with SBI.
The SBI Realty Home Loan is pretty similar to regular home loans in terms of eligibility. Here are the criteria:
Also Read: Tips To Fix Your Credit Score Quickly
Income proof for salaried individuals
Income proof for self-employed persons/ other IT assesses
SBI has both home loans and plot loans. Though both the loans allow you to realize your dream house, there are major differences in the loan types.
Loans can be availed for up to 80-85% of the property value
The loan amount percentage is only between 50-70% of the land value
You can get a loan for an under-construction property
You have to build the house on this land within 5 years of plot purchase
You get major income tax benefits for a home loan
No such tax benefits for plot loans
You can get home loans 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 easily get a home loan to purchase a house
Plot loans are generally not issued to NRIs
The repayment tenure is quite high; up to 30 years
Maximum of 15 years repayment tenure only
These days everything is made online; you can conveniently start your loan application process online. If you have any queries, you can call the bank anytime to get them cleared;
1. In India, how do I apply for a plot loan?
Customers can apply for a plot loan in a variety of ways through banks and NBFCs. It can be done from anywhere by using the online and customer service options, or by visiting the nearest branch to speak with a representative about the options and then applying. Customers can select any option that they are comfortable with.
2. What is the turnaround time on SBI Realty Home Loans for purchasers of plots?
The usual turnaround time is around 1 week to 10 days, provided all the documents are submitted correctly.
3. Should I construct a house on the plot immediately?
SBI stipulates that you complete construction of the said house on the purchased plot within 5 years of loan disbursal.
4. What is the maximum loan amount I can avail under SBI Realty Home Loan?
One can get up to Rs.15 crores to purchase a plot under the SBI Realty Home Loan scheme.
5. I have purchased the plot, but need money to start the construction. What can I do?
Borrowers can also get a loan to construct a house under the SBI Realty scheme.
6. Can I apply for the loan jointly?
Yes, you can apply for this loan individually or jointly.
7. How much concession is offered to women borrowers?
Women borrowers can bet an interest discount of 0.05% on their SBI Realty Home Loan.
8. What is the processing fees on SBI Realty Home Loans?
SBI Charges a consolidated processing fee of 0.40% of the loan amount plus applicable GST subject to a minimum of Rs.10000 + GST and a maximum of Rs.30000 + GST.
Ranjeet Kumar Bharti
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