SBI offers eligible customers plot loan with interest rates ranging from 9.15% p.a. to 9.55% p.a. The maximum loan tenure for the SBI plot loan is 10 years. SBI land loan offers a maximum loan amount of Rs.15 crore. The processing fee applicable can be up to 0.35% of the loan amount (min. Rs.2,000; max. Rs,10,000) plus tax. The repayment period is up to 10 years.
State Bank of India is India’s largest lender and is a government owned corporation. SBI is also the largest financial services and banking company in the country by assets. Founded in 1921, the bank currently has over 17,000 branches including 190 foreign offices. SBI has become a household name in India for banking and has an extensive presence in rural and semi-urban areas. SBI is also an active contributor to the Pradhan Mantri Jan Dhan Yojana (PMJDY) schemes and presently, holds over 30 lakh account. SBI offers a suite of banking solutions like deposits, loans, insurance and accounts for individuals, SMEs, NRIs and corporates. SBI housing loan portfolio offers unique loan products with customer-centric products and is very popular amongst Indians. For customers who want to purchase a plot and construct the home of their dreams, SBI offers loans for plot purchase.
This is a plot loan, sometimes known as land loan, offered by SBI that enables a borrower to buy a plot for the purpose of construction. However, the construction of the unit should take place within 5 years of the loan being sanctioned. This SBI land loan offers a maximum loan amount of Rs.15 crore.
Features of SBI realty home loan
This SBI plot loan interest rate is competitive and affordable
This land loan also associated with a low processing fee
There’s no hidden charges while availing the SBI plot loan
SBI realty home loan doesn’t charge for prepayment
Interest on this SBI plot loan is charged on the daily reducing balance method
The repayment period for this can go upto 10 years
SBI realty home offers a concession on interest for women employees.
SBI plot loan interest rates for salaried individuals
Upto Rs.75 lakh
Above Rs.75 lakh
SBI plot loan interest rates for self employed individuals
Upto Rs.75 lakh
Above Rs.75 lakh
SBI land loan processing fee
0.35% of the total loan amount, upto a maximum of Rs.10,000, and a minimum of Rs.2,000.
SBI land loan Pre-sanction fee
An advocate’s fee will be charged for investigation and search report
A valuer’s fee also will be charged for the valuation report
SBI land loan Post-sanction fee
Stamp duty charges will be levied for the loan agreement
Insurance charges will be levied on the borrower
Registration fee too will have to be borne by the borrower
The applicant for the SBI plot loan must be an Indian resident
The applicant minimum Age: 18 years
The applicant maximum Age: 70 years
The maximum loan tenure for the SBI plot loan is 10 years
SBI plot loan documents required
Identification card from the employer
Duly filled loan application
3 passport size photographs
Identity proof: Passport, Voters ID, PAN card, Driving licence
Proof of residence: Telephone Bills, Voters ID card,Electricity Bill, Property tax receipt, Passport
In case of non salaried applicants, a proof of business address must be provided
Bank statement or passbook statement for the last 6 months
Identification signatures from the current bank
Statement of personal liabilities and assets
Salary statement from employer in case of a salaried applicant
Form 16 / IT returns of the last two years
Receipt of Income Tax paid in case of a self employed applicant
Copy of income returns in case of a self employed applicant
Documentation for guarantor, if applicable
Personal assets and liabilities statement
2 passport size photographs
Identification documents as mentioned above
Proof of residence as mentioned above
Proof of business as mentioned above
Identification signatures from the present bank
SBI Plot Loan FAQ:
In what situations in SBI plot loan beneficial?
If you want to buy a house but currently can’t afford it or when you want to buy just a plot for investment purposes, SBI plot loans will be highly beneficial. As an added benefit, you can also avail extension loans for construction of houses if you want to.
In case of agricultural plot loans, the loan amount is considered for what purposes?
The loan amount may be considered for the purposes of purchase of farm equipments, stamp duty and registration charges, cost of land and for development of irrigation facilities and land development not exceeding 50% of the land cost.
Do we have gestation period for agricultural plot loans?
Yes, gestation period will be 2 years in case of land to be developed and will be a maximum of 1 year in case of developed land. After the gestation period, a maximum of 9 to 10 years can be taken for repayment of loan.
How to apply for SBI plot loans?
Customers can visit the nearest branch officer or enquire with the SBI marketing officers. Alternatively, customers can also choose to apply online.
What quantum of loan will be offered as loan for the purchase of agricultural plots?
A maximum of 85% of the cost of the land as assessed by the bank will be provided. The quantum of plot loan is also based on the security (maximum of Rs.5 lakhs)
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Taken my home loan from State bank of India. In the year of 2016, they have sanctioned the loan within 15 days to 20 days. Loan amount is near about Rs. 34 lakhs and the interest rate is 8.2%. My salary account is lying with SBI therefore i got the loan from SBI. I have been paying the EMI amount of Rs. 35000 every month and i have selected the tenure period of 18 years.
Chosen my home loan from SBI its a Nationalized bank. They took almost 2 months to sanctioning the loan. The given interest rate is 8%. I have chosen the tenure period of 15 years. They do have a partial payment and pre-closure without any charges.
I have completed my home loan with State Bank of India long back. I got lot of reference for choosing SBI from different people and more over its a Nationalized Bank and I can trust them 90%. Its been an excellent experience. Even I am happy with rate of interest as they offered me 9% and the tenure is 25 years.
SBI interest rates are competitive. I have to pay some amount for conversion like whenever they are changing the interest rate. I need to switched to MCRL loan for that i need to pay Rs. 3500 for that i get the current interest rates by bank and 40 paise by MCRL.
Chosen my home loan from State bank of India because its a Government firm and SBI has approved my home loan even though i am working under partnership firm. I took the loan amount of Rs. 42 lakhs and the provided interest rate of 8.95%. Me and brother combine taken this loan and i'm paying the EMI of Rs. 36000 every month.
My home loan experience is good with SBI they gave me lower interest when compared to other bank, I would say home loan cum overdraft loan called SBI max. They have sanctioned 100% of loan with 8.4% of interest and I added co applicant with out any hassles. I got the amount within 15 days.
The rate of interest was higher with the loan. I am using the loan since from last 12 years, the documentation process was done and i got the loan. The loan amount given was 12L, the rate of interest was 13-14approx, and now it is 9%. The duration for repaying the loan was 20 years.
I have taken a home loan in STATE BANK OF INDIA on 6 years before. The loan was applied directly to bank which was sanctioned on time and process was easy. I received with sufficient amount for the tenure of 15 years. The rate of interest and processing fee are 9% bit high.
I have taken my home loan from State bank of India. They are sending the mail regarding the offers. The interest rate is less and i get a quick response hence i have chosen them. Took the loan amount of Rs. 7 lakhs for that they have offered me a interest rate of 9.72%. I am paying the EMI amount of Rs. 6000 for the tenure period of 18 years.
I took a home loan with State Bank of India mainly for the interest rate which is 8.77%. Its almost going to be a year and the loan tenure is 30years. I have purchased a residential property. There is no hassle in processing the loan and it went smoothly.
I took a home loan with SBI and its been 3 years. I have purchased a residential property. There was a delay in the loan process because the bank person is on leave so it took more than 30 days for the approval. The interest rate and processing fee is nominal. I opted the loan for 30 years.
I was taken a home loan in STATE BANK OF INDIA before 10 years ago. At the time they have asked so many documents to submit for a verification purpose and the process was too long faced difficulties to complete the process took 2-3 months to get sanctioned. The loan was low for the tenure of 10 years. The rate of interest and fee are nominal.
My home loan is with State Bank of India. The services are excellent. I got a proper response and the process was smooth and easy. The customer support is good. It was timely and the documentation is also easy. The rate of interest and charges is normal.
I have taken a home loan in SBI bank before 2 years ago. The loan amount was sufficient for the tenure of 5 years. The rate of interest and the processing fee are high. The process was delay from bank. If I try to contact customer service take much time to connect the call and no proper response from their end.
I have been holding my housing loan with State bank of India from past six years, The loan amount which they have given to me was not that sufficient, i had more requirement but they give me loan on based on salary , the rate of interest i felt bit high they have charged me up to 9.3% i need to decrease my loan rate now i heard the rate of interest is up to 8.3% but till now they have not charged it, so i need to talk to customer care .
I am using the home loan with STATE BANK OF INDIA since from last 10 years, the documentation process was good also i got the loan amount within 15-20 days. The loan amount taken was 14L, the rate of interest was 9.3% which is nominal than others.
I have slected state bank of India home loan i went directly home branch applied home loan .Customer service is very nice loan amount they approved is 14 lakhs , Tenure 25 year, EMI Rs 10,000. Rate of interest 8.50 percentage.Based on my savinf account and insurance policy they provide loan .
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, new delhi
Reviewed on Jun 29, 2019
I had taken my Home Loan from STATE BANK OF INDIA a while back where the process in getting the loan was fine. The loan amount has been sufficient and the interest rate has been nominal. The charges which they had made has also been nominal as well. Overall it had been a pretty good experinece.
I have taken Home Loan directly through Bank State Bank Of India.The rate of interest and the processing fee was nominal .There was no difficulties faced while submitting the documents ,I have applied for the loan amount of 40 Lakhs and not sure about the tenure .The agent gave all the details about the loan process .
Once my builder had a tie up with SBI, i have chosen the same bank for my home loan. I have a salary account with them hence its easy to pay the EMI. They have given me a floating interest rate of 8.35% and there was no processing fee. I bought the loan amount of Rs. 27 lakhs. I got the loan within 10 days. When i approach for the loan, they are asking sign for life insurance without the customer's knowledge and they are not explaining about the policy details.
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Reviewed on Jun 24, 2019