A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    We found 1 SBI Plot Loan
    Bank Name
    Interest Rate Range
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    Loan Amount
    Tenure Range
    8.30% - 8.70% Floating
    ₹2,000 to ₹10,000 + applicable tax
    -
    1-30 Years
    Response Time : Within 30 minutes
    What you'll love
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    SBI Plot Loan is Rated as "Great!" by 1094 Users

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    SBI Plot Loan

    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 the Indians. For customers who want to purchase a plot and construct the home of their dreams, SBI offers loans for plot purchase.

    Types of State Bank of India Plot Loans:

    SBI offers two specially designed plot loans for different classes of customers.

    • Agricultural Banking Loan for Land Purchase:

      Designed especially for small and marginal agriculturists and landless laborers to aid the purchase of a plot, this scheme from SBI offers plot loans also with a view to consolidate and develop waste lands. The plot loan is also extended for development of irrigation facilities and land development under this scheme.

    • Home Loans for Plot Purchase and Construction of House:

      Offered by SBI realty, this loan offers the customer an opportunity to purchase a plot for house construction. Under this scheme, customers are also eligible to avail further loans for house construction and can continue both loans concurrently.

    Apply for Home Loan Online

    Features and Benefits of SBI Plot Loan:

    The following features offered by SBI Plot loans under the home loan portfolio sets it a league apart from other plot loan products in the market. Here are some of the benefits offered by SBI plot loans that benefit the borrower immensely.

    • High Loan Quantum:

      SBI offers up to Rs.10 crores under personal financing for plot loans. Under agricultural baking, SBI offers up to 85% of the land cost to make the process of financing more convenient.

    • Flexible Repayment Tenure:

      Customers can avail up to 15 years as repayment period. For agricultural plot loans, borrowers can choose a repayment period of 9 to 10 years with half-yearly instalments.

    • Loan Extensions:

      Customers who have obtained a plot loans can also avail further loans for improvement of their plot. Agriculturists can take further loans for the development of irrigation facilities and others can take a home loan for the construction of a house with the added advantage of running both the loans simultaneously.

    Eligibility for SBI Plot Loans:

    The following is the eligibility for two plot loan schemes offered by SBI.

    Eligibility for Plot Loans under Agricultural Banking:

      SBI Plot Loan
    • Marginal and Small Farmers in possession of less than 2 acres of irrigated land and 5 acres of unirrigated land in their names.
    • Landless agricultural workers are also eligible for SBI plot loans.
    • The applicant must have a constant record of prompt repayment of the loan for a minimum of of two years.
    • Borrowers who have a good repayment record in other banks are also eligible on a condition that they liquidate their outstanding balance to the other bank.

    Eligibility for Plot Loans under Personal Banking:

    • The applicant must be a resident Indian. This loan products is also offered to NRIs.
    • The applicant must have a constant source of income. Good credit history and repayment history are preferred.
    • The construction of a dwelling unit for which the plot has been purchased should commence within 2 years from the date of availing SBI Realty Plot Loan.

    Do enquire with SBI for the complete list of eligibility criteria including income criteria before applying for a plot loan.

    Further Reading: Check Home Loan Eligibility .

    Documents Required for SBI Plot Loans:

    The following documents will be asked for during the application of SBI plot loans . A duly filled and signed application form has to be submitted along with the required documents.

    • Identity Proof - either of a valid passport, voter ID card, Aadhaar card and valid driving licence
    • Income Proof - PAN card, salary slips for the last 3 months, latest IT returns and form 16, bank statements for the last 6 months
    • Property related documents like title deeds and copy of allotment letter or buyer’s agreement as applicable.
    • Other documents like employer documents, own contribution proof, passport size photographs for applicants and co-applicants.

    Please contact SBI for a detailed list of documents required based on your nature of employment and source of income.

    SBI Plot Loan FAQ:

    1. 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.

    2. 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.

    3. 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.

    4. 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.

    5. 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)

    SBI Plot Loan Reviews

    • SBI Home Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      My home loan was taken with SBI 6 years back. The total duration was 15 years. I pay the premium of 30K for monthly through ECS. It was average process. They provided a doorstep service for documentation. The rate of interest is less when compared to others.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Nov 21, 2017
    • SBI Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I applied for a home loan with State Bank of India after I closed the home loan application with HDFC Limited. State Bank of India offered me the home loan with 8.4% as rate of interest and they waived off the processing fees. They were quick in processing the loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 18, 2017
    • SBI Home Loan
      "Smooth experience"
      0.5 4.0/5 "Great!"
      I have taken a home loan with State Bank of India and it has been a good experience with them. The rate of interest is nominal and i am comfortable with it. It has been a smooth process throughout the initial procedures and as well as during the loan term with them
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 17, 2017
    • SBI Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      ,My home loan was taken with SBI 4-5 Years back . The loan amount was 20 lakhs and the interest rate was 8.5% which was average in the market. The MEI period was 17 years . The customer service and responsiveness was up the mark . The loan process was convenient .They have sanctioned the loan with the committed time. My overall experrenec was good.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 17, 2017
    • SBI Home Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan with state bank of India.The loan amount is 10 lakhs,rate on interest is 8.5% low compared to others.No processing fees were charged in my account.I pay an EMI of Rs 10900 every month.They had processed the loan request within 2 days.
      Was this review helpful? 0
      , nagpur
      Reviewed on Nov 16, 2017
    • SBI Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      My home loan experience with SBI was good, i have taken loan for Rs 40 lakhs with the rate of interest of 8.25% which is less when compared to other banks, I pay an EMI of Rs 37000 every month. Customer service was good and they responded on time. The process was very smooth and there are no additional fees on preclosure and part payment charges.
      Was this review helpful? 0
      , bhilai
      Reviewed on Nov 16, 2017
    • SBI Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I took the home loan with the State bank of India and the interest rate was really lesser one for the staff. I would like to say that the customer service is a fantastic one for me rather than any one because of the transparency.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 16, 2017
    • SBI Home Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have applied for the home loan from SBI, my loan application was approved and the amount was disbursed. The loan amount was sufficient with the rate of interest of 8.3% which is less when compared to all other banks. The customer service was good, they provided door step service for the collection of documents. The process was smooth and the amount was disbursed within the given time.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 13, 2017
    • SBI Home Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I had a home loan with SBI the branch was next to my location so I have submitted the documents directly to their branch it was been a very easy process with SBI the interest rate they offered was fine and the payments where through online they will auto deduct from my saving account it was totally a good experience with SBI for my home loan service.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 13, 2017
    • SBI Home Loan
      "Average"
      0.5 1.0/5 "Really Bad"
      I have approached SBI for my home loan . I am completely not satisfied with the customer service and responses here since I have received calls after 3-4weeks and I did not feel like talking to the right person so I have cancelled the application here, My overall experience was average .
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 10, 2017
    • SBI Home Loan
      "Good customer service"
      0.5 5.0/5 "Blown Away!"
      I have applied for the home loan from SBI, my loan application was closed because, there is no requirement of loan as of now. The customer service was good, they followed up on regular intervals, response was also good from their end. The rate of interest is little high when compared to other banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 08, 2017
    • SBI Home Loan
      "Average"
      0.5 4.0/5 "Great!"
      I have applied for the home loan from SBI, my loan application was closed because there was no approval from Jaipur Development Authority. When it comes to customer service, it was up to the mark, there was no proper response from them after the loan application was submitted. The rate of interest is nominal when compared to other banks.
      Was this review helpful? 0
      , jaipur
      Reviewed on Nov 08, 2017
    • SBI Home Loan
      "Service should be customer's oriented"
      0.5 5.0/5 "Blown Away!"
      Earlier I took home loan in SBH for the amount of Rs. 5 lakhs it got completed in 2000. Then I took loan with SBI because SBH was no more hence SBI gave me the home loan for the amount of Rs. 25 lakhs . Earlier SBI gave me the interest rate 10.99% now they reversed around 8% of interest. But I didn't go for new one. Everything is good, but their system should be updated.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 07, 2017
    • SBI Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was about one year I have taken the home loan from SBI service was good the documents have been submitted directly also the interest rate they quoted me was 8.40 which was fine compare to other banks in the market and the payments were made through online it was totally a good experience with SBI for my home loan service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 07, 2017
    • SBI Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have approached SBI for my home loan. Their customer service and responses was up to the mark. I have postponed the plan due to my pending documents. The rate of interest was 8.35% which was average in the market. My overall experience was good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 06, 2017
    • SBI Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have approached SBI for my home loan. Their customer service and responses was up to the mark. I have postponed the plan due to my pending documents. The rate of interest was 8.35% which was average in the market. My overall experience was good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 06, 2017
    • SBI Home Loan
      "Very Good"
      0.5 4.5/5 "Excellent!"
      I have my home loan with SBI for about 3 months . The loan amount was 16 lakhs and the interest rate was 8.4% which is satisfactory. I have taken for 20 years back. Here the loan process was quite easy and comfortable. Their part payment option is after 6 months and no charges . They have sanctioned the loan with the committed time.
      Was this review helpful? 0
      , ongole
      Reviewed on Nov 04, 2017
    • SBI Home Loan
      "Good customer service"
      0.5 5.0/5 "Blown Away!"
      I previously applied for the home loan from SBI, my loan application was approved and the requested amount was disbursed. The loan amount was for 15 lalkhs with rate of interest of around 9-10%. I submiited the documents by visiting the branch office. The process was very smooth and easy.
      Was this review helpful? 0
      , srinagar
      Reviewed on Nov 01, 2017
    • SBI Home Loan
      "Good customer service"
      0.5 5.0/5 "Blown Away!"
      I had applied for the home loan from SBI, my loan application was approved and the requested amount was disbursed. I had taken loan for 15 lakhs with good rate of interest. The customer service was good, the approval was done very fast and process was very smooth.
      Was this review helpful? 0
      , bilaspur
      Reviewed on Oct 31, 2017
    • SBI Home Loan
      "Fast process"
      0.5 5.0/5 "Blown Away!"
      I had applied for a Home loan with them, and response I got from them was refreshing. They were pro-active, informative and logical. I got the required Loan in a rapid pace. The amount they took for the whole process was pretty short, and they kept me in loop for everything. Also the rate of interest they are providing is excellent.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 28, 2017
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