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
    8.35% - 8.70% Floating
    ₹2,000 to ₹10,000 + applicable tax
    -
    1-30 Years
    Response Time : Within 30 minutes
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    SBI Plot Loan is Rated as "Great!" by 1024 Users

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    SBI Plot Loan

    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.

    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)

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  • SBI Plot Loan Reviews

    • SBI Home Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      SBI interest rate was good than other banks, but they done a long documentation process but it was fine because its a nationalized bank. Finally they sanctioned the requested amount as a home loan. Overall I am fine with their service and offer.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 21, 2017
    • SBI Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      Experience and services i had with the STATE BANK OF INDIA while my home loan process went very well . the customer service was handled very well by the State bank of nida they made a contact with me and delivered the information to me . the only reason i didn't get the loan was that , my property was under sub-urban area so the bank could not approve the loan .
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 21, 2017
    • SBI Home Loan
      "Its Average"
      0.5 2.0/5 "Expected more"
      SBI really not done a good job, they assigned a person in pune, but they didn't give genuine information and their service is not upto the mark. But interm of interest rate, whatever I expected I got same rate but charges was high even they have taken for mortgage too.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 20, 2017
    • SBI Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have got the Housing loan from SBI around 5years ago. They have taken around 10 days to disburse my loan amount., The required loan amount has been given and I am satisfied with it. This loan has the tenure of 15 years. The fore closure and the part payments options are available with the SBI housing loan.
      Was this review helpful? 0
      , imphal
      Reviewed on Sep 20, 2017
    • SBI Home Loan
      "Looking for better service and immediate reply"
      0.5 3.5/5 "Pretty good"
      SBI home process was very difficult, I undergone with many criteria, many process and many paper work, there was no response from their end for my mail. They should improve the service part. But I am quite happy with interest rate, whatever the market rate they have offered the same thing. Based on property value they sanctioned my loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 20, 2017
    • SBI Home Loan
      "Good offer in the market"
      0.5 4.0/5 "Great!"
      I am happy about SBI interest rate is pretty good, but service wise its not upto the mark. I have went to branch to complete the paper work and also I had follow up on my loan process and legal process as well. Finally my requested amount got sanctioned more than Rs. 50 lakhs with tenure 20 years .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 20, 2017
    • SBI Home Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I was with my brother for the home loan process at State Bank of India. This process was also on the average side as it was a lengthy one too. The paper work was much and the disbursement was also not on time. The bank needs to be more proactive and supportive.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 20, 2017
    • SBI Home Loan
      "Good overall"
      0.5 4.0/5 "Great!"
      I have taken a home loan from State Bank of India. The customer services are good, but the bank was high on the processing charges. The initial interest rate was around 9.35% and now it fluctuated to 8.3%. The after loan services are also good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 20, 2017
    • SBI Home Loan
      "High on charges"
      0.5 4.0/5 "Great!"
      The whole process at State BanK of India took five month. I have taken a home loan. Though they are secured but the bank is very high on the charges when compared to the private banks. There are charges for legal document, site verification and ECS and other forms and the and other document charges. Plus the processing fees which costed me 20k. Where as all the charges are waived off at Axis bank and other banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 19, 2017
    • SBI Home Loan
      "Very rigid norms"
      0.5 4.0/5 "Great!"
      I have had approached SBI for my housing loan. SBI confirmed that they would be able to sponsor 20 lakhs which is 30% of the loan amount even after considering my wife 's salary and my salary. Too much of documents required by SBI. Interest rate offered by SBI was much lower than HDFC Bank however the bank norms were very rigid.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 19, 2017
    • SBI Home Loan
      "Its good only"
      0.5 5.0/5 "Blown Away!"
      I did not interact with the customer service team . I directly approach the bank and the bank processed my housing loan request . The bank took hardly a days time to process the housing loan it was quick, mainly because it was the bank which finalized the land for me. However SBI was unable to process Pradhan Mantri scheme.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 18, 2017
    • SBI Home Loan
      "Better"
      0.5 4.0/5 "Great!"
      I would like to recommend SBI to get the loan because of their turn around time is lesser one. I got the home loan from the State bank of India and the loan amount got disbursed within fifteen days of time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 17, 2017
    • SBI Home Loan
      "Banking services are good."
      0.5 4.0/5 "Great!"
      I have taken a home loan from State Bank of India. The process was good and very much convenient. The bank is good only in this loan process. The interest rate and processing charges is normal and there are no hassles as such to get my loan through.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 15, 2017
    • SBI Home Loan
      "They need to improve their service"
      0.5 2.5/5 "Just OK"
      SBI home loan is always best, I have taken the principal of Rs. 30 lakhs for the tenure of 20 years. They didn't give any corporate interest for my home loan but its best. In term of service is not upto the mark they should work on it and they do have foreclosure charges.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 15, 2017
    • SBI Home Loan
      "Its really good"
      0.5 5.0/5 "Blown Away!"
      I am compelted happy with the service provided by SBI for the Home loan. I was provided the best rate of interest for the banks but due to my personal reasons I was not in state to avail their services otherwise i am very much happy with SBI and its services.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 14, 2017
    • SBI Home Loan
      "Its a Good Experience"
      0.5 4.0/5 "Great!"
      SBI gave me the interest rate around 8.6% but the processing time was very long, they took around two and half months, I done lot of paper work with them, it would be great if their process is simple and easy. I am happy home loan principal amount.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 13, 2017
    • SBI Home Loan
      "Best offer in the market"
      0.5 4.0/5 "Great!"
      SBI customer service is good but the response is slow. When I applied for the home loan the documents process got delay, they have taken four months to disburse the amount, I done lot of paper works and I followed them frequently.I would like to suggest them to work on the response part and they should give the prior information about the documentation part. Apart from them everything is good, infact they gave me the interest rate of 9.35% its fine.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 13, 2017
    • SBI Home Loan
      "Its customer friendly"
      0.5 5.0/5 "Blown Away!"
      I am very much happy about zero processing fee of SBI and there was no hidden charges on my home loan, Documentation process was happened on time. I got disbursement amount quickly, my principal amount was Rs. 36 lakhs for the tenure of 20 years.
      Was this review helpful? 0
      , kolkata
      Reviewed on Sep 13, 2017
    • SBI Home Loan
      "Its Good"
      0.5 3.5/5 "Pretty good"
      The communication part was excellent in SBI, they gave me time to time update, but when I went to the bank I waited for quite sometime, because my file was not moved for the approval, finally they processed it. SBI gave 8.6% interest for the loan amount of Rs.22 lakhs, it is floating rate.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 13, 2017
    • SBI Home Loan
      "SBI is a good bank"
      0.5 5.0/5 "Blown Away!"
      Almost all, would like to avail the services of SBI the reason being its a nationalized bank and everything is transparent here no hidden cost. Also SBI is a reliable bank and it is reputed too. Every step is simple and we dont have to worry about anything as it is easy to approach them especially when your property is legal. In short, I would say it is the best bank for a common man like me.
      Was this review helpful? 0
      , jaipur
      Reviewed on Sep 12, 2017
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