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
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.35% - 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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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    SBI Plot Loan is Rated as "Great!" by 1064 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.

    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
      "More customer friendly"
      0.5 4.0/5 "Great!"
      I have my salary account with State Bank of India for 5 years. I applied this home loan to them but they took very long for the disbursement. I had to go through lot of documentation process. They do charge for preclosure and the total tenure of this home loan is 10 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 16, 2017
    • SBI Home Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I expected the rate of interest and charges to be lesser of SBI but I found it the same as the private banks. The process took a month and half as there was a delay from the lawyer. Once the papers work was done, the bank completed the loan in a week for the home loan.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Oct 16, 2017
    • SBI Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      State Bank of India is my go to bank for all my banking or financial needs as I have my salary account with State Bank of India for 35 years. I applied this home loan to them and they approved it immediately and processed it quickly. I started this home loan 3 months ago. I don't remember the rate of interest but total tenure of this home loan is 5 years.
      Was this review helpful? 0
      , hubli
      Reviewed on Oct 14, 2017
    • SBI Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was about 4 years since I have taken my home loan from STATE BANK OF INDIA HYDERABAD during the loan process they have asked for my payslip and other identification profs to process my loan representatives were very good in responding so I would say it was a excellent service from SBI hyderabad branch for my home loan service.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 12, 2017
    • SBI Home Loan
      "Good serivce"
      0.5 4.0/5 "Great!"
      The State bank of India has gave top up home loan within a week time. I got it around 4 months ago. The customer service is not clear in their process. The process need to have transparency. The rate of interest and the charges are nominal is nominal with State bank of India.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 11, 2017
    • SBI Home Loan
      "good service"
      0.5 4.0/5 "Great!"
      I had applied for a loan with State Bank Of India however i did not proceed with the application as the property had not been finalized with the vendor. I would like to say that the experience with SBI during the initial stages was good as i received good service and response from them. I also find the interest rate, fees and charges to be nominal.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 11, 2017
    • SBI Home Loan
      "One bad experience"
      0.5 4.0/5 "Great!"
      I got a home loan for Rs.5 Lakhs with this bank, and made payment with no dues till the end. But in the last transaction due to some miscommunication payment was not completed and which I discovered after a long time. This has affected my Credit score pretty badly. Consiquently I have made the changes and hope to see my scores get high again.
      Was this review helpful? 0
      , baruipur
      Reviewed on Oct 11, 2017
    • SBI Home Loan
      "Disappointed "
      0.5 1.0/5 "Really Bad"
      I had applied for a home loan with State Bank Of India and i am very disappointed with the service i received relating to this home loan application. It has been a zero response from them and no information or the status of the application has been given me till date.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 11, 2017
    • SBI Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      I had applied for a home loan with State Bank Of India but did not proceed with the application as i had changed my decision and decided to get my funds from a different source. I would however like to say that my experience with the bank was good in terms of the customer service and response. I was satisfied with the information that i received in return for my queries.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 11, 2017
    • SBI Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was a good service from SBI for my home loan service the rate of interest they offering is fine which is 8.4 and the documents part was also fine the representatives helped me a effectively so I never had any issue with SBI service till now, I can say the overall service is excellent from SBI.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Oct 10, 2017
    • SBI Home Loan
      "It was good"
      0.5 5.0/5 "Blown Away!"
      Generally I felt State Bank of India was good with my requirement. Only as my plan changed recently I did not go ahead with the loan. The rate of Interest they are offering is also good. The customer service of them was good, I got the information that I was looking out for.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 10, 2017
    • SBI Home Loan
      "They require more responsiveness"
      0.5 2.0/5 "Expected more"
      I tried reaching out for transferring of my current loan to State Bank of India couple of times, unfortunately I had very meager responses either times. The main reason I tried switching my loan to SBI was because of the low interest rate, but with lack responses from them its really hard for me to try out their Bank.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 10, 2017
    • SBI Home Loan
      "Great responsivness"
      0.5 5.0/5 "Blown Away!"
      State Bank of India did a great job with following up with my inquiry. The response from them was spot on, only reason that I didn't go ahead with the loan was that project didn't get approved. Even then they tried helping me out with approval process.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 10, 2017
    • SBI Home Loan
      "Generally have been good."
      0.5 3.5/5 "Pretty good"
      They contacted me once and I had informed them keep the plan on hold. As of now I have not finalized upon the plan. Once I finalize the product I will be surely going with the Home loan. Other than I felt the experience with the bank to be quite good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 09, 2017
    • SBI Home Loan
      "Lack of Response"
      0.5 1.0/5 "Really Bad"
      State Bank of India didn't respond to my queries properly. I was in need of 60 Lakhs but after few initial conversation, State Bank of India never came in with their own respnse. I feel response from their end was very lanklesture. I suggest them to be little more open with the customers.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Oct 09, 2017
    • SBI Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Only due to some personal reason I didn't go ahead with State Bank of India. Personally I like my experience with the State Bank, their customer service and Responsiveness was good. Also their Rate of Interest because of being Government bank sounds reasonable.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 09, 2017
    • SBI Home Loan
      "They are helpful"
      0.5 4.5/5 "Excellent!"
      They contacted me multiple time and were very responsive. Even though they couldn't provide me with the 35 Lakhs that I actually wanted but they were responsive enough to me. Maybe they could change the criteria limit a little and provide loan for people a little more. But generally am pretty happy with them.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 09, 2017
    • SBI Home Loan
      "Little more transperancy"
      0.5 4.0/5 "Great!"
      I wanted to change my current housing loan to State Bank of India. SBI has been very useful, and responsive. But earlier they promised a free processing charges but at the end they did charge me Rs.1000, they need to be little more transparent.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 09, 2017
    • SBI Home Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I had taken a housing loan from SBI for an amount of 17 lakhs. Processing fee charged on my housing loan was around 4k. It was just a top up loan. Rate of interest levied by them was around 8% . EMI is 28k , the total tenure of the loan was 15 years. The Loan got disbursed within a month also documentation part was too simple. The agent who came for the documents collection was very kind and he was ready to help me at any cost.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 08, 2017
    • SBI Home Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      My home loan is from SBI. Rate of interest levied by them was around 10.26%. Initially they confirmed the processing fee as rs 3000, later part they charged 5k for the same. I got an explanation from the bank stating that if my loan amount is above 50 lakhs they would charge 5k else they would charge less than that. Loan got processed within 15 to 20 days of time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 08, 2017
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