Muthoot Finance Plot Loan

I have read the Privacy Policy & Agree to Terms & Conditions and authorize Dialabank & its partner institutions to Call or SMS me with reference to my application.

Turn your dream home into reality

Rates as low as 6.90%*
Loans Up to 15 Crore
Doorstep Service
Hassle-free Disbursal
Unbiased Experts Advice

Muthoot Finance Plot Loan interest rate

Particular

Details

Interest Rates

12.50% per annum onwards

Loan Amount

Upto INR 50 lakh

Repayment Period

Maximum of 25 years

Processing Fee

Minimum 1.5% of the Total Loan Amount + Applicable Taxes

Pre Part-payment Charges

Nil

Tax Benefits

Maximum of INR 2 lakh for Interest Payments and INR 1.5 lakh for Principal Repayments

Eligibility Criteria for Muthoot Finance Plot Loan

  • The applicant should be an Indian resident
  • The minimum age at the time of application should be 21 years
  • The maximum age at the time of loan maturity should be 65 years
  • The applicant should either be salaried or self-employed
  • The applicant must own a bank account
  • There should be a Muthoot Finance branch in the borrower’s city
  • The co-owner of the property should be the co-applicant for the housing finance

 

Features & Benefits of Muthoot Finance Plot Loan:

  • Due to the high scale of funds required for home/ property procurement, any lender takes a considerable amount of time to gauge a number of factors like the current value of the property, the borrower’s income sources, ability to repay the loan in the agreed time and credit history. This can end up in you losing the property to another. Hence the HDP loan, which will be approved at the earliest will help you block the desired property.
  • Muthoot understands that houses and plots are hot properties and any delay in payment can lose the customer the chance to acquire his/ her dream house. Hence this thoughtful approach.
  • Since this loan mostly aims at employees from unorganized sectors, Muthoot is lenient when it comes to paperwork.
  • Maximum Loan Amount given is close to INR 1 crore without the caveat of settling it at bloodsucking interest.
  • There shall be no processing fee charged and no extra or hidden charges.
  • No penalty fee or fine will be levied if you want to settle the loan ahead of the agreed tenure

Plot Loan

One can only get a loan for a plot for buying an empty house plot or land where someone can later build their own house for any reason be it an investment or some other. The property has to be under the municipal or trade bounds. The loan is often said to be a high-risk loan and there are no tax aids. The plot loan for every bank is different as each bank has different factors like service type, the total loan for buying a plot, and the modifications of the loan. There are banks where there are special interest rates for women.

Muthoot Finance Plot Loan Quick View

Plot Loan amount

Up to INR 3 Crores

Loan Tenure

15 Years

Margin 

24%

Pre-payment Penalty

Nil


Muthoot Finance Plot Loan

Types of Plot Loan Muthoot Finance Plot Provides

Plot Loan

A simple plot loan will only allow you to purchase a plot of empty land or a vacant residential plot that can be used for constructing a house or any other investment purposes. This type of loan is risky because there are no tax benefits. The property should also be located with the municipal limits.

The plot loan rates provided by each bank is very different. Factors such as your employment type, amount, etc play an important role in the determination of the loan.

Plot + Construction Loan

This loan is taken to not only buy a residential plot but to also construct a house on it within a given time. If the borrower fails to begin the construction on time, the bank will significantly increase the interest rate.

Muthoot Finance Plot loan with Construction vs Home Loan

Parameters

Land Loan with Construction

Regular Home Loan

Plot + Construction loan interest rates

Rates are the same for a home loan, but the plot + Construction Loan interest rates can be higher if you want the construction period to be longer than usual

Interest rates are starting from @6.75%*.

LTV

Up to 70% of the property’s value

Up to 90% of the property’s value

Tenure

Up to 15 years

Up to 30 years

Tax Benefits

The plot loan availed for construction and its benefits can be claimed post completion of the construction

On principal amount under section 80C and interest amount under section 24(b)

Prepayment Penalty

Nil for individuals on floating rates

Nil for individuals on floating rates

1.Plot Loan Interest Rates

The rate of interest in case of a loan to buy land and home loans are the same.‭ ‬However,‭ ‬certain banks offer a few basis points higher rates for a loan for land purchase than that of home loans.‭ ‬Banks give a specific time for construction over the plot,‭ ‬and the borrower is required to give way a construction certificate with the bank.‭ ‬If the borrower does not make construction over the plot within the period from the date of the first payment,‭ ‬the land loan interest rates structure for the borrower changes from a home loan to a loan against the property.

2.Loan to Value Ratio‭ (‬LTV‭)‬

Loan to value or LTV means the amount of loan which a borrower will get against his property.‭ ‬LTV,‭ ‬in the case of‭ ‬a loan for land purchase with construction,‭ ‬is notably lower and could be round off at a maximum of‭ ‬70%‭ ‬of the land value.‭ ‬In the case of home loans,‭ ‬the LTV scale between‭ ‬75%‭ ‬to‭ ‬90%.

3.Lower Tenure

Land loans have comparably a shorter tenure of up to‭ ‬15‭ ‬years,‭ ‬which is not the case of home loans,‭ ‬which is companied by a longer tenure of‭ ‬30‭ ‬years.‭ ‬Therefore,‭ ‬the EMI in the case of a loan for plot purchase is more than that of regular home loans.‭ ‬The tenure for a land loan also varies with the age of the borrower,‭ ‬repayment capacity,‭ ‬etc.

4.Tax Benefits

Home loans qualify for a tax subtraction on payment of the principal amount under Section‭ ‬80C of the Income Tax Act as well as the interest component under Section‭ ‬24‭(‬b‭) ‬of the Income Tax Act.‭ ‬On the other hand,‭ ‬tax benefits on land loans are not available.‭ ‬However,‭ ‬borrowers could claim a tax deduction on a loan if the house is constructed on a plot purchased by the borrower.‭ ‬A borrower can claim a tax deduction against the loan amount taken for construction,‭ ‬after the accomplishment on the plot.

5.Prepayment Penalty

Floating rate loans authorize to individual borrowers are free from the prepayment penalty if a borrower wants to foreclose the loan.‭ ‬However,‭ ‬a land loan like a home loan could bring prepayment charges of‭ ‬2‭ ‬to‭ ‬4%‭ ‬of the prepaid amount if the non-individual borrower has availed it.‭ ‬A borrower should go through the loan agreement carefully and clarify the foreclosure charges of the loan before signing the agreement.‭

Type of Muthoot Finance Plot loan

self-employed:

Tru mounted loan – 2/3 Year mounted Rate Variant

Muthoot Finance plot loan provides customers a vicinity adjustable-rate term and a vicinity mounted rate term. underneath the TruFixed loan, the individual will avail mounted rate up to 2/3 years, once that the loan can amendment to Associate in Nursing adjustable-rate loan mechanically, summation to a complete of a 15-year loan term.

Adjustable-Rate Loan

The adjustable-rate plot loan is joined to Muthoot Finance plot loan Retail Prime disposition Rate (RPLR). The charge per unit on the loan is revised once every 3 months if there’s an amendment within the RPLR, taking the date of the primary disbursement under consideration. an increase within the charge per unit can result in a rise within the EMI’s interest element that successively can cut back the principal element. this may extend the loan term, and contrariwise, in cases wherever the charge per unit drops.

Who will apply for a Muthoot Finance Plot Loan For self-employed?

Individuals will apply for this loan on their own or together. The co-applicants for the Muthoot Finance plot loan should be the planned homeowners of the plot. Co-applicants usually comprise of relations and want not to be co-owners of the property.

Loan term

  • The maximum tenure up to that one will distribute his payments for his/her loan is fifteen years.
  • The loan term depends on the compensation theme the individual has opted for.
  • The customer’s profile, age of the plot at the time of loan maturity, age of the client at the time of loan maturity conjointly play a job when deciding on the loan term.

Muthoot Finance Plot Loan For Salaried Individual

  • Salaried people will apply for this loan if he/she is wanting to:
  • Purchase a plot that’s being resold
  • Purchase a plot through direct allotment in an exceedingly housing society or a developer project
  • Transfer his/her outstanding loan quantity availed from another financial organization
  • Customized reimbursement choices are offered to the receiver reckoning on the loan quantity, loan tenure, and interest rates provided by the bank.
  • Attractive interest rates are offered on the plot loans to create it cheap for the candidates.
  • No hidden prices are charged on the loan.

Who will apply for a Muthoot Finance Plot Loan For Salaried Individuals?

The loan may be applied either on an individual basis or conjointly. The co-applicants for the plot loans should be the planned house owners of the plot. Co-applicants usually comprise of relations and wish not to be co-owners of the property.

Loan term

  • The most tenure up to that one will distribute his payments for his/her loan is fifteen years.
  • The loan term depends on the reimbursement theme the person has opted for.
  • The customer’s profile, age of the plot at the time of loan maturity, age of the client at the time of loan maturity additionally play a job choose the loan term.

Maximum loan amount

Loan Amount

Maximum Funding

Up to Rs.30 lakh

80% of the property price*

Rs.30.01 lakh to Rs.75 lakh

80% of the property price*

Over Rs.75 lakh

75% of the property price*

 The maximum funding of the loan can be restricted to 70% of the property cost if the property is situated outside city limits.

Type of Muthoot Finance plot loan for salaried individuals:

TruFixed Home Loan – 2/3 Year Fixed Rate Variant:

This loan provides customers a part adaptable rate term and a part fixed rate term. In this Tru Fixed home loan, there is an advantage of keeping the rate of interest fixed for 2/3 years later to which the loan changes to an adjustable rate of interest loan up to a total of 15 years loan term.

Adjustable-Rate Loan:

The adjustable-rate plot loan is linked to the Muthoot Finance plot loan Prime Lending Rate (RPLR). The interest rate on the loan is revised once every three months. A rise in the interest rate will increase the EMI’s interest component which in turn will reduce the principal component. If the interest rates drop-down this will increase the loan term.

Muthoot Finance Plot Loan Interest Rates For Salaried Individuals

Adjustable Home Rate Loan

For salaried individuals, the Retail Prime Lending Rate is 16.20%

TruFixed Loan – 2 Year Fixed Rate Variant

the Retail Prime Lending Rate is 16.20%

Muthoot Finance Plot Loan fees for salaried individuals

Processing fees

For self-employed professionals, the processing fee is Rs.3,000 or up to 0.50% of the loan amount whichever is higher along with other additional applicable taxes.

Prepayment charges:

Adjustable-Rate Home Loans (ARHL)

Adjustable-Rate Loans (ARHL):

·        No prepayment charges will be payable on account of full/part payments for loans sanctioned to individual borrowers.

·        For loans sanctioned to individual borrowers with the firm, company, etc. as a co-applicant. Prepayment charges at 2% plus taxes, as may be applicable from time to time, of the amount being prepaid, are payable.

·        The customer will have to submit documents that Muthoot Finance plot loan deems fit and proper to confirm the source of funds at the time of prepayment of the loan.

Fixed-Rate Home Loans (FRHL)

Fixed-Rate Loans (FRHL)

·        No prepayment charges will be applicable for part/full payments made from own sources i.e., sources other than a bank/NBFC/HFC or financial institutions

·        The customer should submit documents that Muthoot Finance plot loan sees fit and proper to determine the source of funds.

·        Prepayment charges will be 2% plus taxes and statutory levies and charges of the outstanding amounts being so prepaid through any financial institution or any bank and will be applied to all full/ partial prepayments.

Fixed and Variable Rate Loans (Combination rate)

Fixed and Variable Rate Loans (Combination rate)

·        During the Fixed Rate period:

·        The prepayment charges will be 2%, plus applicable taxes and statutory charges and levies of the outstanding amount being so prepaid through refinance from financial institutions or any banks, and will apply to all partial/full prepayments.

·        The customer must submit documents that the Muthoot Finance plot loan approves to confirm the source of funds at the time of prepayment of the loan.

·        During the Variable Rate period:

·        No prepayment charges will be applicable on account of full/partial prepayments for loan sanctioned to individual borrowers.

·        For loans sanctioned to individual borrowers with the firm, company, etc. as co-applicants. Prepayment charges at 2% plus taxes and statutory charges, as may be applicable from time to time, of the amount being prepaid are payable.

The prepayment charges mentioned will be applicable from the date of execution of the loan agreement. However, the charges are subject to change from time to time depending on the prevailing policies of the Muthoot Finance plot loan.

 

Conversion fees: 

Muthoot Finance plot loan gives an advantage to its existing customers that are the conversion facility to pull down the rate of interest on the loan by interchanging schemes. This facility can be used by paying a fee or one can either reduce the loan amount time or EMI. Here are the options of conversions available for the existing Muthoot Finance plot loan customers:

Name of the service/    product

Name of the charge/fee levied

When payable

Frequency

Amount in rupees

Switch to a lower rate in   Variable Rate Loans (Housing/improvement/  extension)

Conversion fees

On conversion

On every spread change

Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of Rs.50,000 plus taxes whichever is lower.

Switching to Variable Rate Loan from Fixed Rate Loan (Housing/improvement/extension)

Conversion fees

On conversion

Once

Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of Rs.50,000 plus taxes whichever is lower.

Switching from Trufixed Fixed Rate to Variable Rate Loan

Conversion fees

On conversion

Once

1.75% of the principal outstanding and undisbursed amount plus taxes at the time of conversion.

Switch to Lower Rate (Non-Housing Loans)

Conversion fees

On conversion

On every spread change

Half of the spread difference on the principal outstanding and undisbursed amount plus taxes, with a minimum fee of 0.5% and a maximum fee of 1.50%.

Switch to Lower Rate (Non-Housing Loans)

Conversion fees

On conversion

On every spread change

0.5% of principal outstanding and undisbursed amount plus taxes at the time of conversion.

Cheque discredit charges: 

The cheque discredit charges for the Muthoot Finance plot loan are Rs.200 (conditions apply).

Fees on account of external opinion: 

The external opinion can be either from technical valuers or advocates and the fees can be paid directly to the person in charge depending on the kind of help condensed.

Property insurance: 

For keeping the policy active, the customer has to pay the premium amounts to the insurance provider on a regular basis without any fault.

Charges on account of delayed payments: 

In case there has been a delay in paying the EMI or the interest then the customer has to pay an additional interest of 24% p.a

Incidental charges

Incidental charges and expenses are imposed to cover the charges, costs, and other expenses that may have been utilized to recover dues from a defaulting customer.

Statutory/regulatory charges:

 The customer will be solely responsible for all charges applicable on stamp duty/MOD/MOE/Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI).

List of documents: 

Rs 500 is the cost for the list of documents taken for the Muthoot Finance plot loan.

Photocopy of documents

Rs 500 is the cost for the photocopy of documents taken for the Muthoot Finance plot loan.

Increase/decrease in loan term: 

If there is a need where you want to increase or decrease loan term then you have to pay Rs 500 along with the application form. 

Disbursement cheque cancellation charge post disbursement: 

The cost for the Disbursement cheque cancellation Is Up to Rs.200 asper the Muthoot Finance plot loan. 

PDC swap

The PDC swap charges a minimal amount of Rs 200. 

Re-appraisal of the loan after 6 months from sanction:

 If you want a re-appraisal of the Muthoot Finance plot loan after 6 months from its sanction then you may have to pay Rs 2000 along with the applicable taxes. 

Types of Muthoot Finance plot loan consumer loan

  1. Muthoot Finance plot loan Cash
  • Muthoot Finance plot loan money consumer loan is obtainable for amounts of up to Rs. 10 lakh
  • Can be for numerous personal desires together with marriage, medical emergency, educational activity, vacation, etc.
  • The loan is often repaid by most sixty months.
  • In case of natural or accidental death of the receiver, Muthoot Finance plot loan insurance arrangements can cowl the outstanding loan quantity.
  1. Muthoot Finance plot loan beneficiary Loan
  • Muthoot Finance offers short term loans through the Muthoot Finance plot loan beneficiary Loan theme to people World Health Organization receive pension through its branches.
  • Widows and war widows World Health Organization are drawing pension through Muthoot Finance are eligible for this loan if there’s a co- receiver.
  • Muthoot Finance beneficiary consumer loan must be repaid most by forty-eight months.
  1. Muthoot Finance plot loan Shopper Loan theme
  • Muthoot Finance Shopper Loan theme offers loans of up to Rs.2 lakh
  • Individuals will use it for the purchase of durable goods like white goods, television, air conditioning, pc, or alternative electronic gadgets.
  • Low rate of interest from nine.45% p.a. onwards

Muthoot Finance plot loan plot loan Charges

  • Muthoot Finance home equity credit Processing Fee

Muthoot Finance home equity credit processing charges are up to 0.50% of the loan amount from its home equity credit customers to hide its expenses of conducting a credit appraisal and technical evaluation of the property. The bank charges a minimum processing of ₹ 1,500 and has capped the utmost processing fees at ₹ 15,000.

The processing fees are typically non-refundable and need to be paid at the time of the application. Additionally to Muthoot Finance plot loan processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the application proceeds further.

  • Muthoot Finance home equity credit Prepayment

Muthoot Finance charges Nil fees on prepayment of floating-rate loans, as per RBI prepayment rules which prohibit banks from charging prepayment penalty on loans with a floating rate of interest. Hence, it becomes extremely easy to balance transfer your loan from one bank to a different one. If you opt to foreclose or transfer your housing loan to a different bank, you would like to use an equivalent to Muthoot Finance for a foreclosure while processing your new home equity credit application with the new bank.

However, if you’ve got taken a hard and fast rate home equity credit from Muthoot Finance plot loan, you’ll get to pay a foreclosure fee to shut your account or transferring it to a different bank as per your loan agreement with Muthoot Finance.

How to apply for a Muthoot Finance plot loan with Dialabank

  • One can apply for the Plot Loan with Dialabank easily.
  • Not a big process, just fill a form with your correct details and the documents asked.
  • If any help is required our relationship manager would contact you.
  • There is also a door to door document pickup facility provided by us.
  • For more details or doubts you can call us on 9878981166.

Tips to Get a Loan to buy Land easily

Here are some basic clues that would help you to increase your chances of getting a loan:

  • A good credit score: A borrower would require a good credit score of above 650 to avail of the plot loan. If a borrower has a good score, it will increase the loan approval chances.
  • Debt and Income Ratio: A good income and debt ratio increase your chances of getting a loan. Lesser is the ratio, more are the chances of loan approval.
  • Apply for a loan based on your repayment capacity: Before you apply for a plot loan the debtors need to figure out how much loan they can afford. Debtors can take the help of calculators to check their loan affordability as well as suitability.

Documents needed for Affordable Home Loan

We believe that finance for affordable housing should be quick and convenient. You need to put together the following documents and walk away with a need-based, low-interest home loan.

Address Proof (Any one of the document)

Passport / Ration card / Voter ID / Driving License / Registered Rental Agreement / Electricity or Landline bill issued within the previous 3 months

Identity Proof (Any one of the document)

Driving License / Voters ID Card / Passport / Ration Card / Driving License / Photo Credit Card / PAN Card / Employee ID card for Government servants

For Self-employed

Bank statement stating transactions for the previous 6 months

For Salaried individual

6 months salary slips with ITR or Form 16 for salaried applicants. 

Muthoot Finance Plot Loan Faqs

✅What is the Plot loan interest rate in Muthoot Finance?

The interest rate is 6.75% for Muthoot Finance Plot Loan.

✅What is the Muthoot Finance Bank Plot Loan?

A loan for purchasing a Muthoot Finance Plot can only be availed for the purchase of vacant residential space or a piece of land which later can be used to build a house or for investment purposes.‭ ‬The property should be found within the municipal or corporate limits.‭ ‬This type of loan is worth of high-risk ‬and no tax benefits.‭

✅How much processing fee is applicable on the Muthoot Finance Plot loan?

The processing fee is up to 0.5% of the loan amount or Rs. 10,000 Up to 0.5% of the loan amount or Rs. 10,000.

✅What is the loan tenure of the Muthoot Finance Plot loan?

 The loan tenure of the Muthoot Finance Plot loan is up to 30 years

✅How can I avail plot loan from Muthoot Finance?

You can conveniently apply for a Plot Loan with Muthoot Finance. You just need to fill an online form with the appropriate details and required documents at the DialAbank website itself. Our relationship manager will contact you for any further assistance.

✅How to Apply for Muthoot Finance Plot Loan?

You can avail of the plot loan only once you are declared eligible by Muthoot Finance.

How to repay the Muthoot Finance plot loan earlier than the schedule?

Visit the Kotak Mahindra and check if you are eligible for the earlier payment.

Is it possible to repay my loan earlier than the schedule?

Yes, it is allowed by Muthoot Finance to repay the loan amount earlier than the scheduled date.

How to check Muthoot Finance + Plot Loan eligibility?

Rates are similar to a Plot loan, ‬but the bank plot + Construction Loan interest rates can be higher if you want the construction period to be longer. The loan is availed to purchase the residential plots and build a house on the property within a fixed time. If a borrower does not start construction within a given period, the bank can increase the interest rate on the loan. This article carries out information about Plot loan with construction and how this is different from the normal home loan.

What is the Muthoot Finance Plot loan phone number?

For the Muthoot Finance Plot loan, the borrower can call – 9878981166

What is the Muthoot Finance plot loan interest rate for women?

For women, the Muthoot Finance plot loan interest rate starts from 7.05%

What is Muthoot Finance plot loan interest rates for salaried individuals?

Muthoot Finance bank plot loan provides customers a vicinity adjustable-rate term and a vicinity mounted rate term. underneath the TruFixed loan, the individual will avail mounted rate up to 2/3 years, once that the loan can amendment to Associate in Nursing adjustable-rate loan mechanically, summation to a complete of a 15-year loan term.

What is Muthoot Finance plot loan interest rates for self-employed individuals?

For self-employed professionals, the processing fee is Rs.3,000 or up to 0.50% of the loan amount whichever is higher along with other additional applicable taxes.

What is Muthoot Finance plot loan interest rates for self-employed non-professionals?

8.05% is the interest rate for the Muthoot Finance plot loan for Self-Employed Non-Professionals.

How is a plot loan different from a home loan?

The basic difference is the time period of the plot loan which means the Muthoot Finance plot loan tenure can go up to 15 years whereas the home loan tenure can go as high as 30 years.

Can I take a plot loan along with a Plot loan?

Yes, a Muthoot Finance plot loan can be used to purchase a plot anywhere within the country.

What is the maximum amount that I can take as a loan?

The maximum loan amount depends upon the documents produced of the plot to the Muthoot Finance.

Can a plot loan finance investment in any plot, anywhere?

Yes, a Muthoot Finance plot loan can be used to purchase plots anywhere within the country.

What is a Balance Transfer on Plot Loan?

Balance Transfer for Muthoot Finance plot loan helps you lower your EMIs by transferring your remaining loan to other financial institutions to one that offers a lower interest rate.

Do I get any tax benefits on a plot loan?

No, unfortunately, there are no tax benefits provided with the Muthoot Finance plot loan.

How many years can I keep the plot of land before starting construction?

For Muthoot Finance plot loan with Construction, an applicant can either contact the bank for more information regarding the scheme or call Dialabank at 9878981166.

 

Table of Contents

Menu