Punjab And Sind Plot loan interest rate 2020
- Currently, Punjab And Sind Bank Plot loan interest rate starts from 8.05%.
- The processing fee on Punjab and Sind Bank Plot loan is Up to 0.25%, Minimum ₹ 1,000, and Maximum ₹ 15,000.
- Punjab and Sind Bank plot loan tenure ranges from 5 to 30 years.
- Interest rates on Punjab And Sind Bank housing loans are linked to RLLR.
- Apply for a Punjab And Sind Plot Loan online and get cashback up to ₹ 1,000*.
Eligibility Criteria For Punjab And Sind Plot Loan
- The eligible age of both the borrower whether salaried or self-employed has to be between 21 – 70 years.
- Punjab and Sind Bank home loan eligibility is calculated based on your age, income, property value, and repayment capacity.
- Punjab and Sind Bank will check whether you are salaried or self-employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. Punjab and Sind Bank ask for minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self-employed individuals.
Benefits Of Punjab And Sind Plot Loan
- Punjab and Sind Bank Plot Loan Interest Rate starts from 8.05%.
- Punjab and Sind Bank charges processing fees of Upto 0.25%, Minimum ₹ 1,000, and Maximum ₹ 15,000.
- Loan Tenure of Plot Loan ranges from 5 years to 30 years.
- THE lowest EMI per lakh on Plot Loan from Punjab and Sind Bank is ₹ 737 per lakh offered at the lowest interest rate of 8.05% at the longest loan tenure of 30 years.
- Punjab and Sind Bank allow prepayment of Plot Loans with no charges on floating rate loans.
Punjab And Sind Plot Loan Quick View
| Age | Min 21 and Max 70 years for Salaried Min 21 and Max 70 years for Self Employed |
| Repayment Tenure | 30 years |
| Interest Rate | 8.05% |
| Interest Rate Linked To | RLLR |
| Processing Fee | Up to 0.25%, Minimum ₹ 1,000 and Maximum ₹ 15,000 |
Types of Punjab And Sind Plot Loans:
Plot Loan
A loan for buying a 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.
The bank plot loan interest rate differs for every bank; however, it is primarily dependent on factors such as employment type, the amount of bank plot loan purchase, and the variant of the loan. Some banks offer certain attractive rates of interest if women want to take a bank plot loan
Punjab And Sind Plot loan +Construction plot Loan
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 plot loan.
Plot loan With Construction Vs Home Loan
| Parameters | Plot Loan with Construction | Regular Plot Loan |
|---|---|---|
| Plot + Construction loan interest rates | Rates are the same for a Plot loan, but the plot + Construction plot 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 plot loan to buy land and home loans are same. However, certain banks offer a few basis points higher rates for 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, 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)
Plot Loan to value or LTV means the amount of plot 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, LTV scale between 75% to 90%.
3.Lower Tenure
Plot loans have comparably a shorter tenure of up to 15 years, which is not the case of Plot 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
Plot 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. Pre Payment penalty
Floating rate loans authorize to individual borrowers are free from the prepayment penalty if a borrower wants to foreclose the loan. However, a Plot 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.
Punjab And Sind Plot Loans for self-employed individuals
Individuals can avail of this loan on their own or collectively. The co-applicants for the Plot Loans must be the proposed owners of the plot. Co-applicants generally comprise of family members or friends and need not be co-owners of the property.
| Loan Amount | Maximum Fund |
|---|---|
| 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* |
TruFixed Plot Loan – 2/3 Year Fixed Rate Variant
This loan provides customers a part adjustable-rate term and a part fixed rate term. Under the TruFixed Plot Loan, the applicant can avail fixed rate for up to 2/3 years, after which the loan will change to an adjustable-rate loan automatically, summing up to a total of a 15-year loan term.
Adjustable-Rate Loan
The adjustable-rate plot loan is linked to Punjab And Sind Retail Prime Lending Rate (RPLR). The interest rate on the loan is revised once in every three months if there is a change in the RPLR, taking the date of the first disbursement into account. A rise in the interest rate will result in an increase in the EMI’s interest component which in turn will reduce the principal component. This will extend the loan term, and vice versa, in cases where the interest rate drops.
Punjab And Sind Plot Loan Interest Rates For Self-employed Non-professionals
Adjustable-Rate Home Loan
The Retail Prime Lending Rate (RPLR) stands at 16.20%
| Plot Loan | Interest Rates (% p.a.) |
|---|---|
| For Women* (Up to 30 Lakhs) | 7.20 to 7.70 |
| For Others* (Up to 30 Lakhs) | 7.25 to 7.75 |
| For Women* (Above 30 Lakhs) | 7.45 to 7.95 |
| For Others* (Above 30 Lakhs) | 7.50 to 8 |
| For Women* ( 75.01 Lakhs & Above) | 7.55 to 8.05 |
TruFixed Loan – 2 Year Fixed Rate Variant
The Retail Prime Lending Rate for self-employed non-professionals holds at 16.20%
| Plot Loan | Interest Rates (% p.a.) |
|---|---|
| For Women* (upto 30 Lakhs) | 7.65 to 8.15 |
| For Others* (upto 30 Lakhs) | 7.70 to 8.20 |
| For Women* (Above 30 Lakhs) | 7.80 to 8.30 |
| For Others* (Above 30 Lakhs) | 7.85 to 8.35 |
| For Women* ( 75.01 Lakhs & Above) | 7.90 to 8.40 |
| For Others*( 75.01 Lakhs & Above) | 7.95 to 8.45 |
Punjab and Sind Plot Loan Provides Fees For Salaried Individuals
Processing fees:
For a self-employed professional, 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 the Punjab and Sind 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 has to submit documents that Punjab and Sind 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 refinancing from financial institutions or any banks, and will apply to all partial/full prepayments. · The customer must submit documents that the Punjab and Sind plot loan approves to confirm the source of funds at the time of prepayment of the loan. · During the Variable Rate period: · There will be no prepayment charges 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 Punjab and Sind plot loan. |
Conversion fees:
Punjab and Sind plot loan gives an advantage to its already 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 North East Small Finance Bank 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 Punjab and Sind 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 customers will have to pay the premium amounts to the insurance provider regularly 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 will have 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 the 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 Punjab and Sind plot loan.
Photocopy of documents
Rs 500 is the cost for the photocopy of documents taken for the Punjab and Sind 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 Punjab and Sind 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 Punjab and Sind plot loan after 6 months from its sanction then you may have to pay Rs 2000 along with the applicable taxes.
Punjab and Sind plot loan Charges
Bank home equity credit Processing Fee
Punjab and Sind plot loan 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 will be typically non-refundable and need to be paid at the time of the application. Additionally to Punjab and Sind 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.
Punjab and Sind plot loan Home Equity Credit Prepayment
Punjab and Sind plot loan 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 a Punjab and Sind plot loan 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 North East Small Finance Bank 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 North East Small Finance Bank plot loan.
How To Apply For Plot Loan With Punjab And Sind Bank
- You can quickly and easily apply for a Plot Loan with the Punjab And Sind bank.
- You just need to complete 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.
- We also provide document pick-up services from your home.
- Visit WWW.Dialabank.com for any inquiries.
What documents Are Required To Avail Of Punjab And Sind Plot Loan?
- Plot loan application form with three attested photographs.
- Identity proof: ANYONE AMONGST PAN, Passport, voter card, or driving license.
- The Address or residence proofs along with a recent copy of utility bills like telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
- Bank account statements for the last six months of all bank account held by the applicant.
- Loan A/C statement of previous one year if any loan is availed before from any other bank or another lender.
- The income proof for both salaried and of self-employed people.
- Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.
FAQs For Punjab And Sind Plot Loans:
