Allahabad Bank Plot Loan

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Allahabad Bank Plot Loan

Allahabad Bank Plot Loan Features 

Interest Rate 8.25-8.55% p.a.
Loan Tenure  5 to 20 years
Loan Amount Up to 10 Crore
Charges of Processing 0.40%

Allahabad Bank Interest Rate

Eligibility Criteria for Allahabad Bank Plot Loan

For purchase of plot:

1. The plot is to be situated in residential areas within Municipal/Corporation limits in Metro, Urban, and Semi-Urban areas.
2. Finance shall also be considered for the purchase of sites offered for sale by state-owned agencies like Housing Boards etc. in Metro, Urban and Semi-Urban areas.
3.The construction has to be commenced within 12 months from the date of the first disbursement of loan for the purchase of plot and the construction thereon should be completed within 30 months from the date of disbursement of the first installment of loan for the purchase of plot. Failure to comply will result in declassifying the account from housing loans and charging a commercial rate of interest.
4. Assessment of the eligible amount of loan is based on repayment capacity for both the components of the loan – i.e. for plot and construction together.

Benefits of Allahabad Bank Plot Loan 

  • Different types of schemes to suit customer’s fund requirements.
  • The interest rate starts from 8.15% per annum.
  • Allahabad Bank Interest RateThe loan term extends up to 30 years. 
  • Free credit card with an offer.
  • Free risk insurance for all plot loans.
  • There are no advance payments on the floating plot or land loan rate.
  • Many loan repayment options for the convenience of customers.

Plot Loan 

If you come upon a plot for sale that you think makes the perfect location for your future home, then a plot loan can help you take advantage of the opportunity. Unlike home purchase loans that are used to purchase existing, underlying properties, plot loans allow you to purchase land. You can use a plot loan to buy land so that you can build on it in the future. Plot loans can have tenures of up to 15 years.

One restriction on plot loans in India is that the plot loan or land cannot be used to purchase agricultural land. It is quite easy to get approval for plots or land loans. Generally, it does not take more than a week for your application to be approved. To apply for a plot loan, you must be at least 21 years of age and not more than 60 years old.

1. Plot Loan Interest Rates

In the case of loans for buying land and home loans, the rate of interest is the same. However, some banks give some higher marks for loans for land purchase than home loans. Banks allow a set time for construction on the plot, and the borrower is required to present a construction certificate to the bank. If the borrower does not build on the plot within the period from the date of the first disbursement, the structure of land loan interest rates changes from a home loan to a loan against property for the borrower.

2. Loan to Value Ratio‭ (‬LTV‭)‬

Loan to value or LTV means the amount of loan that a borrower will get against his property. LTV in case of grant of loan for the purchase of land with construction. , Is quite low and can be capped at a maximum of 70% of the land value. In the case of home loans, LTV is between 75% to 90%.

3. Time Period

Land loans have a relatively long tenure of 15 years than those in home loans with a longer tenure of 30 years. Therefore, the EMI in terms of loans for plot purchase is higher than that of regular home loans. The tenure for a land loan also depends on the age, repayment capacity, etc. of the borrower.

4. Tax Benefits

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

5. Prepayment Penalty

A floating-rate loan sanctioned to individual borrowers if the prepayment penalty is exempt if a borrower wishes to repay the loan. However, a home loan like a home loan can attract a prepayment charge of 2.4% of the prepaid amount if taken by a non-individual borrower. A borrower should read the loan agreement carefully and clear the foreclosure fee of the loan before signing the agreement.

Types of Plot Loans Allahabad Bank provides 

Plot Loan

‬A loan for plot purchase can only be availed for the purchase of a vacant residential plot or a piece of land which can be later used to construct a house or for investment purposes.‭ ‬The property should be located within the municipal or corporate limits.‭ ‬This type of loan is a high-risk loan,‭ ‬and there are no tax benefits.‭
The plot loan interest rate varies for every bank; however, it primarily depends on factors like employment type, the amount of loan for plot purchase, and the variant of the loan. Certain banks offer attractive rates of interest if women take a plot loan.

Plot + Construction Loan

This loan is availed to purchase a residential plot and construct a house on the property within the stipulated time.‭ ‬If a borrower does not commence construction within the specified period,‭ ‬then the bank can increase the interest rate on the loan.‭ ‬This article further carries information about Plot loan with construction and how this is different from the regular home loan.

Allahabad Bank  plot loans for self-employed individuals

Salient Features

Self-employed individuals can apply for this loan if he/she is looking to:

  • Purchase a plot that is being resold
  • Purchase a plot through direct allotment in a housing society or a developer project transfer his/her outstanding loan amount availed from another financial institution
  • Customized repayment options offered to the borrower depending on the loan amount, loan tenure, and interest rates provided by the bank.
  • Attractive interest rates offered on the plot loans to make it affordable for the applicants.
  • No hidden costs charged on the loan.Allahabad Bank Interest Rate

Who can apply for Allahabad Bank plot loans self-employed?

Individuals can apply for 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 and need not be co-owners of the property.

Loan term

  • The maximum tenure up to which one can distribute his payments for his/her loan is 15 years.
  • The loan term depends on the repayment scheme the applicant has opted for.
  • The customer’s profile, age of the plot at the time of loan maturity, age of the customer at the time of loan maturity also play a role in deciding 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 plot loans self-employed:

  • TruFixed Plot Loan – 2/3 Year Fixed Rate VariantThis 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 LoanThe adjustable-rate plot loan is linked to Andhra Pradesh’s Retail Prime Lending Rate (RPLR). The interest rate on the loan is revised once 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.

Allahabad Bank Plot Loan Interest Rates For self-employed professionals

  • Adjustable Plot  Rate LoanThe Retail Prime Lending Rate for self-employed professionals stands at 16.20%
    Loan Slab Plot  Loan Interest Rates (% p.a)
    For women* (up to 30 lakh) 7.05 to 7.55
    For others* (up to 30 lakh) 7.10 to 7.60
    For women* (above 30 lakh) 7.30 to 7.80
    For others* (above 30 lakh) 7.35 to 7.85
    For Women* (75.01 Lakhs & Above) 7.40 to 7.90
    For Others*(75.01 Lakhs & Above) 7.45 to 7.95

    *The interest rates are applicable only for loans under the Adjustable Rate Home Loan Scheme of Allahabad Bank  and can be revised at the time of disbursement.

  • TruFixed Loan – 2 Year Fixed Rate VariantThe Retail Prime Lending Rate (RPLR) stands at 16.20%
    Loan Slab Plot Loan Interest Rates (% p.a.)
    For Women* (up to 30 Lakhs) 7.50 to 8
    For Others* (up to 30 Lakhs) 7.55 to 8.05
    For Women* (Above 30 Lakhs) 7.65 to 8.15
    For Others* (Above 30 Lakhs) 7.70 to 8.20
    For Women* (75.01 Lakhs & Above) 7.75 to 8.25
    For Others*(75.01 Lakhs & Above) 7.80 to 8.30

Allahabad Bank plot loan interest rates for self-employed non-professionals

  • Adjustable-Rate Plot LoanThe Retail Prime Lending Rate (RPLR) stands at 16.20%
    Loan Slab 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 VariantThe Retail Prime Lending Rate for self-employed non-professionals holds at 16.20%
    Loan Slab Interest Rates (% p.a.)
    For Women* (up to 30 Lakhs) 7.65 to 8.15
    For Others* (up to 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

Allahabad Bank Plot  loan documents required for self-employed

Here are the documents you will have to submit for all the applicants and co-applicants along with the signed application form for the approval of your loan:

Purpose Documents
Proof of identity and residence (Any 1)
  1. Voter ID Card
  2. Valid Driving Licence
  3. Aadhaar Card
  4. Valid Passport
Proof of income
  1. Income Tax Returns (ITR) along with computation of income for the previous three assessment years.
  2. Savings account statements of the individual and current account statements of the business entity for the last six months
  3. Balance sheet and Profit and Loss account statements with schedules/annexures

(Documents of both the individual and the business entity should be attested by a CA for points 2 and 3)

Other documents
  1. Business profile
  2. Latest Form 26AS
  3. List of directors and shareholders with their individual shareholding certified by a CS/CA in case of the business entity being a company
  4. Memorandum and Articles of Association of the company
  5. Partnership deed if the business entity is a partnership firm
  6. Details of outgoing loans of the individual and the business entity with the outstanding amount, installments, security, purpose, balance loan term, etc.
  7. A cheque for processing fee favoring Andhra Bank Ltd.
  8. Passport size photograph of the applicants/co-applicants on the application form and signed across
  9. Own contribution proof
Property related documents
  1. Allotment letter/ buyer agreement copy
  2. Title deeds in case of a resale with previous property documents

Allahabad Bank  plot loan fees and charges for self-employed

  1. Processing fees:
    • For self-employed professionals: Rs.3,000 or up to 0.50% of the loan amount whichever is higher, and other additional applicable taxes.
    • For self-employed non-professionals: Rs.4,500 or up to 1.50% of the loan amount whichever is higher, and other additional applicable taxes.
  2. 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 HDFC 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 HDFC 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 be applicable to all partial/full prepayments.
      • The customer must submit documents that Andhra Bank 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 to 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 Andhra Bank.

  3. Conversion fees:HDFC bank offers its existing customers the privilege of a conversion facility to bring down applicable interest rates on the loan by switching between schemes. One can utilize this facility by paying a fee and choose to either reduce the loan tenure or the EMI. Here are the options of conversions available for the existing HDFC 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.
  4. Cheque dishonor charges:

    Rs.200 (conditions apply)

  5. 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 concerned person depending on the kind of assistance rendered.

  6. Property insurance:

    The customer should regularly pay the premium amounts directly to the insurance provider to keep the policy active during the loan tenure.

  7. Incidental charges:

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

  8. Statutory/regulatory charges:

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

  9. List of documents:

    Up to Rs.500

  10. Photocopy of documents:

    Up to Rs.500

  11. Increase/decrease in loan term:

    Up to Rs.500 plus applicable loan term

  12. Disbursement cheque cancellation charge post disbursement:

    Up to Rs.200

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

    Up to Rs.2000 plus applicable taxes

  14. PDC swap:

    Up to Rs.200

Allahabad Bank plot loans for salaried individuals

Salient Features

  • Salaried individuals can apply for this loan if he/she is looking to:
    • Purchase a plot that is being resold
    • Purchase a plot through direct allotment in a housing society or a developer project
    • Transfer his/her outstanding loan amount availed from another financial institution
  • Customized repayment options offered to the borrower depending on the loan amount, loan tenure, and interest rates provided by the bank.
  • Attractive interest rates offered on the plot loans to make it affordable for the applicants.
  • No hidden costs charged on the loan.

Who can apply for Allahabad Bank plot loans for salaried individuals?

The loan can be applied either individually or collectively. The co-applicants for the plot loans must be the proposed owners of the plot. Co-applicants generally comprise of family members and need not be co-owners of the property.

Loan term

  • The maximum tenure up to which one can distribute his payments for his/her loan is 15 years.
  • The loan term depends on the repayment scheme the applicant has opted for.
  • The customer’s profile, age of the plot at the time of loan maturity, age of the customer at the time of loan maturity also play a role in deciding 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 plot loans for salaried individuals:

  • TruFixed Home 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 Home Loan, the applicant can avail fixed rate up to 2/3 years, after which the loan with change to an adjustable-rate loan automatically, summing up to a total of 15 years loan term.
  • Adjustable-Rate Loan:The adjustable-rate plot loan is linked to Andhra Bank’s  Retail Prime Lending Rate (RPLR). The interest rate on the loan is revised once 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.

Allahabad Bank plot loan interest rates for salaried individuals

  • Adjustable Plot Rate LoanThe Retail Prime Lending Rate for salaried individuals stands at 16.20%
    Loan Slab Plot Loan Interest Rates (% p.a.)
    For Women* (Up to 30 Lakhs) 7.05 to 7.55
    For Others* (Up to 30 Lakhs) 7.10 to 7.60
    For Women* (Above 30 Lakhs) 7.30 to 7.80
    For Others* (Above 30 Lakhs) 7.35 to 7.85
    For Women* (75.01 Lakhs & Above) 7.40 to 7.90
    For Others*(75.01 Lakhs & Above) 7.45 to 7.95

    *The interest rates are applicable only for loans under the Adjustable Rate Home Loan Scheme of Allahabad Bank and can be revised at the time of disbursement.

  • TruFixed Loan – 2 Year Fixed Rate VariantThe Retail Prime Lending Rate (RPLR) stands at 16.20%
    Loan Slab Plot Loan Interest Rates (% p.a.)
    For Women* (up to 30 Lakhs) 7.50 to 8
    For Others* (up to 30 Lakhs) 7.55 to 8.05
    For Women* (Above 30 Lakhs) 7.65 to 8.15
    For Others* (Above 30 Lakhs) 7.70 to 8.20
    For Women* (75.01 Lakhs & Above) 7.75 to 8.25
    For Others*(75.01 Lakhs & Above) 7.80 to 8.30

Allahabad Bank  plot loan documents required for salaried individuals

Here are the documents you will have to submit for all applicants and co-applicants along with the signed application form for the approval of your loan:

Purpose Documents
Proof of identity and residence (Any 1)
  1. Voter ID Card
  2. Valid Driving Licence
  3. Aadhaar Card
  4. Valid Passport
Proof of income
  1. Latest Form 16 and Income Tax Returns
  2. Last six months’ bank statements, showing salary credits
  3. Last three months’ salary slips
Other documents
  1. Own contribution proof
  2. Last six months’ bank statements showing repayment of any ongoing loans.
  3. Employment contract/appointment letter in case current employment is less than a year old
  4. A cheque for processing fee favoring Andhra Bank Ltd.
  5. Passport size photograph of all the co-applicants/applicants to be affixed on the application form and signed across
Property related documents
  1. Allotment letter/ buyer agreement copy
  2. Title deeds in case of a resale with the previous chain of the property documents

Allahabad Bank plot loan fees and charges for salaried individuals

Given below is the list of fees/charges/other outgoings that can be payable depending on the type of loan applied for.

  1. Processing fees: 

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

  2. 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 Andhra Bank 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 Andhra Bank 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 be applicable to all partial/full prepayments.
      • The customer must submit documents that Andhra Bank 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 a 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 Allahabad Bank.

  3. Conversion fees: 

    Andhra Bank offers its existing customers the privilege of a conversion facility to bring down applicable interest rates on the loan by switching between schemes. One can utilize this facility by paying a fee and choose to either reduce the loan tenure or the EMI. Here are the options of conversions available for the existing Allahabad 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 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.
  4. Cheque dishonor charges: 

    Rs.200  (conditions apply)

  5. 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 concerned person depending on the kind of assistance rendered.

  6. Property insurance: 

    The customer should regularly pay the premium amounts directly to the insurance provider to keep the policy active during the loan tenure.

  7. Charges on account of delayed payments: 

    The customer is liable to pay additional interests up to 24% p.a in case the payment of interest or EMI has been delayed.

  8. 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.

  9. Statutory/regulatory charges: 

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

  10. List of documents: 

    Up to Rs.500

  11. Photocopy of documents: 

    Up to Rs.500

  12. Increase/decrease in loan term: 

    Up to Rs.500 plus applicable loan term

  13. Disbursement cheque cancellation charge post disbursement: 

    Up to Rs.200

  14. PDC swap: 

    Up to Rs.200

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

    Up to Rs.2000 plus applicable taxes

How to apply for Allahabad Bank  Plot Loan With DialAbank

  • Now apply for the Allahabad Bank plot Loan with Dialabank easily.
  • You just need to fill an online form with the appropriate details and required documents at the Dialabank website itself.
  • Our Dialabank representative will get in contact with you to assist you with the process.
  • Just give a call at 9878981166, for any inquiries.

Additional tips to get Allahabad Bank Plot Loan Easily

  • Consider getting a Co-Signer: If you are not able to get a plot loan on your own record, you can apply for one by adding a guarantor or co-signer. The CIBIL score of the guarantor you choose should be good. The main purpose of the guarantor is to ensure that you will repay your loan. However, if you are not able to do so, they themselves are liable to repay the loan. It is beneficial to choose a person with a credit score of over 750 as it will greatly increase your chances of getting a plot loan.
  • Choose the right lender: Talking about income and credit score, each lender has its own set of requirements. In search of a plot loan, choose a lender whose eligibility criteria you can meet and apply accordingly. The problem with using more than one lender is that each of them will check your credit score. Whenever your entire credit report is taken out, your credit score falls, little.

Allahabad Bank Plot loan with Construction vs Home Loan

Parameters Plot Loan with Construction Regular Home Loan
Loan to Value (LTV) Up to‭ ‬70%‭ ‬of the property value Up to‭ ‬90%‭ ‬of the property value
Plot + Construction Loan interest rates The rates are similar to a home loan, but if you want the construction period to be longer then the interest rates of plot + construction loan can be higher. The rate of Interest starts at 6.95%
Time Period ‬15‭ ‬years 30 years
Prepayment Penalty Nil in case of individuals Nil in case of individuals
Tax Benefits Plot loans and interest may be claimed after construction is completed For principal prices under section 80C and interest rates under section 24 (b)

FAQs

What is the Plot loan interest rate in Allahabad Bank?

The Interest rate starts from 8.25-8.55%p.a. onwards.

What Allahabad Bank Plot Loan?

You can use the site loan or plot loan to buy land so that you can build on it in the future or maybe can be your investment for the future to get a great resale value on the plot. Typically plot loans can last up to 20 years but this can be extended by the bank if required. Another limitation of plot loans in India is that site or land loans cannot be used to purchase agricultural land or any land that might be used for farming. Within a week your application will be approved. To apply for a site loan, you must be at least 21 years old and not older than 75 years.

How much processing fee is applicable on Allahabad Bank Plot loan?

For Allahabad Bank, the processing fee is 0.40%.

What is the loan tenure of the Allahabad Bank Plot loan?

The Allahabad Bank plot loan tenure is usually of up to 15-30 years.

How much EMI per Lakh can be fixed on Allahabad Bank Plot Loan?

The Allahabad Bank plot loan EMI per Lakh is ₹ 852.

How can I avail plot loan from Allahabad Bank Bank?

You can avail of the plot loan only after you are successfully marked eligible by the Allahabad Bank.

 How to Apply for Andhra Bank Plot loan?

You can apply for the plot loan by visiting the website of Dialabank or  Bank.

How to repay the Allahabad Bank plot loan earlier than the schedule?

Visit the Allahabad Bank website 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 Allahabad Bank to repay the loan earlier than scheduled.

✅ How to check Allahabad Bank + Plot Loan eligibility?

To properly understand the plot loan eligibility of Allahabad Bank plot loan the applicant must visit the website of Andhra Bank or also can contact Dialabank for the same.

What is the Allahabad Bank Plot loan phone number?

For the Allahabad Bank Plot loan, the borrower can call – 9878981166

What is Allahabad Bank plot loan interest rate for women?

For women, the Allahabad Bank plot loan interest rate starts from 7.05%.

What are Allahabad Bank plot loan interest rates for salaried individuals?

For Salaried Individuals 8.05% at Allahabad Bank.

✅ What is Andhra Bank plot loan interest rates for self-employed individuals?

For Self-Employed 8.05% at Allahabad Bank.

What is Allahabad Bank plot loan interest rates for self-employed non-professionals?

8.05% is the interest rate for Allahabad Bank plot loan for Self-Employed Non-Professionals.

 How is a plot loan different from a home loan?

The basic difference can be:

  • Tenure of plot loan is 15 and tenure of home loan is 30 years.
  • Tax benefits for Home loan owners but South Indian Bank plot loan owners currently don’t have any Tax benefits.

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

No, it is not allowed to get multiple loans from Andhra  Bank.

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

The maximum loan amount is determined by the bank after evaluating the plot documents and profile of the applicant.

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

Yes, an Allahabad Bank plot loan can be used to purchase plots anywhere within the country.

 What is a Balance Transfer on Plot Loan?

Balance Transfer for Allahabad Bank 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, currently no tax benefits are provided with Allahabad Bank plot loan.

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

For Allahabad Bank plot loan with Construction please visit the nearest branch or you can also contact the bank for more information regarding the scheme or call Dialabank at 9878981166 for assistance regarding the same.

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