Canara Bank Plot Loan

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Canara Bank Plot Loan Features

Interest Rate 8.05% onwards
Loan Amount  Rs. 1 Lakh to Rs. 5 crores
Time Period Up to 15 years
Processing Fees Up to 0.50% – 1% of the loan amount

Eligibility criteria for Canara Bank Plot Loan

  • The borrower must be a resident of India.
  • The Age must be greater than 21 and less than 60 years.
  • Employment type must be either Salaried or self-employed individuals.
  • Work Experience for the Salaried Individuals must be a minimum of 3 years.
  • Work Experience of Self-employed Individuals must be a minimum of 3 years.

Benefits of Canara Bank Plot Loan

Canara Bank Plot Loan

  • Canara Bank Plot Loan Rate of Interest starts from 8.05%.
  • Easy and quick plot loan documentation process
  • Canara Bank 0.50%, minimum and 1,500, and maximum. Incurs processing fees of 10,000.
  • The plot loan time period ranges from 5 years to 15 years.
  • The lowest EMI on plot loans from Canara Bank is 738 per lakh which is offered at the lowest interest rate of 8.05% over the longest loan tenure of 15 years.
  • Canara Bank allows prepayment of plot loans with floating charges on the floating-rate loan.
  • Canara Bank has an average 5 / 5.0 rating from customers who have taken plot loans from the bank.

Plot Loan

Plot loan is a specific type of loan that is provided to you by various banks in our country. This loan is specifically used by a person to purchase a plot of land where he/she wishes to build his/her home. Plot loans such as Canara Bank Plot Loan and others come with attractive rates and affordable repayment values. They provide maximum repayment time period through EMI.

It is a unique banking facility designed for a very specific need. Plot loans, also known as land loans, are sometimes used in negotiation with a home loan. The difference between a plot loan and a home loan should be known to avoid confusion and complications when applying for either of the two loans.

Property Loan Interest Rates

The interest rate is very similar, however, it varies from bank to bank to provide interest on a land loan instead of a home loan.

Loan to Value Ratio (LTV)

This means the amount of credit the borrower will receive on his or her property. LTV is down for land acquisition by construction.

The Tenure

Land Loans offer a short period of up to 15 years. Home loans, on the other hand, offer 30 years of ownership.

Tax Benefits

A home loan must be deducted from the amount of the actual amount specified under Section 80C of the Income Tax Act. Tax benefits are not available.

Repayment Penalty

Floating interest loans granted to certain lenders do not have a prepayment of both home loans and land loans but both can charge 2-4% of the fine if the non-borrower borrows money.

Types of Canara Bank Plot Loan

Canara Bank Plot Loan and Plot + Construction Loan

Plot Loan
A simple plot loan will only allow you to purchase vacant land or a vacant residential plot that can be used to build 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 along the municipal limits.
Land loan rates offered by each bank vary greatly. Factors such as your employment type, amount etc. play an important role in determining the loan.

Plot + Construction Loan
This loan is taken not only to purchase a residential plot but also to build a house on it within a given time. If the borrower fails to start construction on time, the bank will increase the interest rate significantly.

Who Can Apply for a Self-employed Canara Bank Plot Loan

Amount Maximum Funds
Above Rs. 30 lakh to 75 lakh Up to 80% of the document cost or the market value, whichever is lower.
Above Rs. 75 lakh Up to 75% of the market value or the document cost, whichever is the lower. 

Types of Plot Loans for Self-employed Individuals

Canara Bank provides two types of loans that any self-employed individual can choose from. 

  1. Adjustable-Rate Loan – This refers to the Retail Prime Lending Rate. This type is updated every six months and the interest rate is increased accordingly. This increases the EMI rate which reduces the principal value.
  2. TruFixed Home Loan- 2-year Fixed Rate Variant– This loan offers your half of both, the variable rate and the fixed rate. The standard is initially adjusted but is revised and converted into a modified standard afterward.

Canara Bank Plot Loan Interest Rate for Self-employed Professionals

Adjustable Plot Loan Rate

Loan Home Loan Interest Rates (%)
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

TruFixed Rate- 2 Year Fixed Rate Variant

Loan Home Loan Interest Rates (%)
For Women* (up to 30 Lakhs) 7.50 to 8.0
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

Canara Bank Plot Loan Interest Rate for self-Employed Non-professionals

Adjustable Home Rate Loan

Loan Interest Rates (%)
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

Loan Interest Rates (%)
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

Canara Bank Documents Required for Self-employed

Purpose Documents
Identity Proof (Any 1) – Valid ID Card, Passport, etc.
Proof of Residence – Telephone Bill
– Election or Ration Card
Documents – Bank account Statements for the last 12 months.
– Income tax returns for the last 6 months.
Property related documents – A copy of property documents.

Canara Bank Plot Loan fees for Self-employed Individuals

Processing Fees: 

Adjustable-Rate Home Loans – No advance payment is required for Individuals.
– On loans allowed for individual lenders in the firm, company, etc.
– The customer will have to submit documents requested by Canara Bank, to verify the source of funding.
Fixed-Rate Home Loans – No prepayment fee will apply for Individuals.
– The customer must submit the documents requested by Canara Bank.
– Prepayments will be 2% plus tax and residual costs must be paid in advance by any financial institution or bank.
Fixed and Variable Rate Loans During the Estimated Rate:
– Prepayments will be 2%, plus applicable taxes and legal fees for prepaid payments to financial institutions or any banks, and will apply to all prepayment / full payments.
– The client must submit the documents requested by Canara Bank, to verify the source of the funds in advance of the loan.

During the Variable Rate:
– No prepayment fee will apply
– For loans granted to individual lenders by the firm, company, etc. A prepaid fee of 2% plus tax and legal fees, as it may apply from time to time, is payable.

Conversion Fees

The service Name of the charge/fee levied When payable Frequency Amount
Switch to a lower rate in Variable Rate Loans  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 50,000 rupees plus taxes whichever is lower.
Switching to Variable Rate Loan from Fixed Rate Loan Conversion fees On conversion Once Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of 50,000 rupees 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 Dishonour Charges

The Cheque Dishonor Charges are 200 Rs.

Fees on Account of External Opinion

The external opinion can be from technical advocates and the fees are to be paid directly to the person involved. 

Property Insurance

Customers are to pay a certain amount to the insurance providers. 

Incidental Charges

The incidental charges are used to cover many other expenses for a customer who defaults. 

Statutory / Regulatory Charges

The customer is responsible for any charges which are applicable on stamp duty/MOD/MOE/Central Registry of Securitisation Asset Reconstruction and Security Interest of India. 

List of Documents

Up to 500 Rs. 

Photocopy of Documents

Up to 500 Rs. 

Increase/Decrease in Loan Term

Up to 500 Rs. 

Disbursement Cheque Cancellation Charge Post Disbursement

Up to 200 Rs.

Re-appraisal of Loan

Up to 2000 Rs. plus applicable tax. 

PDC Swap

Up to 200 Rs. 

Canara Bank Plot Loan for Salaried Individuals

Any salaried individual can apply for a plot loan at Canara Bank and avail many benefits.

Who can apply for a Salaried Canara Bank Plot Loan

LOAN FUNDING
Above Rs. 30 lakh to up to 75 lakh. Up to 80% of the market value, whichever one happens to be lower. 
Above Rs. 75 lakh. Up to 75% of the market value, whichever one happens to be lower.

Types of Plot Loans for Salaried Individuals

  1. Adjustable-Rate Loan: This refers to the Retail Prime Lending Rate and is raised almost every 6 months. The interest rate increases the EMI and in turn, reduces the principal amount. 
  2. TrueFixed Home Loan: This loan provides an adjustable-rate and another half in a fixed rate. The rate is changed after 2 years into an adjustable-rate. 

Canara Bank Plot Loan Interest Rate for Salaried Individuals

Adjustable Plot Loan Rate

Loan Home Loan Interest Rates (%)
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

TruFixed Loan- 2 Year Fixed Rate Variant

Loan Home Loan Interest Rates (%)
For Women* (up to 30 Lakhs) 7.50 to 8.0
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

Canara Bank Plot Loan Documents For Salaried Individuals

Purpose Documents
Identity and residence Proof – Voter ID Card, Valid Driving License, Valid Passport, etc.
Income proof – Latest six-month bank statements
– Latest salary slip
Other Important documents – Latest employment contract or the appointment letter in case of current employment.
– Passport size photograph to be included in the application with your signature.
Property related documents – Copy of letter/buyer’s agreement.
– Title Deeds in the event of resale of the previous property documents

Canara Bank Bank Plot Loan Fees for Salaried Individuals

Processing Fees: 

The processing fees for the Canara Bank Bank Plot Loan is 2,500-5,000 rupees.

Pre-payment Charges:

Adjustable-Rate Home Loans – No advance payment is required.
– For loans granted to individual lenders and co-applicant, the prepayment fee is 2% plus tax.
– The customer will have to submit documents requested by Canara Bank, to verify the source of funding.
Fixed-Rate Home Loans – No prepayment fee will apply.
– The customer must submit the documents requested by Canara Bank.
– Prepayments will be 2% plus tax and residual costs must be paid in advance by any financial institution or bank.
Fixed and Variable Rate Loans During the Estimated Rate:
– Prepayments will be 2%, plus applicable taxes and legal fees for prepaid payments to financial institutions or any banks, and will apply to all prepayment / full payments.
– The client must submit the documents requested by Canara Bank, to verify the source of the funds in advance of the loan.

During the Variable Rate:
– No prepayment fee will apply
– For loans granted to individual lenders by the firm, company, etc. Prepayment of 2% plus taxes and legal fees, as may be applicable from time to time, the prepaid amount is payable

Conversion Fees:

Name of the service Name of the charge/fee levied When payable Frequency Amount in rupees
Switch to a lower rate in Variable Rate Loans  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 50,000 rupees plus taxes whichever is lower.
Switch 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 50,000 rupees plus taxes whichever is lower.
Switch from Trufixed Fixed Rate to Variable Rate Loan Conversion fees On conversion Once 1.75% of the principal outstanding 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 difference on the principal outstanding 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 Dishonour Charges

The Cheque Dishonour Charges are 200 rupees.

Fees on Account of External Opinion

The external opinion is from technical advocates and the fees should be paid off directly to the person involved. 

Property Insurance

Customers are asked to pay money to the insurance providers. 

Incidental Charges

The incidental charges are used to cover the extra expenses for a defaulter. 

Statutory / Regulatory Charges

The customer is responsible to pay for any charges that are applicable on stamp duty/MOD/MOE. 

List of Documents

Up to Rs. 500. 

Photocopy of Documents

Up to Rs. 500. 

Increase/Decrease in Loan Term

Up to Rs. 500. 

Disbursement Cheque Cancellation Charge Post Disbursement

Up to Rs. 200.

Re-appraisal of Loan

Up to Rs. 2000 plus applicable tax. 

PDC Swap

Up to Rs. 200. 

How to apply for Canara Bank Plot Loan With DialAbank

  • Visit Dialabank to apply for a plot loan.
  • You just fill an online form with the appropriate details and required documents on the Dialabank website itself.
  • We even provide document pickup services in case of any document that needs to be verified in hand.
  • Call us at 9878981166 for any inquiries.

Additional tips to get Canara Bank Plot Loan Easily

  • Loan amount – This is the amount borrowed by the borrower from Canara Bank. If you apply for a higher loan, your monthly EMI will be higher. Canara Bank Bank offers a minimum building loan of Rs.15,00,000 up to Rs.10,00,00,000. To increase the number of loans, increase the monthly EMI.
  • Perform a Debt Clean-up: A major factor for lenders or say lending banks is your credit score. If your credit score is low, you should check your report to see if there are any errors. Sometimes, simple errors can damage your score, and if you find any of these, you will have to report them to CIBIL.
  • Consider having a Co-Signer / Guarantee: If you are unable to get a site loan with your record, you can apply for an extension by installing a guarantor or co-signer. The CIBIL score of the certificate you selected should be good. The main purpose of the guarantor is to ensure that you will repay the loan. However, if you are unable to do so, they are also liable for repayment of the loan. It helps to choose someone with more than 750 credit points as it will greatly increase your chances of getting a site loan.

Canara 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
Tenure ‬15‭ ‬years 30 years
Prepayment Penalty Zero for individuals Zero for individuals
Tax Benefits In Plot loans, Interest may be claimed after construction is completed For principal prices under section 80C and interest rates under section 24 (b)

FAQ’s

What is the Plot loan interest rate in Canara Bank Bank?

The Interest rate starts from 8.05% onwards.

What is Canara Bank Bank Plot Loan?

Canara Bank plot loan is a specific type of loan that is provided to you in our country. This loan is specifically used by a person to purchase a plot of land where he/she wishes to build his/her home. Plot loans such as Canara Bank Plot Loan and others come with attractive rates and affordable repayment values. They provide maximum repayment time period through EMI. It is a unique banking facility designed for a very specific need. Plot loans, also known as land loans, are sometimes used in negotiation with a home loan. The difference between a plot loan and a home loan should be known to avoid confusion and complications when applying for either of the two loans.

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

Processing fee of up to 0.5%-1% of the loan amount is applicable.

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

The Canara Bank plot loan tenure is usually of up to 15 years.

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

The Canara Bank plot loan EMI per Lakh is ₹ 737.

How can I avail plot loan from Canara Bank Bank?

You can avail the plot loan only if you fulfil the eligibility criteria by the Canara Bank.

How to Apply for Canara Bank Plot loan?

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

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

Visit the Canara Bank and check if you are eligible for the earlier payment.

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

Yes, its is allowed by Canara Bank to repay the loan earlier than scheduled.

How to check Canara Bank + Plot Loan eligibility?

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

 What is Canara Bank Plot loan phone number?

For Canara Bank Plot loan the borrower can call – 9878981166

What is Canara Bank plot loan interest rate for woman?

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

What is Canara Bank plot loan interest rates for salaried individuals?

For Salaried Individuals the Canara Bank plot loan interest rate starts from 8.05%.

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

For Self-Employed the Canara Bank plot loan interest rate starts from 8.05%.

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

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

How is a plot loan different from a home loan?

The basic difference can be:

  • The loan tenure i.e. the Canara Bank plot loan tenure can go up to 15 years whereas the home loan tenure can go as high as 30 years.
  • Plot loan is for empty piece of land whereas home loans are for the purchase of residents.
  • No tax benefits are provided in  Canara Bank plot loans whereas Canara Bank home loan owners can enjoy tax benefits over their loan amounts.

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

Usually it is not allowed to get multiple loans by Canara Bank even if elligible.

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

The maximum amount depends upon the documents produced of the plot to the Canara Bank.

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

Yes, a Canara Bank plot loan can be used to purchase plot anywhere in India.

What is a Balance Transfer on Plot Loan?

Balance Transfer for Canara 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, unfortunately no tax benefits are provided with Canara Bank plot loan.

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

For Canara Bank plot loan with Construction please contact the bank for more information regarding the scheme or call Dialabank at 9878981166.

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