Central Bank of India Plot Loan

⋆ Interest Rate 9.99% ⋆

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      Why us?

      Rates as low as 9.99%*
      Loans Up to 30 Lacs
      Same Day Disbursal
      Doorstep Service
      Unbiased Experts Advice

      Central Bank Of India Plot Loan Features

      The Interest Rate 7.00% onwards
      LTV Ratio up to 90%
      Tenure 15 years
      Processing Charges 0.50% to 1% of the Loan Amount and the maximum amount can go up to Rs. 20,000 only

      Eligibility criteria for Central Bank Of India Plot Loan

      Age –

      • Above 18 years
      • Below 75 years

      Profiles that are eligible –

      • Salaried and self-employed professionals
      • Non-Resident salaried and self-employed professionals

      Other Requirements Include –

      • The person must have a good credit score rating
      • No Past loans and statutory payments must be due.

      Benefits of Central Bank Of India Plot Loan

      Central Bank Of India Plot Loan

       
      • Attractive interest rates start from 7.00% per annum.
      • A Long payment period of up to 15 years and extendable.
      • High-interest rate loans up to 90%.
      • Small papers.
      • Both residents and non-residents can apply.

      Plot Loan

      If you find a plot and feel that the particular piece of land would be the perfect spot for maybe your future home or can be a good investment for your future or any other reason, then a plot loan from the central bank of india can facilitate you for your profit.

      A plot of land can be a good investment which might grow in value over a period of time. Therefore, a plot can provide an improved return during the resale. Even Historically many Indians have been buying lands and buildings for various purposes and hence plot loan can be a great loan for those types of people.

      1. Tenure

      Land loans have a 15-year period compared to home loans for an additional 30 years. Therefore, the EMI in respect of a site purchase loan is higher than that of a typical home loan. The timing of a mortgage may also depend on the age and ability of the borrower to repay the loan.

      2. Prepayment Fine

      A floating interest rate loan is approved by the borrower if the prepayment fee is waived or if the borrower wishes to repay the loan amount. However, a home loan form can attract an advance payment of 2 and 4 percent of the prepaid loan if taken by a non-individual borrower. The borrower should always read the loan agreement carefully and clear their doubts before signing the agreement.

      3. Loan to Value Ratio‭ (‬LTV‭)‬

      Loan or LTV loan means the amount of credit the borrower will receive against his or her property. LTV in the event of a loan for the purchase of land by construction. It is the lowest form and can be held in the majority of 70% of the world’s total. in the case of equity credit line, LTV is between 75% to 90%.

      4. Plot with Construction Loan Interest Rates

      In the case of a plot loan or land loan or site loan, the interest rate is the same. The Bank of Baroda may offer higher marks on home loan financing than home loans. Banks allow the group time to build a building, and the borrower is required to present a building certificate to the bank. If the borrower does not depend on the property within the amount from the date of the underlying disbursement, the interest rate of the land loan changes from the lender to the borrower in respect of the borrower’s assets.

      5. Tax Benefits

      Home loans are liable for tax deduction if you pay the principal amount under Section 80C of the Promotion of Finance Act and as Section 24 (b) of the Development Act. On the other hand, tax benefits do not come from land loans. However, borrowers may want to write down the loan if the home is built on a site purchased by the borrower. After the construction of the building is completed, one may want to reduce the amount of the loan taken for construction.

      Types of Central Bank Of India Plot Loan

      Central Bank Of India Plot loan

      Loans for the purchase of a site can only be taken out of buying a vacant lot or a piece of land, which can be used for the purpose of building a house or investing.

      Central Bank Of India Plot with Construction Loan

      This loan is taken out for the purchase of residential and building sites in the area within the stipulated period. If the borrower does not start any construction of a residence on the plot then the bank has the power to increase the interest amount.

      Central Bank Of India plot loans for self-employed

      Self-employed people can apply for this loan if they are looking for:

      • Buy a property for sale
      • Buy a property with direct distribution to the housing community or through an engineering project
      • Transfer his remaining loan money to another financial institution
      • Custom payment options offered to the borrower depending on the loan amount, loan period, and interest rates offered by the bank.
      • The attractive interest rate offered on-site loans makes it accessible to applicants.
      • There are no hidden costs charged to the loan.

      Who can apply Central Bank Of India plot loans self-employed?

      Both types of Self-Employed Individuals can apply for this loan on their own or in partnership. Applicants with a site loan must be the proposed property owners. Applicants usually consist of family members and are not required to own property.

      Type of plot loans self-employed

      TruFixed plot Loan – 2 Year Fixed Rate Vary
      In TruFixed plot Loan, the borrower is given a fixed-rate loan, up to 2 years the fixed-rate loan is given and after this period the loan gets converted into a variable rate loan.

      Adjustable rate Loan
      The interest rate on the loan is reviewed once every three months if there is a change in the RPLR, taking into account the date of initial disbursement. An increase in the interest rate will lead to an increase in the EMI interest rate which will also reduce the main share. This will extend the loan period, and similarly, in cases where interest rates fall.

      Central Bank Of India Plot Loan Interest Rates For self-employed Non – Professionals

      Central Bank Of India Adjustable Home Plot Loan

      Loan Slab Plot Loan Interest Rate (%)
      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

      Central Bank Of India TruFixed Loan – 2 Year Fixed Rate Variant

      Loan Plot Loan Interest Rate (%)
      For Women (up to30 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

      Central Bank Of India Plot Loan Interest Rates For self-employed professionals

      Central Bank Of India Adjustable Rate Plot Loan

      Loan Plot Loan Interest Rates (% p.a.)
      For Women* (Upto 30 Lakhs) 7.20 to 7.70
      For Others* (Upto 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

      Central Bank Of India TruFixed Loan – 2 Year Fixed Rate Variant

      Loan 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

      Central Bank Of India Plot Loan documents required for both self-employed Professionals and Non-Professionals

      Identity requirements Valid Identity Card, Passport, etc.
      Residential requirements Valid address proof such as Govt. issued cards with recent address details.
      Important Documents – Application form properly filled with 2 passport size photographs
      – Latest Statement from the bank for the last 12 months
      – Proof of business.
      Other Requirements Valid Plot documents for which the borrower is looking for a loan.

      Central Bank Of India Plot loan fees and charges for self-employed

      Processing fee

      • For self-employed professionals can go upto Rs.3,000 or up to 0.50%
      • For self-employed non-professionals can go upto Rs.4500 or up to 1.50%.

      Prepayment charges

      Adjustable-Rate Home Loans – No prepayment fee
      – For loans sanctioned to individual borrowers with the firm, company, etc. as a co-applicant, prepayment charges are at 2% plus taxes.
      Fixed-Rate Home Loans – No prepayment fee
      – The customer must submit all the documents that the Central Bank Of India requires.
      Fixed and Variable Rate Loans During the Fixed Rate period:
      The customer must submit documents that the Central Bank Of India requests to confirm the source of funds.
      During the Variable Rate period:
      No prepayment charges will be applicable for full/ partial payment.

      The Conversion Fees

      Name of 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 A cap of up to 50% of the original outstanding
      Switching to Variable Rate Loan from Fixed Rate Loan Conversion fees On conversion Once A cap of up to 50% of the original outstanding
      Switching from Trufixed Fixed Rate to Variable Rate Loan Conversion fees On conversion Once 1.75% original arrears and tax in excess of the undisputed amount at the time of conversion.
      Switch to Lower Rate Conversion fees On conversion On every spread change Half of the spread difference on principal dues and a minimum fee of 0.5% and a maximum fee of 1.550%.
      Switch to Lower Rate Conversion fees On conversion On every spread change 0.5% of tax in excess of the original outstanding and undisputed amount at the time of conversion.

      Cheque dishonor charges

      Up to Rs.200 (conditions apply)

      Fees on Account of External opinion

      Outside Opinion may be either from technical value or from advocates and fees may be paid directly to the person concerned, depending on the type of support provided

      Property insurance

      The customer should regularly pay the premium amount directly to the insurance provider so that he remains active during the loan term during the policy

      Statutory/regulatory charges

      The customer will be fully responsible for all charges applicable to stamp duty, MOD or MOE.

      List of documents

      Can go up to Rs.500 (plus applicable tax)

      Photocopy of documents

      Can go up to Rs.500 (plus applicable tax)

      Increase/decrease in loan term

      Can go up to Rs.500 plus the term loan applicable (plus applicable tax)

      Disbursement Cheque cancellation charge post disbursement

      Can go up to Rs.200

      Re-appraisal of loan

      Can go up to Rs.2000 plus all the tax applicable

      PDC swap

      Can go up to Rs.200 (plus applicable tax)

      Central Bank Of India plot loans for salaried individuals

      Who can apply Central Bank Of India plot loans for salaried individuals?

      Loan Amount Maximum Amount Provided (in %)
      Up to Rs.30 lakh 80%
      Rs.30.01 lakh to Rs.75 lakh 80%
      Over Rs.75 lakh 70%

      Type of plot loans for salaried individuals

      TruFixed plot Loan – 2 Year Fixed Rate Vary
      In TruFixed plot Loan, the borrower is given a fixed-rate loan, up to 2 years the fixed-rate loan is given and after this period the loan gets converted into a variable rate loan.

      Adjustable-rate Loan
      The interest rate on the loan is reviewed once every three months if there is a change in the RPLR, taking into account the date of initial disbursement. An increase in the interest rate will lead to an increase in the EMI interest rate which will also reduce the main share.

      Central Bank Of India plot loan interest rates for salaried individuals

      Adjustable Home Rate Loan

      Loan Loan Interest Rates (in %)
      For Women* (Upto 30 Lakhs) 7.05 to 7.55
      For Others* (Upto 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

      TruFixed Loan – 2 Year Fixed Rate Variant

      Loan Loan Interest Rates (%)
      For Women* (upto 30 Lakhs) 7.50 to 8
      For Others* (upto 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

      Central Bank Of India plot loan documents required for salaried individuals

      Identity requirements Valid Identity Card, Passport, etc.
      Residential requirements Valid address proof such as Govt. issued cards with recent address details.
      Important Documents – Application form properly filled with 2 passport size photographs
      – Latest Statement from the bank for the last 12 months
      – Salary slip for the last 12 months. (Minimum 6 months required)
      Other Requirements Valid Plot documents for which the borrower is looking for loan.

      Central Bank Of India plot loan fees and charges for salaried individuals

      Processing fees

      For self-employed professionals, The loan amount of Rs.3,000 or 0.50% whichever is greater plus the applicable taxes.

      Prepayment charges

      Adjustable-Rate Home Loans – No prepayment fee
      – As a co-applicant, prepayment charges are at 2% plus taxes.
      Fixed-Rate Home Loans – No prepayment fee
      – The customer must submit all the documents that the Central Bank Of India requires.
      Fixed and Variable Rate Loans During the Fixed Rate period:
      The customer must submit documents that the Central Bank Of India requests to confirm the source of funds.
      During the Variable Rate period:
      No prepayment charges will be applicable for full/ partial payment.

      Conversion fees

      Name of the Service The charge levied When payable Frequency Amount (in Rs.)
      Switch to lower rate in Variable Rate Loans Conversion fees On conversion On every spread change A cap of up to 50% of the original outstanding
      Switching to Variable Rate Loan from Fixed Rate Loan Conversion fees On conversion Once A cap of up to 50% of the original outstanding
      Switching from Trufixed Rate to Variable Rate Loan Conversion fees On conversion Once 1.75% original arrears and tax in excess of the undisputed amount at the time of conversion.
      Switching to Lower Rate Conversion fees On conversion On every spread change Half of the spread difference on principal dues and a minimum fee of 0.5% and a maximum fee of 1.550%.
      Switching to Lower Rate Conversion fees On conversion On every spread change 0.5% of tax in excess of the original outstanding and undisputed amount.

      Cheque dishonour charges

      Up to Rs.200 (plus applicable tax)

      Fees on account of external opinion

      Outside Opinion may be either from technical value or from advocates and fees may be paid directly to the person concerned, depending on the type of support provided

      Property Insurance

      The customer should regularly pay the premium amount directly to the insurance provider so that he remains active during the loan term during the policy

      Charges on account of delayed payments

      The customer is liable to pay an additional interest rate of up to 24% per annum if interest or EMI payment is delayed.

      Incidental charges

      Incidental costs and expenses are set aside to cover costs, expenses and other costs that may be incurred to obtain revenue from customers who fail to pay.

      Statutory/regulatory charges

      The customer will be fully responsible for all charges applicable to stamp duty. Including MOD and MOE.

      List of documents

      Can go up to Rs.500 (plus applicable tax)

      Photocopy of documents

      Can go up to Rs.500 (plus applicable tax)

      Increase/decrease in loan term

      Can go up to Rs.500 plus the term loan applicable

      Disbursement Cheque cancellation charge post disbursement

      Can go up to Rs.200 (plus applicable tax)

      PDC swap

      Can go up to Rs.200 (plus applicable tax)

      Re-appraisal of loan

      Can go up to Rs.2000 plus all the applicable tax

      How to apply for Central Bank Of India Plot Loan With Dialabank

      • Now apply for the Central Bank Of India Plot Loan directly from Dialabank easily.
      • Visit the Dialabank website and fill in the form with your details, and submit.
      • Call at 9878981166.

      Additional tips to get Central Bank Of India Plot Loan Easily

      • Always carry the proper plot documents with yourself for the loan.
      • Go through the Central Bank of India website and also Dialabank website to remain updated with the latet plot loan interest rates and schemes.
      • Don’t hide any details from the bank related to the plot.

      Central Bank Of India Plot loan with Construction vs Home Loan

      Parameters Plot Loan with Construction Regular Home Loan
      Tenure ‬Up to 15‭ ‬years (extendable) Up to 30 years (extendable)
      Prepayment fine Not required for individuals Not required for individuals
      Loan to Value (LTV) 80% ‬90%‭
      Plot with Construction Loan interest rates Can be slightly higher than home loans or equal mostly Usually starts at 6.90%
      Tax Benefits Are eligible only after successful construction of a home on the plot Are eligible to get tax benefits

      FAQ’s

      What is the Plot loan interest rate in Central Bank ?

      The Interest rate starts from 7.00% onwards.

      What is Central Bank Plot Loan?

      If you find a plot and feel that the particular piece of land would be the perfect spot for maybe your future home or can be a good investment for your future or any other reason, then a plot loan from the central bank of india can facilitate you for your profit. A plot of land can be a good investment which might grow in value over a period of time. Therefore, a plot can provide an improved return during the resale. Even Historically many Indians have been buying lands and buildings for various purposes and hence plot loan can be a great loan for those types of people.

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

      0.50% to 1% of the Loan Amount and the maximum amount can go up to Rs. 20,000 only.

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

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

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

      The Central Bank plot loan EMI per Lakh is ₹ 655.

      How can I avail plot loan from Central Bank Bank?

      You can avail the plot loan only after you are marked elligibile by the Central Bank.

      How to Apply for Central Bank Plot loan?

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

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

      Visit the Central 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 Central Bank to repay the loan earlier than scheduled.

      How to check Central Bank + Plot Loan eligibility?

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

      What is the Central Bank Plot loan phone number?

      For Central Bank Plot loan the borrower can call – 9878981166

      What is Central Bank plot loan interest rate for woman?

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

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

      For Salaried Individuals the Central Bank plot loan interest rate starts from 7.10%.

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

      For Self-Employed the Central Bank plot loan interest rate starts from 7.10%.

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

       7.10% is the interest rate for Central Bank plot loan for Self-Employed Non-Professionals.

      How is a plot loan different from a home loan?

      The basic difference can be:

      • Tenure for Central Bank plot loan is 15 and home loan is 30 years.
      • Home loans can enjoy tax benefits but Central Bank plot loan 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 Central Bank.

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

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

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

      Yes, a Central Bank plot loan can be used to purchase plot anywhere within the country.

      What is a Balance Transfer on Plot Loan?

      Balance Transfer for Central 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 Central Bank plot loan.

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

      For Central 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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