Citi Bank Plot Loan Features
| The Interest Rate | 8.05% |
| Tenure | 15 – 30 years |
| LTV Ratio | 90% |
| Processing Fees | 0.50% + GST and can go upto Rs 10,000 only |
Eligibility criteria for Citi Bank Plot Loan
Age Requirements –
Min. 21 years
Max. 75 years
Profiles –
- Salaried Individuals
- Self-employed non-professionals
- Self-employed professionals
- Also NRIs i.e. Non-Resident Indians
Other criteria –
- Minimum Credit Score of 600
Benefits of Citi Bank Plot Loan
- A Long payment period of up to 15 years
- Maximum loan-rate rate of up to 80%
- Attractive interest rate
- Fast loan processing
- Simple documentation process
- Available to all income and self-employed people
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 15 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.
1. Tenure
Land loans have a comparatively long tenure of 15 years and can be extended by the bank for a tenure of 30 years.
2. Prepayment Fine
The loan prepayment penalty is exempted for Individual borrowers but If the plot loan is taken by non-individual borrowers or co-applicants then it can attract a prepayment fee of upto 4%.
3. Loan to Value Ratio (LTV)
LTV is the amount of loan to be received by the applicant or borrower for the plot of land. IIf it is a plot loan with a construction loan then the amount of the loan can be low and might be limited up to 80% of the value of the plot.
4. Tax Benefits
Home loans qualify for a principal amount under Section 80C of the tax Act in addition to Section 24 (b) of the revenue enhancement Act and but, tax benefits aren’t available on plot loans. But After successful completion of construction on the particular plot for which the loan was borrowed, one is eligible to claim a deduction against the loan amount.
Types of Citi Bank Plot Loan
Citi Bank Plot loan
The Plot Loan by Citi Bank can be used to purchase a particular plot of land which interests the borrower and later can be used for the purpose of building a house or investing.
Citi Bank Plot with Construction Loan
This loan can be taken for the purchase of a plot but also the borrower has to construct a resident on that plot within the stipulated period. The bank may increase the interest rate on the loan if construction is not started on a particular plot.
Citi Bank plot loans for self-employed
Who can apply Citi Bank Of plot loans self-employed?
Two categories of self-employed people can apply for this type of loan namely professionals and non-professionals
- Self-Employed Professionals can be doctors, engineers, CAs, etc.
- Self-Employed Non-Professionals include traders, contractors, commissioners, etc.
Type of plot loans self-employed
TruFixed plot Loan – 2 Year Fixed Rate Vary
The loan gives customers a fixed-rate under the TruFixed plot Loan, the borrower can get a fixed-rate loan amount for 2 years, after which the loan will be converted into a variable rate loan, for the loan period of 15 years.
Adjustable rate loan
The Interest rate of this loan gets updated once every 3 months. Any increase in the interest rate will also increase the EMI.
Citi Bank Plot Loan Interest Rates For self-employed Non – Professionals
Citi Bank Adjustable Home Plot Loan
| Loan | Plot Loan Interest Rate (%) |
|---|---|
| women (up to 30 lakh) | 7.05 to 7.55 |
| others (up to 30 lakh) | 7.10 to 7.60 |
| women (above 30 lakh) | 7.30 to 7.80 |
| others (above 30 lakh) | 7.35 to 7.85 |
| Women (75.01 Lakhs & Above) | 7.40 to 7.90 |
| Others (75.01 Lakhs & Above) | 7.45 to 7.95 |
Citi Bank TruFixed Loan – 2 Year Fixed Rate Variant
| Loan | Plot Loan Interest Rate (%) |
|---|---|
| Women (upto 30 Lakhs) | 7.50 to 8 |
| Others (upto 30 Lakhs) | 7.55 to 8.05 |
| Women (Above 30 Lakhs) | 7.65 to 8.15 |
| Others (Above 30 Lakhs) | 7.70 to 8.20 |
| Women (75.01 Lakhs & Above) | 7.75 to 8.25 |
| Others (75.01 Lakhs & Above) | 7.80 to 8.30 |
Citi Bank Plot Loan Interest Rates For self-employed professionals
Citi Bank Adjustable Rate Plot Loan
| Loan | Plot Loan Interest Rates (% p.a.) |
|---|---|
| Women (upto 30 Lakhs) | 7.20 to 7.70 |
| Others (upto 30 Lakhs) | 7.25 to 7.75 |
| Women (Above 30 Lakhs) | 7.45 to 7.95 |
| Others (Above 30 Lakhs) | 7.50 to 8 |
| Women ( 75.01 Lakhs & Above) | 7.55 to 8.05 |
Citi Bank TruFixed Loan – 2 Year Fixed Rate Variant
| Loan | Plot 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 |
Citi Bank Plot Loan documents required for both self-employed Professionals and Non-Professionals
| Requirements | Self Employed Individuals |
| Proof of Identity | Identity Card, Drivers License |
| Proof of address | Bills showing valid address or valid Aadhar card of the borrower |
| Financial Details | – Latest Salary statement – Latest Bank statements |
| Other Documents | Documents of the plot |
Citi Bank Plot loan fees and charges for self-employed
Processing fee
For self-employed professionals it can be Rs.3,000 or 0.50% & the Unprofessional self-employed can be Rs.4500 or 1.50% of the total loan amount provided by the bank.
Prepayment charges
| Adjustable-Rate Home Loans |
No prepayment needed
|
| Fixed-Rate Home Loans |
|
| Fixed and Variable Rate Loans | During the period of Fixed-Rate:
|
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 and the stipulated amount at the time of conversion or whichever is lower is Rs. 50,000,000 tax. |
| Switching to Variable Rate Loan from Fixed Rate Loan | Conversion fees | On conversion | Once | A cap of up to 50% of the original outstanding and the stipulated amount at the time of conversion or whichever is lower is Rs. 50,000,000 tax. |
| 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 unspecified amount plus taxes with 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 / MOE / Central Registry of Securities Asset Reconstruction and Security Interest of India (CERSAI)
List of documents
Can go up to Rs.500
Photocopy of documents
Can go up to Rs.500
Increase/decrease in the loan term
Can go up to Rs.500 plus the term loan applicable
Disbursement Cheque cancellation charge post disbursement
Post Disbursement the charge can go up to Rs.200
Re-appraisal of loan after 6 months from sanction
Can go up to Rs.2000 plus all the tax applicable
PDC swap
Can go up to Rs.200
Citi Bank plot loans for salaried individuals
Who can apply Citi Bank plot loans for salaried individuals?
| Loan | Maximum Amount(in %) |
|---|---|
| Up to Rs.30 lakh | up to 80% |
| Rs.30.01 lakh to Rs.75 lakh | up to 80% |
| Over Rs.75 lakh | up to 75% |
Type of plot loans for salaried individuals
TruFixed plot Loan – 2 Year Fixed Rate Vary
The loan gives customers a fixed-rate under the TruFixed plot Loan, the borrower can get a fixed-rate loan amount for 2 years, after which the loan will be converted into a variable rate loan, for the loan period of 15 years.
Adjustable-rate loan
The Interest rate of this loan gets updated once every 3 months. Any increase in the interest rate will also increase the EMI.
Citi Bank plot loan interest rates for salaried individuals
Adjustable Home Rate Loan
| Loan | Loan Interest Rates (in %) |
|---|---|
| Women (Upto 30 Lakhs) | 7.05 to 7.55 |
| Others (Upto 30 Lakhs) | 7.10 to 7.60 |
| Women (Above 30 Lakhs) | 7.30 to 7.80 |
| Others (Above 30 Lakhs) | 7.35 to 7.85 |
| Women (75.01 Lakhs & Above) | 7.40 to 7.90 |
| 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 |
Citi Bank plot loan documents required for salaried individuals
| Requirements | Self Employed Individuals |
| Proof of Identity | Identity Card, Drivers License |
| Proof of address | Bills showing valid address or valid Aadhar card of the borrower |
| Financial Details | – Latest Salary statement – Latest Bank statements |
| Other Documents | Documents of the plot |
Citi Bank plot loan fees and charges for salaried individuals
Processing fees
For salaried individuals, the loan amount of Rs.3,000 or 0.50% is applicable plus additional taxes.
Prepayment charges
| Adjustable-Rate Home Loans | – No prepayment needed
|
| Fixed-Rate Home Loans |
|
| Fixed and Variable Rate Loans | During the period of Fixed-Rate:
|
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 and the stipulated amount |
| Switching to Variable Rate Loan from Fixed Rate Loan | Conversion fees | On conversion | Once | A cap of up to 50% of the original outstanding and the stipulated amount |
| Switching from Trufixed Rate to Variable Rate Loan | Conversion fees | On conversion | Once | 1.75% original arrears and tax |
| Switching to Lower Rate | Conversion fees | On conversion | On every spread change | A min. fee of 0.5% and a max. fee of 1.550%. |
| Switching to Lower Rate | Conversion fees | On conversion | On every spread change | 0.5% of taxes |
Cheque dishonour 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
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 / MOD / MOE / Central Registry of Securities Asset Reconstruction and Security Interest of India (CERSAI)
List of documents
Can go up to Rs.500 (conditions apply)
Photocopy of documents
Can go up to Rs.500 (conditions apply)
Increase/decrease in loan term
Can go up to Rs.500 plus the term loan applicable
Disbursement Cheque cancellation charge post disbursement
Post Disbursement the charge up to Rs.200 (conditions apply)
PDC swap
Can go up to Rs.200 (conditions apply)
Re-appraisal of loan
Can go up to Rs.2000 plus all the applicable tax (conditions apply)
How to apply for Citi Bank Plot Loan With DialAbank
- You can apply for the Citi Bank Plot Loan directly from Dialabank easily.
- Visit the official website of Dialabank and fill in the form to get a quote from us and we’ll get back to you soon.
- Our expert will help you with the form filling process.
- Call Dialabank for any further assistance.
Additional tips to get Citi Bank Plot Loan Easily
- Always check the website of the bank and also Dialabank for updates and news related to the plot loans.
- Call Dialabank at 9878981166 to get help related to plot loans.
- Always provide the original documents when asked.
Citi Bank Plot loan with Construction vs Home Loan
| Parameters | Plot Loan with Construction | Regular Home Loan |
| Tenure | Up to 15 years | Up to 30 years |
| Prepayment fine | Nil | Nil |
| Loan to Value (LTV) | 70% – 80% | Up to 90% |
| Plot with Construction Loan interest rates | The rates are similar to a home loan but sometimes slightly higher. | Start at 6.80%* |
| Tax Benefits | Eligible after the construction of home on the plot | Home loan owners are eligible. |
FAQ’s
✅ What is the Plot loan interest rate in Citi Bank?
The Interest rate starts from 8.05% onwards.
✅ What is Citi 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 15 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 Citi Bank Plot loan?
For Citi Bank, the processing fee is 0.50% + GST and can go upto Rs 10,000 only.
✅ What is the loan tenure of the Citi Bank Plot loan?
The Citi Bank plot loan tenure is usually up to 15-30 years.
✅ How much EMI per Lakh can be fixed on Citi Bank Plot Loan?
The Citi Bank plot loan EMI per Lakh is ₹ 737.
✅ How can I avail plot loan from Citi Bank?
You can avail of the plot loan only after you are successfully marked eligible by Citi Bank.
✅ How to Apply for a Citi Bank Plot loan?
You can apply for the plot loan by visiting the website of Dialabank or Citi Bank.
✅ How to repay the Citi Bank plot loan earlier than the schedule?
Visit the Citi 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 Citi Bank to repay the loan earlier than scheduled.
✅ How to check Citi Bank + Plot Loan eligibility?
To properly understand the plot loan eligibility of Citi Bank plot loan the applicant must visit the website of Citi Bank or also can contact Dialabank for the same.
✅ What is the Citi Bank Plot loan phone number?
For Citi Indian Bank Plot loan the borrower can call – 9878981166
✅ What is Citi Bank plot loan interest rate for woman?
For women, the Citi Bank plot loan interest rate starts from 7.05%.
✅ What is Citi Bank plot loan interest rates for salaried individuals?
For Salaried Individuals 8.05% at Citi Bank.
✅ What is Citi Bank plot loan interest rates for self-employed individuals?
For Self-Employed 8.05% at Citi Bank.
✅ What is Citi Bank plot loan interest rates for self-employed non-professionals?
8.05% is the interest rate for Citi 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 Citi 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 Citi 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, a Citi Bank plot loan can be used to purchase plot anywhere within the country.
✅ What is a Balance Transfer on Plot Loan?
Balance Transfer for Citi 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 Citi Bank plot loan.
✅ How many years can I keep the plot of land before starting construction?
For Citi 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.
