Features of Dhanlaxmi Bank Plot Loan
| Interest Rate | Up to 10.50% |
| Eligibility | Salaried or self-employed Individuals |
| Loan Tenure | Up to 15 years |
| Loan Amount | Loans up to Rs. 5 crore |
Eligibility Criteria of Dhanlaxmi Bank Plot Loan
Any salaried or self-employed individual who can fulfill the criteria provided by the bank experts can apply for a plot loan with Dhanlaxmi Bank. The eligibility criteria of the bank are provided below:
- The individual applying for the loan should be within 21 years to 60 years of age.
- Salaried employees need to earn Rs. 6,000 with a minimum of one year left at the current job. The earnings of a spouse are also taken into account.
- A self-employed employee should earn over Rs. 1.2 lakh to avail for this loan.
- An NRI can also apply for this loan if he or she is below 55 years of age and employed overseas for at least 2 years.
Benefits of Dhanlaxmi Bank Plot Loan
- Dhanlaxmi Bank Plot Loans are extremely quick and straightforward.
- The whole process can be done online, without having to leave one’s home.
- It is user-friendly. Dhanlaxmi Bank provides one with incredible tenure and interest rates.
- They provide you with many options from which you may have your pick.
- It provides special categories for women, senior citizens, as well.
Plot Loan
A plot loan is a unique feature provided by many banks that allow you to purchase land and build your home in it. It allows you to change your dream into reality. Plot Loans are often called land loans and are confused with home loans which happen to be slightly different from the former. Plot Loans are a great facility provided by many banks in India which allow you to build your dream home.
Land Loan Interest Rates
As mentioned above, a plot loan and a home loan may be a little similar to each other but they are not the same thing. Plot loans and home loans both provide the same rate of interest though one may be higher than another. This depends solely on the bank.
Loan to Value Ratio
Loan to Value Ratio or LTV refers to the amount of loan that a borrower is getting against his property. The LTV happens to be lower for Plot Loans with or without construction than home loans.
Lower Tenure
The tenure of the loan is usually shorter for land loans than home loans. Land loans provide a shorter tenure of 15 years, while home loans provide a longer tenure of 30 years.
Tax Benefits
While home loans qualify for a tax deduction, the same does not happen for land loans.
Prepayment Penalty
Borrowers accessing floating rate loans do not have to pay any prepayment penalties. This works for both a home loan and a land loan, however, if a non-individual borrower takes the money, the penalty is 2-4%
Types of Plot Loans Dhanlaxmi Bank provides
Even within plot loans, simple plot loans, and plot loans with construction happen to be two different things.
Plot Loan
A plot loan is a loan that is solely taken for purchasing empty land. The bank will not interfere with why the individual buys the land. Default, however, will force the bank to intervene. These are highly risky as they have no tax benefits. In such cases, the plot has to be in the same municipal area as the bank.
Plot+ Construction Loan
This kind of loan is not only taken to purchase land but also to construct it. An individual is expected to start and finish the construction within the mentioned time. Failure to do so will lead the bank to increase the interest rate.
Dhanlaxmi Bank Plot Loan for Self-employed Individuals
Any self-employed individual can avail of such a loan by fulfilling the eligibility criteria.
Who can apply for a Dhanlaxmi Bank Plot Loan?
| LOAN AMOUNT | MAXIMUM FUNDING |
| Above Rs. 30 lakh to up to 75 lakh. | Up to 80% of the market value or document cost of the property, whichever is lower. |
| Above Rs. 75 lakh. | Up to 75% of the market value or document cost of the property, whichever one happens to be lower. |
Types of Plot Loans for Self-employed Individuals
The below-mentioned Plot loans can be availed for by a self-employed professional/non-professional or a salaried individual:
- Adjustable-Rate Loan: This refers to the Retail Prime Lending Rate. This kind of loan is revisited and changed every six months. The revision leads to a rise in the interest rate, that further increases the EMI rate and leads to a reduction in the principal amount.
- TruFixed Home Loan- 2/3 Years fixed Rate Variant: This loan provides half of the adjustable and half of the fixed rate. The rate remains the same for 2/3 years, after which it is converted to an adjustable rate.
Dhanlaxmi Bank Plot Loan Interest Rate for Self-employed Individuals
Adjustable Home Loan Rate
| 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 Variant
| 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 |
Dhanlaxmi Bank Plot Loans for Self-employed Non-professionals
Adjustable Home Loan Rate
| 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 Variant
| 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 |
Dhanlaxmi Bank Plot Loan Documents Required for a Self-employed Individual
| Proof of identity | Passport, Voter ID, PAN |
| Proof of age | Birth certificate, college certificate, school leaving certificate, LIC Policy |
| Proof of residence | Driving license, telephone bill, bank passbook |
| Signature Verification | Driving license, PAN |
| Continuity Proof | Form 16, appointment letter, a letter from authorized HR signatory |
| Income proof | Previous 3 salary slips, and 6 months bank statements of the salary account. |
Dhanlaxmi Bank Plot Loan Fees for self-employed Individuals
Processing Fees
The processing fees range from Rs. 2500-5,000
Pre-payment Charges
| Adjustable-Rate Home Loans |
|
| Fixed-Rate Home Loans |
|
| Fixed and Variable Rate Loans | Fixed and Variable Rate Loans (Combination rate)
|
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. |
| 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 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 Dishonour Charges are 200 rupees.
Fees on Account of External Opinion
The external opinion can be from technical advocates and the fees can be paid directly to the person involved.
Property Insurance
Customers are advised to pay a certain amount to the insurance providers.
Incidental Charges
The incidental charges are used to cover certain other expenses for a default customer.
Statutory / Regulatory Charges
The customer is responsible for any charges that are applicable on stamp duty/MOD/MOE/Central Registry of Securitisation Asset Reconstruction and Security Interest of India.
List of Documents
Maximum of 500 rupees.
Photocopy of Documents
Maximum of 500 rupees.
Increase/Decrease in Loan Term
Maximum of 500 rupees.
Disbursement Cheque Cancellation Charge Post Disbursement
Maximum of 200 rupees.
Re-appraisal of Loan After 6 Months from Sanction
Maximum of 2000 rupees plus applicable tax.
PDC Swap
Maximum of 200 rupees.
Dhanlaxmi Bank Plot Loan for Salaried Individual
For a salaried individual to avail of such a loan, one has to follow the criteria given.
Who can apply for a Salaried Dhanlaxmi Bank Plot Loan
| LOAN AMOUNT | MAXIMUM FUNDING |
| Above Rs. 30 lakh to up to 75 lakh. | Up to 80% of the market value or document cost of the property, whichever is lower. |
| Above Rs. 75 lakh. | Up to 75% of the market value or document cost of the property, 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 which changes every six months, leading to an increase in the interest rate and the EMI and a decrease in the principal amount.
2.TruFixed Rate- 2/3 years Fixed Rate Variant: This provides half of the adjustable-rate and half of the trufixed rate. The interest rate remains fixed for two years, after which it changes to an adjustable-rate.
Dhanlaxmi Bank Plot Loan Interest Rates for Salaried Individuals
Adjustable Plot Loan Rate:
| Loan Slab | Home 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 |
TruFixed Loan- 2 Year Fixed Rate Variant:
| Loan Slab | Home Loan Interest Rates (% p.a.) |
|---|---|
| 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 |
Dhanlaxmi Bank Plot Loan Documents Required for Salaried Individuals
| Proof of identity | Passport, Voter ID, PAN |
| Proof of age | Birth certificate, college certificate, school leaving certificate, LIC Policy |
| Proof of residence | Driving license, telephone bill, bank passbook |
| Signature Verification | Driving license, PAN |
| Continuity Proof | Form 16, appointment letter, a letter from authorized HR signatory |
| Income proof | Previous 3 salary slips, and 6 months bank statements of the salary account. |
Dhanlaxmi Bank Plot Loan Fees for Salaried Individuals
Processing Fees:
The processing fees range from Rs. 2,500-5,000 every month.
Pre-payment Charges
| Adjustable-Rate Home Loans |
|
| Fixed-Rate Home Loans |
|
| Fixed and Variable Rate Loans | Fixed and Variable Rate Loans (Combination rate)
|
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 can be paid off directly to the person involved.
Property Insurance
Customers are asked to pay a certain amount of money to the insurance providers.
Incidental Charges
The incidental charges are used to cover certain extra expenses for a default customer.
Statutory / Regulatory Charges
The customer is responsible to pay for any charges that are applicable on stamp duty/MOD/MOE/Central Registry of Securitisation Asset Reconstruction and Security Interest of India.
List of Documents
Up to 500 rupees.
Photocopy of Documents
Up to 500 rupees.
Increase/Decrease in Loan Term
Up to 500 rupees.
Disbursement Cheque Cancellation Charge Post Disbursement
Up to 200 rupees.
Re-appraisal of Loan After 6 Months from Sanction
Up to 2000 rupees plus applicable tax.
PDC Swap
Up to 200 rupees.
How to Apply for a Dhanlaxmi Bank Plot Loan with Dialabank
- Visit Dialabank
- Check out the Dhanlaxmi Plot Loan
- Fill up the form with the necessary details and apply online
- Wait for an expert to contact you with all the information you require.
Additional Tips for Dhanlaxmi Bank Plot Loan
- You can check the bank’s websites for more details
- You should use the eligibility calculator to check your eligibility
- Make sure you have all the documents
- Call 9878981166
Plot Loan for Construction vs Home Loan
| Parameters | Plot Loans with Construction | Home Loans |
| Tenure | Up to 15 years | Up to 30 years |
| Tax Benefits | The plot loan and its benefits can be claimed after construction | Home Loans qualify for a tax deduction on the payment of the actual amount. |
| Interest | Similar to home loans but they can get higher | Starting from 7.45% |
| LTV | Similar to home loans but they can get higher | Up to 90% of the property’s value |
| Prepayment value | Nil for people with floating rates | Nil for people with floating rates |
FAQs
✅ What is the plot loan interest rate of Dhanlaxmi Bank?
The interest rate of Dhanlaxmi Bank Plot Loan is 10.50%
✅What Dhanlaxmi Bank Plot Loan?
Dhanlaxmi Bank Plot Loan allows one to purchase land to construct on it. Plot loans are of two types with each having specific functions.
✅How much processing fee is applicable on Dhanlaxmi Bank Plot Loan?
The processing fees on Dhanlaxmi Bank Plot Loan are 2,500-5,000 rupees.
✅What is the loan tenure of the Dhanlaxmi Bank Plot Loan?
Up to 15 years
✅How much EMI per lakh can be fixed on the Dhanlaxmi Bank Plot Loan?
Rs. 1,171 per lakh
✅How can I avail plot loan from Dhanlaxmi Bank?
You need to fulfill the eligibility criteria and provide the required documents.
✅How to apply for Dhanlaxmi Bank Plot Loan?
You can visit Dialabank, open the Dhanlaxmi Bank Plot Loan page, and fill out the application form.
✅How to repay the Dhanlaxmi Bank Plot Loan earlier than the schedule?
You can make extra payments than the stipulated amount to repay the loan early.
✅Is it possible to repay my loan earlier than the schedule?
Yes, it is possible to repay the loan earlier than the schedule.
✅How to check Dhanlaxmi Bank Plot Loan eligibility?
You can check your eligibility using the eligibility criteria calculator on the Dhanlaxmi Bank website.
✅What is the Dhanlaxmi Bank Plot Loan phone number?
If you have any questions about the Dhanlaxmi Bank Plot Loan, you can call 9878981144
✅What is the Plot Loan interest rate for women?
The plot loan interest rate for women is 7.05%
✅What is Dhanlaxmi Bank plot loan interest rates for salaried individuals?
The interest rate for Dhanlaxmi Bank Plot Loan for salaried individuals is 7.05% to 8.0%
✅What is Dhanlaxmi Bank plot loan interest rates for self-employed individuals?
The interest rate for Dhanlaxmi Bank Plot Loan for self-employed individuals is 7.25% to 7.75%
✅What is Dhanlaxmi Bank plot loan interest rates for self-employed non-professionals?
The interest rate for women is up to 7.25 to 7.75%
✅How is a plot loan different from a home loan?
A plot loan is availed to buy residential land while a home loan is taken to buy residential built-up/under-construction property.
✅Can I take a plot loan with a home loan?
No. You can avail of either one of them.
✅What is the maximum amount that I can take as a loan?
The loan amount is up to 70% of the property value.
✅Can a plot loan finance investment in any plot, anywhere?
A plot loan can be financed only within municipal limits of pre-specified locations or, in cases of direct allotment by the concerned development authority, outside municipal limits.
✅What is a Balance Transfer on Plot Loan?
A home loan balance transfer can be availed at an interest rate starting from 6.75%.
✅Do I get any tax benefits on a plot loan?
No.
✅How many years can I keep the plot of land before starting construction?
If the plot loan has been taken specifically for construction, the construction should begin immediately.
