Fincare Small Finance Bank Plot Loan

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Features of Fincare Small Finance Bank Plot Loan

The Fincare Small Finance Bank Plot Loan provides you with many interesting features. They are:

Interest Rate 13% onwards
Loan amount Up to Rs. 20 crore
Processing fees Up to 1% of the loan amount
Margin Up to 10%

Eligibility Criteria of Fincare Small Finance Bank Plot Loan

Any individual looking to avail of the Fincare Small Finance Bank Plot Loan should go through the below-mentioned criteria before deciding to apply:

  • An individual should be between the ages of 21 years to 60 years
  • He or she should earn at least Rs. 30,000 per month to apply for the loan.
  • The individual should also be a resident of India
  • The person must be able to produce all the documents which may be required by the bank

Benefits of Fincare Small Finance Bank Plot Loan

  • Fincare Small Finance Bank provides one with excellent offers and benefits through its plot loans

Fincare Small Finance Bank Plot Loan

  • It provides low-interest rate
  • It requires a minimum amount of documentation
  • It serves you fast and quick
  • It has a good customer satisfaction rate.

Plot Loan

A plot loan is a loan that is taken by the people who wish to buy land for themselves, the land could be used for anything. A plot loan is an interesting feature provided by the bank that gives an individual the chance to convert his or her dream into a reality by constructing his or her dream house.

Another name for a plot loan is a land loan, which is often confused with home loans. Learning the difference between the two is of utmost importance before one applies for one.

Land Loan Interest Rate

A plot loan and a home loan may be a little similar to each other but they do have a thin line of difference. A plot loan provides the same interest rate as the home loan, though some banks provide more interest rate for one than the other.

Loan to Value Ratio

Also called LTV in short, the Loan to value ratio is the amount that one has to pay against his or her property. LTV is lower with plot loans than with home loans.

Lower Tenure

Plot loans have a shorter tenure of 15 years while a home loan has a higher tenure of 30 years.

Tax Benefits

Land loans do not provide any tax benefits, while home loans do.

Prepenalty Payment

Only borrowers who avail for the floating interest rate do not have to pay a penalty, while the others have to pay a penalty of up to 2-4%

Types of Plot Loans Fincare Small Finance Bank provides

A simple plot loan can be divided into plot loans and plot+ construction loans

Plot Loans

A plot loan is solely taken for purchasing land.

Plot+ Construction Loans

Plot+ Construction Loans give loans for purchasing land and for constructing on it. Failure of payments will lead to an increase in the interest rate.

Fincare Small Finance Bank Plot Loan for Self-employed Individuals

A self-employed individual who happens to be fulfilling the eligibility criteria can apply for a plot loan.

Who can apply for a Fincare Small Finance 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 Individual

The Fincare Small Finance Bank Plot Loan provides two kinds of plot loans:

  1. Adjustable-Rate Home Loan: The interest rate on this loan is changed every six months which also increases the Emi and reduces the principal amount.
  2. TruFixed Home Loan- 2/3 Year Fixed Rate Variant: This is a mixture of both kinds of loans. The interest rate changes after 2/3 years which then becomes an adjustable-rate home loan.

Fincare Small Finance 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-2/3 Years 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

Fincare Small Finance Bank Plot Loan 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-2/3 Years 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

Fincare Small Finance Bank Plot Loan Documents Required for a Self-employed Individual

Proof of identity Passport, Voter ID, PAN
Residence Proof Telephone bill, driver’s license, bank passbook
Proof of age Birth certificate, college certificate
Income proof Previous 3 months salary slips and 6 months bank statements

Fincare Small Finance Bank Plot Loan fees for Self-employed individuals

Processing Fees

The processing fees are between Rs. 2500-5,000

Pre-payment Charges

Adjustable-Rate Home Loans
  • No prepayment charges are necessary
  • For loans sanctioned to individual borrowers with the firm, company, etc. as a co-applicant, prepayment charges are at 2% plus taxes.
  • The customer will have to submit documents that Fincare asks for, to confirm the source of the funds.
Fixed-Rate Home Loans
  • No prepayment charges will be applicable
  • The customer should submit documents that Fincare asks for.
  • Prepayment charges will be 2% plus tax and charges of the outstanding amount should be prepaid through any financial institution or a bank.
Fixed and Variable Rate Loans Fixed and Variable Rate Loans (Combination rate)

  • During the Fixed Rate period:
    • The prepayment charges will be 2%, plus applicable taxes and statutory charges of the outstanding amount being so prepaid through refinance from financial institutions or any banks, and will apply to all partial/full prepayments.
    • The customer must submit documents that Fincare requests, 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
    • 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.

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.

Fincare Small Finance Bank Plot Loan for Salaried Individual

A salaried individual has to follow the same eligibility criteria as well, to apply for a plot loan.

Who can Apply for a Salaried Fincare Small Finance 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 Home Loan: This home loan provides interest rates that change every six months. This increases the EMI and reduces the principal amount.

2. TruFixed Rate-2/3 Years Fixed Rate Variant: This is a mixture of both the loans. The interest rate changes from fixed to adjustable after 2/3 years.

Fincare Small Financial 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- 2/3 Years 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

Fincare Small Finance Bank Plot Loan DocumentsRequired by Salaried Individuals

Proof of identity Passport, Voter ID, PAN
Residence Proof Telephone bill, driver’s license, bank passbook
Proof of age Birth certificate, college certificate
Income proof Previous 3 months salary slips and 6 months bank statements

Fincare Small Finance Bank Plot Loan Fees for Salaried Individuals

Processing Fees:

The processing fees  Rs. 2,500-are between 5,000 every month.

Pre-payment Charges

Adjustable-Rate Home Loans
  • No prepayment charges are necessary
  • For loans sanctioned to individual borrowers with a co-applicant, prepayment charges are at 2% plus taxes.
  • The customer will have to submit documents that Fincare asks for, to confirm the source of the funds.
Fixed-Rate Home Loans
  • No prepayment charges will be applicable
  • The customer should submit documents that Fincare asks for.
  • Prepayment charges will be 2% plus tax and charges of the outstanding amount should be prepaid through any financial institution or a bank.
Fixed and Variable Rate Loans Fixed and Variable Rate Loans (Combination rate)

  • During the Fixed Rate period:
    • The prepayment charges will be 2%, plus applicable taxes and statutory charges of the outstanding amount being so prepaid through refinance from financial institutions or any banks, and will apply to all partial/full prepayments.
    • The customer must submit documents that Fincare requests, 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
    • 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.

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 Fincare Small Finance Bank Plot Loan with Dialabank

  • Visit Dialabank
  • Check out Fincare Small Finance Bank Plot Loan
  • Fill out the form online and wait for an expert to call you.

Additional Tips for Fincare Small Finance Bank Plot Loan

  • Check the website for more information
  • You can use the eligibility calculator
  • You can also 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 Fincare Small Finance Bank?

The interest rate of Fincare Small Finance Bank Plot Loan is 13% onwards.

What Fincare Small Finance Bank Plot Loan?

Fincare Small Finance 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 the Fincare Small Finance Bank Plot Loan?

The processing fees on Fincare Small Finance Bank Plot Loan are 2,500-5,000 rupees.

What is the loan tenure of the Fincare Small Finance Bank Plot Loan?

Up to 30 years

How much EMI per lakh can be fixed on the Fincare Small Finance Bank Plot Loan?

Rs. 649 per lakh

How can I avail plot loan from Fincare Small Finance Bank?

You need to fulfill the eligibility criteria and provide the required documents.

How to apply for Fincare Small Finance Bank Plot Loan?

You can visit Dialabank, open the Fincare Small Fincare Bank Plot Loan page, and fill out the application form.

How to repay the Fincare Small Finance 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 Fincare Small Finance Bank Plot Loan eligibility?

You can check your eligibility using the eligibility criteria calculator on the Fincare Small Finance Bank website.

What is the Fincare Small Finance Bank Plot Loan phone number?

If you have any questions about the Fincare Small Finance 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 Fincare Small Finance Bank plot loan interest rates for salaried individuals?

The interest rate for Fincare Small Finance Bank Plot Loan for salaried individuals is 7.05% to 8.0%

What is Fincare Small Finance Bank plot loan interest rates for self-employed individuals?

The interest rate for Fincare Small Finance Bank Plot Loan for self-employed individuals is 7.25% to 7.75%

What is Fincare Small Finance 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.

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