IDBI Bank Plot Loan

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Features of IDBI Bank Plot Loan 

Interest Rate 

The interest rate starts from 7.40%

Processing Fees

They charge a processing fee of up to 0.50%

Loan Tenure

The loan tenure ranges from five to thirty years

EMI

The lowest EMI per lakh on IDBI Plot Loans starts from Rs. 692 offered at a low-interest rate of 7.40%. It provides prepayment of loans with no charges on floating rate loans as well. 

Eligibility Criteria of IDBI Bank Plot Loan

To apply for the IDBI Bank Plot Loan, one has to make sure that he or she is eligible to do so. The failure to match the eligibility criteria will not let you apply for the plot loan. The eligibility criteria are:

  • The applicant should be a minimum of twenty-two years of age and a maximum of seventy years. 
  • He or she should preferably be a resident of India, though non-residents (NRI) are also acceptable. 
  • The individual should be working. She or he can either be a salaried, self-employed professional, or a self-employed non-professional.

An individual crossing these criteria will be able to apply for a plot loan with IDBI Bank without any trouble. 

Benefits of IDBI Bank Plot Loan

Availing for the IDBI Bank Plot Loan will allow you to unlock many benefits. They are:IDBI Bank Plot Loan

  • If you take a plot loan for construction purposes, you can get tax benefits. 
  • The approval process for a plot loan is simple.
  • Fast delivery service
  • Excellent disbursement services
  • A dedicated team of employees
  • The ownership of your property stays with you even after you take a loan against the property. 
  • The decision of taking a plot loan is economically wise. 
  • Various options for repayment.

Plot Loan

Plot Loans are loans that have a very specific need. They are usually given to individuals who wish to buy a plot or a flat. Plot loans such as the IDBI Plot Loans are extremely beneficial for applicants as it has low-interest rates. 

This loan happens to be a unique facility that is provided by the banks so that you can fulfill your dream. Plot Loans, also known as land loans, are often confused with home loans. In fact, these two words are used interchangeably. However, there is a difference between the two that should be understood. 

Land Loan Interest Rates

The rate of interest is the same for both, though, it varies from bank to bank to give higher interests for the land loan instead of the home loan. The bank will provide a stipulated time for the construction over the said plot. The borrower is then required to submit a construction certificate to the bank. If the construction does not begin or end within the stipulated date, the land loan interest rate will subsequently change from a home loan to a loan against property. 

Loan to Value Ratio

This means the amount of loan that a borrower will get against his property. LTV is lower for land purchases with construction than with home loans. LTV usually ranges from 75% to 90%. 

Lower Tenure

Land Loans provide a shorter tenure of up to 15 years. Home loans, on the other hand, offer up to 30 years of tenure. Hence, the EMI in the case of a loan for plot purchase is higher than that of regular home loans. The tenure depends upon the age or repayment capacity. 

Tax Benefits

Home Loans qualify for a tax deduction of the actual amount that is mentioned under Section 80C of the Income Tax Act. Tax benefits on land loans are not available. Borrowers are allowed to claim a tax deduction on the loan if the house constructed is purchased. 

Prepayment Penalty

Floating rate loans that are sanctioned to certain borrowers are free from the prepayment penalty for both a home loan and a land loan but both may charge 2-4% of the penalty if a non-individual borrower has taken the money. The borrower should read the charges and accept them before signing any agreement. 

Types of Plot Loans IDBI Bank Provides

Before we move forward, we should understand the differences between plot loans and plot+ construction loans: 

Plot Loan

A plot loan is a loan that is taken specifically to purchase land. What an individual does with the land will not be of any concern for the bank as long as the loan is repaid. However, such loans are risky as there are no tax benefits. A plot loan is given only when the plot, in question, is in the same municipality. 

Plot+ construction Loan

A plot+ construction loan is availed to not only purchase land but to also construct on it. An individual, in this case, has to begin and end the construction within the stipulated time, the failure of which will lead to an increase in the interest rate. 

IDBI Plot Loan for Self-Employed Individuals

The IDBI Plot Loan allows self-employed individuals to apply for a plot loan if they are within the age of twenty-five to sixty-five. They are eligible to apply for such a loan if they wish to purchase land. 

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

The self-employed individuals can apply for an IDBI Bank Plot Loan if they follow the criteria. 

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

IDBI Bank Plot Loan has various schemes that any self-employed individual along with a salaried individual can avail of. 

  1. Adjustable-Rate Loan: This refers to the Retail Prime Lending Rate. It is revised every six months. There is a rise in the interest rate that in turn increases the EMI and reduces the principal amount. 
  2. TrueFixed Home Loan- 2/3 Year Fixed Rate Variant: This loan provides half of an adjustable-rate and half of a fixed rate. The rate is changed after 2/3 years. 

IDBI Bank Plot Loan Interest Rate for Self-employed Professionals

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

IDBI Bank Plot Loan Interest Rates for Self-employed non-professionals:

Adjustable Home Rate Loan: 

The Retail Prime Lending Rate for IDBI Bank is 16.20%

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:

The Retail Prime Lending Rate for self-employed individuals stands at 16.20%

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

IDBI Bank Plot Loan Documents Required for Self-employed

Salaried  Self-employed Professionals

Self-employed Non-professionals

Application
with photograph

Application with photograph Application with photograph

Identity and Residence Proof

Identity and Residence Proof Identity and Residence Proof

Latest Salary-slip for last 3 months

Education Qualifications Certificate
and Proof of business existence
Proof of business existence

Form 16/ITR

Last 3 years Income
Tax returns (self and business)
Business profile

Last 6 months
bank statement

Last 3 years Profit/Loss
and Balance Sheet
Last 3 years Income Tax returns
Last 3 years Profit /Loss Balance

Processing fee cheque

Last 6 months bank statements Last 6 months bank
statements (self and business)
Processing fee cheque Processing fee cheque

IDBI Bank Plot Loan fees for Self-employed Individuals

Processing Fees: 

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

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 IDBI 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 IDBI 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 IDBI 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

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. 

IDBI Bank Plot Loan for Salaried Individuals

The IDBI Plot Loan allows salaried individuals to apply for a plot loan if they are within the age of twenty-five to sixty-five. 

Who Can Apply for a Salaried IDBI Bank Plot Loan

The salaried individuals who can apply for an IDBI Bank Plot Loan should follow the criteria given below.

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

IDBI Bank Plot Loan has various schemes that any self-employed individual along with a salaried individual can avail of. 

  1. Adjustable-Rate Loan: This refers to the Retail Prime Lending Rate. It is changed every six months. There is an increase in the interest rate that increases the EMI and in turn, reduces the principal amount. 
  2. TrueFixed Home Loan- 2/3 Year Fixed Rate Variant: This loan provides only half of an adjustable-rate and another half of a fixed rate. The rate is changed after 2/3 years. 

IDBI Bank Plot Loan Interest Rate 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

IDBI Bank Plot Loan Documents Required for Salaried Individuals

Salaried  Self-employed Professionals

Self-employed Non-professionals

Application
with photograph

Application with photograph Application with photograph

Identity and Residence Proof

Identity and Residence Proof Identity and Residence Proof

Latest Salary-slip for last 3 months

Education Qualifications Certificate
and Proof of business existence
Proof of business existence

Form 16/ITR

Last 3 years Income
Tax returns (self and business)
Business profile

Last 6 months
bank statement

Last 3 years Profit/Loss
and Balance Sheet
Last 3 years Income Tax returns
Last 3 years Profit /Loss Balance

Processing fee cheque

Last 6 months bank statements Last 6 months bank
statements (self and business)
Processing fee cheque Processing fee cheque

IDBI Bank Plot Loan fees for Salaried Individuals

Processing Fees: 

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

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 IDBI 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 IDBI 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 IDBI 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 an IDBI Bank Plot Loan with Dialabank

  1. Visit Dialabank
  2. Visit the IDBI Bank Plot Loan
  3. Check your eligibility
  4. Apply online
  5. Sit back and wait for an expert to give you a call. 

Additional Tips to get IDBI Bank Plot Loan

  • Check the website for any other related information
  • Check if you have all your documents 
  • Check your eligibility criteria

Plot Loan with Construction VS Home Loan

Parameters Plot Loan with Construction Home Loans
Tenure Up to 15 years Up to 30 years
Tax 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 Rates Similar to home loans The interest rate starts at 7.40%
LTV Up to 70% of the property value Up to 90% of the property value
Prepayment charges Nil Nil

FAQs

What is the plot loan interest rate of IDBI Bank?

The interest rate of the IDBI Bank Plot Loan is 7.40%

What IDBI Bank Plot Loan?

IDBI 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 IDBI Bank Plot Loan?

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

What is the loan tenure of the IDBI Bank Plot Loan?

Up to 30 years

How much EMI per lakh can be fixed on the IDBI Bank Plot Loan?

Rs. 692 per lakh

How can I avail plot loan from IDBI Bank?

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

How to apply for IDBI Bank Plot Loan?

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

How to repay the IDBI 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 IDBI Bank Plot Loan eligibility?

You can check your eligibility using the eligibility criteria calculator on the IDBI Bank website.

What is the IDBI Bank Plot Loan phone number?

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

The interest rate for IDBI Bank Plot Loan for salaried individuals is 7.05% to 8.0%

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

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

What is IDBI 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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