J&K Bank Plot Loan

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J&K Bank Plot Loan Features 

Interest rate 7.70% to 8.00%
Loan amount minimum home loan of Rs. 15 lakh up to an amount of Rs. 5 crore
Eligibility minimum 18 years of age
Pre payment Nil on floating interest rate 
Repayment time For salaried – max of 30 years, for others – 20 years

Eligibility criteria for J&K Bank Plot Loan

  • A stable income for at least 3 years
    J&K Bank Plot Loan

     

  • Minimum 18 years of age
  • Maximum 70 years of age
  • Nationality – Resident and non-resident India
  • Salaried/self-employed/businessmen with 3 years’ experience in current profession or
  • Employees of state/central/semi government undertakings/autonomous bodies or
  • Retired employees of state/central government/PSU or
  • Individuals engaged in agricultural and related activities. 

Benefits of J&K Bank Plot Loan

  • J&K Bank Plot Loans come with a floating-rate that are pegged to their MCLR with a reset clause of 1 year.
  • The salaried and professionals can avail J&K Bank Plot Loan for a maximum of 30 years. For others, they have a tenure of 20 years.
  • Moratorium period of up to 12 months. 12 months for borrowers from J&K and 9 months for borrowers from other states. 
  • Quantum of financing is up to 75%.
  • Minimum processing fee of 0.25%

Plot Loan

A plot loan is a loan that a Bank or any NBFC offers the customers to buy a piece of land. A plot loan is given to buy an empty land and not a built residence. For anyone who wishes to buy a plot of land and does not have the proper amount for it, J&K Bank Plot Loan can be your go-to solution. J&K Bank Plot Loan is not applicable for just house construction but can also be used to buy land for investment purposes, agricultural purposes, etc.

Plot Loan Interest Rates

The interest rate majorly depends on the loan amount and the financial stability of the borrower. In J&K Plot Loan, the borrower has the liberty to choose their EMI installments. 

Loan to Value Ratio (LTV)

LTV means the conversion of property’s market value (at the time of loan sanction) into the loan amount. The LTV ratio for a plot loan is comparatively lower than the other loans offered. J&K Bank offers plot loan up to 70% of the market value of the property. 

Lower Tenure

The time period for which J&K Bank Plot Loan can be availed is a maximum of 30 years for salaried individuals and for other customers, it is a maximum of 20 years.

Tax Benefits

Tax benefits can only be claimed by the borrower if the J&K Bank Plot Loan is coupled with the construction loan. A plot loan alone cannot be used to avail tax benefits from. For principal amount it can be benefitted under section 80C and for interest amount under Section 24(c).

Pre-payment penalty

For a floating rate loan, no pre payment penalty is charged.

Types of Plot Loan J&K Bank provides

Before applying for a plot loan, it is important to understand the types of plot loans offered by J&K Bank. 

1. Plot Loan

A plot loan can be taken by any eligible customer to buy land within the municipal or corporate limits. It can be used by them to either build a house on or to keep as an investment. The bank’s only concern in this kind of loan is the timely payments. 

2. Plot + Construction Loan

In J&K Bank Plot + Construction Loan, the customer is required to start the construction on the land within an agreed upon period of time. If the construction on the land is not started timely, it may lead to the bank increasing the interest levied on the loan and certain other action as mentioned in the loan agreement.

J&K Bank Plot Loan for Self-employed Individuals:

The Self-employed individuals can now enjoy various benefits with J&K Bank Plot Loan conditioned to their eligibility.

Who Can Apply for a Self-employed J&K Bank Plot Loan

LOAN AMOUNT MAXIMUM FUNDING
Rs. 30 lakh to 75 lakh Up to 80% of the document cost or the market value, whichever is the lowest.
Above Rs. 75 lakh Up to 75% of the document cost or the market value, whichever is the lowest. 

Types of Plot Loans for Self-employed Individuals

J&K Bank provides two types of loans to all self-employed individuals

  1. Adjustable-Rate Loan- This refers to the Retail Prime Lending Rate. This type of loan is revised every six months. The interest rate depends on that. The increase in the interest will increases the EMI rate which in turn decreases the principal amount. 
  2. TruFixed Home Loan- 2/3 year Fixed Rate Variant- This loan provides both, an adjustable-rate and a fixed rate. The rate is initially fixed but eventually gets reviewed and becomes an adjustable-rate after a time span of 2/3 year.

J&K 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 Rate- 2/3 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

J&K Bank Plot Loan interest Rate for self-Employed Non-professionals

Adjustable Home Rate Loan

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 8.00
For Women* ( 75.01 Lakhs & Above) 7.55 to 8.05

TruFixed Loan- 2/3 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

J&K Bank Documents Required for Self-employed

Identity Proof PAN Card / Passport / Aadhar Card / Voter ID 
Residence Proof Driver’s License, Telephone Bill, Election or Ration Card
Education Qualification Last qualifying degree
Proof of Business Certificate or any other proof of business
Tax Returns Last three years Income Tax Returns
Bank Account Statements Last 1 year bank statements
Other documents Processing fee cheque, photocopy of title documents of the property. 

J&K Bank Plot Loan fees for Self-employed Individuals

Processing Fees: 

The processing fees is Rs. 2,500 – Rs. 5,000

Pre-payment Charges

Adjustable-Rate Home Loans

  • No prepayment charges 
  • 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 charges 
  • The customer needs to submit the documents that J&K Bank asks for. 
  • Prepayment charges is 2% plus tax and charges of the outstanding amount 

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 
    • The customer must submit documents that SBI asks for, 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 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  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 is taken from technical advocates whose fees is to be paid by the borrower. 

Property Insurance

Customers have to pay for the insurance of their property.

Incidental Charges

The incidental charges are used to cover expenses which a customer has to pay when they default. 

Statutory / Regulatory Charges

A customer is required to pay for any charges which are applicable on stamp duty/MOD/MOE/Central Registry of Securitization Asset Reconstruction etc. 

List of Documents

A Maximum amount of Rs. 500 

Photocopy of Documents

A Maximum amount of Rs. 500  

Increase/Decrease in Loan Term

A Maximum amount of Rs. 500 

Disbursement Cheque Cancellation Charge Post Disbursement

A Maximum amount of Rs. 200 

Re-appraisal of Loan After 6 Months from Sanction

A Maximum amount of Rs. 2000 plus applicable tax. 

PDC Swap

A Maximum amount of Rs. 200 

J&K Bank Plot Loan for Salaried Individuals

Any salaried individual can take benefits off a J&K Bank Plot loan. 

Who can apply for a Salaried J&K Bank Plot Loan

LOAN AMOUNT MAXIMUM FUNDING
 Rs. 30 lakh – 75 lakh. Up to 80% of the market value or cost of the property, whichever is lower. 
Above Rs. 75 lakh. Up to 75% of the market value or cost of the property, whichever is lower.

Types of Plot Loans for Salaried Individuals

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

J&K 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- 2/3 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

J&K Bank Plot Loan Documents For Salaried Individuals

Identity proof Passport, PAN Card, Aadhar Card, Election Card
Residence Proof Driving License, Telephone Bill, Ration Card, Election Card
Education Qualification Last qualifying Degree
Salary Slips Last three months’ salary slips
Bank Statements Last six months bank statements
Others Processing fee cheque and photocopy of title documents

J&K Bank Plot Loan Fees for Salaried Individuals

Processing Fees: 

The processing fees for J&K Bank Plot Loan is Rs. 2,500- Rs. 5,000 

Pre-payment Charges:

Adjustable-Rate Home Loans

  • No prepayment charges are levied 
  • 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 J&K Bank asks for

Fixed-Rate Home Loans

  • No prepayment charges are applicable 
  • The customer should submit documents that the Jammu and Kashmir Bank 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 of 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 PNB 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 Rs. 200 

Fees on Account of External Opinion

The external opinion is from the technical advocates whose fees is to be paid by the customer.  

Property Insurance

Customers have to pay the money to the insurance providers. 

Incidental Charges

The incidental charges are used to cover the extra expenses that a defaulter has to pay. 

Statutory / Regulatory Charges

The customer is responsible to pay for any charges that are applicable on stamp duty/MOD/MOE/Central Registry of Securitization Asset Reconstruction etc. 

List of Documents

A maximum amount of 500 rupees. 

Photocopy of Documents

A maximum amount of 500 rupees. 

Increase/Decrease in Loan Term

A Maximum amount of Rs. 500  

Disbursement Cheque Cancellation Charge Post Disbursement

A Maximum amount of Rs. 200

Re-appraisal of Loan After 6 Months from Sanction

An amount up to Rs. 2000 plus applicable tax. 

PDC Swap

A Maximum amount of Rs. 200 

How to apply for J&K Bank Plot Loan with Dialabank

  • Visit Dialabank website.
  • Fill in your contact details on the form that appears at the top of the page.
  • Our Customer Relations officer will get in touch with you.
  • You can also call us on 9878981166 for faster assistance.

    Additional tips to get J&K Bank Plot Loan

    • CIBIL score – Keep a close eye on your CIBIL score in order to get the best J&K Bank Plot Loan. 
    • Reduce your monthly expenditure to be able to pay the EMI timely.
    • Use the J&K Bank EMI calculator to know the best EMI plans for you before visiting the branch.
    • You can also make use of DialaBank EMI calculator.
    • Keep yourself update with the latest news related to J&K Bank Plot loan.

    Plot Loan with Construction vs Home Loan

    Parameters Land loan + Construction Home Loan
    Interest rates Depends upon the construction time starting @6.75%
    LTV up to 70% market value up to 90% market value
    Tenure 15-20 years maximum of 30 years
    Prepayment penalties NIL on floating interest rates NIL on floating interest rates
    Tax Benefits the benefit can be claimed after property construction for a principal amount under Section 80 C and for interest amount under section 24(c)

    FAQs

    What is the plot loan interest rate in J&K Bank?

    The interest rate of the J&K Bank plot loan depends upon the loan amount.

    What is J&K Bank Plot Loan?

    J&K Bank Plot Loan is provided by the Bank to buy an idle piece of land. It is important to note that there should not be a prior construction on the land.

    How much processing fee is applicable on J&K Bank Plot Loan?

    The processing fees of J&K Bank Plot loan depends upon the loan amount.

    What is the loan tenure of the J&K Bank Plot Loan?

     The loan can be taken for up to 30 years

    How much EMI per lakh can be fixed on J&K Bank Plot Loan?

    The EMI per lakh depends on the loan amount, loan tenure and the income of the borrower.

    How can I avail plot loan from J&K Bank?

    You need to be eligible and possess the required documents. 

    How to apply for J&K Bank Plot Loan?

    You can visit the nearest bank branch or take the assistance of Dialabank.

    How to repay the J&K Bank Plot Loan earlier than the schedule?

    A borrower can do Extra payments to pay back the loan earlier than the designated time. 

    Is it possible to repay my loan earlier than the schedule?

    Yes, a borrower can pay back the loan earlier than schedule.

    How to check J&K Bank Plot Loan eligibility?

    You can visit SBI website or take the help from Dialabank’s customer service relationship manager by visiting our website. 

    What is the J&K Bank Plot Loan phone number?

    If you have any questions about J&K Bank Plot Loan, you can call us on 9878981144 and get instant help.

    What is the Plot Loan interest rate for women?

    The J&K Bank plot loan interest rate for women starts at 9.60 percent

    What is J&K Bank plot loan interest rates for salaried individuals?

    The interest rate for J&K Bank Plot Loan for salaried individuals range from 7.05% to 8.0%

    What is J&K Bank plot loan interest rates for self-employed professionals?

    The interest rate for J&K Bank Plot Loan for self-employed individuals range from 7.25 percent to 7.75 percent

    What is J&K Bank plot loan interest rates for self-employed non-professionals?

    The J&K Bank plot loan interest rates for self- employed non-professions range from 7.25% to 7.75%

    How is a plot loan different from a home loan?

    A plot loan is taken to buy an idle piece of land whereas a home loan is provided to purchase an already constructed house or building.  

    Can I take a plot loan with a home loan?

    Plot loan and home loan cannot be taken simultaneously.

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

    The loan amount can be availed at the maximum of 70% of the property value. 

    Can a plot loan be taken on any plot, anywhere?

     A plot loan can be used to buy a piece of land within municipal limits for investment purposes or for building a house. 

    What is a Balance Transfer on Plot Loan?

    The plot loan balance transfer can be availed at an interest rate starting from 6.75%.

    Do I get any tax benefits on a plot loan?

    Plot loan combined with a construction loan can be used to avail tax benefits but only after the construction is completed. Tax benefits can be availed under section 80C of the income tax act. Plot loans taken alone are not covered under Tax benefits.

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

    In case of a Plot Loan that is taken in combination with construction loan, the construction on the land has to begin before the designated time decided upon by the bank and the borrower.

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