Karnataka Gramin Bank Plot Loan

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Karnataka Gramin Bank Plot Loan Features

Interest Rate 8.90%
Plot Loan amount Up to INR 3 Crores
Loan Tenure 15 Years
Margin  24%
Pre-payment Penalty Nil

Eligibility Criteria for Karnataka Gramin Bank Plot Loan

  • Indian in origin.
  • An age group of 18-65.Karnataka Gramin Bank Plot Loan
  • A stable income.
  • Self-employed or Salaried
  • The property should be within municipal limits.

Benefits of Karnataka Gramin Bank Plot Loan

There are various benefits in Karnataka Gramin Bank Plot loan.

  • Customized EMI
  • Loan tenure of 15 years
  • Tax benefits
  • Easy eligibility
  • Less documents required
  • Quick approval
  • Fast loan disbursement

Plot Loan

Plot loan provided by banks and NBFCs help their borrowers buy a plot of land. The repayment is done in EMI, within a agreed upon period of time. It is the easiest form of loan to get for buying a plot of land. Various rates are adjusted according to the loan amount and the customer’s needs.

1. Plot Loan Interest Rates

The rate of interest starts at 8.90%

2. Loan to Value Ratio‭ (‬LTV‭)‬

Loan to value is available at a maximum of 70%.

3. Lower Tenure

The loan tenure is up to 15 years.

4. Tax Benefits

Plot loan tax benefits can be availed under section 80C after the plot construction is completed.

5. Prepayment Penalty

Floating rate loans come with no prepayment penalty.

Types of Plot Loan Karnataka Gramin Bank Provides

Plot Loan

A plot loan will let the customer purchase a plot of land within municipal limits to construct a house or building on. This land can also be kept idle for investment purposes or used for agricultural practices.

Plot + Construction Loan

This type of loan is given to construct a house on the land. The construction on the land needs to start well before time.

Karnataka Gramin Bank Plot Loan for Self-employed Individuals:

Karnataka Gramin Bank Plot Loan has various benefits for self-employed individuals.

Who Can Apply for a Self-employed Karnataka Gramin Bank Plot Loan

LOAN AMOUNT MAXIMUM FUNDING
Rs. 30 lakh – 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

  1. Adjustable-Rate Loan- This loan is available at Retail Prime Lending Rate, revised every six months. It has a direct impact on the interest rate and subsequently on the EMI.
  2. TruFixed Home Loan- This loan is available at 2/3 year Fixed Rate Variant. It provides one half of an adjustable-rate and the other half fixed rate which is changed every 2/3 year.

Karnataka Gramin 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

Karnataka Gramin 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

Karnataka Gramin Bank Documents Required for Self-employed

ID 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.

Karnataka Gramin Bank Plot Loan fees for Self-employed Individuals

Processing Fees: 

The processing fee for Karnataka Gramin Bank Plot Loan is Rs. 2,500 – Rs. 5,000

Pre-payment Charges

Adjustable-Rate Home Loans  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 Prepayment charges will be 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 are 2%, inclusive of taxes and statutory charges on the outstanding amount
    • The customer must submit documents that the bank 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 (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

Up to Rs. 200

Fees on Account of External Opinion

The external opinion fees is paid by the borrower.

Property Insurance

Borrowers pay for the insurance.

Incidental Charges

The incidental charges are paid by the borrower.

Statutory / Regulatory Charges

The customer pays for all the statutory and Regulatory charges.

List of Documents

Up to Rs. 500

Photocopy of Documents

Up to Rs. 500

Increase/Decrease in Loan Term

Up to Rs. 500

Disbursement Cheque Cancellation Charge Post Disbursement

Up to Rs. 200

Re-appraisal of Loan After 6 Months from Sanction

Up to Rs. 2000 plus applicable charges.

PDC Swap

Up to Rs. 200

Karnataka Gramin Bank Plot Loan for Salaried Individuals

All salaried individual can avail the benefits of Karnataka Gramin Bank Plot Loan.

Who can apply for a Salaried Karnataka Gramin Bank Plot Loan

LOAN AMOUNT MAXIMUM FUNDING
 Rs. 30 lakh to Rs. 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 loan is available at Retail Prime Lending Rate, revised every six months. It has a direct impact on the interest rate and subsequently on the EMI.
  2. TrueFixed Home Loan- This loan is available at 2/3 year Fixed Rate Variant. It provides one half of an adjustable-rate and the other half fixed rate which is changed every 2/3 year.

Karnataka Gramin 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

Karnataka Gramin Bank Plot Loan Documents For Salaried Individuals

ID 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

Karnataka Gramin Bank Plot Loan Fees for Salaried Individuals

Processing Fees: 

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

Pre-payment Charges:

Adjustable-Rate Home Loans For loans sanctioned to individual borrowers with a co-applicant, prepayment charges are at 2% plus taxes.
Fixed-Rate Home Loans 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.
  • 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 as prepaid

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

Up to Rs. 200

Fees on Account of External Opinion

The fee of technical advocates is paid by the customer.

Property Insurance

Borrowers pay for the insurance.

Incidental Charges

The incidental charges are paid by the defaulter.

Statutory / Regulatory Charges

The customer pays for all the Statutory and Regulatory charges.

List of Documents

Up to Rs. 500

Photocopy of Documents

Up to 500 rupees.

Increase/Decrease in Loan Term

Up to Rs. 500

Disbursement Cheque Cancellation Charge Post Disbursement

Up to Rs. 200

Re-appraisal of Loan After 6 Months from Sanction

Up to Rs. 2000 and applicable tax.

PDC Swap

Up to Rs. 200

How to apply for Karnataka Gramin Bank Plot Loan with Dialabank

  1. The Karnataka Gramin Bank plot loan can be applied for online at www.dialabank.com.
  2. Compare the plot loan rates of various banks
  3.  Fill the form at the top of the page with your details.
  4.  Our Customer Representative will get in touch with you.
  5. You will be guided throughout the way.

Documents Required to get Karnataka Gramin Bank Plot Loan

  • Recent Passport Size Photographs.
  • ITR for last 2 years.
  • Fully filled Application Form
  • Id proof
  • Address proof
  • Last ‬6‭ ‬months Payslip for salaried
  • Business proof for self-employed
  • Sales deed of the property‭ ‬

Karnataka Gramin Bank Plot loan with Construction vs Home Loan

Parameters Land Loan with Construction Regular Home Loan
Plot + Construction loan interest rates Rates are the same for a home loan, ‬but the plot + Construction Loan interest rates can be higher if you want the construction period to be longer than usual Interest rates are start from 6.75%
LTV Up to‭ ‬70%‭ ‬of the property’s value Up to‭ ‬90%‭ ‬of the property’s value
Tenure Up to‭ ‬15‭ ‬years Up to‭ ‬30‭ ‬years
Tax Benefits The plot loan availed for construction and its benefits can be claimed post completion of the construction On principal amount under section‭ ‬80C and interest amount under section‭ ‬24‭(‬b)
Prepayment Penalty Nil for individuals on floating rates Nil for individuals on floating rates

FAQs

What is the plot loan interest rate in Karnataka Gramin Bank?

The interest rate starts at 8.90%

What is Karnataka Gramin Bank Plot Loan?

Plot loan provided by banks and NBFCs help their borrowers buy a plot of land. The repayment is done in EMI, within a agreed upon period of time. It is the easiest form of loan to get for buying a plot of land. Various rates are adjusted according to the loan amount and the customer’s needs.

How much processing fee is applicable on Karnataka Gramin Bank Plot Loan?

The processing fee starts at 0.25%

What is the loan tenure of the Karnataka Gramin Bank Plot Loan?

Up to 15 years

How much EMI per lakh can be fixed on Karnataka Gramin Bank Plot Loan?

The EMI per lakh depends on the loan tenure and the loan amount.

How can I avail plot loan from Karnataka Gramin Bank?

On fulfilling the basic eligibility criteria, plot loan can be approved.

How to apply for Karnataka Gramin Bank Plot Loan?

By visiting their nearest branch or taking the help of Dialabank from our website or call.

How to repay the Karnataka Gramin Bank Plot Loan earlier than the schedule?

Extra payments can help prepay the loan.

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

If the money is arranged before the loan tenure ends, the loan can be repaid earlier than schedule.

How to check Karnataka Gramin Bank Plot Loan eligibility?

By visiting the Bank or checking online on Dialabank.

What is the Karnataka Gramin Bank Plot Loan phone number?

The Bank Plot Loan number is 9878981144

What is the Plot Loan interest rate for women?

It starts at 8.60% .

What is Karnataka Gramin Bank plot loan interest rates for salaried individuals?

It ranges from 7.05% to 8.00%

What is Karnataka Gramin Bank plot loan interest rates for self-employed professionals?

It ranges from 7.25% to 7.75%

What is Karnataka Gramin Bank plot loan interest rates for self-employed non-professionals?

It ranges from 7.25% to 7.75%

How is a plot loan different from a home loan?

A plot loan lets you buy an empty piece of land and a home loan is used to taken to buy an already built house.

Can I take a plot loan with a home loan?

Plot Loan cannot be taken along with a home loan.

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

The loan is given at maximum 70% LTV

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

A plot loan can be taken to buy land within municipal limits.

What is a Balance Transfer on Plot Loan?

The Balance transfer on plot loan is 6.75%.

Do I get any tax benefits on a plot loan?

For Plot loan combined with a construction loan, tax benefits are available.

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

The construction needs to start immediately.

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