Karur Vysya Bank Plot Loan

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Turn your dream home into reality

Rates as low as 6.90%*
Loans Up to 15 Crore
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Features of Karur Vysya Bank Plot Loan

Interest Rate 8.90% onwards
Loan tenure Up to 25 years
Loan Amount According to the applicant’s capacity and market value of the property in question
Processing Charges Min 2,500 and max 7,500
Prepayment Charges Nil

Benefits of Karur Vysya Bank Plot Loan 

Karur Vysya Bank Plot Loan

  • Al Indian residents can avail of the loan
  • The interest rate is low
  • They have many experts helping them.
  • Long tenure for your benefit.

Eligibility Criteria of Karur Vysya Bank Plot Loan

  • The loan applicant’s age should be 23 years old.
  • He or she should have a valid Indian passport.
  • They should have a steady source of income.
  • The applicant must have experience of work abroad.

Plot Loan

A plot loan is a special kind of loan that lets you purchase land for constructing your dream home. A plot loan is also referred to as a land loan. Home loans, on the other hand, are a separate kind of loan that is often confused with plot loans.

Land Loan Interest Rate

Plot Loan Interest Rate and home loan interest rate are the same. Some banks provide more interest rates for home loans than plot loans.

Loan to Value Ratio

Loan to value ratio (LTVs) is referred to as the amount that is paid by the borrower against the property.

Lower Tenure

Plot loans provide a lower tenure of plot loans while home loans provide a larger tenure of 30 years.

Tax Benefits

Plot loans are risky as they do not provide any tax returns. Unlike plot loans, home loans provide tax benefits.

Prepayment Penalty

Borrowers who take a floating rate loan do not ask for any penalty. Any non-individual borrower has to pay a penalty of 2-4% after taking the loan.

Types of Plot Loans Provided by Karur Vysya Bank

Plot loans are divided into simple plot loans and plot+ construction loans

Plot Loan

Plot Loans are loans that only lets an individual purchase land. The owner can do whatever he wants with the plot without the bank interfering.

Plot+ Construction Loan

Plot+ construction loan is the kind of loan which lets a person purchase and construct on the land. The bank provides a time to begin and end the work, the failure to do which, makes the bank increase the interest rate.

Karur Vysya Bank Plot Loan for Self-employed Individuals

Any self-employed individual or a non-professional can apply for a plot loan.

Who Can Apply for a Karur Vysya 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 Karur Vysya Bank Plot Loan for Self-employed Individuals

1. Adjustable Rate Home Loan: This kind of loan allows a change of interest rate after six months. The interest rate and the EMI increases while the principal amount decreases.

TruFixed Home Loan- 2/3 Years Fixed Rate Variant: This is a mixture of two kinds of loans. The first 2/3 years have a fixed rate which changes after a stipulated time into the adjustable-rate home loan.

Karur Vysya Bank Plot Loan Interest Rats for Self-employed Individuals

Adjustable-Rate Home 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
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

Karur Vysya Bank Plot Loan Interest Rate for Self-employed Non-individuals

Adjustable-rate Home 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
For Women* ( 75.01 Lakhs & Above) 7.55 to 8.05

TruFixed Home 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

Karur Vysya Bank Plot Loan Documents Required for Self-employed Individuals

Proof of Residence Aadhar Card/ Voter ID
Proof of Age Passport/ Driver’s License
Proof of Identity PAN card/ Passport
Proof of Income Salary slip and bank statements of 3 months
Others Filled out a form and 2 passport photos

Karur Vysya Bank Plot Loan Fees for Self-employed Individuals

Processing Fees

Between Rs 2500-5000

Prepayment 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 Karur Vysya Bank 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 Karur Vysya 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 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 Karur Vysya Bank request, 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 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.

Karur Vysya Bank Plot Loan for Salaried Individuals

Any salaried individual can apply for a Karur Vysya Bank Plot Loan by fulfilling the eligibility criteria

Who Can Apply for a Karur Vysya Bank Plot Loan for Salaried Individuals

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 Loans: Such loans have fixed interest rates for six months. The rate then increases along with the EMI and the principal amount is decreased.

TruFixed Home Loan-2/3 Years Fixed Rate Variant: This provides a fixed rate for the first 2/3 years after which it changes to an adjustable-rate.

Karur Vysya Bank Plot Loan Interest Rates for Salaried Individuals

Adjustable-Rate Home Loan: 

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 Home 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

Karur Vysya Bank Plot Loan Documents Required for Salaried Individuals

Proof of Residence Aadhar Card/ Voter ID
Proof of Age Passport/ Driver’s License
Proof of Identity PAN card/ Passport
Proof of Income Salary slip and bank statements of 3 months
Others Filled out a form and 2 passport photos

Karur Vysya Bank Plot Loan Fees for Salaried Individuals

Processing fees

Between Rs. 2500-5000

Pre-payment Fees

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 Karur Vysya Bank 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 Karur Vysya Bank asks for.
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 Karur Vysya Bank request, 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 Karur Vysya Bank Plot Loan with Dialabank

  • Visit Dialabank
  • Check the Karur Vysya Bank Plot Loan
  • Fill out the online form
  • Wait for someone to call you

Additional Tips on Karur Vysya Bank Plot Loan

  • Make sure you have all the documents.
  • Check your 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 Karur Vysya Bank?

The interest rate of the Karur Vysya Bank Plot Loan is 8.90% onwards.

What Karur Vysya Bank Plot Loan?

Karur Vysya 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 Karur Vysya Bank Plot Loan?

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

What is the loan tenure of the Karur Vysya Bank Plot Loan?

Up to 25 years

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

Rs. 785 per lakh

How can I avail plot loan from Karuru Vysya Bank?

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

How to apply for Karur Vysya Bank Plot Loan?

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

How to repay the Karur Vysya 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 Karur Vysya Bank Plot Loan eligibility?

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

What is the Karur Vysya Bank Plot Loan phone number?

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

The interest rate for Karur Vysya Plot Loan for salaried individuals is 7.05% to 8.0%

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

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

What is Karur Vysya 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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