Features of Magma Fincorp Plot Loans
| Plot Loan Interest Rate | 7.05% |
| Loan Amount | up to ₹ 3 Lakh to ₹ 5 crores |
| Tenure | 1 to 20 years |
| Processing Charges | 0.50% to 1% of the loan amount |
Eligibility criteria for Magma Fincorp Plot Loan
- The candidate should be 21 years.
- The least age of the applicant can be 60 years.
- the applicant should produce all the business related documents to process the loan and Salary slips from their previous jobs should be submitted.
Benefits of Magma Fincorp Plot Loan
- Magma Fincorp plot loan requires least number of documents
- Interest rates offered by Magma Fincorp is brilliant.
- The process of qualification is easy.
Applicants would enjoy the process for plot loan by Magma Fincorp:
- Approval: Post verification of documents the approval process is quick and gets done within days.
- Radical Interest rate: Radical interest rates are sanctioned based on the credit profile
- Only Essential Documentation: You can get superfast approval with only the essential documents.
Plot Loan
Plot Loans are a sort of money offered by multiple Indian banks to certain qualified applicants. People who are crazy about their dream houses, opts for these loans. Plot credits, for example, Magma Fincorp Plot Loan are advances that advantage everybody.
This credit is a different foundation offered by banks that are intended to meet a particular need. The only setbacke is, that you are not allowed to purchase a horticulture site. Moreover, it is simple to make a use of and acquire a plot credit allowed. To apply for a site loan, you should be 21 years of age and not more seasoned than 60 years.
1. Land loan interest rates
The interest rate is the equivalent for a wide range of advances, be that as it may, it shifts from bank to bank to give higher loan fees ashore advances than home advances. The bank will give easy advance to
2. Loan to value
The loan to value is the amount credited to the borrower based on the property. LTV is less in terms of land acquisition than in home loans. LTV’s frequency ranges from 75% to 90%.
3. Lower Tenure
Land Loans offer a brief time of as long as 15 years. Home advances, then again, offer 30 years of possession. Along these lines, EMI on account of a site buy advance is higher than that of a run of the mill home credit. Term of stay relies upon age or installment limit
4. Tax Benefits
A home advance should be deducted from the measure of the genuine sum determined under Section 80C of the Income Tax Act. Tax benefits are not accessible on land loans. Moneylenders are permitted to apply for an expense derivation if the house constructed is bought. Gliding revenue credits conceded to specific moneylenders don’t have a development installment of both home advances and land advances yet both can charge 2-4% of the fine if the non-borrower gets cash. The borrower should peruse the terms and acknowledge them prior to consenting to any arrangement.
Prepayment Penalty
No prepayment penalty is charged by Magma Fincorp.
Types of Magma Fincorp Plot Loan
Magma Fincorp Plot loan
Plot loans are given to buy the site. The bank will not interrupt into the business going on over the plot as long as it gets paid by the borrower. A sit loan can only be given, when the property falls under the same municipality.
Magma Fincorp Plot with Construction Loan
Construction loans with Plot loans are available not only for the purchase of land but also for its construction. The construction should be completed within the given time, otherwise one will need to pay an increment on the interest rate.
Magma Fincorp Plot Loans for Self-employed Individuals
Who Can Apply for a Self-employed HDFC Bank Plot Loan:
| LOAN | FUNDING |
| Rs. 30 lakh to up to 75 lakh. | 80% |
| Rs. 75 lakh. | 75% |
Types of Plot Loans for Self-employed Individuals
Magma Fincorp Plot Loan has various kinds of plot loans:
- Adjustable-Rate Loan: Every 6 month the changes occurs, because of that the principal amount decreases and the interest rates and EMI increases.
- TrueFixed Home Loan (2-year variant): Both the type of rates are available i.e, adjustable-rate and fixed rate. The rate is changed post 2 years.
Magma Fincorp Plot Loan Interest Rate for Self-employed Individuals
Adjustable Plot Loan Rate
| Loan | Home Loan Interest Rates (%) |
|---|---|
| women (up to 30 lakh) | 7.05 to 7.55 |
| others (up to 30 lakh) | 7.10 to 7.60 |
| women (above 30 lakh) | 7.30 to 7.80 |
| others (above 30 lakh) | 7.35 to 7.85 |
| Women (75.01 Lakhs & Above) | 7.40 to 7.90 |
| Others (75.01 Lakhs & Above) | 7.45 to 7.95 |
TruFixed Loan- 2 Year Fixed Rate Variant
| Loan | Home Loan Interest Rates (%) |
|---|---|
| Women (up to 30 Lakhs) | 7.50 to 8.0 |
| Others (up to 30 Lakhs) | 7.55 to 8.05 |
| Women (Above 30 Lakhs) | 7.65 to 8.15 |
| Others (Above 30 Lakhs) | 7.70 to 8.20 |
| Women (75.01 Lakhs & Above) | 7.75 to 8.25 |
| Others (75.01 Lakhs & Above) | 7.80 to 8.30 |
Magma Fincorp Plot Loan Interest Rates for Self-employed Non-professionals
Adjustable Home Loan Rate
| Loan | Interest Rates (%) |
|---|---|
| Women (Up to 30 Lakhs) | 7.20 to 7.70 |
| Others (Up to 30 Lakhs) | 7.25 to 7.75 |
| Women (Above 30 Lakhs) | 7.45 to 7.95 |
| Others (Above 30 Lakhs) | 7.50 to 8 |
| Women ( 75.01 Lakhs & Above) | 7.55 to 8.05 |
TruFixed Loan (2 Year Variant)
| Loan | Interest Rates (%) |
|---|---|
| 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 |
Magma Fincorp Plot Loan Documents Required for Self-Employed Individuals
| Purpose | Documents |
|---|---|
| Identity and residence Proof | – Any valid Voter ID Card, Valid Passport, etc. |
| Income proof | – Latest six month bank statements – Latest salary slip |
| Other Important documents | – Latest employment contract or the appointment letter in case of new employment. |
| Property related documents | – Title Deeds |
Magma Fincorp Plot Loan Fees for Self-employed Individuals
Processing Fees:
The processing fees for the Magma Fincorp Plot Loan varies.
Pre-payment Charges
| Adjustable-Rate Home Loans | – No advance payment is required. – On loans allowed for every lenders in the firm, company, etc. |
| Fixed-Rate Home Loans | – No Advance payment fee will apply. – Advance payments will be 2% plus tax and residual costs must be paid in advance by any financial institution or bank. |
| Fixed and Variable Rate Loans | During the Estimated Rate: – advance payments will be 0.5%-2%, plus applicable taxes and legal fees for prepaid payments to financial institutions or any banks, and will apply to all advance payments. During the Variable Rate: – No Advance payment fee will apply – For loans granted to individual lenders by the firm, company, etc. A prepaid fee of 0.5%-2% plus tax may apply from time to time and is payable. |
Conversion Fees
| Name of the service | Name of the charge/fee levied | When payable | Frequency | Amount |
|---|---|---|---|---|
| Switch to a lower rate in Variable Rate Loans | Conversion fees | On conversion | On every spread change | A cap of up to 50% of the original outstanding and the stipulated amount at the time of conversion or whichever is lower is Rs. 50,000,000 tax. |
| Switching to Variable Rate Loan from Fixed Rate Loan (Housing/improvement/extension) | Conversion fees | On conversion | Once | A cap of up to 50% of the original outstanding and the stipulated amount at the time of conversion or whichever is lower is Rs. 50,000,000 tax. |
| Switching from Trufixed Fixed Rate to Variable Rate Loan | Conversion fees | On conversion | Once | 1.75% of the principal outstanding plus taxes |
| Switch to Lower Rate (Non-Housing Loans) | Conversion fees | On conversion | On every spread change | Half of the spread difference on the principal outstanding, with a minimum fee of 0.5%-1.50%. |
| Switch to Lower Rate (Non-Housing Loans) | Conversion fees | On conversion | On every spread change | 0.5% of principal outstanding plus taxes. |
Cheque dishonour charges
Can go up to ₹ 500 (conditions apply)
Property Insurance
Bank should get the payment on time for the insurance to be active.
Charges on account of delayed payments
The customer is liable to pay an additional interest rate of up to 24% per annum if interest or EMI payment is delayed.
Statutory/regulatory charges
The customer will be fully responsible for all charges applicable to stamp duty / MOD / MOE, etc.
List of documents
It can be more depending on the loan type and the profile of the candidate.
Photocopy of documents
Can go up to ₹ 500
Increase/decrease in loan term
Can go up to ₹500 plus taxes
Disbursement Cheque cancellation charge post disbursement
Post Disbursement usually charged is ₹ 500
PDC swap
Can go up to ₹200
Re-appraisal of loan
₹ 3000 with additional tax
Magma Fincorp Plot Loan for Salaried Individuals
Any individual who gets paid monthly i.e. gets a salary can apply for an Magma Fincorp Plot Loan if they fulfill the eligibility criteria, created especially for the Salaried Individuals.
Who Can Apply for a Salaried Magma Fincorp Plot Loan
| Loan Amount | Maximum Amount Provided (in %) |
|---|---|
| Up to Rs.50 lakh | 80% |
| Rs.50 lakh to Rs.95 lakh | 80% |
| Rs.95 lakh and above | 70% |
Types of Plot Loans for Salaried Individuals
Magma Fincorp Plot Loan has various kinds of plot loans:
- Adjustable-Rate Loan: Every 6 month the changes occurs, because of that the principal amount decreases and the interest rates and EMI increases.
- TrueFixed Home Loan (2-year variant): Both the type of rates are available i.e, adjustable-rate and fixed rate. The rate is changed post 2 years.
Magma Fincorp Plot Loan Interest Rate for Salaried Individuals
Adjustable Plot Loan Rate:
| Loan | Interest Rate (%) |
|---|---|
| women (up to 30 lakh) | 7.05 to 7.55 |
| others (up to 30 lakh) | 7.10 to 7.60 |
| women (above 30 lakh) | 7.30 to 7.80 |
| others (above 30 lakh) | 7.35 to 7.85 |
| Women (75.01 Lakhs & Above) | 7.40 to 7.90 |
| Others (75.01 Lakhs & Above) | 7.45 to 7.95 |
TruFixed Loan- 2 Year Variant:
| Loan | Interest Rate (%) |
|---|---|
| Women (up to 30 Lakhs) | 7.50 to 8.0 |
| Others (up to 30 Lakhs) | 7.55 to 8.05 |
| Women (Above 30 Lakhs) | 7.65 to 8.15 |
| Others (Above 30 Lakhs) | 7.70 to 8.20 |
| Women (75.01 Lakhs & Above) | 7.75 to 8.25 |
| Others (75.01 Lakhs & Above) | 7.80 to 8.30 |
Magma Fincorp Plot Loan Documents Required by a Salaried Individual
| Proof of Identity | Valid Passport, or Drivers Liscence |
| Proof of Address | Valid Aadhar Card, Voter ID |
| Date of Birth Proof | Passport, Pan Card |
| Proof of Income | latest payslip or 6 months bank statements |
Magma Fincorp Plot Loan fees for Salaried Individuals
Processing Fees:
The processing fees for the Magma Fincorp Plot Loan is Rs 5,000.
Pre-payment Charges
| Adjustable-Rate Home Loans | – No necessary advance payment is required – For loans granted to individual lenders and co-applicant, the prepayment fee is 2% plus tax. |
| Fixed-Rate Home Loans | – No advance payment fee will apply – The customer must submit the documents requested by Magma Fincorp. |
| Fixed and Variable Rate Loans | During the Estimated Rate: – advance payments will be 0.5%-1%, plus applicable taxes and legal fees for prepaid payments to financial institutions or any banks, and will apply to all advance payments. During the Variable Rate: – No advance payment fee will apply – For loans granted to individual lenders by the firm, company, etc. A prepaid fee of 2% plus tax and legal fees, as it may apply from time to time, is payable. |
Conversion Fees
| Service | Charge/fee levied | When payable | Frequency | Amount |
|---|---|---|---|---|
| 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 a cap of 50,000 rupees plus taxes, one which is lower. |
| Switch to Variable Rate Loan from Fixed Rate Loan | Conversion fees | On conversion | Once | Up to 50% of the principal outstanding and 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 the taxes. |
| Switch to Lower Rate | 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 | 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
Can go up to Rs.200 (conditions apply)
Property Insurance
To remain active the applicant should keep paying the bank.
Charges on account of delayed payments
The customer is liable to pay an additional interest rate of up to 24% per annum if interest or EMI payment is delayed.
Statutory/regulatory charges
The customer will be fully responsible for all charges applicable to stamp duty / MOD / MOE, etc.
List of documents
Can go up to Rs.500
Photocopy of documents
Can go up to Rs.500
Increase/decrease in loan term
Can go up to Rs.500 plus taxes
Disbursement Cheque cancellation charge post disbursement
Post Disbursement usually charged is Rs.200
PDC swap
Can go up to Rs.200
Re-appraisal of loan
Rs 2000 with additional tax
How to apply for Magma Fincorp Plot Loan With Dialabank
- You can apply for the Magma Fincorp Plot Loan directly from DialAbank.
- Fill the online form with your proper details and submit the required documents at the Dialabank website itself.
- Our Dialabank Officer will contact you for any further assistance.
- Give us a call at 9878981166 to know more.
Additional tips to get Magma Fincorp Plot Loan Easily
- Verify your site documents properly.
- Check out the Dialabank website and Magma Fincorp website for all the details and remain updated.
- Always check, what documents are required by the bank.
- Keep the correct property documents with you.
Magma Fincorp Plot loan with Construction vs Home Loan
| Parameters | Plot Loan with Construction | Home Loans |
| Time Period | Up to 15 years | Up to 30 years |
| Tax | The plot loan benefits can be claimed after the successful construction of a home on the plot | Home Loans qualify for a tax deduction on the payment of the actual amount by law |
| Interest Rates | Starts at 7.00% | The interest rate starts at 6.90% |
| LTV | Up to 70% – 80% of the property value | Up to 80% – 90% of the property value |
| Prepayment charges | Zero | Zero |
FAQ’s
✅ What is the Plot loan interest rate in Magma Fincorp?
The Interest rate starts from 8.05% onwards.
✅ What is Magma Fincorp Plot Loan?
Plot Loans are a kind of advance offered by numerous Indian banks to certain qualified candidates. Taken by individuals who wish to assemble their fantasy houses. Plot advances, for example, Magma Fincorp Plot Loan are credits that advantage everybody. This advance is a different organization offered by banks that are intended to meet a particular need. One of the limitations on renting in India is that it can’t be utilized to purchase farming area. Also, it is exceptionally simple to utilize and get a plot advance allowed. To apply for a site advance, you should be in any event 21 years of age and not more established than 60 years.
✅ How much processing fee is applicable on Magma Fincorp Plot loan?
Processing fee of up to 0.50% – 1%
✅ What is the loan tenure of the Magma Fincorp Plot loan?
The Magma Fincorp plot loan tenure is usually of up to 15 years.
✅ How much EMI per Lakh can be fixed on Magma Fincorp Plot Loan?
The HDFC plot loan EMI per Lakh is ₹ 659.
✅ How can I avail plot loan from Magma Fincorp Bank?
You can avail the plot loan only after you are marked elligibile by the Magma Fincorp.
✅ How to Apply for Magma Fincorp Plot loan?
You can apply for the plot loan at the website of Magma Fincorp or by visiting the website of Dialabank.
✅ How to repay Magma Fincorp plot loan earlier than the schedule?
Visit the Magma Fincorp and check if you are eligible for the earlier payment.
✅ Is it possible to repay my loan earlier than the schedule?
Yes, its is allowed by Magma Fincorp to repay the loan earlier than scheduled.
✅ How to check Magma Fincorp + Plot Loan eligibility?
To properly understand the plot loan eligibility of Magma Fincorp plot loan the applicant must visit the website of Magma Fincorp or also can contact Dialabank for the same.
✅ What is Magma Fincorp Plot loan phone number?
For Magma Fincorp Plot loan the borrower can call – 9878981166
✅ What is Magma Fincorp plot loan interest rate for woman?
For women, the Magma Fincorp plot loan interest rate starts from 7.05%.
✅ What is Magma Fincorp plot loan interest rates for salaried individuals?
For Salaried Individuals the Magma Fincorp plot loan interest rate starts from 8.05%.
✅ What is Magma Fincorp plot loan interest rates for self-employed individuals?
For Self-Employed the Magma Fincorp plot loan interest rate starts from 8.05%.
✅ What is Magma Fincorp plot loan interest rates for self-employed non-professionals?
8.05% is the interest rate for Magma Fincorp plot loan for Self-Employed Non-Professionals.
✅ How is a plot loan different from a home loan?
The basic difference can be:
- The time period of the plot loan i.e. the Magma Fincorp plot loan tenure can go up to 15 years whereas the home loan tenure can go as high as 30 years.
- No tax benefits in Magma Fincorp plot loan but Magma Fincorp home loan owners can enjoy tax benefits over their loan amounts.
✅ Can I take a plot loan along with a home loan?
Usually it is not allowed to get multiple loans by Magma Fincorp even if elligible.
✅ What is the maximum amount that I can take as a loan?
The maximum amount depends upon the documents produced of the plot to the Magma Fincorp.
✅ Can a plot loan finance an investment in any plot, anywhere?
Yes, a Magma Fincorp plot loan can be used to purchase plot anywhere within the country.
✅ What is a Balance Transfer on Plot Loan?
Balance Transfer for Magma Fincorp plot loan helps you lower your EMIs by transferring your remaining loan to other financial institutions to one that offers a lower interest rate.
✅ Do I get any tax benefits on a plot loan?
No, unfortunately no tax benefits are provided with Magma Fincorp plot loan.
✅ How many years can I keep the plot of land before starting construction?
For Magma Fincorp plot loan with Construction please contact the bank for more information regarding the scheme or call Dialabank at 9878981166.
