Meghalaya Rural Bank Plot Loan

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Meghalaya Rural Bank Plot Loan Features

The Interest Rate 7.00% p.a.
Time Period Up to 15 years
Loan to Value Up to 70%
Processing Fees Up to 1% of the loan amount

Eligibility criteria for Meghalaya Rural Bank Plot Loan

  • A permanent employee working for the government. / Semi-Govt. / Commitment of Public Sector / Private Bodies having completed at least 2 years of guaranteed service from the date of application. An employee must maintain his or her salary or maintain a bank and bank account or maintain his or her salary account with other banks.
  • Employees of reputable companies with less than 3 years of experience.
  • Central / State Govt. Pensioners, in addition to pensioners, receive their monthly pension from our bank of a living spouse who is eligible for a family pension.
  • Farmers / Orchardist / Business Men / Traders / Contractors who can stand for at least two years.
  • Professionals and Employees such as Doctors / Engineers / Architects / Chartered Accountants / Lawyers etc.
  • Age requirements, Minimum: 18 years, the maximum: For some, the age at which the loan is mature will be 65 years.

Benefits of Meghalaya Rural Bank Plot Loan

Meghalaya Rural Bank Pension Loan
  • Meghalaya Rural Bank Interest rates are very competitive and expensive.
  • Small Application to be filled.
  • Provides Payment Options and Conditions to Borrowers.
  • Very Easy and really quick plot loan approval.
  • Meghalaya Rural Bank has a dedicated team of experienced staff and offers personalized services.
  • Meghalaya Rural Bank’s 24/7 customer service provides timely assistance to customers.

Plot Loan

Meghalaya Rural Bank is given to both salaried and self-employed people, Plot loans from Meghalaya Rural Bank can be used to buy lands in India.

1. Tenure

The time period for the Meghalaya Rural Bank Plot Loan will be 15 years.

2. Prepayment Fine

No pre-payment charge is taken by Meghalaya Rural Bank for single applicants.

3. Loan to Value Ratio‭ (‬LTV‭)‬

The LTV provided by Meghalaya Rural Bank is around 70%.

4. Tax Benefits

For Meghalaya Rural Bank Plot Loan there will be no tax benefits.

Types of Meghalaya Rural Bank  Plot Loan

Meghalaya Rural Bank Plot loan

This plot loan is to be provided to the applicants of Meghalaya Rural Bank Plot loan who require funds to purchase a plot.

Meghalaya Rural Bank Plot with Construction Loan

This type of loan is taken by applicants of Meghalaya Rural Bank Plot loan when they want to purchase a plot and then construct a resident on the plot.

Meghalaya Rural Bank plot loans for self-employed

Type of plot loans self-employed

TruFixed plot Loan – 2 Year Fixed Rate Vary
In TruFixed plot Loan by Meghalaya Rural Bank, starts at a 2 year fixed-rate and is later converted to a variable-rate by Meghalaya Rural Bank.

Adjustable-rate loan
In this loan by Meghalaya Rural Bank, the EMI and principal rate both change after every 6th month.

Meghalaya Rural Bank Plot Loan Interest Rates For self-employed Non – Professionals

Meghalaya Rural Bank Adjustable Home Plot Loan

Loan Plot 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

Meghalaya Rural Bank  TruFixed Loan – 2 Year Fixed Rate Variant

Loan Plot Loan Interest Rate (%)
Women (upto 30 Lakhs) 7.50 to 8.00
Others (upto 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

Meghalaya Rural Bank Plot Loan Interest Rates For self-employed professionals

Meghalaya Rural Bank Adjustable Rate Plot Loan

Loan Plot Loan Interest Rates (%)
Women (upto 30 Lakhs) 7.20 to 7.70
Others (upto 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

Meghalaya Rural Bank  TruFixed Loan – 2 Year Fixed Rate Variant

Loan Plot 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

Meghalaya Rural Bank Plot Loan documents required for both self-employed Professionals and Non-Professionals

Requirements For Self Employed Individuals
Proof of Identity PAN Card, Passport
Proof of address Aadhar Card, Electricity/ Mobile Bill
Financial proof – ITR
– Business details, P/L statement from the business.
Other Documents – All the plot documents

Meghalaya Rural Bank Plot Loan fees and charges for self-employed

Processing fee

1% is charged.

Prepayment charges

Adjustable-Rate Home Loans – No prepayment needed– The customer will be required to submit documents that Meghalaya Rural Bank deems appropriate and appropriate to verify the source of the loan at the time of the payment.
Fixed-Rate Home Loans – No advance payment is required for any partial/full payment made by your sources i.e, other banks or financial institutions
– The customer must submit documents that Meghalaya Rural Bank Bank deems appropriate and appropriate to determine the source of funding.
Fixed and Variable Rate Loans During the period of Fixed-Rate:
– The client must submit documents approved by Meghalaya Rural Bank to verify the source of the money during the repayment of the loan in advance. During the Variable Rate:
– No prepayment will apply.
– The prepaid amount shown will apply on the date of the loan agreement.

The 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 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% original arrears and tax in excess of the undisputed amount at the time of conversion.
Switch to Lower Rate Conversion fees On conversion On every spread change Half of the spread difference on principal dues and unspecified amount plus taxes with a minimum fee of 0.5% and a maximum fee of 1.550%.
Switch to Lower Rate Conversion fees On conversion On every spread change 0.5% of tax in excess of the original outstanding and undisputed amount at the time of conversion.

Cheque dishonor charges

As per the Meghalaya Rural  Bank, Rs 200.

Fees on Account of External opinion

Depending on the type of support provided, advocates and charges may be paid directly to the person concerned

Property insurance

The customer ought to remain active throughout the loan term by paying the premium.

Statutory/regulatory charges

MOE and Stamp Duty for Meghalaya Rural Bank Plot Loan will be paid by the borrower.

List of documents

As per the Bank, Rs.500

Photocopy of documents

As per the Bank, Rs.500

Increase/decrease in loan term

As per the Bank, Rs.500

Disbursement Cheque cancellation charge post disbursement

As per the Bank, Rs.200

Re-appraisal of loan

As per the Bank, Rs.2000

PDC swap

As per the Bank, Rs.200

Meghalaya Rural Bank Plot Loans for salaried individuals

Who can apply Meghalaya Rural Bank Plot Loans for salaried individuals?

Loan Maximum Amount(in %)
Up to Rs.30 lakh up to 80%
Rs.30.01 lakh to Rs.75 lakh up to 80%
Over Rs.75 lakh up to 75%

Type of plot loans for salaried individuals

TruFixed plot Loan – 2 Year Fixed Rate Vary
In TruFixed plot Loan by Meghalaya Rural Bank, starts at a 2 year fixed-rate and is later converted to a variable-rate by Ellaquai Dehati Bank.

Adjustable-rate loan
In this loan by Meghalaya Rural Bank, the EMI and principal rate both change after every 6th month.

Meghalaya Rural Bank Plot Loan interest rates for salaried individuals

Adjustable Home Rate Loan

Loan Loan Interest Rates (in %)
Women (Upto 30 Lakhs) 7.05 to 7.55
Others (Upto 30 Lakhs) 7.10 to 7.60
Women (Above 30 Lakhs) 7.30 to 7.80
Others (Above 30 Lakhs) 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 Loan Interest Rates (%)
For Women (upto 30 Lakhs) 7.50 to 8
For Others (upto 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

Meghalaya Rural Bank Plot Loan documents required for salaried individuals

Requirements For Salaried Individuals
Proof of Identity PAN Card, Passport
Proof of address Aadhar Card, Electricity/ Mobile Bill
Financial proof – Must have last 6-month salary slips
– Credit score
Other Documents – All the plot documents

Meghalaya Rural Bank Plot Loan fees and charges for salaried individuals

Processing fees

1% is charged.

Prepayment charges

Adjustable-Rate Home Loans – No prepayment needed– The customer will be required to submit documents that Meghalaya Rural Bank deems appropriate and appropriate to verify the source of the loan at the time of the payment.
Fixed-Rate Home Loans – No advance payment is required for any partial/full payment made by your sources i.e, other banks or financial institutions
– The customer must submit documents that Meghalaya Rural Bank deems appropriate and appropriate to determine the source of funding.
Fixed and Variable Rate Loans During the period of Fixed-Rate:
– The client must submit documents approved by Meghalaya Rural Bank to verify the source of the money during the repayment of the loan in advance.During the Variable Rate:
– No prepayment will apply.
– The prepaid amount shown will apply on the date of the loan agreement.

Conversion fees

Name of the Service The charge levied When payable Frequency Amount (in Rs.)
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
Switching to Variable Rate Loan from Fixed Rate Loan Conversion fees On conversion Once A cap of up to 50% of the original outstanding and the stipulated amount
Switching from Trufixed Rate to Variable Rate Loan Conversion fees On conversion Once 1.75% original arrears and tax
Switching to Lower Rate Conversion fees On conversion On every spread change A min. fee of 0.5% and a max. fee of 1.550%.
Switching to Lower Rate Conversion fees On conversion On every spread change 0.5% of taxes

Cheque dishonor charges

As per the Bank, Rs 200.

Fees on Account of External opinion

Depending on the type of support provided, advocates and charges may be paid directly to the person concerned

Property insurance

The customer ought to remain active throughout the loan term by paying the premium.

Statutory/regulatory charges

MOE and Stamp Duty for Meghalaya Rural Bank Plot Loan will be paid by the borrower.

List of documents

As per the Bank, Rs.500

Photocopy of documents

As per the Bank, Rs.500

Increase/decrease in the loan term

As per the Bank, Rs.500

Disbursement Cheque cancellation charge post disbursement

As per the Bank, Rs.200

Re-appraisal of loan

As per the Bank, Rs.2000

PDC swap

As per the Bank, Rs.200

How to apply for Meghalaya Rural Bank  Plot Loan With DialAbank

  • For applying for Meghalaya Bank Plot Loan with Dialabank.
  • With your genuine details fill the form in the website of Dialabank for Meghalaya Rural Bank Plot Loan.
  • Wait for a call from our representative or you can just call- 9878981144.

Additional tips to get Meghalaya Rural Bank  Plot Loan Easily

  • Make sure all documents are available – salary slips, Income Tax Returns, asset agreement, and registration, etc.
  • Take the time to improve your credit history, if necessary before applying for a plot loan as the bank is likely to offer you better terms and conditions because of that.

Meghalaya Rural Bank  Plot loan with Construction vs Home Loan

Parameters Plot Loan with Construction Regular Home Loan
Tenure ‬Up to 15‭ ‬years Up to 30 years
Prepayment fine Free Free
Loan to Value (LTV) up to 70% up to ‬90%‭
Plot with Construction Loan interest rates The rates are similar to a home loan but can go higher. Start at 6.80%*
Tax Benefits Eligible after the construction of a building or home on the plot Home loan owners are eligible.

FAQ’s

What is the Plot loan interest rate in the Meghalaya Rural Bank?

The Meghalaya Rural Bank Plot Loan starts at 7.00%.

 What is a Meghalaya Rural Bank Plot Loan?

Meghalaya Rural Bank is given to both salaried and self-employed people, Plot loans from Meghalaya Rural Bank can be used to buy lands in India.

 How much processing fee is applicable to the Meghalaya Rural Bank Plot Loan?

Meghalaya Rural Bank Plot Loan charges 1% of the loan amount.

 What is the loan tenure of the Meghalaya Rural Bank Plot Loan?

The Meghalaya Rural Bank Plot Loan tenure be up to 15 years.

 How much EMI per Lakh can be fixed on Meghalaya Rural Bank Plot Loan?

The Meghalaya Rural Bank Plot Loan EMI per Lakh is ₹ 870.

 How can I avail plot loan from Meghalaya Rural Bank?

You can avail of Meghalaya Rural Bank Plot Loan only after the eligibility criteria of the bank is passed by you.

 How to Apply for Meghalaya Rural Bank Plot Loan?

Please visit the website of Meghalaya Rural Bank to understand the application process or you can just call Dialabank at 9878981166.

 How to repay the Meghalaya Rural Bank Plot Loan earlier than the schedule?

Visit the Meghalaya Rural Bank website and check if you are eligible for the earlier payment.

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

Yes, you can repay your loan earlier than the schedule for the Meghalaya Rural Bank Plot Loan.

 How to check Meghalaya Rural Bank + Plot Loan eligibility?

Please check the eligibility requirements mentioned on the Dialabank website or the website of the Meghalaya Rural Bank.

 What is the Meghalaya Rural Bank Plot Loan phone number?

For a Meghalaya Rural Bank Plot Loan, you only have to call – 9878981166.

 What is the Meghalaya Rural Bank Plot Loan interest rate for women?

For women, the Meghalaya Rural Bank Plot Loan interest rate starts from 7.05%.

 What is the Meghalaya Rural Bank Plot Loan interest rates for salaried individuals?

Meghalaya Rural Bank Plot Loan interest rate for Salaried Individuals – 7.10%.

 What is the Meghalaya Rural Bank Plot Loan interest rates for self-employed individuals?

Meghalaya Rural Bank Plot Loan interest rate for Self-Employed – 7.10%.

 What is Meghalaya Rural Bank Plot Loan interest rates for self-employed non-professionals?

Meghalaya Rural Bank Plot Loan interest rate for Self-Employed Non-Professionals – 7.10%.

 How is a plot loan different from a home loan?

Differences:

  • Tax benefits for Meghalaya Rural Bank Home loan owners but no tax benefits for Meghalaya Rural  Bank Plot Loan.
  • Usually, the LTV in Meghalaya Rural Bank Plot Loan is 70% and Meghalaya Rural Bank home loans can be 90%.

 Can I take a plot loan along with a home loan?

No, multiple loans are not allowed for Meghalaya Rural Bank.

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

The maximum loan amount is determined by the Meghalaya Rural Bank after checking your land documents.

 Can a plot loan finance investment in any plot, anywhere?

Yes, Meghalaya Rural Bank Plot Loan can be used to purchase land anywhere in India.

 What is a Balance Transfer on Plot Loan?

Balance Transfer for Meghalaya Rural Bank 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?

Not at the moment.

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

For Meghalaya Rural Bank Plot Loan with Construction please check with the Meghalaya Rural Bank by calling Dialabank at 9878981144.

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