Mizoram Rural Bank

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Mizoram Rural Bank Plot Loan Features

The Interest Rate 7.05% p.a.
Time Period Up to 20 years
Loan to Value Up to 70%
Processing Fees Up to 2% of the loan amount

Eligibility criteria for Manipur Rural Bank Plot Loan

  • Mizoram Rural Bank Business LoanThe applicant for the plot loan must be an Indian citizen or a fully registered NRI. Basically, he has to be a Person from India.
  • The applicant’s age must be 18 years and a maximum of 70 years respectively.
  • The requester must be paid or self-employed by earning a standard fee.
  • The applicant’s income should be more.

Benefits of Mizoram  Rural  Bank Plot Loan

  • Simple Eligibility criteria
    It is easy to get a loan from Mizoram Rural Bank as there are simple eligibility criteria and very few documents are required. Even if you do not have the official credentials for a loan such as the ITR, our local experts are trained to assess your salary to help you determine the number of loans you can afford. To increase your eligibility, you can also add a co-worker applicant, who could be your partner or a close family member.
  • Loan for all
    Our site loan helps both people earning as government employees and corporate professionals, as well as self-employed people such as doctors, lawyers, CAs, retailers, and small business owners. We are committed to financing your dream of building and owning a home.
  • Quick loan disbursement
    It can take as little as 72 hours for your loan to be repaid. This is because Mizoram Rural Bank has a team of legal and technical experts who will assist you. These experts can review your application on the spot and answer all your questions face-to-face, so you do not have to visit often.

Plot Loan

Mizoram Bank offers plot loans for both salaried and self-employed people, Plot loans from Mizoram Rural Bank can be used to invest in plots within India.

1. Tenure

The time period for the Mizoram Rural Bank Plot Loan will be 20 years.

2. Prepayment Fine

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

3. Loan to Value Ratio‭ (‬LTV‭)‬

The LTV provided by Mizoram Rural Bank is 70%.

4. Tax Benefits

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

Types of Mizoram Rural Bank  Plot Loan

Mizoram Rural Bank  Plot loan

This  Bank Plot Loan is provided to the applicants of Mizoram Rural Bank who need funds to purchase a plot.

Mizoram Rural Bank  Plot with Construction Loan

This type of loan is taken by applicants of Mizoram Rural Bank Plot Loan if they plan to purchase a plot and then construct a house over the plot.

Mizoram 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 Mizoram Rural Bank,

  • Beginning – For 2 years fixed-rate
  • After the period converted into a variable-rate by Mizoram Rural  Bank.

Adjustable-rate Loan
After every 6 months in this loan by Mizoram Rural Bank, the EMI and principal rates are changed.

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

Mizoram 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

Mizoram 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

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

Mizoram Rural Bank Adjustable Rate Plot Loan

Loan Plot Loan Interest Rates (%)
Women (upto 30 Lakhs) 7.05 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

Mizoram 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

Mizoram 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

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

Processing fee

Up to 2% will be charged.

Prepayment charges

Adjustable-Rate Home Loans – No prepayment needed

– The customer will be required to submit documents that Mizoram 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 Mizoram 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 Mizoram 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 Mizoram 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 should remain active throughout the Mizoram Rural Bank Plot Loan term by paying the premium.

Statutory/regulatory charges

Stamp duty and MOD for Mizoram Rural Bank Plot Loan will be paid by the borrower.

List of documents

As per Mizoram Rural Bank Rs.500

Photocopy of documents

As per Mizoram Rural Bank Rs.500

Increase/decrease in loan term

As per Mizoram Rural Bank Rs.500

Disbursement Cheque cancellation charge post disbursement

As per Mizoram Rural Bank Rs.200

Re-appraisal of loan

As per Mizoram Rural Bank Rs.2000

PDC swap

As per Mizoram Rural Bank Rs.200

Mizoram Rural Bank Plot Loans for salaried individuals

Who can apply Mizoram 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 Mizoram Rural Bank,

  • Beginning – For 2 years fixed-rate
  • After the period converted into a variable-rate by Manipur Rural Bank.

Adjustable-rate Loan
After every 6 months in this loan by Mizoram Rural Bank, the EMI and principal rates are changed.

Mizoram 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

Mizoram 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

Mizoram Bank Plot Loan fees and charges for salaried individuals

Processing fees

Up to 2% will be charged.

Prepayment charges

Adjustable-Rate Home Loans – No prepayment needed

– The customer will be required to submit documents that Mizoram 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 Mizoram 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 Mizoram 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 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 Mizoram 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 should remain active throughout the Mizoram Rural Bank Plot Loan term by paying the premium.

Statutory/regulatory charges

Stamp duty and MOD for Mizoram Rural Bank Plot Loan will be paid by the borrower.

List of documents

As per Bank Rs.500

Photocopy of documents

As per Mizoram Rural Bank Rs.500

Increase/decrease in the loan term

As per Mizoram Rural Bank Rs.500

Disbursement Cheque cancellation charge post disbursement

As per Mizoram Rural Bank Rs.200

Re-appraisal of loan

As per Mizoram Rural Bank Rs.2000

PDC swap

As per Mizoram Rural Bank Rs.200

How to apply for Mizoram Rural Bank  Plot Loan With DialAbank

  • For applying for Mizoram Rural Bank Plot Loan with Dialabank.
  • You will be presented with an application form, just fill that and submit.
  • Our Dialabank expert will call you for further processing.
  • Call Dialabank at – 9878981144.

Additional tips to get Mizoram Rural Bank  Plot Loan Easily

  • Do your research on the price of home goods, builder background, project approval, etc. Also, do your research on home loans – interest rate, processing costs, payment system, etc.
  • Don’t take too much credit before applying for a home loan.

Mizoram Rural Bank  Plot loan with Construction vs Home Loan

Parameters Plot Loan with Construction Regular Home Loan
Tenure ‬Up to 20 ‬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 Mizoram Rural Bank?

The Manipur Rural Bank Plot Loan starts at 7.05%.

 What is a Mizoram Rural Bank Plot Loan?

Mizoram Rural Bank offers plot loans for both salaried and self-employed people, Plot loans from Mizoram Rural Bank can be used to finance or invest in lands in India.

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

Mizoram Rural Bank charges up to 2% of the loan amount.

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

The Mizoram Rural Bank Plot Loan tenure be up to 20 years.

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

The Mizoram Rural Bank Plot Loan EMI per Lakh is ₹ 890.

 How can I avail plot loan from Mizoram Rural Bank?

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

 How to Apply for a Mizoram Rural  Bank Plot Loan?

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

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

Visit the Mizoram 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 Mizoram Rural Bank Plot Loan.

 How to check Mizoram Rural Bank + Plot Loan eligibility?

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

 What is the Mizoram Rural Bank Plot Loan phone number?

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

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

For women, the Mizoram Rural Bank Plot Loan interest rate starts from 7.05% – 8.80%.

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

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

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

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

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

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

 How is a plot loan different from a home loan?

Few differences:

  • Tax benefits for Mizoram Rural Bank Home loan owners but no tax benefits for Manipur Rural Bank Plot Loan.
  • Usually, the LTV in Mizoram Rural Bank Plot Loan is 70% and Manipur 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 Mizoram Rural Bank.

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

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

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

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

 What is a Balance Transfer on Plot Loan?

Balance Transfer for Mizoram 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 Mizoram Rural Bank Plot Loan with Construction please check with the Mizoram Rural Bank by calling Dialabank at 9878981144.

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