Nagaland Rural Bank Plot Loan

Features of Nagaland Rural Bank Plot Loan

INTEREST RATE	N/A
LOAN TENURE	Contact Bank Branch
PROCESSING FEE	As decided by the bank from time to time
GUARANTOR REQUIRED	Please Contact Bank Branch
PRE CLOSURE CHARGES	As per the bank’s discretion

Eligibility Criteria of Nagaland Rural Bank Plot Loan

• He or she must be an Indian citizen or a fully documented NRI. He, essentially, must be a Person of Indian Origin (PIO).
• He or her age must be in the range of 18 years and 70 years at the time of loan maturity.
• He or she must be salaried or self-employed with a regular income.
• He or she must earn more than the minimum required income.

Benefits of Nagaland Rural Bank Plot Loan

1. Nagaland Rural Bank provides a range of Home Loan Schemes designed for different needs of customers
2. Interest Rate is very competitive and affordable
3. They require minimum documentation
4. It provides easy repayment options to the borrowers
5. Fast approval & disbursal of plot loans
6. Has a dedicated team of well-experienced experts

Plot Loan

Plot Loans are provided by many banks across India. They are usually given to individuals who wish to buy a plot or a flat. Plot Loans, also known as land loans, are often confused with home loans. In fact, these two words are used interchangeably. However, there is a difference between the two that should be understood.

Land Loan Interest Rates

The rate of interest is the same for both, although, it varies from bank to bank to give higher interests for the land loan instead of the home loan. The bank will provide a stipulated time for the construction over the said plot. The borrower is then required to submit a construction certificate to the bank. If the construction does not begin or end within the stipulated date, the land loan interest rate will subsequently change from a home loan to a loan against property.

Loan to Value Ratio

This means the amount of loan that a borrower will get against his property. LTV is lower for land purchases with construction than with home loans and ranges from 75% to 90%.

Lower Tenure

Land Loans provide a shorter tenure of up to 15 years. Home loans, on the other hand, offer up to 30 years of tenure. Hence, the EMI in the case of a loan for plot purchase is higher than that of regular home loans. The tenure depends upon the age or repayment capacity.

Tax Benefits

Home Loans qualify for a tax deduction of the actual amount that is mentioned under Section 80C of the Income Tax Act. Tax benefits on land loans are not available. Borrowers are allowed to claim a tax deduction on the loan if the house constructed is purchased.

Prepayment Penalty

Floating rate loans that are sanctioned to certain borrowers are free from the prepayment penalty for both a home loan and a land loan but both may charge 2-4% of the penalty if a non-individual borrower has taken the money. The borrower should read the charges and accept them before signing any agreement.

Types of Plot Loan Nagaland Rural Bank provides

Plot loans are essential of two types, plot loans, and plot+ construction loans. The difference between a plot loan and a plot+ construction loan should be understood.

Plot Loan

A plot loan is a loan that is taken specifically to purchase land. An individual can decide what he wants with the land. It will not be of any concern for the bank as long as the loan is repaid. However, such loans are risky as there are no tax benefits. A plot loan is given only when the plot, in question, is in the same municipality.

Plot+ construction Loan

A plot+ construction loan is availed to not only purchase land but to also construct on it. An individual, in this case, has to begin and end the construction within the decided time, the failure to do which will lead to an increase in the interest rate.

Nagaland Rural Bank Plot Loan for Self-employed Individuals

Plot loans such as Nagaland Rural Bank Plot Loan can be applied for by any self-employed individual fulfilling the required criteria.

Who Can Apply for a Self-employed Nagaland Rural Bank Plot Loan

Any self-employed individuals can apply for a Nagaland Rural Bank Plot Loan if they follow the criteria.

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 Self-employed Individuals

Nagaland Rural Bank Plot Loan has various schemes that any self-employed individual along with a salaried individual can avail of.

1. Adjustable-Rate Loan: This refers to the Retail Prime Lending Rate. The rate changes every six months and there is a rise in the interest rate which increases the EMI and reduces the principal amount.
2. TrueFixed Home Loan- 2/3 Year Fixed Rate Variant: This loan provides half of an adjustable-rate and half of a fixed rate. The rate is changed into an adjustable-rate home loan after 2/3 years.

Nagaland Rural 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 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

Nagaland Rural Bank Plot Loan Interest Rates for Self-employed non-professionals:

Adjustable Home Rate Loan: 

The Retail Prime Lending Rate for Nagaland Rural Bank Plot Loan is 16.20%

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:

The Retail Prime Lending Rate for self-employed individuals stands at 16.20%

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

Nagaland Rural Bank Plot Loan Documents Required

Filled up and signed application form with photograph Identity Proof- Aadhar Card, PAN Card, Passport, Driving License, Voter id card, ID-card issued by Government Address Proof – Aadhar Card, Passport, Driving License, Voter id card, Electricity/ Telephone/ Post-Paid Mobile bill, Bank statement Age Proof – Passport, Birth Certificate, PAN card, Driving License, Voter id card, Employee ID card (only for PSU/ Government employees), School/ College leaving certificate Form 16 Latest 6 months salary slips for salaried persons Bank Statement of the last 6 months Income Tax Returns (ITR) of the last 3 years Last 3 years CA Certified or Audited Balance Sheet and Profit & Loss Account Processing fee cheque Copies of the title documents of the property and the approved plan For Construction/ Renovation case, cost estimate from the Architect

Nagaland Rural Bank Plot Loan fees for Self-employed Individuals

Processing Fees: 

The processing fees for the Nagaland Rural Bank Plot Loan is 2,500-5,000 rupees.

Pre-payment 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 the 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 the 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 the bank requests, 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 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

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

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.

Nagaland Rural Bank Plot Loan for Salaried Individuals

The Nagaland Rural Bank Plot Loan allows salaried individuals.

Who Can Apply for a Salaried Nagaland Rural Bank Plot Loan

The salaried individuals who can apply for a Nagaland Rural Bank Plot Loan should follow the criteria given below.

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

Nagaland Rural Bank Plot Loan has various schemes that any self-employed individual along with a salaried individual can avail of.

1. Adjustable-Rate Loan: This refers to the Retail Prime Lending Rate. It is changed every six months. There is an increase in the interest rate that increases the EMI and in turn, reduces the principal amount.
2. TrueFixed Home Loan- 2/3 Year Fixed Rate Variant: This loan provides only half of an adjustable-rate and another half of a fixed rate. The rate is changed after 2/3 years.

Nagaland Rural 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 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

Nagaland Rural Bank Plot Loan Documents Required for Salaried Individuals

Filled up and signed application form with photograph Identity Proof- Aadhar Card, PAN Card, Passport, Driving License, Voter id card, ID-card issued by Government Address Proof – Aadhar Card, Passport, Driving License, Voter id card, Electricity/ Telephone/ Post-Paid Mobile bill, Bank statement Age Proof – Passport, Birth Certificate, PAN card, Driving License, Voter id card, Employee ID card (only for PSU/ Government employees), School/ College leaving certificate Form 16 Latest 6 months salary slips for salaried persons Bank Statement of the last 6 months Income Tax Returns (ITR) of the last 3 years Last 3 years CA Certified or Audited Balance Sheet and Profit & Loss Account Processing fee cheque Copies of the title documents of the property and the approved plan For Construction/ Renovation case, cost estimate from the Architect

Nagaland Rural Bank Plot Loan fees for Salaried Individuals

Processing Fees: 

The processing fees for the Nagaland Rural Bank Plot Loan is 2,500-5,000 rupees.

Pre-payment Charges

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 the 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 the 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 the bank requests, 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 Nagaland Rural Bank Plot Loan with Dialabank

• Open the Dialabank website
• Visit the Nagaland Rural Bank Plot Loan
• Check your eligibility.
• Apply online
• Wait for an expert to call you.

Additional Tips to get Nagaland Rural Bank Plot Loan

• Check the website for any other information that you might require.
• Check if you have all your documents
• Check to see if you are eligible.

Plot Loan with Construction VS Home Loan

Parameters	Plot Loan with Construction	Home Loans
Tenure	Up to 15 years	Up to 30 years
Tax	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 Rates	Similar to home loans	The interest rate starts at 7.40%
LTV	Up to 70% of the property value	Up to 90% of the property value
Prepayment charges	Nil	Nil

FAQs

✅ What is the plot loan interest rate of Nagaland Rural Bank?

The interest rate of the Nagaland Rural Bank is 8.90% onwards.

✅What Nagaland Rural Bank Plot Loan?

Nagaland Rural 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 Nagaland Rural Bank Plot Loan?

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

✅What is the loan tenure of the Nagaland Rural Bank Plot Loan?

Up to 30 years

✅How much EMI per lakh can be fixed on the Nagaland Rural Bank Plot Loan?

Rs. 976 per lakh

✅How can I avail plot loan from Nagaland Rural Bank?

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

✅How to apply for Nagaland Rural Bank Plot Loan?

You can visit Dialabank, open the Nagaland Rural Bank Plot Loan page, and fill out the application form.

✅How to repay the Nagaland Rural 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 Nagaland Rural Bank Plot Loan eligibility?

You can check your eligibility using the eligibility criteria calculator on the Nagaland Rural Bank website.

✅What is the Nagaland Rural Bank Plot Loan phone number?

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

The interest rate for Nagaland Rural Bank Plot Loan for salaried individuals is 7.05% to 8.0%

✅What is Nagaland Rural Bank plot loan interest rates for self-employed individuals?

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

✅What is Nagaland Rural 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.