Features of OBC Plot Loan
| Interest Rate | Starts from 8.00% |
| Processing Fees | Up to 0.50% |
| EMI | Rs 772 per lakh |
| Tenure | 5 Years to 25 Years |
| Prepayment | Nil |
Benefits of OBC Plot Loan
- OBC Plot Loan provides proper service for you.
- OBC gives plot loans at a low-interest rate.
- They provide proper tenure.
- They have experts working who are dedicated to helping people.
Eligibility Criteria of OBC Plot Loan
- The age criteria are between 18-70 years
- They have to be employed for at least two years.
Plot Loan
A Plot Loan is a loan that a person takes when he or she wants to buy land but cannot afford it. A person can also construct on the land if he wants. A plot loan is often confused with a home loan, although the two are strikingly different from each other.
Land Loan Interest Rate
Both plot and home loans provide the same interest rate but sometimes a bank might choose to provide more or less for either of the banks.
Loan to Value Ratio
Loan to Value Ratio (LTV) is the amount that an individual is to pay against his property.
Lower Tenure
Tenure provided is usually 15 years for plot loans while 30 years is provided for home loans.
Tax Benefits
Plot Loans do not provide tax benefits. Home loans, on the other hand, do so.
Prepayment Penalty
Only borrowers with floating-rate loans are free of prepayment penalties, while, the rest have to do so.
Types of Plot Loan by OBC
A simple plot loan and a plot+ construction loan are the two kinds of loans provided. Both of these are different from each other.
Plot Loan
A plot loan only allows one to purchase empty land. The purpose of the purchase is not of any importance to the bank.
Plot+ Construction Loan
Such loans allow one to construct on the land as well. The work is to be begun and finished on time to avoid an increase in the interest rates.
OBC Plot Loan for Self-employed Individuals
An individual who either owns a business or independently practices his profession can avail of such loans.
Who Can Apply for an OBC 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 OBC Plot Loan for Self-employed Individuals
- Adjustable-rate Home Loans: Such loans change their interest rates every six months. The principal amount gets decreased as the EMI and interest rate increase.
- TruFixed Home Loan- 2/3 Years Fixed Rate Variant: Such loans remain fixed for 2/3years after which they get changed into adjustable-rate home loans.
OBC Plot Loan Interest Rates 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 |
OBC Plot Loan Interest Rate for Self-employed Non-professionals
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 |
OBC Plot Loan Documents Required for a Self-employed Individual
| ID, Address, and Age proof | PAN, Aadhar Card, Voter ID, Passport |
| Salary Slip | Salary slip of last three months |
| Bank Statements | Bank statements of the past 12 months |
| Others | Filled out the form, Form-16, and Income Tax Returns |
OBC Plot Loan Fees for Self-employed Individuals
Processing Fees
Between Rs 2500-5000
Prepayment Charges
| Adjustable-Rate Home Loans |
|
| Fixed-Rate Home Loans |
|
| Fixed and Variable Rate Loans | Fixed and Variable Rate Loans (Combination rate)
|
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.
OBC Plot Loan for a Salaried Individual
Any salaried individual with a steady income can avail of this plot loan.
Who Can Apply for an OBC 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 Loan for Salaried Individuals
- Adjustable-rate Home Loans: Such loans change their interest rates every six months. The principal amount gets decreased as the EMI and interest rate increase.
- TruFixed Home Loan- 2/3 Years Fixed Rate Variant: Such loans remain fixed for 2/3years after which they get changed into adjustable-rate home loans.
OBC 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 |
OBC Plot Loan Documents Required by Salaried Individuals
| Identity, Address, and Age proof | Passport, PAN, Aadhar Card, and Voter ID |
| Salary Slip | Salary slip of the last 6 months |
| Bank statements | Bank statements of the last 12 months |
| Others | Filled out the form, ITR, and Form-16 |
OBC Plot Loan Fees for Salaried Individuals
Processing fees
Between Rs. 2500-5000
Pre-payment Fees
| Adjustable-Rate Home Loans |
|
| Fixed-Rate Home Loans |
|
| Fixed and Variable Rate Loans | Fixed and Variable Rate Loans (Combination rate)
|
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 OBC Plot Loan with Dialabank
- Visit Dialabank
- Check OBC Plot Loan
- Fill out the online application form
- Sit back and wait for someone to call you
Additional Tips for OBC Plot Loan
- Make sure you are eligible
- Make sure you have all the information
- Check to see if all your documents are available
- Call 9878981166 for more information
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 OBC?
The interest rate of the OBC Plot Loan is 8.00%
✅What OBC Plot Loan?
OBC 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 OBC Plot Loan?
The processing fees on OBC Plot Loan are 2,500-5,000 rupees.
✅What is the loan tenure of the OBC Plot Loan?
Up to 30 years
✅How much EMI per lakh can be fixed on the OBC Plot Loan?
Rs. 772 per lakh
✅How can I avail plot loan from OBC?
You need to fulfill the eligibility criteria and provide the required documents.
✅How to apply for OBC Plot Loan?
You can visit Dialabank, open the OBC Plot Loan page, and fill out the application form.
✅How to repay the OBC 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 OBC Plot Loan eligibility?
You can check your eligibility using the eligibility criteria calculator on the OBC website.
✅What is the OBC Plot Loan phone number?
If you have any questions about the OBC 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 OBC plot loan interest rates for salaried individuals?
The interest rate for OBC Plot Loan for salaried individuals is 7.05% to 8.0%
✅What is OBC plot loan interest rates for self-employed individuals?
The interest rate for OBC Plot Loan for self-employed individuals is 7.25% to 7.75%
✅What is OBC plot loan interest rates for self-employed non-professionals?
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.
