PNB Plot Loan

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Features of PNB Bank Plot Loan

Interest Rate 9.60%
Maximum Loan Amount Up to 70% of the property value
Processing Fee Up to 0.50%
Maximum Tenure 30 years
Lowest EMI per lakh Rs. 939 for 30 years

Eligibility Criteria for PNB Plot Loan

Standard Individual:

  • Nationality should be Indian
  • The applicant must be between the ages of 18 to 65 years
  • He or she should have experience with work and a source of salary

Self Employed Employee:

  • The applicant should be Indian
  • He or she should be between 18-65 years of age

Self Employed Professionals:

  • Their nationality should be Indian
  • They should be between the ages of 18-65 years.

Additional criteria:

  • The co-applicant must be a family member
  • He or she does not have to be the co-owners of the property. 

Benefits of PNB Plot Loan

Applying for a plot loan will fetch you several benefits. They are as follows: PNB Plot Loans

  • If you take a plot loan for construction purposes, you can avail of tax benefits. 
  • The approval process for a plot loan is very simple as well as fast, and secure.
  • Fast delivery service
  • Excellent post disbursement services
  • A dedicated team of employees
  • The ownership of your property stays yours, even after you take a loan against the property. 
  • The decision of taking a plot loan is economically wise. 
  • Various options for repayment.

Plot Loan

Plot loans are a specific type of loan that is provided to you by the various banks in our country only to certain eligible applicants. This loan is usually used by an individual to buy a residential plot where he or she wishes to build his or her dream house. Plot loans such as PNB Plot Loans and others come with attractive rates and affordable repayment values. They provide a maximum repayment tenure through Easy Monthly Installments.

It is a banking facility designed for a very specific need. Plot loans, also known as land loans are sometimes used interchangeably with a home loan. The difference between a plot loan and a home loan, however, should be known to avoid confusion and complexities while applying for any one of the two loans. 

Land Loan Interest Rates

The rate of interest is mostly similar, although, it varies from bank to bank to give more or less interest for the land loan instead of the home loan. 

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. 

Lower Tenure

Land Loans provide a short tenure of up to 15 years. Home loans, on the other hand, offer up to 30 years of tenure. 

Tax Benefits

Home Loans allow a tax deduction of the actual amount that is mentioned under Section 80C of the Income Tax Act. Tax benefits, however, on land loans are not available. 

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 around 2-4% of the penalty if a non-individual borrower has taken the money.

Types of Plot Loans PNB provides: 

Plot loans are essential of two types and before we move on, we should discuss what they are: 

Plot Loan

Plot Loans are a specific kind of loan that is taken to purchase land. What an individual does with the land is not of the bank’s concern as long as the loan is repaid. However, such loans are risky as there are no tax benefits. Plot Loans are given to purchase a plot in the same municipality. 

Plot + Construction Loan

This loan is taken not only to buy a plot but to also construct a house on it within a given time. If the borrower fails to begin or end the construction on time, the bank will be forced to increase the interest rate.

PNB Plot Loan for Self-employed Individuals:

Self-employed individuals enjoy many benefits under a PNB Plot Loan. All they have to do to avail it is fulfill the eligibility criteria mentioned by the bank.

Who Can Apply for a Self-employed PNB Plot Loan

LOAN AMOUNT MAXIMUM FUNDING
Above Rs. 30 lakh to 75 lakh Up to 80% of the document cost or the market value, depending upon which is the lower rate
Above Rs. 75 lakh Up to 75% of the market value or the document cost, whichever turns out to be the lowest. 

Types of Plot Loans for Self-employed Individuals

PNB provides two kinds of loans that any self-employed individual can choose from. 

  1. Adjustable-Rate Loan- This refers to the Retail Prime Lending Rate. This is revised every six months and the interest rate is increased. This increases the EMI rate which in turn decreases the actual amount. 
  2. TruFixed Home Loan- 2/3 year Fixed Rate Variant- This loan provides half of both kinds of home loans. The rate is initially fixed for 2/3 years but it gets reviewed and changed into an adjustable-rate after that. 

PNB 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 Rate- 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

PNB Plot Loan Interest Rate for self-Employed Non-professionals

Adjustable Home Rate 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 Year 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

PNB Bank Documents Required for Self-employed

Age Proof PAN Card or Passport
Residence Proof Driver’s License, Telephone Bill, Election or Ration Card
Education Qualification Latest degree
Proof of Business Certificate or any proof of business
Tax Returns Last three years Income Tax Returns
Bank Account Statements Last 12 months bank statements
Other documents Processing fee cheque, photocopy of title documents of the property. 

PNB Bank Plot Loan fees for Self-employed Individuals

Processing Fees: 

The processing fees for PNB 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 PNB 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 PNB 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 PNB 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 are to be paid directly to the person involved. 

Property Insurance

Customers are to pay a certain amount to the insurance providers. 

Incidental Charges

The incidental charges are used to cover many other expenses for a customer who defaults. 

Statutory / Regulatory Charges

The customer is responsible for any charges which 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. 

PNB Plot Loan for Salaried Individuals

Any salaried individual can apply for a plot loan at PNB and avail of many benefits. 

Who can apply for a Salaried PNB 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 Plot Loans for Salaried Individuals

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

PNB 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- 2/3 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

PNB Plot Loan Documents For Salaried Individuals

Age Proof Passport, PAN Card
Residence Proof Driving License, Telephone Bill, Ration Card, Election Card
Education Qualification Latest Degree
Salary Slips Latest salary slips for three months
Bank Statements Last six months bank statements
Others Processing fee cheque and photocopy of title documents

PNB Bank Plot Loan Fees for Salaried Individuals

Processing Fees: 

The processing fees for the IDBI 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 PNB 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 PNB 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 PNB 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 should be paid off directly to the person involved. 

Property Insurance

Customers are asked to pay money to the insurance providers. 

Incidental Charges

The incidental charges are used to cover the extra expenses for a defaulter. 

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 PNB Plot Loan With Dialabank

  • Visit Dialabank for a Plot Loan
  • Go to the Punjab National Bank Plot Loan page
  • Check to see if you are eligible
  • Check the documents required
  • Fill out the form provided to apply for a plot loan
  • Sit back and wait for our representative to get in touch with you for a stress-free process.

Additional Tips for PNB Personal Loan

  • Check the website of the PNB to calculate your eligibility to apply for a loan
  • Read through all the useful material and familiarize yourself with the loan before applying for it to avoid any confusion. 
  • Make sure you have all the necessary documents with you to ensure a smooth process.

Plot Loan with Construction vs Home Loan

Parameters

Plot Loans with construction Home Loans

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.

Tenure

Up to 15 years Up to 30 years

LTV 

Up to 70% of the property’s value Up to 90% of the property’s value

Interest Rates

Similar to home loans but they can get higher Interest rates start at @6.75%

Prepayment Penalty

Nil for people with floating rates Nil for people with floating rates

FAQs

What is the plot loan interest rate of PNB?

The interest rate of PNB is 9.60%

What is PNB Plot Loan?

PNB 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 PNB Plot Loan?

The processing fees on PNB Plot Loan are 2,500-5,000 rupees.

What is the loan tenure of the PNB Plot Loan?

Up to 30 years

How much EMI per lakh can be fixed on PNB Plot Loan?

Rs. 675 per lakh

How can I avail plot loan from PNB?

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

How to apply for PNB Plot Loan?

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

How to repay the PNB 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 PNB Plot Loan eligibility?

You can check your eligibility using the eligibility criteria calculator on the PNB website. 

What is the PNB Plot Loan phone number?

If you have any questions about the PNB Plot Loan, you can call 9878981144

What is the Plot Loan interest rate for women?

The plot loan interest rate for women is 9.60%

What is PNB plot loan interest rates for salaried individuals?

The interest rate for PNB Plot Loan for salaried individuals in PNB Plot Loan is 7.05% to 8.0%

What is PNB plot loan interest rates for self-employed individuals?

The interest rate for PNB Plot Loan for self-employed individuals is 7.25% to 7.75%

What is PNB 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. 

 

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