Features of Punjab and Sind Bank Plot Loan
| Interest Rate | Starts from 8.05% |
| Processing Fees | Up to 0.25% |
| Loan Tenure | Ranges from 5 years to 30 years |
| Lowest EMI | Rs. 737 per lakh offered at a low-interest rate |
| Prepayment | Nil |
Benefits of Punjab and Sind Bank Plot Loan
Punjab and Sind Bank Plot Loan is something that will work for you and provide you with many benefits once you avail of it.
- Punjab and Sind Bank have experts who are going to help you through this process.
- The loan to value ratio is up to 90%
- Longer repayment tenure of up to 40 years is offered.
- They do not take any prepayment charges.
- They also have an interesting feature called Balance Transfer Facility.
Eligibility Criteria of Punjab and Sind Bank Plot Loan
Both salaried individuals and self-employed professionals and non-professionals are allowed to apply for Punjab and Sind Bank Plot Loan if they follow the eligibility criteria put forward by the bank. They are as follows:
- Their age should be a minimum of 8 years. A salaried individual should have a maximum of 60 years to apply for a loan. A self-employed individual should be 70 years of age.
- They should be working for at least two years to apply for a loan
- They should have all the necessary documents to produce to the bank.
Plot Loan
A plot loan happens to be a loan that allows one to purchase land to build a home in it when he or she cannot afford it. A plot loan can be taken to repair a house as well. A plot loan, also known as a land loan, is often confused with a home loan. While both have some similarities, enough to confuse one, they are also very different from each other and anyone looking to apply for it should be familiarized by the differences.
Land Loan Interest Rate
Plot Loans and home loans provide one with the same interest rate, though some banks may provide more or less of either. One must gather the information from the bank, before moving forward.
Loan to Value Ratio
Loan to value ratio, also called LTV, is the amount of money paid by a borrower against his property. The LTV for both home loans and plot loans vary.
Lower Tenure
A plot loan provides one with a lower tenure of 15 years, while home loans give a tenure of up to 30 years.
Tax Benefits
Plot loans are considered risky as they do not come with any tax benefits. The same cannot be said for home loans, however. Home loans are known for allowing some form of tax returns.
Prepayment Penalty
Borrowers on floating rate loans do not have to provide any penalty to the bank. Any no-borrower individual, taking the money, however, have to pay a 2-4% interest rate for plot loans.
Types of Plot Loans by Punjab and Sind Bank
Plot loans are essential for two types. The first is a simple plot loan and the second is a plot+ construction loan.
Plot Loan
A plot loan only allows one to purchase empty land. An individual can do what he wishes with the purchased land, without the bank interfering.
Plot+ Construction Loan
A plot+ construction loan is something that allows one to purchase and construct on the land within a specific time frame. Failure to do so will allow the bank to increase the interest rate.
Punjab and Sind Bank Plot Loan for Self-employed Individuals
Any person with a business or someone who practices his profession can avail of the Punjab and Sink Bank Plot Loan
Who Can Apply for a Punjab and Sind Bank 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 Punjab and Sind Bank Plot Loan for Self-employed Individuals
- Adjustable-Rate Home Loan: An Adjustable-Rate Home Loan is something that changes the interest rate every six months. The rate is increased, which leads to an increase in the EMI and there is an increase in the principal amount.
- TruFixed Home Loan-2/3 Years Fixed Rate Variant: In such a case, the interest rate remains the same for 2/3 years after which the rate changes to an adjustable-rate.
Punjab and Sind Bank 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 |
Punjab and Sind Bank Plot Loan Interest Rates 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 |
Punjab and Sind Bank Plot Loan Documents Required for a Self-employed Individual
| ID Proof | Aadhar Card/ Passport/ PAN card |
| Salary slip | ITR, financial statements, and balance sheets |
| Bank Statements | Last 12 months bank statements |
| Others | Filled out the form with photographs |
Punjab and Sind Bank 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.
Punjab and Sind Bank Plot Loan For Salaried Individuals
Any salaried individual can apply for such a plot loan by following the rules
Who Can Apply for a Punjab and Sind Bank 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 Loans for Salaried Individuals
- Adjustable-Rate Home Loan: Adjustable-Rate Home Loans allow a change in the interest rate after six months. The rate and Emi increase subsequently while the principal amount decreases.
- TruFixed Rate Home Loan: This kind of loan keeps the rate fixed for 2/3 years, after which it is converted to Adjustable-rate.
Punjab and Sind Bank 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 |
Punjab and Sind Bank Plot Loan Documents Required by a Salaried Individual
| ID Proof | Aadhar Card/Passport/ PAN |
| Salary Slip | Last 3 months |
| Bank Statement | Last 6 months |
| Others | Filled up form and photograph. |
Punjab and Sind Bank 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 Punjab and Sind Bank Plot Loan with Dialabank
- Visit Dialabank
- Check the Punjab and Sind Bank Plot Loan page
- Fill out the online form and wait for an expert to get in touch with you.
Additional Tips for Punjab and Sind Bank Plot Loan
- Make sure you have all the information at hand before you apply
- Prepare all your documents to avoid confusion
- Call 9878981166 for additional questions.
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 Punjab and Sind Bank?
The interest rate of Punjab and Sind Bank Plot Loan is 8.05%
✅What is Punjab and Sind Bank Plot Loan?
Punjab and Sind 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 Punjab and Sind Bank Plot Loan?
The processing fees on Punjab and Sind Bank Plot Loan are 2,500-5,000 rupees.
✅What is the loan tenure of the Punjab and Sind Bank Plot Loan?
Up to 30 years
✅How much EMI per lakh can be fixed on the Punjab and Sind Bank Plot Loan?
Rs.737 per lakh
✅How can I avail plot loan from Punjab and Sind Bank?
You need to fulfill the eligibility criteria and provide the required documents.
✅How to apply for Punjab and Sind Bank Plot Loan?
You can visit Dialabank, open the Punjab and Sind Bank Plot Loan page, and fill out the application form.
✅How to repay the Punjab and Sind 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 Punjab and Sind Bank Plot Loan eligibility?
You can check your eligibility using the eligibility criteria calculator on the Punjab and Sind Bank website.
✅What is the Punjab and Sind Bank Plot Loan phone number?
If you have any questions about the Punjab and Sind Bank Plot Loan, you can call 9878981144
✅What is the Plot Loan interest rate for women?
The plot loan interest rate for women is 8.05%
✅What is Punjab and Sind Bank plot loan interest rates for salaried individuals?
The interest rate for Punjab and Sind Bank Plot Loan for salaried individuals is 7.05% to 8.0%
✅What is Punjab and Sind Bank plot loan interest rates for self-employed individuals?
The interest rate for Punjab and Sind Bank Plot Loan for self-employed individuals is 7.25% to 7.75%
✅What is Punjab and Sind Bank 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.
