State Bank of Bikaner and Jaipur Plot Loan

State Bank of Bikaner and Jaipur Plot Loan Features 

Interest Rate	9.55%p.a.
Loan Tenure	Up to 30 years
Processing Fee	0.25%
Amount of Loan	Up to 3 crore
Age	21-70 years

Eligibility Criteria for State Bank of Bikaner and Jaipur Plot Loan

To become eligible for a  plot loan with  SBBJ Bank, certain eligibility criteria need to be fulfilled. The applicant should be an Indian resident to get the loan. As repaying ability is an important factor in determining the approval, a salaried or self-employed individual with a stable income.

Benefits of SBBJ Plot Loan 

The applicants can enjoy the following benefits on the house plot loan provided by the SBBJ are:

Speedy Approval: Once the documents are submitted and verified, the loan is approved within a few days.

Low-interest rate: Attractive interest rates are provided based on the credit profile

Minimal Documentation: You can get quick approval with the required documents alone.

Plot Loan 

If you come upon a plot for sale that you think makes the perfect location for your future home, then a plot loan can help you take advantage of the opportunity. Unlike home purchase loans that are used to purchase existing, underlying properties, plot loans allow you to purchase land. You can use a plot loan to buy land so that you can build on it in the future. Plot loans can have tenures of up to 15 years.

One of the restrictions on plot loans in India is that they cannot be used to purchase agricultural land. Furthermore, it is quite easy to implement and get approval for plot loans. Generally, it does not take more than a week for your application to be approved. To apply for a plot loan, you must be at least 21 years of age and not more than 60 years old.

1. Plot Loan Interest Rates

In the case of loans for buying land and plot loans, the rate of interest is the same. However, some banks give some higher marks for loans for land purchase than home loans. Banks allow a set time for construction on the plot, and the borrower is required to present a construction certificate to the bank. If the borrower does not build on the plot within the period from the date of the first disbursement, the structure of land loan interest rates changes from a home loan to a loan against property for the borrower.

2. Loan to Value Ratio‭ (‬LTV‭)‬

Loan to value or LTV means the amount of loan that a borrower will get against his property. LTV in case of grant of loan for the purchase of land with construction. , Is quite low and can be capped at a maximum of 70% of the land value. In the case of home loans, LTV is between 75% to 90%.

3. Time Period

Land loans have a relatively long tenure of 15 years than those in home loans with a longer tenure of 30 years. Therefore, the EMI in terms of loans for plot purchase is higher than that of regular home loans. The tenure for a land loan also depends on the age, repayment capacity, etc. of the borrower.

4. Tax Benefits

Home loans qualify for a tax deduction on payment of a principal amount under Section 80C of the Income Tax Act as well as Section 24 (b) of the Income Tax Act. On the other hand, tax benefits are not available on a land loan. However, borrowers can claim a tax deduction on the loan if the house is constructed on a plot purchased by the borrower. After completion of construction on the plot, one can claim a tax deduction against the loan amount taken for construction.

5. Prepayment Penalty

A floating-rate loan sanctioned to individual borrowers if the prepayment penalty is exempt if a borrower wishes to repay the loan. However, a land loan like a home loan can attract a prepayment charge of 2.4% of the prepaid amount if taken by a non-individual borrower. A borrower should read the loan agreement carefully and clear the foreclosure fee of the loan before signing the agreement.

Types of Plot Loans SBBJ provides 

SBBJ Bank Plot Loan and Plot + Construction Loan

Plot loan

A loan for plot purchase can only be taken for the purchase of an empty residential plot or a piece of land, which can then be used for the purpose of building a house or for investment. The property must be located within the municipal or corporate limits. This type of loan is a high-risk loan. However, it mainly depends on factors like employment type, loan amount for plot purchase, and loan type.

Plot + Construction Loan

This loan is taken to purchase residential plots and build a house on the property within the stipulated time. If a borrower does not start construction within a specified period, the bank may increase.

 SBBJ Plot Loans for self-employed individuals 

Self-employed individuals can apply for this loan if he/she is looking to:

• Purchase a plot that is being resold
• Purchase a plot through direct allotment in a housing society or a developer project
• Transfer his/her outstanding loan amount availed from another financial institution
• Customized repayment options offered to the borrower depending on the loan amount, loan tenure, and interest rates provided by the bank.
• Attractive interest rates offered on the plot loans to make it affordable for the applicants.
• No hidden costs charged on the loan.

Who can Apply SBBJ plot Loans self-employed 

Individuals can apply for this loan on their own or collectively. The co-applicants for the plot loans must be the proposed owners of the plot. Co-applicants generally comprise of family members and need not be co-owners of the property.

Loan term

• The maximum tenure up to which one can distribute his payments for his/her loan is 15 years.
• The loan term depends on the repayment scheme the applicant has opted for.
• The customer’s profile, age of the plot at the time of loan maturity, age of the customer at the time of loan maturity also play a role in deciding the loan term.

Maximum loan amount

*The maximum funding of the loan can be restricted to 70% of the property cost if the property is situated outside city limits.

Type of plot loans self-employed:

• TruFixed Plot Loan – 2/3 Year Fixed Rate VariantThis loan provides customers a part adjustable-rate term and a part fixed rate term. Under the TruFixed Plot  Loan, the applicant can avail fixed rate for up to 2/3 years, after which the loan will change to an adjustable-rate loan automatically, summing up to a total of a 15-year loan term.
• Adjustable-Rate LoanThe adjustable-rate plot loan is linked to the Purvanchal Bank’s Retail Prime Lending Rate (RPLR). The interest rate on the loan is revised once every three months if there is a change in the RPLR, taking the date of the first disbursement into account. A rise in the interest rate will result in an increase in the EMI’s interest component which in turn will reduce the principal component. This will extend the loan term, and vice versa, in cases where the interest rate drops.

SBBJ  Plot Loan Interest Rates For self-employed professionals

• Adjustable Plot Rate LoanThe Retail Prime Lending Rate for self-employed professionals stands at 16.20%

  Loan Slab	Plot 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

  *The interest rates are applicable only for loans under the Adjustable Rate Plot Loan Scheme of SBBJ and can be revised at the time of disbursement.

• TruFixed Loan – 2 Year Fixed Rate VariantThe Retail Prime Lending Rate (RPLR) stands at 16.20%

  Loan Slab	Plot  Loan Interest Rates (% p.a.)
  For Women* (up to 30 Lakhs)	7.50 to 8
  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

    Types of Plot loan interest rates for self-employed non-professionals

• Adjustable-Rate Plot LoanThe Retail Prime Lending Rate (RPLR) stands at 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
  For Women* ( 75.01 Lakhs & Above)	7.55 to 8.05

• TruFixed Loan – 2 Year Fixed Rate VariantThe Retail Prime Lending Rate for self-employed non-professionals holds 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

SBBJ plot loan documents required for self-employed

Here are the documents you will have to submit for all the applicants and co-applicants along with the signed application form for the approval of your loan:

Purpose	Documents
Proof of identity and residence (Any 1)	Voter ID Card Valid Driving Licence Aadhaar Card Valid Passport
Proof of income	Income Tax Returns (ITR) along with computation of income for the previous three assessment years. Savings account statements of the individual and current account statements of the business entity for the last six months Balance sheet and Profit and Loss account statements with schedules/annexures (Documents of both the individual and the business entity should be attested by a CA for points 2 and 3)
Other documents	Business profile Latest Form 26AS List of directors and shareholders with their individual shareholding certified by a CS/CA in case of the business entity being a company Memorandum and Articles of Association of the company Partnership deed if the business entity is a partnership firm Details of outgoing loans of the individual and the business entity with the outstanding amount, installments, security, purpose, balance loan term, etc. A cheque for processing fee favoring SBBJ. Passport size photograph of the applicants/co-applicants on the application form and signed across Own contribution proof
Property related documents	Allotment letter/ buyer agreement copy Title deeds in case of a resale with previous property documents

SBBJ plot loan fees and charges for self-employed

1. Processing fees:

   • For self-employed professionals:

     Rs.3,000 or up to 0.50% of the loan amount whichever is higher, and other additional applicable taxes.

   • For self-employed non-professionals: 

     Rs.4,500 or up to 1.50% of the loan amount whichever is higher, and other additional applicable taxes.

2. Prepayment charges:

   Adjustable-Rate Home Loans (ARHL)	Adjustable-Rate Loans (ARHL): No prepayment charges will be payable on account of full/part payments for loans sanctioned to individual borrowers. For loans sanctioned to individual borrowers with the firm, company, etc. as a co-applicant. Prepayment charges at 2% plus taxes, as may be applicable from time to time, of the amount being prepaid, are payable. The customer will have to submit documents that SBBJ deems fit and proper to confirm the source of funds at the time of prepayment of the loan.
   Fixed-Rate Home Loans (FRHL)	Fixed-Rate Loans (FRHL) No prepayment charges will be applicable for part/full payments made from own sources i.e., sources other than a bank/NBFC/HFC or financial institutions The customer should submit documents that the SBBJ sees fit and proper to determine the source of funds. Prepayment charges will be 2% plus taxes and statutory levies and charges of the outstanding amounts being so prepaid through any financial institution or any bank and will be applied to all full/ partial prepayments.
   Fixed and Variable Rate Loans (Combination rate)	Fixed and Variable Rate Loans (Combination rate) During the Fixed Rate period: The prepayment charges will be 2%, plus applicable taxes and statutory charges and levies of the outstanding amount being so prepaid through refinance from financial institutions or any banks, and will be applicable to all partial/full prepayments. The customer must submit documents that SBBJ approves 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 on account of full/partial prepayments for loan sanctioned to individual borrowers. 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. The prepayment charges mentioned will be applicable to the date of execution of the loan agreement. However, the charges are subject to change from time to time depending on the prevailing policies of the SBBJ.

3. Conversion fees:

SBBJ offers its existing customers the privilege of a conversion facility to bring down applicable interest rates on the loan by switching between schemes. One can utilize this facility by paying a fee and choose to either reduce the loan tenure or the EMI. Here are the options of conversions available for the existing SBBJ customers:

1. Cheque dishonor charges:

   Rs.200 (conditions apply)

2. Fees on account of external opinion:

   The external opinion can be either from technical valuers or advocates and the fees can be paid directly to the concerned person depending on the kind of assistance rendered.

3. Property insurance:

   The customer should regularly pay the premium amounts directly to the insurance provider to keep the policy active during the loan tenure.

4. Incidental charges:

   Incidental charges and expenses are imposed to cover the charges, costs, and other expenses that may have been utilized to recover dues from a defaulting customer.

5. Statutory/regulatory charges:

   The customer will be solely responsible for all charges applicable on stamp duty/MOD/MOE/Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI).

6. List of documents:

   Up to Rs.500

7. Photocopy of documents:

   Up to Rs.500

8. Increase/decrease in loan term:

   Up to Rs.500 plus applicable loan term

9. Disbursement cheque cancellation charge post disbursement:

   Up to Rs.200

10. Re-appraisal of the loan after 6 months from sanction:

    Up to Rs.2000 plus applicable taxes

11. PDC swap:

    Up to Rs.200

SBBJ Plot loans for salaried individuals 

Salient Features

• Salaried individuals can apply for this loan if he/she is looking to:
  • Purchase a plot that is being resold
  • Purchase a plot through direct allotment in a housing society or a developer project
  • Transfer his/her outstanding loan amount availed from another financial institution
• Customized repayment options offered to the borrower depending on the loan amount, loan tenure, and interest rates provided by the bank.
• Attractive interest rates offered on the plot loans to make it affordable for the applicants.
• No hidden costs charged on the loan.

Who can apply for SBBJ plot loans for salaried individuals?

The loan can be applied either individually or collectively. The co-applicants for the plot loans must be the proposed owners of the plot. Co-applicants generally comprise of family members and need not be co-owners of the property.

Loan term

• The maximum tenure up to which one can distribute his payments for his/her loan is 15 years.
• The loan term depends on the repayment scheme the applicant has opted for.
• The customer’s profile, age of the plot at the time of loan maturity, age of the customer at the time of loan maturity also play a role in deciding the loan term.

Maximum loan amount

*The maximum funding of the loan can be restricted to 70% of the property cost if the property is situated outside city limits.

Type of plot loans for salaried individuals:

• TruFixed Plot Loan – 2/3 Year Fixed Rate Variant:This loan provides customers with a part adjustable-rate term and a part fixed rate term. Under the TruFixed Plot Loan, the applicant can avail fixed rate up to 2/3 years, after which the loan with change to an adjustable-rate loan automatically, summing up to a total of 15 years loan term.
• Adjustable-Rate Loan:The adjustable-rate plot loan is linked to the SBBJ’s  Retail Prime Lending Rate (RPLR). The interest rate on the loan is revised once every three months if there is a change in the RPLR, taking the date of the first disbursement into account. A rise in the interest rate will result in an increase in the EMI’s interest component which in turn will reduce the principal component. This will extend the loan term, and vice versa in cases where the interest rate drops.
  

  SBBJ plot loan interest rates for salaried individuals

• Adjustable Plot Rate LoanThe Retail Prime Lending Rate for salaried individuals stands at 16.20%

  Loan Slab	Plot Loan Interest Rates (% p.a.)
  For Women* (Up to 30 Lakhs)	7.05 to 7.55
  For Others* (Up to 30 Lakhs)	7.10 to 7.60
  For Women* (Above 30 Lakhs)	7.30 to 7.80
  For Others* (Above 30 Lakhs)	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

  *The interest rates are applicable only for loans under the Adjustable Rate Home Loan Scheme of SBBJ and can be revised at the time of disbursement.

• TruFixed Loan – 2 Year Fixed Rate VariantThe Retail Prime Lending Rate (RPLR) stands at 16.20%

  Loan Slab	Plot Loan Interest Rates (% p.a.)
  For Women* (up to 30 Lakhs)	7.50 to 8
  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

SBBJ  plot loan documents required for salaried individuals

Here are the documents you will have to submit for all applicants and co-applicants along with the signed application form for the approval of your loan:

SBBJ  plot loan fees and charges for salaried individuals

Given below is the list of fees/charges/other outgoings that can be payable depending on the type of loan applied for.

1. Processing fees: 

   For self-employed professionals, Rs.3,000 or up to 0.50% of the loan amount whichever is higher, and other additional applicable taxes.

2. Prepayment charges:

   Adjustable-Rate Home Loans (ARHL)	Adjustable-Rate Loans (ARHL): No prepayment charges will be payable on account of full/part payments for loans sanctioned to individual borrowers. For loans sanctioned to individual borrowers with the firm, company, etc. as a co-applicant. Prepayment charges at 2% plus taxes, as may be applicable from time to time, of the amount being prepaid, are payable. The customer will have to submit documents that SBBJ deems fit and proper to confirm the source of funds at the time of prepayment of the loan.
   Fixed-Rate Home Loans (FRHL)	Fixed-Rate Loans (FRHL) No prepayment charges will be applicable for part/full payments made from own sources i.e., sources other a bank/NBFC/HFC or financial institutions The customer should submit documents that the SBBJ sees fit and proper to determine the source of funds. Prepayment charges will be 2% plus taxes and statutory levies and charges of the outstanding amounts being so prepaid through any financial institution or any bank and will be applied to all full/ partial prepayments.
   Fixed and Variable Rate Loans (Combination rate)	Fixed and Variable Rate Loans (Combination rate) During the Fixed Rate period: The prepayment charges will be 2%, plus applicable taxes and statutory charges and levies of the outstanding amount being so prepaid through refinance from financial institutions or any banks and will be applicable to all partial/full prepayments. The customer must submit documents that SBBJ approves 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 on account of full/partial prepayments for loan sanctioned to individual borrowers. 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. The prepayment charges mentioned will be applicable from the date of execution of the loan agreement. However, the charges are subject to change from time to time depending on the prevailing policies of the SBBJ.

3. Conversion fees

   SBBJ offers its existing customers the privilege of a conversion facility to bring down applicable interest rates on the loan by switching between schemes. One can utilize this facility by paying a fee and choose to either reduce the loan tenure or the EMI. Here are the options of conversions available for the existing SBBJ customers:

   Name of the service/product	Name of the charge/fee levied	When payable	Frequency	Amount in rupees
   Switch to a lower rate in Variable Rate Loans (Housing/improvement/extension)	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 Rs.50,000 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 Rs.50,000 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.

4. Cheque dishonor charges: 

   Rs.200 (conditions apply)

5. Fees on account of external opinion: 

   The external opinion can be either from technical valuers or advocates and the fees can be paid directly to the concerned person depending on the kind of assistance rendered.

6. Property insurance: 

   The customer should regularly pay the premium amounts directly to the insurance provider to keep the policy active during the loan tenure.

7. Charges on account of delayed payments: 

   The customer is liable to pay additional interests up to 24% p.a in case the payment of interest or EMI has been delayed.

8. Incidental charges: 

   Incidental charges and expenses are imposed to cover the charges, costs, and other expenses that may have been utilized to recover dues from a defaulting customer.

9. Statutory/regulatory charges: 

   The customer will be solely responsible for all charges applicable on stamp duty/MOD/MOE/Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI).

10. List of documents: 

    Up to Rs.500

11. Photocopy of documents: 

    Up to Rs.500

12. Increase/decrease in loan term: 

    Up to Rs.500 plus applicable loan term

13. Disbursement cheque cancellation charge post disbursement: 

    Up to Rs.200

14. PDC swap: 

    Up to Rs.200

15. Re-appraisal of the loan after 6 months from sanction: 

    Up to Rs.2000 plus applicable taxes

How to apply for SBBJ Plot Loan With DialAbank

• You can apply for the Federal Bank Plot Loan at DialAbank conveniently.
• You just need to fill an online form with the appropriate details and required documents at the DialAbank website itself.
• Our relationship manager will contact you for any further assistance.
• We also provide document pick-up services from your home.
• Just call at 9878981166, for any inquiries.

Additional tips to get SBBJ  Plot Loan Easily

• Retrieving Your Loans and Income: Lenders ask for proof of income when you apply for plot loans to find out your debt-to-income ratio. Evaluate liquid asset sales like stocks or earn more through a part-time job to increase your annual income. Doing so will increase your debt-to-income rate and increase your chances of getting a loan.
• Credit Clean-up: The main factor taken into account by lenders is your credit score. Getting a plot loan is more comfortable with a higher credit score. If your credit score is low, you must check your report to see if there are any errors. Sometimes, simple mistakes can damage your score, and if you find any of these, you will have to report them to CIBIL. Restrict your lending: It is risky to ask for more money than you need to meet your financial needs. You should calculate how much amount you need and only apply for that specific amount.
• Consider a Co-Signer / Guarantee: If you are not able to get a plot loan on your own record, you can apply for one by adding a guarantor or co-signer. The CIBIL score of the guarantor you choose should be good. The main purpose of the guarantor is to ensure that you will repay your loan. However, if you are not able to do so, they themselves are liable to repay the loan. It is beneficial to choose a person with a credit score of over 750 as it will greatly increase your chances of getting a plot loan.
• Choose the right lender: Talking about income and credit score, each lender has its own set of requirements. In search of a plot loan, choose a lender whose eligibility criteria you can meet and apply accordingly. The problem with using more than one lender is that each of them will check your credit score. Whenever your entire credit report is taken out, your credit score falls, little.

FAQs