Features of Sundaram Finance Plot Loan
Interest Rate | 8.60% onwards |
Loan-to-Value Ratio | Up to 85% of the value of the property |
Loan Tenure | Up to 20 years |
Processing Charges | 0.05% of the loan amount +GST |
Eligibility Criteria of Sundaram Finance Plot Loan
The eligibility criteria of the Sundaram Finance Plot Loan is specially created for anyone who wants to apply for a plot loan. They are as follows:
- An interested individual should be between the ages of 21 to 60 years
- He or she should be a resident of India
- The individual should be working at a steady job for at least two years.
Benefits of Manappuram Plot Loan
- Offers convenient and low-interest plot loans.
- Additionally caters to farmers.
- Different kinds of plot loan products to suit individual customers’ requirements
- Has a flexible loan period up to 20 years
- Excellent tax benefits.
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 Sundaram Finance provides
Before we move on, it is important to understand the difference between plot loans and plot+ construction loans.
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.
Sundaram Finance Plot Loan Self-employed Individuals
The Sundaram Finance Plot Loan offers many exciting benefits for any self-employed individual.
Who Can Apply for a Self-employed Sundaram Finance Plot Loan
The self-employed individuals can apply for a Sundaram Finance 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
Sundaram Finance Plot Loan has various schemes that any self-employed individual along with a salaried individual can avail of.
- Adjustable-Rate Loan: This refers to the Retail Prime Lending Rate. It is changed every six months. There is a rise in the interest rate that in turn increases the EMI and reduces the principal amount.
- 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 after 2/3 years.
Sundaram Finance 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 |
Sundaram Finance Plot Loan Interest Rates for Self-employed non-professionals:
Adjustable Home Rate Loan:
The Retail Prime Lending Rate for Mahindra Finance 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 |
Sundaram Finance Plot Loan Documents Required for Self-employed Individuals
1. Filled in signed application with photographs |
2. Identity, age, and address proof |
3. ITR and financial statements, which include the balance sheet, profit & loss account, schedules. |
4. Bank statements for the last 12 months. |
5. Latest partnership deed |
6. Title document of the property and the business address proof |
Sundaram Finance Plot Loan fees for Self-employed Individuals
Processing Fees:
The processing fees for the Sundaram Finance Plot Loan is 2,500-5,000 rupees.
Pre-payment 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 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.
Sundaram Finance Plot Loan for Salaried Individuals
The Sundaram Finance Plot Loan allows salaried individuals to apply for a plot loan if they are within the age of twenty to sixty.
Who Can Apply for a Salaried Sundaram Finance Plot Loan
The salaried individuals who can apply for a Sundaram Finance 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
Sundaram Finance Plot Loan has various schemes that any self-employed individual along with a salaried individual can avail of.
- 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.
- 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.
Sundaram Finance 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 |
Sundaram Finance Documents Required for a Salaried Individual
1. Signed and filled out the form with photographs |
2. Age, identity, and address proof |
3. Salary slips of last three months |
4. Bank statement of 12 months |
5. Form 16 and ITR |
6. Title documents of the property |
Sundaram Finance Plot Loan fees for Salaried Individuals
Processing Fees:
The processing fees for the Sundaram Finance Plot Loan is 2,500-5,000 rupees.
Pre-payment 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. |
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 Sundaram Finance Plot Loan with Dialabank
- Open the Dialabank website
- Visit the Sundaram Finance Plot Loan
- Check your eligibility.
- Apply online
- Wait for an expert to call you.
Additional Tips to get Sundaram Finance 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 Sundaram Finance?
The interest rate of the Sundaram Finance Plot Loan is 10.50% onwards.
✅What Sundaram Finance Plot Loan?
Sundaram Finance 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 Sundaram Finance Plot Loan?
The processing fees on Sundaram Finance Plot Loan are 2,500-5,000 rupees.
✅What is the loan tenure of the Sundaram Finance Plot Loan?
Up to 30 years
✅How much EMI per lakh can be fixed on the Sundaram Finance Plot Loan?
Rs. 1,853 per lakh
✅How can I avail plot loan from Sundaram Finance?
You need to fulfill the eligibility criteria and provide the required documents.
✅How to apply for Sundaram Finance Plot Loan?
You can visit Dialabank, open the Sundaram Finance Plot Loan page, and fill out the application form.
✅How to repay the Sundaram Finance 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 schedule.
✅How to check Sundaram Finance Plot Loan eligibility?
You can check your eligibility using the eligibility criteria calculator on the Sundaram Finance website.
✅What is the Sundaram Finance Plot Loan phone number?
If you have any questions about the Sundaram Finance 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 Sundaram Finance plot loan interest rates for salaried individuals?
The interest rate for Sundaram Finance Plot Loan for salaried individuals is 7.05% to 8.0%
✅What is Sundaram Finance plot loan interest rates for self-employed individuals?
The interest rate for Sundaram Finance Plot Loan for self-employed individuals is 7.25% to 7.75%
✅What is Sundaram Finance 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.