Suryoday Small Finance Bank Plot Loan

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Suryoday Small Finance Bank Plot Loan features

Interest Rate depends of the borrower’s profile
Loan value up to 50 lakhs
Re payment tenure up to 120 months
Loan Disbursement Tenure within 7 business days
Collateral required yes

Eligibility criteria for Suryoday Small Finance Bank Plot Loan

Standard Individual:

  • Indian nationality
  • ages of 18 to 65 years
  • Stable source of income

Self Employed Employee:

  • Indian nationality
  • customer should be of ages between 18-65 years

Self Employed Professionals:

  • Indian nationality
  • Belong to the age group of 18- 65 years.

Benefits of Suryoday Small Finance Bank Plot Loan

  • Monthly instalments enabling you plan your fund management Suryoday Small Finance Bank plot loan
  • Doorstep services
  • Simple processing
  • Loan amount can be disbursed within 7 business days
  • Less Documentation

Plot Loan

Plot loans are the type of loan that is provided to a borrower by various banks and NBFCs. This loan is usually used by the customer to buy a plot of land for construction and investment purposes. Plot loans such as Suryoday Small Finance Bank Plot Loan and others come with customized interest rates, low processing fee, attractive rates, EMI installments and affordable repayment values. This type of plot loan can be used to buy a piece of land for construction or investment purposes. 

Land Loan Interest Rates

The rate of interest in Suryoday small Finance Bank depends upon the profile of the customer and the loan amount.

Loan to Value Ratio

Loan to Value Ratio refers to the amount of loan that a borrower gets against their property. 

Lower Tenure

Suryoday small Finance Bank Plot Loans provide a repayment tenure of up to 120 months. 

Tax Benefits

Tax benefits can be availed under Section 80C of the Income Tax Act for plot + construction loan. However, in case of just plot loans, tax benefits can’t be availed. 

Prepayment Penalty

Floating rate loans have no prepayment penalty for a home loan and a land loan. In case of a non-individual borrower, 2-4% of the penalty can be charged by the bank.

Types of Plot Loans Suryoday Small Finance Bank provides: 

 Suryoday Small Finance Bank provides two types of Plot loans : 

Plot Loan

A plot loan is the type of loan that is taken by the borrower to purchase a piece of land. This type of loan can be used to buy land for investment or agricultural purposes. It is given to purchase a plot in the same municipality. 

Plot + Construction Loan

This loan is taken to construct a house or building on the plot within a designated time frame. If the borrower is unable to do the construction on time, the bank can increase the interest rate depending upon the loan agreement.

Plot Loan for Self-employed Individuals:

All the eligible Self-employed individuals enjoy many benefits with Suryoday small finance bank Plot Loan. 

Who Can Apply for a Self-employed Suryoday small Finance Bank Plot Loan

Loan Amount Maximum Funding
Rs. 1 lakh – Rs. 30 lakh 80% of the market value
above Rs. 30 lakh 75% of the market value

Types of Plot Loans for Self-employed Individuals

Suryoday small finance Bank provides two types of loans to all eligible self-employed individual . 

  1. Adjustable-Rate Loan- This is the Retail Prime Lending Rate. This loan is revised every six months and the interest rate is changed depending on that. This increases the rate of EMI which further decreases the principal amount of the loan.
  2. TruFixed Home Loan- 2/3 year Fixed Rate Variant- This loan provides 50% of both, an adjustable-rate and a fixed rate. The rate is initially fixed but later on gets reviewed and changed into an adjustable-rate. 

Suryoday Small Finance 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 10 lakh) 7.05 to 7.55
For others* (up to 10 lakh) 7.10 to 7.60
For women* (above 10 lakh) 7.30 to 7.80
For others* (above 10 lakh) 7.35 to 7.85
For Women* (30 Lakhs & Above) 7.40 to 7.90
For Others*(30 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 10 Lakhs) 7.50 to 8.0
For Others* (up to 10 Lakhs) 7.55 to 8.05
For Women* (Above 10 Lakhs) 7.65 to 8.15
For Others* (Above 10 Lakhs) 7.70 to 8.20
For Women* (30 Lakhs & Above) 7.75 to 8.25
For Others*(30 Lakhs & Above) 7.80 to 8.30

Suryoday Small Finance Bank Plot Loan Interest Rate for self-Employed Non-professionals

Adjustable Home Rate Loan

Loan Slab Interest Rates (% p.a.)
For Women* (Up to 10 Lakhs) 7.20 to 7.70
For Others* (Up to 10 Lakhs) 7.25 to 7.75
For Women* (Above 10 Lakhs) 7.45 to 7.95
For Others* (Above 10 Lakhs) 7.50 to 8
For Women* (30 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 10 Lakhs) 7.65 to 8.15
For Others* (up to 10 Lakhs) 7.70 to 8.20
For Women* (Above 10 Lakhs) 7.80 to 8.30
For Others* (Above 10 Lakhs) 7.85 to 8.35
For Women* ( 30 Lakhs & Above) 7.90 to 8.40
For Others*( 30 Lakhs & Above) 7.95 to 8.45

Suryoday small Finance Bank Documents Required for Self-employed

Age Proof Class 10th marksheet, Aadhar card, Passport
Residence Proof Driver’s License, Telephone Bill, Election card, Ration Card
Educational qualification copy of last qualifying Degree
Proof of Business Certificate
Tax Returns Last three years, form 26AS
Income statement Lat one year account statement
Other documents Sale Deed, Sanctioned Plan; if applicable, Estimate of construction; if applicable

Suryoday Small Finance Bank Plot Loan fees for self-employed Individuals

Processing fee:

The processing fee for Suryoday small Finance bank plot loan depends upon the loan amount and the gender of the borrower.

Pre-payment Charges

Adjustable Rate Home loans For individual borrowers with their business as a co-applicant, prepayment charges are 2% plus GST. 
Fixed Rate Home Loans There are no prepayment charges. Prepayment charges will be 2% plus tax and charges of the outstanding amount should be paid in advance through any financial institution or a bank. 
Fixed and Variable Rate loans

Combination rate – During the Fixed Rate period, the prepayment charges will be 2%, plus GST and statutory charges of the outstanding amount prepaid through financial institutions or any banks, and will apply to all partial/full prepayments. The customer must submit documents that the bank requests, to confirm the source of funds at the time of prepayment of the loan.

For Variable Rate period, No prepayment charges will be levied 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.

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 Tru 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

For Suryoday Small Finance Bank Plot Loan, the Cheque Dishonour Charges are 200 rupees.

Fees on Account of External Opinion

Suryoday Small Finance Bank Plot Loan get their external opinion from technical advocates and the fees has to be paid by the person involved directly.

Property Insurance

The customers have to pay the insurance amount to the service providers for Suryoday Small Finance Bank Plot Loan.

Incidental Charges

The defaulter has to cover all the incidental charges on their own. 

Statutory / Regulatory Charges

The borrower is responsible for all the charges which are applicable on stamp duty/MOD/MOE/Central Registry of Securitization Asset Reconstruction and Security Interest of India. 

List of Documents

A maximum of 500 rupees

Photocopy of Documents

A maximum of 500 rupees

Increase/Decrease in Loan Term

A maximum of 500 rupees

Disbursement Cheque Cancellation Charge Post Disbursement

A maximum of 200 rupees

Re-appraisal of Loan After 6 Months from Sanction

maximum of Rs. 2000 plus applicable tax. 

PDC Swap

a maximum of 200 rupees. 

Suryoday Small Finance Bank Plot Loan for Salaried Individuals

Any salaried individual can apply for a plot loan at Suryoday small finance bank and avail many benefits. 

Who can apply for a Salaried Suryoday Small Finance Bank Plot Loan

LOAN AMOUNT MAXIMUM FUNDING
Above Rs. 1 lakh to up to 30 lakh. Up to 80% of the market value 
Above Rs. 30 lakh. Up to 75% of the market value 

Types of Plot Loans for Salaried Individuals

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

Suryoday Small Finance Bank Plot Loan Interest Rate for Salaried Individuals

Adjustable Plot Loan Rate

Loan Slab Home Loan Interest Rates (% p.a)
For women* (up to 10 lakh) 7.05 to 7.55
For others* (up to 10 lakh) 7.10 to 7.60
For women* (above 10 lakh) 7.30 to 7.80
For others* (above 10 lakh) 7.35 to 7.85
For Women* (30 Lakhs & Above) 7.40 to 7.90
For Others*(30 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 10 Lakhs) 7.50 to 8.0
For Others* (up to 10 Lakhs) 7.55 to 8.05
For Women* (Above 10 Lakhs) 7.65 to 8.15
For Others* (Above 10 Lakhs) 7.70 to 8.20
For Women* (30 Lakhs & Above) 7.75 to 8.25
For Others*(30 Lakhs & Above) 7.80 to 8.30

Suryoday small Finance Bank Plot Loan Documents For Salaried Individuals

Age Proof Class 10th marksheet, Aadhar card, Passport
Residence Proof Driving License, Telephone Bill, Ration Card, Election Card
Education Qualification Last qualifying degree certificate
Salary Slips Employment Contract
Bank Statements Last six months bank statements
Others Processing fee cheque, photocopy of title documents

Suryoday small Finance Bank Plot Loan Fees for Salaried Individuals

Processing Fees: 

The processing fees for Suryoday Small Finance Bank Plot Loan depends upon the loan amount.

Pre-payment Charges:

Adjustable-Rate Home Loans

For loans sanctioned to individual borrowers with a co-applicant, prepayment charges are at 2% plus taxes.

Fixed-Rate Home Loans

Prepayment charges will be 2% plus GST and charges of the outstanding amount should be paid in advance through any financial institution or bank. 

Fixed and Variable Rate Loans

Fixed and Variable Rate Loans (Combination rate)

 

For 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.

For the Variable Rate period: No prepayment charges will be applicable. But in case of loans sanctioned to individual borrowers with the firm, company, etc. as co-applicants. Prepayment charges is 2% plus GST and statutory charges.

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 for Suryoday Small Finance Bank Plot Loan are Rs. 200.

Fees on Account of External Opinion

For Suryoday Small Finance Bank Plot Loan, the external opinion is from technical advocates whose consultation fees has to be paid off directly by the person involved. 

Property Insurance

Customers are asked to pay money to the insurance providers when applied for Suryoday Small Finance Bank Plot Loan.

Incidental Charges

The incidental charges are used to cover the extra expenses for a defaulter in case of Suryoday Small Finance Bank Plot Loan.

Statutory / Regulatory Charges

The customer is responsible to pay for any charges that are applicable on stamp duty/MOD/MOE/Central Registry of Securitization Asset Reconstruction and Security Interest of India. 

List of Documents

Maximum of Rs. 500.

Photocopy of Documents

Maximum of Rs. 500

Increase/Decrease in Loan Term

Maximum of Rs. 500 

Disbursement Cheque Cancellation Charge Post Disbursement

Maximum of Rs. 200

Re-appraisal of Loan After 6 Months from Sanction

Maximum of Rs. 2000 plus applicable tax. 

PDC Swap

Maximum of Rs. 200

How To Apply For Suryoday Small Finance Bank Plot Loan With Dialabank

  • Visit Dialabank website for a Plot Loan
  • Check to see if you are eligible and visit the pages of various Bank’s Plot loan formalities.
  • Fill the form provided at the top of the page.
  • Our Customer service relations officer will get in touch with you.
  • You will be guided and helped by Diala Bank representative all the way.

Additional Tips for Loan

  • Check the website of Suryoday small finance bank plot loan to find your eligibility.
  • Familiarize yourself with the pros and cons of Plot loan.
  • Make sure you have all the necessary documents while applying for the loan for a faster approval. 
  • Keep a check on your CIBIL score.

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 in Suryoday Small Finance Bank?

The interest rate of Suryoday small Finance Bank plot loan depends upon the loan amount and the borrower.

What is Suryoday Small Finance Bank Plot Loan?

Suryoday Small Finance Bank Plot Loan is provided to buy an idle piece of land. It can be used to buy a land for investment purposes or construction purposes. 

How much processing fee is applicable on Suryoday Small Finance Bank Plot Loan?

The processing fees on Suryoday Small Finance Bank Plot loan depends upon the loan amount.

What is the loan tenure of the Suryoday Small Finance Bank Plot Loan?

Loan can be taken for up to 30 years

How much EMI per lakh can be fixed on Suryoday Small Finance Bank Plot Loan?

The EMI depends on the loan amount and the borrower’s preferred time span.

How can I avail plot loan from Suryoday Small Finance Bank ?

You need to be eligible and possess the required documents to avail Suryoday Small Finance Bank plot loan. 

How to apply for Suryoday Small Finance Bank Plot Loan?

You can visit the nearest Suryoday Small Finance bank branch or take the assistance of Dialabank.

How to repay the Suryoday Small Finance Bank Plot Loan earlier than the schedule?

Extra payments can be made to pay back the loan earlier than the loan ending time. 

Is it possible to repay my loan earlier than the schedule?

Yes, loan can be paid earlier than schedule.

How to check Suryoday small Finance Bank Plot Loan eligibility?

You can visit Suryoday small Finance Bank website or take the help from Dialabank’s customer service relationship manager by visiting our website. 

What is the Suryoday Small Finance Bank Plot Loan phone number?

If you have any questions about Suryoday small Finance Bank Plot Loan, you can call us on 9878981144

What is the Plot Loan interest rate for women?

The Suryoday small Finance Bank plot loan interest rate for women starts at 9.60 percent

What is Suryoday Small Finance Bank plot loan interest rates for salaried individuals?

The interest rate for Suryoday small Finance Bank Plot Loan for salaried individuals is 7.05% to 8.0%

What is Suryoday Small Finance Bank plot loan interest rates for self-employed professionals?

The interest rate for Suryoday small Finance Bank Plot Loan for self-employed professionals is from 7.25% to 7.75% 

What is Suryoday Small Finance Bank plot loan interest rates for self-employed non-professionals?

The Suryoday small Finance Bank plot loan interest rates for self- employed non-professions range from 7.25% to 7.75%

How is a plot loan different from a home loan?

A plot loan is taken to buy an idle piece of land whereas a home loan is taken to take a loan to purchase an already constructed house.  

Can I take a plot loan with a home loan?

Both these loans cannot be taken by a borrower simultaneously.

What is the maximum amount that I can take as a loan?

The loan amount can be up to 70% of the property value depending upon the payment capabilities of the borrower.

Can a plot loan be taken on any plot, anywhere?

A plot loan can be used to buy a piece of land within municipal limits or a specified land location for investment purposes or any other purpose. 

What is a Balance Transfer on Plot Loan?

The plot loan balance transfer can be availed at an interest rate beginning from 6.75%.

Do I get any tax benefits on a plot loan?

A Plot loan combined with a construction loan can be used to avail tax benefits after the construction period is completed. 

How many years can I keep the plot of land before starting construction?

In case of a Plot Loan with construction loan, the construction has to begin before the designated time decided upon by the bank and the borrower.

 

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