Features of Syndicate Bank Plot Loan
| Interest Rate | 8.00% onwards |
| Loan Tenure | Up to 30 years |
| Loan to value ratio | Up to 90% of the property value |
| Processing Charges | Up to 0.50% of the loan amount |
Benefits of Syndicate Bank Plot Loan
The Syndicate Bank Plot Loan comes with exciting offers and benefits if an applicant who fulfills the eligibility criteria applies for it. The benefits are as follows:
- It allows a long repayment period of up to 30 years
- A high loan to value ratio is allowed of up to 90%
- They also provide speedy approval
- A facility known as the home loan balance transfer allows the shift of the current home loan to a new lender at very low-interest rates
- The processing charges are extremely low
- It can be availed of by both salaried and self-employed persons.
Eligibility Criteria of Syndicate Bank Plot Loan
The Syndicate Bank Plot Loan provides one with certain eligibility criteria that are deemed fit by the experts at the bank. One must follow these to be approved for a loan.
- A salaried individual should be employed for at least two years and a self-employed person should have a business or be practicing their profession for at least 5 years.
- Their ages should be between 21-60 years of age.
- The eligibility of the quantum loan should be 72 times of gross salary for salaried people and 6 times of three years average annual income for non-salaried individuals.
Plot Loan
A plot loan is a unique facility provided by many banks and non-banking financial companies to allow an individual to make their dream home. It allows one to purchase land on which they may construct their homes. It lets your dreams come to reality.
A plot loan is most often confused with a home loan. While the two are indeed similar, there are some minute differences that one should know about.
Land Loan Interest Rate
Both plot loans and home loans may have the same interest rate but sometimes it may vary and this decision depends upon the bank that is giving the loan.
Loan to Value Ratio
Also known as the LTV, Loan to Value Ratio is the money that a borrower has to pay against his property. LTV is lower for plot loans than home loans.
Lower Tenure
Plot Loans have a tenure of 15 years while home loans have a tenure of 30 years.
Tax Benefits
There are no tax benefits for plot loans, but home loans provide one with tax benefits.
Prepenalty Payments
There are no penalties on Floating interest rates, but there is a penalty of 2-4% for non-individual borrowers.
Types of Plot Loans for Syndicate Bank
A simple plot loan can be of two kinds, plot loans, and plot+construction loans
Plot Loans
Plot loans only allow the purchase of land. The individual taking a plot loan can do whatever he pleases on the land, without anyone interfering, They have no tax benefits and are therefore risky.
Plot+ Construction Loan
These loans are given to purchase land and to construct it. The bank provides a time within which the work has to start and finish. If not, the interest rate is increased.
Syndicate Bank Plot Loan for self-employed Individuals
Depending upon the criteria allotted by the bank, any self-employed individual can avail of the Syndicate Bank Plot Loan
Who Can Apply for the Syndicate 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 Plot Loans for Self-employed Individuals
The Syndicate Bank Plot Loan provides two kinds of plot loans:
- Adjustable-rate Home Loans: An individual applying for this kind of loan, gets an interest rate that changes every six months. The rate gets increased, which increases the EMI and reduces the principal amount.
- TruFixed Home Loan- 2/3 year Fixed Rate Variant: This loan is a mixture of both kinds. The individual will get a fixed-rate at the beginning, which will then change into an adjustable-rate after 2/3 years.
Syndicate Bank Plot Loan Interest Rate 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 |
Syndicate Bank Plot Loan Interest Rate 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 |
Syndicate Bank Plot Loan Documents Required for Self-employed Individuals
| ID, Address, and Age proof | PAN, Aadhar Card, Voter ID, Passport |
| Salary Slip | Salary slip of last three months |
| Bank Statements | Bank statements of the past 12 months |
| Others | Filled out the form, Form-16, and Income Tax Returns |
Syndicate 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.
Syndicate Bank Plot Loan for Salaried Individual
A salaried individual can avail of the Syndicate Bank Plot Loan by fulfilling the eligibility criteria.
Who Can Apply for a Syndicate 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: This kind of loan increases the interest rate and every six months. The EMI increases and the principal amount is reduced as well.
- TruFixed Rate- 2/3 Years Fixed Rate Variant- This is a mixture of both kinds of loans. The interest rate remains fixed for the first 2/3 years, after which it changes into the first kind of a loan.
Syndicate 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 |
Syndicate Bank Plot Loan Documents Required by Salaried Individuals
| Identity, Address, and Age proof | Passport, PAN, Aadhar Card, and Voter ID |
| Salary Slip | Salary slip of the last 3 months |
| Bank statements | Bank statements of the last 6 months |
| Others | Filled out the form, ITR, and Form-16 |
Syndicate 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 a Syndicate Bank Plot Loan with DialaBank
- Visit the website of Dialabank
- Check the Syndicate Bank Plot Loan
- Fill out the form online
- An expert will get in touch with you
Additional Tips for Syndicate Bank Plot Loan
- Check the website for any other detail
- Make sure you are eligible and prepare all the necessary documents
- Call 9878981166 for any queries.
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 Syndicate Bank?
The interest rate of Syndicate Bank Plot Loan is 8.00%
✅What is Syndicate Bank Plot Loan?
Syndicate 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 Syndicate Bank Plot Loan?
The processing fees on Syndicate Bank Plot Loan are 2,500-5,000 rupees.
✅What is the loan tenure of the Syndicate Bank Plot Loan?
Up to 30 years
✅How much EMI per lakh can be fixed on the Syndicate Bank Plot Loan?
Rs. 734 per lakh
✅How can I avail plot loan from Syndicate Bank?
You need to fulfill the eligibility criteria and provide the required documents.
✅How to apply for Syndicate Bank Plot Loan?
You can visit Dialabank, open the Syndicate Bank Plot Loan page, and fill out the application form.
✅How to repay the Syndicate 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 Syndicate Bank Plot Loan eligibility?
You can check your eligibility using the eligibility criteria calculator on the Syndicate Bank website.
✅What is the Syndicate Bank Plot Loan phone number?
If you have any questions about the Syndicate Bank Plot Loan, you can call 9878981144
✅What is the Plot Loan interest rate for women?
The plot loan interest rate for women is 8.00%
✅What is Syndicate Bank plot loan interest rates for salaried individuals?
The interest rate for Syndicate Bank Plot Loan for salaried individuals in Syndicate Bank Plot Loan is 7.05% to 8.0%
✅What is Syndicate Bank plot loan interest rates for self-employed individuals?
The interest rate for Syndicate Bank Plot Loan for self-employed individuals is 7.25% to 7.75%
✅What is Syndicate 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.
