Tamil Nadu Grama Bank Plot Loan

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Tamil Nadu Grama Bank Plot Loan Features

Interest Rate 8.90%
Plot Loan amount Up to INR 3 Crores
Loan Tenure 15 Years
Margin  24%
Pre-payment Penalty Nil

Eligibility Criteria for Tamil Nadu Grama Bank Plot Loan

  • A borrower must be Indian in origin.
  • The borrower should be of an age group of 18-65.
  • The borrower should have a stable income.
  • The loan is only given for an amount that is up to 70% LTV
  • The property should be within municipal limits.

Benefits of Tamil Nadu Grama Bank Plot Loan

There are various benefits for availing Tamil Nadu Grama Bank Plot loan.

  • Customer’s demands are prime.
  • Get loan with minimal documents Tamil Nadu Grama Bank plot loan
  • No hidden charges
  • Less interest rate
  • More profitable
  • Tax benefits on Plot Construction Loan

Plot Loan

A Plot loan is provided by banks to their borrowers to buy a plot of land. The repayment needs to be done in EMI, within a agreed upon period of time. A plot loan is the easiest form of loan for anyone wanting to build their dream home.

1. Plot Loan Interest Rates

The rate of interest majorly depends on the loan amount.

2. Loan to Value Ratio‭ (‬LTV‭)‬

Loan to value or LTV is the amount you get for buying the plot. It is at a maximum of 70% market value.

3. Lower Tenure

The tenure of a plot loan is up to 30 years.

4. Tax Benefits

Plot loan can help a borrower get tax benefits with construction loan after the construction is completed. The benefit can be taken under section 80C.

5. Prepayment Penalty

Floating rate loans are free from the prepayment penalty. However it is important to read the loan agreement properly.

Types of Plot Loan Tamil Nadu Grama Bank Provides

Plot Loan

A plot loan will let you to purchase a plot of land to construct your house on or even to keep it for investment purposes. It is important for the borrower to keep a track of the spending and pay the loan as soon as possible.

Plot + Construction Loan

This type of loan is given to also construct a house on the loaned land within a given time failing which the bank can take appropriate action.

Tamil Nadu Grama Bank Plot Loan for Self-employed Individuals:

Tamil Nadu Grama bank comes with various benefits for the self-employed individuals.

Who Can Apply for a Self-employed Tamil Nadu Grama Bank Plot Loan

LOAN AMOUNT MAXIMUM FUNDING
Rs. 30 lakh – 75 lakh Up to 80% of the document cost or the market value, whichever is the lowest.
Above Rs. 75 lakh Up to 75% of the document cost or the market value, whichever is the lowest.

Types of Plot Loans for Self-employed Individuals

Tamil Nadu Grama Bank offers two types of loans to self-employed individuals

  1. Adjustable-Rate Loan- This loan is available at Retail Prime Lending Rate. It is revised every six months and the interest rate depends on that.
  2. TruFixed Home Loan- This loan is available at 2/3 year Fixed Rate Variant. It provides both, one half of an adjustable-rate and the other half fixed rate.

Tamil Nadu Grama 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 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 Rate- 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

Tamil Nadu Grama Bank Plot Loan Interest Rate for self-Employed Non-professionals

Adjustable Home Rate 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 8.00
For Women* ( 75.01 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 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

Tamil Nadu Grama Bank Documents Required for Self-employed

ID Proof PAN Card / Passport / Aadhar Card / Voter ID
Residence Proof Driver’s License, Telephone Bill, Election or Ration Card
Education Qualification Last qualifying degree
Proof of Business Certificate or any other proof of business
Tax Returns Last three years Income Tax Returns
Bank Account Statements Last 1 year bank statements
Other documents Processing fee cheque, photocopy of title documents of the property.

Tamil Nadu Grama Bank Plot Loan fees for Self-employed Individuals

Processing Fees: 

The processing fee is Rs. 2,500 – Rs. 5,000

Pre-payment Charges

Adjustable-Rate Home Loans  For loans sanctioned to individual borrowers with the firm, company, etc. as a co-applicant, prepayment charges are at 2% plus taxes.
Fixed-Rate Home Loans Prepayment charges will be 2% plus tax and charges of the outstanding amount
Fixed and Variable Rate Loans Fixed and Variable Rate Loans (Combination rate)

  • During the Fixed Rate period:
    • The prepayment charges are 2%, with taxes and statutory charges on the outstanding amount
    • The customer must submit documents that the bank asks for, 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
      • For loans sanctioned to individual borrowers with the firm, company, etc. as co-applicants, Prepayment charges at 2% plus taxes and statutory charges are payable.

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

Up to 200 rupees.

Fees on Account of External Opinion

The external opinion is fees is to be paid by the customer.

Property Insurance

Borrowers need to pay for the insurance.

Incidental Charges

The incidental charges have to be paid by the borrower.

Statutory / Regulatory Charges

The customer has to pay for all the statutory and Regulatory charges.

List of Documents

Up to Rs. 500

Photocopy of Documents

Up to Rs. 500

Increase/Decrease in Loan Term

Up to Rs. 500

Disbursement Cheque Cancellation Charge Post Disbursement

Up to Rs. 200

Re-appraisal of Loan After 6 Months from Sanction

Up to Rs. 2000 plus applicable charges.

PDC Swap

Up to Rs. 200

Tamil Nadu Grama Bank Plot Loan for Salaried Individuals

All salaried individual can avail the benefits.

Who can apply for a Salaried Tamil Nadu Grama Bank Plot Loan

LOAN AMOUNT MAXIMUM FUNDING
 Rs. 30 lakh to Rs. 75 lakh. Up to 80% of the market value or cost of the property, whichever is lower.
Above Rs. 75 lakh. Up to 75% of the market value or cost of the property, whichever is lower.

Types of Plot Loans for Salaried Individuals

  1. Adjustable-Rate Loan: This is available at Retail Prime Lending Rate. It is increased every six months that affects the interest rate and the principal amount.
  2. TrueFixed Home Loan- This is available at 2/3 Year Fixed Rate Variant. It gives one half of an adjustable-rate and other half of a fixed rate.

Tamil Nadu Grama Bank 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- 2/3 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

Tamil Nadu Grama Bank Plot Loan Documents For Salaried Individuals

ID proof Passport, PAN Card, Aadhar Card, Election Card
Residence Proof Driving License, Telephone Bill, Ration Card, Election Card
Education Qualification Last qualifying Degree
Salary Slips Last three months’ salary slips
Bank Statements Last six months bank statements
Others Processing fee cheque and photocopy of title documents

Tamil Nadu Grama Bank Plot Loan Fees for Salaried Individuals

Processing Fees: 

The processing fees is from Rs. 2,500- Rs. 5,000

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 tax and charges of the outstanding amount should be prepaid through any financial institution or a bank.
Fixed and Variable Rate Loans Fixed and Variable Rate Loans (Combination rate)

  • During the Fixed Rate period:
    • The prepayment charges of 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.
  • During the Variable Rate period:
    • No prepayment charges will be applicable
    • For loans sanctioned to individual borrowers with the firm, company, etc. as co-applicants. Prepayment charges at 2% plus taxes and statutory charges are payable as prepaid

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

Up to Rs. 200

Fees on Account of External Opinion

The fee of technical advocates is paid by the customer.

Property Insurance

Borrowers need to pay for the insurance.

Incidental Charges

The incidental charges are paid by the defaulter.

Statutory / Regulatory Charges

The customer has to pay for all the extra charges.

List of Documents

Up to Rs. 500

Photocopy of Documents

Up to 500 rupees.

Increase/Decrease in Loan Term

Up to Rs. 500

Disbursement Cheque Cancellation Charge Post Disbursement

Up to Rs. 200

Re-appraisal of Loan After 6 Months from Sanction

Up to Rs. 2000 and applicable tax.

PDC Swap

Up to Rs. 200

How to apply for Tamil Nadu Grama Bank Plot Loan with Dialabank

  1. You can apply for the Bank plot loan online at www.dialabank.com.
  2. Compare the rates of different banks
  3. 2. Fill the online form with your details.
  4. 3. Our Customer Representative will contact you and help you.

Documents Required to get Tamil Nadu Grama Bank Plot Loan

  • Recent Passport Size Photographs.
  • Last ‬2‭ ‬years ITR.
  • Fully filled Application Form
  • Proof of Id
  • Proof of address
  • ‬6‭ ‬months Payslip for salaried
  • Business proof for self-employed
  • Sales deed of the property‭ ‬

Tamil Nadu Grama Bank Plot loan with Construction vs Home Loan

Parameters Land Loan with Construction Regular Home Loan
Plot + Construction loan interest rates Rates are the same for a home loan, ‬but the plot + Construction Loan interest rates can be higher if you want the construction period to be longer than usual Interest rates are start from 6.75%
LTV Up to‭ ‬70%‭ ‬of the property’s value Up to‭ ‬90%‭ ‬of the property’s value
Tenure Up to‭ ‬15‭ ‬years Up to‭ ‬30‭ ‬years
Tax Benefits The plot loan availed for construction and its benefits can be claimed post completion of the construction On principal amount under section‭ ‬80C and interest amount under section‭ ‬24‭(‬b)
Prepayment Penalty Nil for individuals on floating rates Nil for individuals on floating rates

FAQs

What is the plot loan interest rate in Tamil Nadu Grama Bank?

The interest rate for plot loan is 8.90% and increases with the increase in the loan amount.

What is Tamil Nadu Grama Bank Plot Loan?

In case of non-availability of funds to buy a plot, Tamil Nadu Grama Bank Plot Loan is taken. It gives immediate help in order to buy a plot of Land. It comes with low interest rates and less processing fee.

How much processing fee is applicable on Tamil Nadu Bank Plot Loan?

The processing fees is a minimum of 0.25%

What is the loan tenure of the Tamil Nadu Grama Bank Plot Loan?

Up to 30 years

How much EMI per lakh can be fixed on Tamil Nadu Grama Bank Plot Loan?

The EMI per lakh increases with the loan tenure and the loan amount.

How can I avail plot loan from Tamil Nadu Grama Bank?

By fulfilling the basic eligibility criteria, plot loan can be availed.

How to apply for Tamil Nadu Grama Bank Plot Loan?

By visiting their nearest branch or take help from Dialabank via our website or call.

How to repay the Tamil Nadu Grama Bank Plot Loan earlier than the schedule?

Extra payments can be made to prepay the loan earlier then schedule.

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

If the funds are arranged before the loan tenure, the loan can be repaid earlier than schedule.

How to check Tamil Nadu Grama Bank Plot Loan eligibility?

By visiting the Bank or checking online on Dialabank.

What is the Tamil Nadu Grama Bank Plot Loan phone number?

The Bank Plot Loan queries can be answered on 9878981144

What is the Plot Loan interest rate for women?

It starts at 9.60% .

What is Tamil Nadu Grama Bank plot loan interest rates for salaried individuals?

It ranges from 7.05% to 8.00%

What is Tamil Nadu Grama Bank plot loan interest rates for self-employed professionals?

It ranges from 7.25% to 7.75%

What is Tamil Nadu Grama Bank plot loan interest rates for self-employed non-professionals?

It ranges from 7.25% to 7.75%

How is a plot loan different from a home loan?

A plot loan lets you buy an empty piece of land and home loan is taken to purchase an already constructed house.

Can I take a plot loan with a home loan?

Plot Loan cannot be taken with a home loan.

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

The loan is issued at 70% LTV

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

A plot loan can only be used to buy a piece of land within municipal limits.

What is a Balance Transfer on Plot Loan?

The Balance transfer on plot loan begins from 6.75%.

Do I get any tax benefits on a plot loan?

Only in case of Plot loan combined with a construction loan, tax benefits can be taken use of.

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

The construction on the plot has to start before the time decided upon by the bank.

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