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
- 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
- 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.
- 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)
|
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
- 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.
- 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)
|
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
- You can apply for the Bank plot loan online at www.dialabank.com.
- Compare the rates of different banks
- 2. Fill the online form with your details.
- 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.
