Utkarsh Small Finance Bank Plot Loan

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Utkarsh Small Finance Bank Plot Loan features

Interest Rate depends on the borrower’s requirements
Loan value up to 50 lakhs
Re payment tenure up to 120 months
Loan Disbursement Tenure within 7 working days

Eligibility criteria for Utkarsh Small Finance Bank Plot Loan

  • Indian nationality
  • Minimum 18 years of age
  • Maximum 65 years of ageUtkarsh small finance bank plot loan
  • Stable source of income
  • Proper property documents

Benefits of Utkarsh Small Finance Bank Plot Loan

  • Customized EMIs
  • Easy processing
  • No cumbersome documents required
  • Online quick assistance
  • Fast Loan disbursement

Plot Loan

Plot loans are taken by a borrower to buy a piece of Land. While this loan can be used by a borrower in order to construct a house on or even for investment purposes. From less processing fee to low interest rate Utkarsh Small Finance Bank offers everything to their customers. For anyone who doesn’t have enough funds at hand can take a plot loan from the bank and get going.

Land Loan Interest Rates

The Utkarsh small Finance Bank Plot loan derives its interest rate depending on the loan amount of the borrower. 

Loan to Value Ratio

Loan to Value Ratio is the amount of money that a borrower gets against the market value of their property.

Lower Tenure

Utkarsh small Finance Bank Plot Loans comes with a repayment tenure of up to 120 months. 

Tax Benefits

Tax benefits can be availed for a plot loan taken in combination with a construction loan tax benefits under Section 80C can be availed. However, in case of plot loans alone, tax benefits cannot be availed.

Prepayment Penalty

Floating rate loans come with no prepayment penalty for a plot loan. 

Types of Plot Loans Utkarsh Small Finance Bank provides: 

Utkarsh Small Finance Bank provides two types of Plot loans : 

Plot Loan

A plot loan is the loan that a borrower takes to purchase a piece of land. However it is important to note that purchase a plot can only be done in the same municipality. 

Plot + Construction Loan

This type of loan is taken to construct a house on the piece of land within a stipulated time frame. If the borrower is unable to do the construction on time, the bank can increase the interest rate as per the loan agreement.

Plot Loan for Self-employed Individuals:

Self-employed individuals who are eligible for Utkarsh small finance bank plot loan enjoy many benefits.

Who Can Apply for a Self-employed Utkarsh 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

Utkarsh small finance Bank has two types of loans for all the self-employed individuals. 

  1. Adjustable-Rate Loan- This comes at Retail Prime Lending Rate. It is revised every six months with the interest rate changing according to that. This leads to an increases in the EMI which reduces the principal amount of the loan.
  2. TruFixed Home Loan- 2/3 year Fixed Rate Variant- This loan provides halves of both, an adjustable-rate and a fixed rate. In the beginning, the rate is fixed which later on gets turned into an adjustable-rate. 

Utkarsh 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

Utkarsh 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

Utkarsh 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

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

Processing fee:

The processing fee for Utkarsh small Finance bank plot loan is dependent on the loan amount.

Pre-payment Charges

Adjustable Rate Home loans For individual borrowers who have their businesses as a co-applicant, prepayment charges are 2% plus taxes
Fixed Rate Home Loans Prepayment charges is 2% plus tax and charges on the outstanding amount which should be paid in advance through any bank. 
Fixed and Variable Rate loans

Combination rate – During the Fixed Rate period, the prepayment charges are 2%, plus relevant taxes 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

The Cheque Dishonour Charges are Rs. 200 in Utkarsh small Finance Bank.

Fees on Account of External Opinion

Utkarsh Small Finance Bank Plot Loan obtain their external opinion from technical advocates whose fees has to be paid by the borrower directly.

Property Insurance

The customers have to pay for property insurance. 

Incidental Charges

The defaulter has to cover all the incidental charges.

Statutory / Regulatory Charges

The customer is required to pay 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

An amount of 500 rupees

Photocopy of Documents

An amount of 500 rupees

Increase/Decrease in Loan Term

An amount of 500 rupees

Disbursement Cheque Cancellation Charge Post Disbursement

An amount of 200 rupees

Re-appraisal of Loan After 6 Months from Sanction

An amount of Rs. 2000 plus applicable tax. 

PDC Swap

a maximum of 200 rupees. 

Utkarsh Small Finance Bank Plot Loan for Salaried Individuals

Any salaried individual can make use of a plot loan at Utkarsh small Finance Bank and avail their benefits. 

Who can apply for a Salaried Utkarsh 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 comes with Retail Prime Lending Rate which 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 which is changed after 2/3 years into an adjustable-rate.

Utkarsh 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

Utkarsh 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 order
Bank Statements Last six months bank statements
Others Processing fee cheque, photocopy of title documents

Utkarsh small finance Bank Plot Loan Fees for Salaried Individuals

Processing Fees: 

The processing fees for Utkarsh 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 are Rs. 200.

Fees on Account of External Opinion

For Utkarsh Small Finance Bank Plot Loan, the external opinion technical advocates are hired whose consultation fees has to be paid off directly by the borrower. 

Property Insurance

Borrowers are asked to pay money to the insurance providers. 

Incidental Charges

The incidental charges are covered by the defaulter.

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 Utkarsh 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.
  • DialaBank representative will help you all the way.

Additional Tips to get Utkarsh Small Finance Bank Plot Loan easily

  • Check the website of Utkarsh Small finance Bank plot loan to confirm your eligibility.
  • Acquaint yourself with the right and wrong of Plot loan.
  • Make sure you have all the necessary documents while applying for the loan for a faster approval. 
  • Keep a tab 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 Utkarsh Small Finance Bank?

The interest rate of Utkarsh small Finance Bank plot loan id highly dependent on the loan amount and the borrower.

What is Utkarsh Small Finance Bank Plot Loan?

Utkarsh Small Finance Bank Plot Loan is a loan giving to buy a piece of land. It comes with low processing fee, less interest rate, minimum documentations required and customized EMIs.

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

Utkarsh Small Finance Bank Plot loan’s processing fees depends upon the loan amount.

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

Up to 30 years

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

The EMI is based on the loan amount and the borrower’s paying capability.

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

With the right documents anyone can avail Utkarsh Small Finance Bank plot loan. 

How to apply for Utkarsh Small Finance Bank Plot Loan?

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

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

More payments can be done to repay the loan earlier than schedule. 

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

Yes, it is possible to repay earlier than schedule.

How to check Utkarsh small Finance Bank Plot Loan eligibility?

You can visit their website or take the help from Dialabank. 

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

All the queries can be answered on 9878981144

What is the Plot Loan interest rate for women?

The Utkarsh small Finance Bank plot loan interest rate starts at 9.60% for women. 

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

The interest rate is 7.05% to 8.0%

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

The interest rate for self-employed professionals is 7.25% to 7.75% 

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

The interest rates for self- employed non-professionals is 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 and a home loan is taken to purchase an already constructed house or building.

Can I take a plot loan with a home loan?

No, these loans cannot be taken by a borrower simultaneously.

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

The loan amount is for up to 70% of the property value. 

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

A plot loan is taken to buy a piece of land within municipal limits or a specified land location.  

What is a Balance Transfer on Plot Loan?

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

Do I get any tax benefits on a plot loan?

A Plot loan combined with a construction loan will give tax benefits.  

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

In case of a Plot Loan with construction loan, the construction needs to begin before the designated time. 

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