A borrower can purchase a plot of land for construction thanks to this SBI plot loan, also known as a land loan. Nevertheless, construction must begin within five years of the loan approval. The maximum amount available under this SBI land loan is Rs. 15 crore.
Aspects of an SBI Plot Loan
- The interest rate on the SBI plot loan is competitive and reasonable.
- Additionally, this land loan has a minimal processing fee.
- There are no additional fees when applying for an SBI land loan.
- The daily reducing method is to calculate the interest on the SBI plot loan.
- The time frame for repayment is up to ten years.
- For female employees, SBI Realty Home provides an interest rate discount.
Interest rates for SBI Plot Loans in 2023
The following interest is in effect for SBI plot loans as of August 20, 2022:
| CIBIL Rating | Land Loan | Land Loan |
| Time Loan | CRE Term Loan | |
| 800 and above | 8.35% | 8.55% |
| 750-799 | 8.45% | 8.65% |
| 700-749 | 8.55% | 8.75% |
| 650-699 | 8.65% | 8.85% |
| 550-649 | 8.75% | 8.95% |
| >NTC/No CIBIL Score/-1 | 8.55% | 8.75% |
Interest rates for the first five years are as mentioned above.
- For those who fall back between Risk Grades 04 and 6, the interest rate will increase by ten basis points.
- Individuals without a salary account with SBI will receive an additional 05 bps.
- Women will receive a five bps interest rate concession.
Fee for SBI Land Loan Pre-approval
- The investigation and search report will be subject to an advocate’s fee.
- The valuation report will also be subject to a valuer’s fee.
Fee for SBI Land Loan After Approval
- The loan agreement will be subject to stamp duty fees.
- The borrower will be responsible for paying insurance fees.
- The borrower will also be responsible for paying the registration fee.
SBI Plot Loan Qualifications
- The SBI plot loan applicant must be a resident of India.
- The applicant must be at least 18 years old.
- The maximum age of the applicant is 65 years.
- The SBI plot loan has a 10-year maximum loan term.
Required SBI Plot Loan Documents
- An identification card from the employer
- Complete loan application
- Three photos in passport size
- Identity proof includes a passport, voter ID, PAN Card, and a driver’s license.
- Telephone bills, voter identification cards, electricity bills, property tax receipts, and passports serve as proof of residence.
- Non-salaried applicants must provide proof of their business address.
- For the past six months, provide a bank statement or passbook statement.
- Signatures of identification from the current bank
- Personal Assets and Liabilities Statement
- If the applicant is salaried, the employer must provide a salary statement.
- ITRs for the previous two years, from 16
- In the case of self-employed applicants, receipt of income tax paid
- In the case of a self-employed applicant, a copy of income tax returns
The submission of additional paperwork (for self-employed and salaried applicants)
When applying for the SBI plot loan, salaried and self-employed applicants must submit a few extra documents.
For Salaried applicants:
- Original salary certificate issued by the employer
- Copy of the last two financial years’ IT returns, acknowledgment by the IT department, and Form 16 TDS certificate
Self-employed candidates:
- A copy of the challans showing the advance income tax payment
- Copies of the last three years of I.T. returns or assessment orders
The necessary documentation for the guarantor
- Personal Statement of Assets and Liabilities
- Two photos in passport size
- Identification papers
- Evidence of residency
- Evidence of the business
- Signatures of Identification from the current bank