SBI housing loan portfolio offers unique loan products with customer-centric products and is very popular amongst the Indians. For customers who want to purchase a plot and construct the home of their dreams, SBI offers loans for plot purchase.
Types of State Bank of India Plot Loans:
SBI offers two specially designed plot loans for different classes of customers.
- Agricultural Banking Loan for Land Purchase:Designed especially for small and marginal agriculturists and landless laborers to aid the purchase of a plot, this scheme from SBI offers plot loans also with a view to consolidate and develop waste lands. The plot loan is also extended for development of irrigation facilities and land development under this scheme.
- Home Loans for Plot Purchase and Construction of House:Offered by SBI realty, this loan offers the customer an opportunity to purchase a plot for house construction. Under this scheme, customers are also eligible to avail further loans for house construction and can continue both loans concurrently.
Features and Benefits of SBI Plot Loan:
The following features offered by SBI Plot loans under the home loan portfolio sets it a league apart from other plot loan products in the market. Here are some of the benefits offered by SBI plot loans that benefit the borrower immensely.
- High Loan Quantum:SBI offers up to Rs.10 crores under personal financing for plot loans. Under agricultural baking, SBI offers up to 85% of the land cost to make the process of financing more convenient.
- Flexible Repayment Tenure:Customers can avail up to 15 years as repayment period. For agricultural plot loans, borrowers can choose a repayment period of 9 to 10 years with half-yearly instalments.
- Loan Extensions:Customers who have obtained a plot loans can also avail further loans for improvement of their plot. Agriculturists can take further loans for the development of irrigation facilities and others can take a home loan for the construction of a house with the added advantage of running both the loans simultaneously.
Eligibility for SBI Plot Loans:
The following is the eligibility for two plot loan schemes offered by SBI.
Eligibility for Plot Loans under Agricultural Banking:
- Marginal and Small Farmers in possession of less than 2 acres of irrigated land and 5 acres of unirrigated land in their names.
- Landless agricultural workers are also eligible for SBI plot loans.
- The applicant must have a constant record of prompt repayment of the loan for a minimum of of two years.
- Borrowers who have a good repayment record in other banks are also eligible on a condition that they liquidate their outstanding balance to the other bank.
Eligibility for Plot Loans under Personal Banking:
- The applicant must be a resident Indian. This loan products is also offered to NRIs.
- The applicant must have a constant source of income. Good credit history and repayment history are preferred.
- The construction of a dwelling unit for which the plot has been purchased should commence within 2 years from the date of availing SBI Realty Plot Loan.
Documents Required for SBI Plot Loans:
The following documents will be asked for during the application of SBI plot loans . A duly filled and signed application form has to be submitted along with the required documents.
- Identity Proof – either of a valid passport, voter ID card, Aadhaar card and valid driving licence
- Income Proof – PAN card, salary slips for the last 3 months, latest IT returns and form 16, bank statements for the last 6 months
- Property related documents like title deeds and copy of allotment letter or buyer’s agreement as applicable.
- Other documents like employer documents, own contribution proof, passport size photographs for applicants and co-applicants.
