In case you intend to buy a residential plot within India, a plot loan can help you ultimately to purchase land without emptying your savings. The State Bank of India offers plot loans for as much as ₹20 lakh, making it easier for buyers to purchase land and later build their dream house.
What Is a Plot Loan?
A plot loan is given by banks and financial institutions to assist individuals in purchasing a residential plot. A plot loan stays different from the home loan as the home loan is taken to acquire a constructed house. In the case of a plot loan, it is for a land for residential construction.
Features of SBI Plot Loan
SBI plot loans attract far better interest rates and come with flexible repayment options. An amount of up to ₹20 lakh can be borrowed depending on the income, credit score, and repayment capacity of the applicant. The repayment period consists of anywhere between 5 years and 15 years, making it convenient for the salaried and self-employed.
Eligibility for SBI Plot Loan
An Indian resident having a stable income stream is eligible to take a plot loan from SBI. Both salaried and self-employed individuals can apply. Having a good credit score plays an important role in determining the interest rate and gets the loan approved.
Documents Required
An applicant should submit the KYC documents (such as Aadhaar and PAN), income proof (salary slips and ITR), bank statements, and documents related to the property such as the sale agreement and plot approval papers.
How to Apply
The applicant can apply for the SBI plot loan online at the SBI website or through physically visiting the nearest branch. One has to fill up the plot loan application form along with the required documents and select the loan amount and tenure. Once verified, SBI will sanction the loan and disburse the amount to the seller of the plot.
Concluding Thoughts
Investing in land and building wealth for the future can be made easier with an SBI plot loan. With funding assistance up to ₹20 lakh and flexible repayment options, it really makes land buying easy and affordable for the middle-class families.