Saptagiri Grameena Bank Plot Loan Scheme
By Team CodeForBanks | March 26, 2024
Saptagiri Grameena Bank offers Saptagiri Plot Loan to its customers who are looking for loan for purchase of plot for constructing a residential unit on that plot. This is somewhat different from Home Loan as home loan is availed to buy a residential unit while plot loan is taken to buy a plot to construct a house on the purchased plot. The main purpose of Saptagiri Grameena Bank Plot Loan scheme is to offer loan to purchase of house plots in approved layouts.
Features of Saptagiri Plot Loan
| Scheme Name | Saptagiri Plot Loan |
|---|---|
| Interest Rate | 10.35% p.a. |
| Processing Fees | 1% of loan amount + GST |
| Loan Amount | Max. up to Rs.75 lakhs |
| Tenure | Maximum 15 years |
| Age of Applicant | Between 18 years & 70 years |
After taking Saptagiri Grameena Bank Plot Loan, the repayment is required to be made in Equated Monthly Instalments (EMI) within a specific tenure for which the loan is availed.
Eligibility: Who can apply for Saptagiri Plot Loan?
- Nationality: Applicant should be resident individuals and HUF
- Age: Entry age of the applicant should be 18 years and exit age is to be 70 years
- Applicant Type: Loan is offered to Salaried, Businessmen & P&SE People
- Income Criteria: Net Take Home Pay after deducting proposed loan EMI needs to be 40% of Gross Pay
- Credit Score: Applicant should have a good credit score
P&SE people should have 3 years experience. Pensioners must have adequate income to pay EMI. Staff members of Saptagiri Grameena bank will also be considered.
Tax Benefits on Plot Loan
Plot loan borrower is not eligible for availing income tax deductions on the repayment of principal and interest components of the plot loan.
Rate of Interest
| Tenure | Interest Rate |
|---|---|
| Up to 15 years | 10.35% |
Documents Required
Outlined below are documents required to apply for a plot loan,
- Duly filled and signed application form
- Address proof: voter id, ration card, driving license, passport, etc.
- Age proof
- Income proof: Any of passport, PAN card, voter ID, etc.
- PAN proof, Aadhaar card
- Proof of employment/ business
- Plot/land-related documents
- Layouts/drawings of the plot (approved by the proper authority)
Plot Loan EMI Calculator
You can use Plot Loan EMI calculator to calculate the amount which needs to be paid as EMI after you obtain the plot loan. In this calculator, you need to enter the loan amount, loan tenure and loan interest rate. It will show the EMI that needs to be paid by you.
Other Important Requirements for Saptagiri Plot Loan
| Requirement | Description |
|---|---|
| Margin | Maximum 25% of plot cost |
| Loan To Value (LTV) Ratio | Should not exceed 75% |
| Security | Equitable mortgage (EM) of plot to be purchased and EM should be registered |
| Layout | Layout for plot loan should be approved by CMDA / DTCP or by the respective Statutory Authority empowered for the purpose as per local rules |
Repayment Tenure
Maximum repayment can be done through 180 Equated Monthly Instalments (EMIs) & there will be no holiday period
Quantum of Saptagiri Plot Loan
For Salaried Applicants: 36 times of Gross monthly income
For Businessmen & P&SE People: 3 times of annual net income (average of latest 2 years)
| Location of Plot | Max. Loan Amount |
|---|---|
| Rural Areas | Rs.10 lakhs |
| Semi Urban | Rs.50 lakhs |
| Urban/Metro | Rs.75 lakhs |