Bank of India Plot Loans

Bank of India provides financing schemes for individuals who purchase land for residential property construction. The Star Home Loans offer flexible features and customisation options. For added flexibility, enjoy a repayment tenure of up to 360 months and a 36-month holiday period. Borrowers also receive comprehensive protection with free accidental insurance coverage up to Rs. 5.00 Crores. Bank of India Plot Loan offers a variety of options, making it an attractive choice for those planning to buy land.

Following are the key highlights of the Bank of India Plot Loan

Bank of India Plot Loan Interest Rates

Below is the table for the Bank of India Plot Loan Interest Rates

Bank of India Plot Loan Fees and Charges

You should know the fees and charges before applying for the Bank of India Plot Loan.

Bank of India Plot Loan Eligibility Criteria

Applicants should meet the eligibility criteria mentioned by the bank to avail themselves of the Bank of India Plot loan.

Bank of India Plot loan Documents Required for Salaried

Listed below are the documents required for salaried employees to access the Bank of India Plot loan

• Proof of Identity: PAN Card, Passport, Driver’s License, Voter ID
• Proof of Address: Passport, Driver’s License, Aadhar Card, Latest Electricity Bil, Latest Telephone Bill, Latest Piped Gas Bill
• For Salaried Individuals: Latest 6 Month Salary/Pay Slip, One-year ITR/Form 16

Bank of India Plot loan Documents Required for Self-employed

Listed below are the documents required for Self-employed to avail of the Bank of India Plot loan

• Proof of Identity: PAN Card, Passport, Driver’s License, Voter ID
• Proof of Address: Passport, Driver’s License, Aadhar Card, Latest Electricity Bil, Latest Telephone Bill, Latest Piped Gas Bill
• For Salaried Individuals: Last 3 years ITR with Computation of Income, Profit & Loss Account, Balance Sheet, Capital Account Statement

Features of Bank of India Plot Loans

Let’s look at the features of the Bank of India Plot loan below

• Bank of India Plot Loan offers a flexible repayment tenure, extending up to 360 months, allowing borrowers to choose a duration that suits their financial situation.
• With competitive interest rates, the Bank of India ensures affordability for borrowers, making the plot loan an attractive financing option.
• Borrowers can benefit from a holiday period of up to 36 months, providing relief from EMI payments during the initial plot development or construction stages.
• Bank of India Plot Loan caters to individual needs, offering customised financing solutions tailored to the borrower’s requirements and ensuring flexibility throughout the loan process.
• The plot loan provides comprehensive coverage, encompassing various aspects such as insurance, ensuring added security and protection for borrowers throughout the loan tenure.

Things to Remember while Applying for a Bank of India Plot Loan

Here are a few things to remember while applying for a Bank of India Plot Loan.

• Verify that you meet the Bank of India’s eligibility criteria for plot loans, considering factors like income, age, and credit history.
• Gather all required documents, including proof of identity, address, income, and property details, to streamline the loan application process.
• Determine the loan amount needed based on the plot’s cost, additional expenses, and repayment capacity, ensuring affordability.
• Compare Bank of India’s plot loan interest rates with other lenders to secure the most competitive rate. This can potentially save you on interest expenses over the loan term.
• Evaluate the features Bank of India offers for plot loans, such as repayment flexibility, holiday periods, and additional benefits, to choose the most suitable option for your needs.