RBL Bank Plot & Land Loan

If you have a dream of building your own home on a plot of land, you might be interested in RBL Bank Plot Loan. This is a special loan product that helps you buy a plot of land for residential purposes. Here, we will tell you everything you need to know about RBL Bank Plot Loan, such as its features, interest rates, fees and charges, eligibility criteria, and documents required. We will also share some useful tips on how to apply for this loan and what to keep in mind while doing so.

RBL Bank Plot Loan – What Does It Mean?

A RBL Bank Plot Loan is a loan that you can avail of to purchase a plot of land for residential purposes. You can use this loan to buy a plot in an approved project or a standalone plot from an individual seller. You can also use this loan to construct a house on the plot within a stipulated time period. RBL Bank Plot Loan is a term loan with a repayment period of up to 15 years. You can choose to pay the interest only during the construction period and start paying the principal and interest after the completion of the construction.

RBL Bank Plot Loan Interest Rates

The interest rate for RBL Bank Plot Loan depends on various factors, such as your credit score, loan amount, loan tenure, loan to value ratio, and the type of plot you are buying. The interest rate can vary from 10.05% p.a. to 14.50% p.a. The bank also offers fixed rate interest on plot loans for up to 3 years. Here is a table that shows the indicative interest rates for different loan amounts and tenures.

*Note: The interest rates are subject to change at the sole discretion of the bank. The interest rates mentioned above are indicative and for reference only. The actual interest rate applicable to your loan will be based on your credit profile, loan amount, loan tenure, and other factors as decided by the bank.

RBL Bank Plot Loan Fees And Charges

Apart from the interest rate, you also need to pay some fees and charges to avail RBL Bank Plot Loan. These include:

• The processing fee for RBL Bank Plot Loan is up to 1.5% of the loan amount plus applicable taxes.

• The prepayment charges for RBL Bank Plot Loan are as follows:
  • For fixed rate loans: 2% of the outstanding loan amount plus applicable taxes if prepaid within 3 years from the date of first disbursement. No prepayment charges thereafter.
  • For floating rate loans: No prepayment charges.

• The foreclosure charges for RBL Bank Plot Loan are as follows:
  • For fixed rate loans: 2% of the outstanding loan amount plus applicable taxes if foreclosed within 3 years from the date of first disbursement. No foreclosure charges thereafter.
  • For floating rate loans: No foreclosure charges.

• Other charges: These include charges for cheque bounce, late payment, loan statement, duplicate NOC, legal fees, technical fees, valuation fees, stamp duty, and other statutory charges as applicable.

*Note: The fees and charges are subject to change at the sole discretion of the bank. The fees and charges mentioned above are indicative and for reference only. The actual fees and charges applicable to your loan will be based on your loan agreement and other terms and conditions as decided by the bank.

RBL Bank Plot Loan Eligibility Criteria

To be eligible for RBL Bank Plot Loan, you need to meet the following criteria:

• You should be an Indian citizen and a resident of India.
• You should be at least 21 years old at the time of applying for the loan and not more than 65 years old at the time of loan maturity.
• You should have a regular source of income, either as a salaried employee or a self-employed professional or businessman.
• You should have a minimum net monthly income of Rs. 25,000 for salaried applicants and Rs. 2 lakh for self-employed applicants.
• You should have a good credit history and a satisfactory repayment track record of your existing loans and credit cards.
• You should have a clear title of the plot that you want to buy with the loan.
• You should have a valid proof of identity, address, income, and property documents.

RBL Bank Plot Loan Documents Required

To apply for RBL Bank Plot Loan, you need to submit the following documents along with your loan application form:

1. Proof of identity
2. Proof of address
3. Proof of income:
   1. For salaried applicants – latest salary slips, Form 16, bank statement for the last 6 months, etc. 
   2. For self-employed applicants – income tax returns, balance sheet, profit and loss account, bank statement for the last 6 months, etc.
4. Proof of property.

*Note: The documents required are subject to change at the sole discretion of the bank. The documents required, mentioned above, are indicative and for reference only. The actual documents required for your loan will be based on your loan application and other terms and conditions as decided by the bank.

Features Of RBL Bank Plot Loans

RBL Bank Plot Loan offers some attractive features that make it a suitable option for buying a plot of land for your dream home. Some of these features are:

• You can get a loan amount of up to Rs. 10 crore for buying a plot of land for residential purposes.
• You can choose a repayment tenure of up to 15 years for your plot loan, depending on your loan amount and repayment capacity.
• You can opt to pay only the interest during the construction period and start paying the principal and interest after the completion of the construction. This can help you reduce your monthly outgo and manage your cash flow better.
• You can choose to pay a fixed rate of interest on your plot loan for up to 3 years. This can help you protect yourself from fluctuations in market interest rates and plan your budget accordingly.
• You can transfer your existing plot loan from another bank or financial institution to RBL Bank at a lower interest rate and save on your interest costs. You can also avail a top-up loan on your existing plot loan for your personal or business needs.
• You can apply for RBL Bank Plot Loan online or offline, as per your convenience. The bank offers a quick and simple process for approving and disbursing your loan. You can also track your loan status online and get instant updates on your loan application.

Things To Remember While Applying For A RBL Bank Plot Loan

Before you apply for a RBL Bank Plot Loan, you should keep the following things in mind:

• By using the bank’s online eligibility calculator or getting in touch with customer service, you should be able to determine if you qualify for the loan. This will help you avoid any rejection or delay in your loan approval.
  
• You should compare the interest rates and fees offered by different banks and financial institutions for plot loans and choose the one that suits your needs and budget. You should also factor in other charges, such as prepayment charges, foreclosure charges, etc., while comparing the loan offers.
  
• Read the loan agreement carefully and understand the terms and conditions of the loan before signing it. You should also check the loan schedule and repayment plan and ensure that you can afford the monthly installments. You should also clarify any doubts or queries that you may have with the bank’s representative before finalising the loan.
  
• Maintain a good credit score by paying your existing loans and credit card bills on time and avoiding any defaults or delays. A good credit score will help you get a lower interest rate and a higher loan amount for your plot loan.
  
• Plan your repayment and stick to it. You should pay your EMIs on time and avoid any late payment charges or penalties.