HDFC Plot Loan
For all customers going pillar to post for an easy and affordable loan to purchase land, the HDFC Plot Loan is an option worth considering. Before getting into the details, let us understand what an HDFC Land Loan entails. A plot loan is made for the singular purpose of buying a piece of land. Contrary to a home loan, plot loans do not include aspects like the construction of the house and focus merely on the acquisition of the land. This offers more flexibility to borrowers without being shackled by a fixed timeframe within which they must construct their house.
|Purchase of plot through direct allotment or resale
|Up to 75% of the property value
|8.50% to 9.15% per annum
|Up to 15 years
|Up to 0.50% of the loan amount or Rs 3,000 (whichever is higher), plus applicable taxes
HDFC Plot Loan Interest Rates
Here’s a brief look at the interest rates offered by HDFC bank plot loan in India:
|Special Home Loan Rates (% p.a.)
|Standard Home Loan Rates (% p.a.)
|For All Loans*
|Policy Repo Rate + 2.00% to 2.65% = 8.50% to 9.15%
|Policy Repo Rate + 2.25% to 2.90% = 8.75% to 9.40%
HDFC Plot Loan Fees and Charges
Mentioned below is the complete list of charges applicable to an HDFC land loan:
|Name of the product
|Fees for Housing Loan/ Plot Loans for Housing (Salaried, Self-Employed Professionals)
|Upto 0.50% of the loan amount or Rs. 3000/- whichever is higher + applicable taxes / statutory levies.
|Fees for Plot Loans for Self-Employed Non-Professionals.
|Upto 1.50 % of the Loan amount or Rs. 4500/- whichever is higher applicable taxes / statutory levies.
|Delayed payment charges
|Maximum 18% p.a.
|As applicable in respective states
|Loan processing charges
|Maximum of 1% of Loan amount (* Minimum PF of Rs.7500/-)
|2.5% + GST
HDFC Plot Loan Eligibility Criteria for Salaried
Loan eligibility is chiefly contingent upon income and the ability to repay. Additional factors include the client's profile, age at loan maturity, property age at loan maturity, and investment and savings track record, among others.
|Up to 15 years
HDFC Plot loan Eligibility Criteria for Self-employed
The following are the eligibility criteria for Self- employed professional and non-professional individuals:
|Up to 15 years
HDFC Plot Loan Documents Required for Salaried Professionals
Mentioned below is the complete list of documents required for salaried professionals opting for an HDFC Housing loan for a plot.
- Proof of Identity: Aadhaar card, PAN Card, voter ID, or driver's License.
- Proof of Address: Utility Bills, Passport, Driving License, or ration card.
- Proof of Income: Salary slips, bank statements, and income tax returns.
- Other Documents: A duly filled and signed application form, two passport-sized photographs, a cheque for the loan processing fee, and property documents (if applicable).
HDFC Plot Loan Documents Required for Self-Employed Individuals
In addition to the documents mentioned above, self-employed individuals are required to present the following documents:
- Income Returns along with computation of income for at least the last 2 Assessment Years (of both the individual and the business entity and attested by a CA)
- At least the last 2 years’ Balance Sheet and Profit and loss A/c Statements, with Annexures / Schedules (of both the individual and the business entity and attested by a CA)
- Last 12 months' Current A/c Statements of the business entity and Savings Account Statements of the individual
Features of HDFC Plot loans
The HDFC bank plot loan comes with a host of exciting features and benefits. A few have been mentioned below:
- Fully digitalised process
- Customised repayment options
- Hassle-free documentation
- No hidden charges
- Expert legal and technical counseling
- 24x7 assistance
Things to Remember When Applying for an HDFC Plot Loan
Always keep the following tips and tricks in mind when applying for an HDFC housing loan for a plot:
- Conduct thorough research on plot loans, including interest rates and associated fees from various banks.
- Enhance your eligibility and negotiation position by maintaining a good credit score. Align with a lender whose Loan-to-Value (LTV) ratio suits your financial capacity.
- Assess repayment options for flexibility, considering factors like tenure and EMI amounts.
- Verify the completeness and clarity of property documents before purchase.
- Familiarise yourself with all charges related to the plot mortgage loan, including processing fees and late payment charges.
- Seek professional advice from financial or real estate experts for a well-informed decision on your plot loan.
Need Loan Assistance?
Connect with Loan Advisor Now!
- Systematic Investment Plan
- Employee Provident Fund
- Fixed Deposit
- Mutual Funds
- Recurring Deposit
- Systematic Investment Plan (SIP)
- Employees Provident Fund (EPF)
- Public Provident Fund (PPF)
- Voluntary Provident Fund (VPF)
- National Pension Scheme (NPS)
- National Savings Certificate (NSC)
- Senior Citizen Saving Scheme