Must Knows

HDFC plot loan: All you want to know

[] This article will help you understand all aspects related to HDFC plot loans.  

India’s leading housing finance company, HDFC provides various types of loans, including land loans. Moreover, HDFC land loans are one of the most competitively priced options available in the market. This article will have all details related to HDFC plot loans.

You are reading: HDFC plot loan: All you want to know

HDFC plot loan: Purpose

HDFC provides land loans to purchase plots:

  • Loans to purchase plots through direct allotment
  • Loans for the purchase of resale plots

HDFC land loan: Eligibility

HDFC offers plot loans only to Indian residents aged between 21 and 65 years. The land loan is offered to both self-employed as well as salaried individuals.

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HDFC plot loan: Latest interest rates

HDFC offers affordable land loans to customers based on their creditworthiness. It means those with good credit scores are eligible to get the best rates offered on HDFC plot loans.

During its festive offer of 2021, the lender is offering plot loans at 6.8% annual interest rate to customers whose credit score is over 800 points.

The detailed list of HDFC plot loan interest rates for various loan amounts as in November 2021 is given below:

HDFC plot loan slab HDFC plot loan annual interest rate range
For women (up to Rs 30 lakh) 6.85 – 7.35%
For others (up to Rs 30 lakh) 6.90 – 7.40%
For women (Rs 30.01 lakh to 75 lakh) 7.10 – 7.60%
For others (Rs 30.01 lakh to 75 lakh) 7.15 – 7.65%
For women (Rs 75 lakh and more) 7.20 – 7.70%
For others (Rs 75 lakh and more) 7.25 – 7.75%

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HDFC plot loan: Processing fees

Borrowers need to pay various types of charges to avail HDFC plot loans. These include:

Processing fees

Up to 0.50% of the loan amount or Rs 3,000, whichever is higher, plus applicable taxes.

Minimum retention amount

About 50% of the applicable fees or Rs 3,000 plus applicable taxes, whichever is higher.

Fees on account of external opinion

Fees on account of external opinion taken from advocates or technical valuers, whatever the case may be, is payable on an actual basis as applicable to a given case. Such fees are payable directly to the concerned advocate/technical valuer for the nature of assistance so rendered.

Property insurance

The customer needs to pay the premium amount directly to the insurance provider, promptly and regularly, to keep policy/policies alive at all the time, during the pendency of the loan.

Charges on account of delayed payments

Customers are liable to pay additional interest up to 24% per annum on delayed payment of interest or EMI.

Incidental charges

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Incidental charges and expenses are levied to cover costs, expenses, and other monies that may have been expended in connection with recovery of dues from a defaulting customer. A copy of the policy can be obtained by customers from the branch concerned. 

Statutory/regulatory charges

All applicable charges on account of stamp duty/MOD/MOE/Central Registry of Securitisation Asset Reconstruction and Security Interest of India or other such statutory/regulatory bodies and applicable taxes will be borne and paid (or refunded whatever the case may be) solely by the customer.

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Documents needed for HDFC land loan

Along with duly filled application form for plot or land loan, you will have to submit the following documents to get a land loan from HDFC bank:

Identity and residence proofs

PAN card, driving licence, passport, or voter ID card

Proof of income 

  • Last 3 months’ salary slips
  • Last 6 months’ bank statements, showing salary credits
  • Latest Form-16 and IT returns

Property documents 

  • Copy of allotment letter/buyers’ agreement
  • Title deeds, including the previous chain of the property documents in resale cases

 Other documents

  • Own contribution proof
  • Employment contract/appointment letter in case the documents related to current employment is less than one year old
  • Last 6 months’ bank statements, showing repayment of any ongoing loan
  • Passport size photographs of all applicants/co-applicants to be affixed on the application form and signed across cheque for processing fees in favour of ‘HDFC Ltd’

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HDFC plot loan tenure

 HDFC offers loans for the land purchase for the maximum of 15 years. The loan tenure is impacted by the customer’s profile, his age at the time of loan maturity, and the age of the property at loan maturity.

HDFC land loan maximum amount

Depending on your loan amount and the exact location of the land or plot, HDFC can offer you up to 80% of its value as a plot loan. If you are buying a plot outside city limits, HDFC will offer only up to 70% of the plot value as loan.

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Category: Must Knows

Debora Berti

Università degli Studi di Firenze, IT

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