HDFC Plot Loan

Plot loans are granted by financial institutes and banks to customers who intend to construct their dream homes in the future. You can apply for a plot loan if you want to buy vacant land to buy your dream home in the future. Taking plot loans can be intimidating for some people due to the vast amounts they have to repay during their tenure.

However, if you make a solid financial plan before applying for a plot loan, you will be able to make informed financial decisions in the future after you take out a loan. The HDFC plot loan is granted to eligible applicants who buy lands to build their dream homes. 

The HDFC bank is known for offering affordable interest rates to customers compared to the other top banks in India at the time. If you want to apply for an HDFC land loan, this article covers all the details that you need to keep in mind before making the final call.

Some of the major features and benefits of the HDFC plot purchase loan that you need to keep in mind include:

• The maximum tenure that you can select remains around 15 years. Select a tenure that fits your financial conditions properly.
• The lowest interest rate that is offered by the HDFC bank for plot loans is 8.50% - 9.40%. Any kind of change in repo rate will reflect in the bank's changed loan rates.
• The LTV ratio for the plot loans remains on the lower side.
• The HDFC bank offers a land loan of up to 80% of the entire cost of the construction of your property.
• A loan processing fee is charged as part of the HDFC plot loan granting procedure.
• A plot loan does not necessarily provide the customers with any sort of tax relaxation. However, if you take the HDFC plot and construction loan, certain tax benefits can be offered to you on the construction loan.
• A very low processing fee of around Rs.3000 is involved in the procedure.
• You can always use the HDFC plot loan calculator to figure out which plan suits your budget the most before applying for the loan. Even after taking the loan, you can always come back to the official page of the bank to calculate the rest amount that you have to pay by the end of your tenure.
• No prepayment charges are involved if you decide to repair the entire amount in the middle of your tenure.
• The HDFC land loan lets you construct your home at your own pace according to your needs. It caters to your specific personal needs and eventually helps you in making your dream home.

Different banks offer different interest rates when it comes to plotting loans. The HDFC land loan interest rate also differs from one applicant to the other based on several factors. Your occupation and your monthly income play a huge role in determining your interest rate when you apply for a plot loan.

On average, the HDFC Bank offers an interest rate of 8.50% - 9.40% for the plot loans.

Take a look at the chart to figure out how much interest rate will be offered to you when you apply for the HDFC land loan.

This is the average Plot loan interest rate HDFC. The rates are calculated mostly on the basis of your occupation. These interest rates are offered to the customers. The rates can vary from time to time depending on several factors like your occupation, credit history, gender, and other factors.

Before you apply for the HDFC plot loan, make sure you go through the other interest rates offered by other banks in contemporary times to make sure you choose the right loan that fits your budget and suits your demands properly.

Take a look at the chart to compare and analyse the different interest rates that are offered by the top banks at the moment in India.

These are some of the leading banks in the country that offer plot loans to eligible applicants. The HDFC plot loan interest rate remains around 8.50% - 9.40% based on gender, credit history, and occupation. On the other hand, on average, the other leading banks like the State Bank of India, PNB Housing, and ICICI Bank offer an interest rate of 8.75%.

If you want to build your house with the help of the HDFC plot loan, several factors are there that you need to keep in mind when it comes to the HDFC loan criteria:

1. You must be an Indian resident to be able to apply for the HDFC loan for buying plots.
2. You need to have a stable source of income to apply for HDFC plot loans.
3. Salaried and self individuals can apply for the loan.
4. You can also apply for the plot loan with co-applicants.
5. You must be between 18 to 70 years old to be eligible for the HDFC plot purchase loan.
6. The maximum loan amount that you can borrow is 15 crores.
7. You can check your eligibility for an HDFC plot loan using the HDFC Plot Loan EMI Calculator.
8. Using the HDFC Plot Loan Interest Rate Calculator, you can easily check your monthly and total interest outgo on your plot loan.

The major documents that you will need to apply for the HDFC land loan are listed below:

• As identity and address proofs, you need to submit your Aadhaar card, voter ID, driving license, rent agreement, ration card, PAN card, and passport (any 1).
• Your utility bills such as your water bill, telephone bills, and electricity bills are also required when you apply for the plot loan.
• Your sale purchase arguments and sale deeds are also necessary.
• Your salary slips ITR returns, and qualification certificates are required if you are a self-employed professional.
• Your savings account statements and current account statements for the last six months are necessary.
• Your profit and loss account statements and balance sheet with proper schedules are also required.
• For self-employed individuals, your business profile, your partnership details, and your own contribution proof will be required by the bank before they grant the loan.

Apart from the HDFC landlord, the other loans that are offered by the bank include:

1. HDFC home loans. They offer around 8.50% - 9.40% interest rates to customers based on their credit history and other details regarding HDFC home loans.
2. There is a wide variety when it comes to HDFC personal loans. They offer marriage loans, travel loans, home renovation loans, debt consolidation loans, home loans for government employees, and Home Loans for Salaried Individuals.
3. Emergency loans are also offered by the HDFC bank to customers.
4. The bank also offers car loans that you can opt for if you intend to buy your dream car soon. If you are 21+ and earn more than 3 lakh per year, you can apply for the HDFC car loan.
5. The HDFC loan balance transfer scheme is also available to shift your current lender and make the HDFC Bank your new lender in the middle of your repayment tenure.