Lowest HDFC plot loan rate is 7.05%, as applicable based on the PLR. Any change in PLR will translate into a similar change in the bank’s land loan rate. HDFC’s interest rates on loan for land purchase depend upon the loan amount, salary and occupation of the borrower and nature of the property.
HDFC loan for land purchase can be taken for different purposes by different borrowers. It can be taken either for the purchase of land for investment purposes, to construct a dream home, to construct one's desired personal space, or to conduct agricultural activities on that loan. HDFC provides the following land loans to its customers.
HDFC plot loans can be availed by both salaried and self-employed people who hold a good credit report. However, the borrower needs to meet the required eligibility factors. The loan can be availed for a maximum period of 30 years, which may differ based on the borrower's needs and repayment ability. Currently HDFC plot loan interest rate ranges between 7.05% to 7.75%. However, HDFC land loan interest rate may vary across borrowers based on occupation and income status.
HDFC Plot Loans
Loan for those individuals for the purpose of buying land or constructing a house on the acquired land.
Features of HDFC loan for plot purchase are listed as follows:
Loan to Value Ratio: The LTV ratio or Loan to Value ratio in case of a plot loan is comparatively lower. HDFC offers plot loan upto 80% of the cost of the property. However, the risk score of the customer is also an important feature for the LTV ratio in the case of HDFC plot loan.
Property Type: HDFC site loan is exclusive to some properties and not applicable to others. When the borrower plans to opt for a HDFC land loan, he needs to ensure certain things, for instance, the land must be located within the municipal limits. Further, it should not be located in an area that is under conflicts regarding authorizations or previous ownerships.
Loan Tenure: The time period for which you can avail a HDFC land loan is comparatively lower than that of a home loan. It may be borrowed for a maximum amount of 30 years which may vary across the customer's repayment ability.
HDFC Land Loan Benefits
Some of the benefits of availing HDFC Land loan are:
Tax Benefits: A plot loan may not provide any tax benefit when availed on its own. However, if you avail HDFC plot and construction loan, the borrower may enjoy a tax benefit on the construction loan. This means a plot loan provides benefits if availed together with a construction loan.
Specific to borrower's need: A plot loan is beneficial to the borrower as it is much specific to his or her needs in comparison to a home loan. Through HDFC land purchase loan, a customer can design and create his own space as per his or her needs. Thus, a plot loan caters to the needs of the borrowers in comparison to an already constructed home.
Affordable: Another key benefit of HDFC plot loans is that it is very affordable in nature. Plot loan by HDFC offers low processing fee at Upto 0.50%; Min 3,000; Max 10,000 and borrowers do not lose out from the loan amount in terms of processing fee. Further, the prepayment penalty is very low. It is even NIL in case of floating rate loan for individuals.
HDFC loan for plot purchase Eligibility Criteria
Individuals with financial stability whether salaried or self employed can apply for this loan.
Joint owners can apply for the loan as co applicants.
This loan is taken by salaried and self employed people.
Documents Required for HDFC Land loan
In order to avail of a plot loan, a borrower needs to meet the documentation process. The required document for a plot loan are:
Identity proofs: This includes Aadhar Card, PAN card, passport, driving license
Address proofs: This includes Voter ID card, ration card, rent agreement
Utility bills: Telephone, electricity bill, water bill, etc.
Bank documents: Copies of bank statement and passbook
Salary documents: salary slips, ITR returns and qualification certificates in case of self-employed professionals
How long will it take for HDFC land loan approval?
HDFC land loan is approved after meeting the required eligibility conditions and fulfilling the documentation requirements. Borrowers can even get instant approvals on plot loans through the online application portal.
What is the interest rate of a plot loan in HDFC?
The interest rate of HDFC plot loan ranges between 7.05% to 7.75%.
What is the processing fee for HDFC land loans?
The processing fee for HDFC land loan is Upto 0.50%; Min 3,000; Max 10,000.
Can I get a loan on land purchase from HDFC?
Yes, you can get a loan for land purchase from HDFC through the HDFC Plot Loans.
Can self-employed people avail HDFC Plot loan?
HDFC plot loan can be availed by salaried and self-employed people who have a decent credit track record.
2020-12-15 :Home loan interest rate to remain for the next 12 months HDFC expects that the lower interest rates regime will continue for another six to twelve months that will give the best home buying opportunity for the potential home buyers. The factors like the RBI infusing much-needed liquidity into the home loan sector, various concessions given like the stamp duty relaxations have extended the best buying opportunity for the customers.
2020-11-02 :HDFC Q2 net Profit reduced to 28% and NII rises 21% HDFC reported that the bank second-quarter net profit fell 28% to ₹2,870 crores, from ₹3,962 crores in the year-earlier period. Net gains on loans backed by retail loans like home, personal, gold, two-wheeler and car loans along with mudra and business loans stood at ₹159 crores. Further, net interest income rose 21% to ₹3,647 crore and net interest margin stood at 3.3%.
2020-10-01 :HDFC Bank launches festive season benefits HDFC Bank has launched ‘Festive Treats’. Customers can avail of special deals on all banking products from loans to bank accounts. The Bank is offering 50% off on the processing fees on auto loans, personal loans and business growth loans and zero processing fee on two-wheeler loans. Further, It is also offering special deals on various brands with credit and debit card purchases.
2020-09-21 :HDFC sanctions Rs 47K cr home loans to over 2 lakh homebuyers under govt’s CLSS Affordable home loans and loans linked credit subsidy scheme of the government targeted at lower and middle income segments have been growing steadily for HDFC. It has dissbursed more than 47k home loans under the government’s Pradhan Mantri Awas Yojana (PMAY) scheme in the past six months, including five months of lockdown period.
2020-07-30 :HDFC posted a net profit of Rs. 3613.60 crore HDFC posted a net profit aided by retails loans like home, personal, gold, car and two-wheeler loans along with the Business and mudra loans of Rs. 3613.60 crore. Further, Net interest income (NII) for the June quarter came at Rs 3,392 crore, up 10.17% YoY against Rs 3,079 crore in Q1FY20.
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