Month: November 2018

HDFC Plot Loans in India for Self-employed NRIs

HDFC Plot Loans

What is HDFC Plot Loan for NRIs?

HDFC provides loans to borrowers for the purchase of a plot of land in India to build their dream homes. It is given to both self-employed and salaried people. Borrowers with a good credit score can avail better deals.

Why HDFC Plot Loans?

Loanyantra explains what are the benefits one can enjoy while you opt for HDFC plot loan in India. HDFC provides exclusive services to self-employed NRIs .

  • Loans to NRIs, PIOs and OCIs for purchase of a plot in India through direct allotment
  • Loans for purchase of a resale plot in India.
  • Loans for transferring your outstanding loan availed from another bank / Financial Institution in India
  • No hidden charges.
  • There is no pre-payment penalty
  • Offers attractive interest rates that are affordable and easier for your pocket.
  • Customized repayment options to suit your requirement.
  • Lower processing fees compared to various other lenders.
  • Expert counselling in legal and technical aspects for a seamless transaction

Features of HDFC Plot Loans

Loan Term:  The maximum limit for borrowers to distribute their payments of loan is 15 years. The term also depends on the type of scheme chosen and the customer’s profile, age of the customer at the time of loan maturity and age of the plot at the time of loan maturity are also the deciding factors of loan term.

Maximum Loan Amount

Loan Amount Maximum Funding
Up to Rs.20 lakh 90% of the property price
Rs.20.01 lakh to Rs.75 lakh 80% of the property price
Over Rs.75 lakh 75% of the property price

Note: If the property is outside city limits, the maximum funding of the loan can be restricted to 70% of the property cost.

HDFC Plot Loan Documents Required for Self-employed NRIs

These are the documents to be submitted by the applicants and co-applicants along with an application for the approval of loan:

  1. Identity and Residence: Valid Passport, Aadhaar Card, Valid Driving Licence or Voter ID Card.
  2. Proof of income: Income Tax Returns (ITR) of 3 years, Savings account statements of the individual and current account statements of the business entity of last six months or Balance sheet and Profit and Loss account statements with schedules/annexures (all documents to be attested by a CA for points 2 and 3).
  3. Property related: Allotment letter or agreement copy of buyer and Title deeds in case of a resale with previous property documents.
  4. Other documents: Latest Form 26AS, business profile, list of directors and shareholders with their individual shareholding certified by a CS/CA in case of the business entity being a company, Memorandum and Articles of Association of the company, partnership deed if a partnership firm.

Types of HDFC Plot Loans for Self-employed NRIs

  • TruFixed Home Loan – 2/3 Year Fixed Rate Variant

The TruFixed Home Loan gives a fixed rate up to 2 or 3 years, after which the loan will change to an adjustable rate loan automatically, totalling up to a total of a 15-year loan term. It provides customers a part fixed rate term and a part adjustable rate term.

  • Adjustable Rate Loan

The adjustable rate plot loan is linked to HDFC’s Retail Prime Lending Rate (RPLR). The interest rate on the loan is revised once in every three months if there is a change in the RPLR, taking the date of the first disbursement into account. A rise in the interest rate will result an increase in the EMI’s interest component which in turn will reduce the principal component. This will extend the loan term, and vice versa, in cases where the interest rate drops.

Plot Loans for Self-employed NRIs by HDFC Bank
Plot Loans for Self-employed NRIs by HDFC Bank


HDFC Plot Loan Interest Rates for Self-employed 

  • TruFixed Loan – 2 Year Fixed Rate Variant

The Retail Prime Lending Rate (RPLR) is 16.65%

Loan Slab up to Rs.75 lakh
Interest Rate (%  PA) 9.15 to 9.65%
  • Adjustable Home Rate Loan

For self-employed professionals, the Retail Prime Lending Rate stands at 16.65%

Loan Slab Interest Rates (%  PA)
For women (up to 30 lakh) 8.70 to 9.20
For others (up to 30 lakh) 8.75 to 9.25
For women (above 30 lakh) 8.80 to 9.30
For others (above 30 lakh) 8.85 to 9.35

HDFC plot loan interest rates for self-employed non-professionals

  • TruFixed Loan – 2 Year Fixed Rate Variant

For self-employed non-professionals, the Retail Prime Lending Rate stands at 16.65%

Loan Slab Interest Rates (%  PA)
For women (up to 30 lakh) 8.75 to 9.25
For others (up to 30 lakh) 8.80 to 9.30
For women (above 30 lakh) 8.75 to 9.35
For others (above 30 lakh) 8.90 to 9.40
  • Adjustable Rate Home Loan:

    The Retail Prime Lending Rate (RPLR) is 16.65%

 

Loan Slab up to Rs.75 lakh
Interest Rate (%  PA) 9.15 to 9.65%

Note: The above rates by HDFC might be revised at the time of disbursement.

HDFC Plot Loan Charges for Self-employed NRIs

Some charges and fees applied for loan approval are mentioned below:

Processing fees:

For self-employed professionals – Rs. 3,000 or up to 0.50% of the loan amount whichever is higher + other applicable taxes

For self-employed non-professionals – Rs. 4,500 or up to 1.50% of the loan amount whichever is higher + other applicable taxes

HDFC Plot Loans and Loanyantra – 

Get the best interest rates for your plot loan. We understand how important your dream is and hence, we can place ourselves in your shoes. Take the expert’s guidance and get the best-suited product and best-fit offer. Loanyantra took hundreds of customers dreams as its and fulfilled every minute one.  Know every minute detail about each offer about top lenders in India. Just a missed call can get everything to your door step. 040-71011991.

 

NRI Personal Loans Hand Book

NRI Personal Loans are the most common source of finance which helps Indian citizens residing in foreign countries to avail personal loans in India. Almost all the major private and public banks offer NRI personal loans. There are two types of personal loans offered in India-secured loans and unsecured loans. Secured loans are loans wherein it is secured against an asset, be it home, car or any item of high value, whereas unsecured loans are those in which one does not require give in any security or collateral, the lender relies on the borrower’s contractual obligation to repay the loan back.

Nri Personal loans
NRI Personal Loans

If an NRI has to travel urgently or if any personal emergency situation rises up, then a personal loan can be their aid and it can help them to tide over the contingency in the short period of time. Similarly, if one is looking to buy any consumer durable but is in short of cash, a personal loan can help to finance the purchase. All one got to do is choose the right lender and then apply for a loan amount as required.

An NRI personal loan falls under the category of secured loans in which the borrower pledges his/her property or asset as collateral to the lender. Furthermore, the borrower is also expected to submit relevant documents for the application of the loan. The document requirement differs from person-to-person and it mainly depends on the profession of the prospective borrower.

Documents required for NRI Personal Loan

•A copy of your passport and visa.

•Salary certificate in English, specifying name, date of joining, designation and salary details.

•Both domestic (NRE/NRO/FCNR) and international bank statements for the last six months.

•If the applicant is not available in India when the application form is submitted, then a General Power of Attorney duly attested by the Indian consulate in the NRI’s resident country needs to be submitted. If applicant is present in India then the Power of Attorney can be locally notarized.

•A copy of NRI’s appointment letter as well as contract.

•In case the applicant is employed in the Middle East, then they need to submit a copy of their labour card/identity card that is translated in English and countersigned by the respective consulate.

•In case the applicant is employed in the merchant navy, then they need to submit a copy of their CDC as well as their contract slip with Income details.

Few major banks that offer NRI Personal Loans are – 

State Bank of India

ICICI Bank

HDFC Bank

Kotak Mahindra Bank

Punjab National Bank

Axis bank

Citibank

NRI Personal Loan Via Loanyantra –

Loanyantra tries to get the best interest rate in the market by the top lenders in India. Along with that you can also avail prevailing offers by Loanyantra say, cash back offer, referral offer which might save a 0penny for you. Also going through Loanyantra can make you aware of the offers run by different banks viz, processing fee waiver period, etc. In today’s busy world, going to the banks directly and getting information from the banker is really tough. And hence came up Loanyantra, with a mission to create awareness among people about banks offers and savings.

All you need to do is to just give a missed call to our number and our customer relationship manger will call you for more detailed discussion to know your requirement and suggest the best suited product.