HDFC Plot Loans or Self-construction Loans for Salaried and Self-employed

HDFC Plot Loans

What is HDFC Plot Loan?

HDFC provides loans to borrowers for the purchase of a plot of land to build their dream homes. Construction loans are given to both self-employed and salaried people. Borrowers can also get better deals and offers on credit cards with a good credit score.

Why HDFC Plot Loans?

  • 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 counseling 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.

Types of HDFC Plot Loans for Self-employed

  • TruFixed Home Loan

The TruFixed Home Loan gives a fixed rate up to 2/3 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.

HDFC Plot Loan Interest Rates for Self-employed

  • TruFixed 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%
  • 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 

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 documents required for self-employed

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.

HDFC Plot Loan Charges for Self-employed

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.

Conversion fees

HDFC provides switching of schemes for lowering interest rates.

Others

Cheque dishonour fees, fees for external opinion, property insurance, charges for delayed payments, etc. are some other charges.

HDFC Plot Loans for Salaried Individuals

The loan can be applied individually or collectively and the co-applicants must be the proposed owners of the plot.

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.

Type of plot loans for salaried individuals:

  • TruFixed Home Loan This loan provides customers with a part adjustable rate term and a part fixed rate term. In this type, one can avail fixed rate up to 2/3 years after which it changes to adjustable rate. The total number of years sums up to 15 years.
  • Adjustable Rate Loan Related to HDFC’s Retail Prime Lending Rate (RPLR), this loan has an interest rate that is revised every three months.

HDFC plot loan interest rates for salaried individuals

  • TruFixed 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%
  • Adjustable Home Rate Loan

For self-employed professionals, RPLR is 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

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

HDFC plot loan documents required for self-employed

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.

HDFC Plot Loan Charges for Self-employed

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

Conversion fees

HDFC provides switching of schemes for lowering interest rates.

HDFC Plot Loan FAQ 

  • How can I apply for HDFC Plot Loan? Make an application at your nearest HDFC branch or download it from HDFC official website and submit it along with the required documents and processing fee at any HDFC branch.
  • What are the determining factors for availing HDFC loan facility? Primary factors for availing HDFC loan are the income and the loan repayment capacity of the customer. Others include borrower’s age, qualification, assets and liabilities, savings, etc.

HDFC Construction Loan

Home Construction Loan for Salaried

HDFC Construction loan helps in building your home from scratch and can be a fulfilling and enriching experience. You can build your own home tailored as per your imagination and family needs.

Home Construction Loan Essentials

HDFC Home Construction Loan can be applied individually or jointly. All the co-applicants need not be co-owners, but all proposed owners must be co-applicants.

The maximum payment period allowed for all home products are 20 years other than for Telescopic Repayment Option under the Adjustable Rate Home Loan which is 30 years. The tenure also depends on various factors of the borrower such as age, income, assets, etc.

Home Construction Loan Amount

Loan Amount Maximum Funding
Up to Rs. 30 lacs 90% of the property cost
Rs. 30 lacs- Rs. 75 lacs 80% of the property cost
Above Rs.75 lacs 75% of the property cost

Note: The maximum loan amount may vary as per the capacity of the borrower as assessed by HDFC.

Types of Home Loans

    • Adjustable Rate Home Loan: A home loan under this scheme is linked to Retail Prime Lending Rate (RPLR) of HDFC. The interest rate is revised every three months starting from the first disbursement date.
    • TruFixed Home Loan – 2 / 3 Year Fixed Rate Variant: A part fixed rate and a part adjustable rate term; this scheme has a fixed rate for up to 2/3 years. Later it converts to adjustable rate, totalling up to a term of 20 years.

HDFC Construction Loan Interest Rates

For Salaried: RPLR is 16.75%

Loan Slab Interest Rate
For women: up to Rs. 30 lacs 8.80 to 9.30
Others: up to Rs. 30 lacs 8.85 to 9.35
For women: Rs. 30 lacs- Rs.75 lacs 8.95 to 9.45
Others: Rs. 30 lacs- Rs.75 lacs 9.00 to 9.50
For women: Rs.75 lacs and above 9.00 to 9.50
Others: Rs.75 lacs and above 9.05 to 9.55

TruFixed Loan

RPLR 16.75%

Loan Slab Interest Rate
For women: up to Rs. 30 lacs 9.30 to 9.80
Others: up to Rs. 30 lacs 9.35 to 9.85
For women: Rs. 30 lacs- Rs.75 lacs 9.45 to 9.95
Others: Rs. 30 lacs- Rs.75 lacs 9.50 to 10.00
For women: Rs.75 lacs and above 9.50 to 10.00
Others: Rs.75 lacs and above 9.55 to 10.05

HDFC Construction Loan Documents Required

Below mentioned are the following documents applicants/ co-applicants need to submit with a completed and signed application form.

  1. Identity and Residence: Valid Passport, Aadhaar Card, Valid Driving Licence or Voter ID Card.
  2. Proof of income: Last 3 months’ Salary Slips, Last 6 months’ Bank Statements with salary credits, Latest Form-16 and IT returns
  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: Appointment or contract letter if employer is less than a year old, Cheque for processing fee in favour of ‘HDFC Ltd.’, Last 6 months of bank statements showing repayment of current loans if any, Passport size photographs of all the applicants / co-applicants and Own Contribution Proof.

HDFC Construction Loan Calculator

The official website of HDFC gives you the complete break-up of repayment options of your loan. The bifurcation of principal loan amount, interest amount, total amount payable and the monthly EMIs as per your loan plan.

Terms and Conditions

  • Security: HDFC requires some security interest on the loan or any other collateral.
  • Other conditions: Some information is provided here for the awareness of HDFC products and services. Visit the website to know about them in detail.

Role of Loanyantra: Loanyantra provides you all the necessary details about the type of loan you wish to borrow. Helping through every step of the process, it guides you through all the available options with ease by putting on the table the detailed calculations, facts and figures.

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.