A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Composite Loan

    Composite loan is a loan extended by banks and financial institutions for the purpose of purchasing a plot or land and constructing a house on it within a given a timeline. It’s a combination of plot loan and construction loan. In this type of loan, the cost of both land or plot and construction of the house is covered.

    Bank Interest rate Best for
    HDFC 8.60% onwards Higher Term of 15 Years
    SBI 8.70 onwards Rate of Interest on Daily Reducing Balance
    DHFL 9.75% Higher Term of 30 Years
    PNB Housing 10.05% onwards Higher Funding of up to 90% of the property market value
    ICICI 8.80% onwards Large Branch Network

    HDFC Composite Loan

    Key Highlights
    • Loans for purchase of plot or land through direct allotment or resale.
    • You can balance transfer from another bank.
    • Zero repayment charges.
    • Eligibility Criteria is 18-65 years of age, both for Salaried/Self-Employed Indian Resident.
    Interest Rate Tenure Loan Amount Processing Fee
    8.60% onwards 15 years Up to and including Rs.30 lakh: 80% of the property value. Salaried: Up to 0.50% of the loan amount or Rs.3,000
    Rs.31 lakh – Rs.75 lakh: 80% of the property value. Self-Employed Professionals: Up to 0.50% of the loan amount or Rs.3,000
    Above Rs.75 lakh: 75% of the property cost. Self-Employed Non-Professionals: Up to 1.50% of the loan amount or Rs.4,500

    *(whichever is higher) + Taxes

    SBI Composite Loan

    Key Highlights
    • Low rate of interest.
    • No prepayment charges.
    • Interest rate on daily reducing balance.
    • Repayment up to 10 years.
    • Interest concession for women borrowers.
    • Low processing fees.
    • Eligibility criteria is 18-65 years of age.
    Interest Rate Tenure Loan Amount Processing Fee
    8.70% onwards Up to 10 years Up to Rs.15 crore 0.35% of the loan amount + taxes, subject to a minimum of Rs.2,000 and maximum of Rs.10,000.

    DHFL Composite Loan

    Key Highlights
    • Loan term up to 30 years.
    • EMI calculated on monthly reducing balance.
    • Resident and Non-Resident Indians can apply.
    • Eligibility criteria is 21-65 years of age.
    Particulars Tenure Loan Amount Processing Fee
    Salaried Up to 30 years Rs.5 crore Up to Rs.30 lakh: Rs.5,000 Above Rs.30 lakh
    Up to Rs.75 lakh: Rs.10,000 Above Rs.75 lakh: Rs.20,000
    Self-Employed Professionals
    Self-Employed Non-Professionals Net PAT: 0.5% + taxes Others: 1.5% + taxes

    *Document charges + taxes

    PNB Housing Composite Loan

    Key Highlights
    • Enhancement in loan amount if there’s escalations in cost.
    • Maximum funding of up to 90% of the market value for loans up to Rs.20 lakh.
    • Various types of home loan schemes to suit your needs.
    • Age should not be more than 70 years at the time of loan maturity.
    Interest Rate Tenure Loan Amount Processing Fee
    10.05% onwards Up to 30 years Up to Rs.20 lakh: 90% of the property value Rs.20 lakh and above
    Up to Rs.75 lakh: 80% of the property value Above Rs.75 lakh: 75% of the property value
    1% of the loan amount + taxes

    ICICI Composite Loan

    Key Highlights
    • Attractive interest rates and loan tenure.
    • Robust branch network.
    • Loan available to both within municipal limits as well as outside in case of direct allotment by development authority.
    • Eligibility criteria is 21-65 years of age.
    Interest Rate Tenure Loan Amount Processing Fee
    8.80% onwards Up to 30 years Rs.5 crore 0.5% of the loan amount

    Composite Loan Eligibility

    Below are the eligibility criteria to avail a composite loan:

    Criteria Salaried Self-Employed
    Age 18 years – 70 years
    CIBIL Score Above 750 Above 750

    Documents Required for Composite Loans

    Below are the set of documents required to avail a composite loan:

    Requirements Salaried Self-Employed
    Proof of Identity Voter’s ID, Driving License, Passport or PAN card
    Proof of Address Utility bills, Passport, Driving License
    Proof of Income Bank Statement of salary account for last three months and last six-month salary slips Audited financial statement of the past two years


    1. How will the bank decide the loan amount I am eligible for?

    Banks and lenders determine your eligibility by your income and repayment capacity. Other factors include your age, occupation, qualification, number of dependents, assets and liabilities, savings history, your spouse’s income (if any), and the stability and continuity of occupation.

    2. What are ways I can repay the loan?

    Banks and lenders offer several modes of repayment of the loan. You can set up standing instructions to your banker to pay the EMI through ECS (Electronic Clearing System), choose for direct deduction of EMI by your employer or you could issue Post-Dated Cheques (PDCs) from your salary account.

    3. In how many installments can the bank disburse the loan?

    Upon receiving your request, the bank or the lender will disburse the loan amount in full or in installments. In case of an under-construction property, the bank will disburse the loan in installments based on the construction progress, subject to assessment by the bank and not necessarily as per the developer’s agreement.

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