DHFL offers eligible customers plot loan with interest rates ranging from 8.75% p.a. The maximum funding of the loan can be restricted to 75% of the property cost. The maximum term of your plot loan can be up to 20 years. The processing fee applicable is Rs.2,500 plus GST.
Established in the year 1984, DHFL works with the aim of providing housing finance assistance to lower and middle income groups, at affordable rates, in semi-urban and rural India. The company boasts of a rich history, and is the second housing finance company to be established in the country. Based in Mumbai, the company and has a widespread network of 365 offices spread across India. DHFL also has an international presence through its representative offices in Dubai and London for catering to the financial needs of NRIs. The organization has taken a progressive step in the arena of housing finance by tying up with leading private and public sector banks like United Bank of India, Punjab and Sind Bank, Central Bank of India and YES Bank.
Plot loans enable customers to avail financial assistance for buying a piece of land/plot of their choice. After acquiring the plot, you can construct a house/apartment/structure in tandem with your requirements. This also gives you the liberty to build your dream house according to your aesthetics, unlike buying a pre-existing house or flat. Plot loans are different from house loans because the latter provides financial assistance for buying a newly constructed or pre-existing house/apartment. Plot loans, on the other hand, offer funds for buying a plot on which the borrower can construct his/her house or apartment from scratch.
DHFL makes plot loans easily accessible to customers, by offering it at practical interest rates. The innovative plot loan scheme also comes with special features tailor-made to suit the varied need of the company’s wide customer base.
The loan amount depends on the annual income and ability to repay the loan. To know the exact amount which you can borrow as plot loan from DHFL, you need to contact the bank.
To be eligible, you need to fulfil the listed below criteria:
To know the margin, you need to contact the bank officials.
The processing fee charged for availing plot loans from DHFL is Rs. 5000 to Rs. 20,000 (for salaried and self-employed professionals), and Rs. 1.5% of the loan amount for self-employed nonprofessionals. Please note that GST, as applicable, is also charged in addition to the aforementioned processing fee.
The property to be purchased becomes the security. It is mortgaged till the entire loan is repaid.
The documents which need to be submitted at the time of availing a plot loan from DHFL are:
The repayment tenure of DHFL plot loan can go up to 30 years or till the applicant turns 60 years of age for salaried individuals and 70 years for self-employed individuals, whichever is earlier.
When you avail a loan, you can have a co-applicant for the same who is being offered as a collateral/security towards the loan. Co-applicants are also co-owners of the property for which the loan is being availed. Please note that all co-applicants need not be co-owners. A primary applicant usually chooses his/her spouse, son/daughter or one of the parents as co-applicant for the loan. You can do the same while availing a plot loan from DHFL.
You can apply for a plot loan before or after selection of the plot. The loan quantum is usually sanctioned in principle. This is done to let the buyers know of the amount they can avail of. This comes in handy for the borrowers to decide their budget and purchasing power. The loan is finally disbursed after a complete verification of the necessary documents, and finishing all the other procedures.
When the rate of interest remains unchanged during the entire duration of the loan, it is called fixed rate of interest. This also means that customers do not benefit even if plot loan interest rates drop, due to fluctuating market conditions, even during the duration of their loan.
No, you do not need a guarantor to avail plot loan from DHFL. You can have a co-applicant, instead.
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