A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    DHFL Plot loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.65% - 10.25% Floating
    5,000 to ₹20,000 One time fee
    1L - 5Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Home Loan BYTES FROM OUR KITCHEN

    Overview of DHFL Plot Loans:

    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.

    Features and Benefits:

    • The loan tenure ranges from a minimum of 1 year to a maximum of 20 years. The tenure does not extend beyond the applicant's retirement age (whichever is earlier). It is 60 years for salaried individuals and 65 for self-employed individuals.
    • The long tenure of 20 years enables borrowers to reduce the EMI amount, as they get enough time to pay back the loan. This helps them in repaying the loan without disrupting their monthly budget.
    • Plot loan can be availed for buying nonagricultural land. The same needs to lie within Municipal / Local Development Authority limit.
    • The lending rates for this type of loan is based on the DHFL’s Retail Prime Lending Rate (RPLR). Please note that this fluctuates from time to time based on the prevalent market conditions.
    • DHFL provides customers with different options for repaying their plot loan. They can either pay back the loan through ECS (Electronic Clearing Service), which is based on standing instructions to the borrower’s bank. Customers can also choose to pay EMIs towards the loan via postdated cheques drawn on their bank account.

    Eligibility:

    • If the applicant is self-employed then he/she should not be more than 65 years old, and salaried individuals should not be more than 60 years old to avail the loan.
    • One can apply for DHFL plot loans either individually or jointly (with a spouse or close family member).
    • Applicants can avail a plot loan, from DHFL, of up to 75% of the direct allotment letter + stamp duty + registration fee, or 75% of market value of the plot (whichever is lower). You can avail a higher amount of loan by including an earning co-applicant. Whether the applicant is eligible to avail a plot loan or not, and loan amount to be disbursed is determined taking into account the following factors -
      1. Applicant’s loan repayment capacity
      2. Age of the applicant
      3. Applicant's educational qualifications
      4. The stability and continuity of applicant’s income
      5. The number of dependents on the primary applicant
      6. Income of co-applicant
      7. Assets held and savings habit of the applicant
      8. Applicant’s saving habits

    Fees and charges:

    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 Service Tax and Cess, as applicable, is also charged in addition to the aforementioned processing fee.

    Documentation:

    To successfully avail plot loan from DHFL, one needs the following documents -

    • All the documents in compliance with standard KYC norms.
    • Valid identity proof issued by the government - passport, aadhar card, voter ID card, driving license, PAN card.
    • Proof of residence - telephone bill, electricity bill, ration card, etc.
    • Copy of educational qualification certificates.
    • Details of contract, only if applicable
    • Passport size photographs of primary applicant and co-applicants.
    • Proof of income - valid salary slips, bank statements of last 6 months, form 16/IT returns, PAN card. The number of months (of which salary slips and bank statements are required) varies according to the professional profile of the applicant.

    Frequently Asked Questions (FAQs):

    1. What is a co-applicant? Who can be my co-applicant if I am availing a plot loan from DHFL?

      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.

    2. How do I figure out the right time to apply for a plot loan?

      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.

    3. What is the meaning of fixed rate of interest?

      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.

    4. Does DHFL ask for a guarantor to avail plot loans?

      No, you do not need a guarantor to avail plot loan from DHFL. You can have a co-applicant, instead.

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