HDFC plot loans also known as HDFC land loans are loans offered to applicants who wish to build their own home. This loan can be the right choice for individuals who prefer purchasing a plot and constructing their house on it without having to make any compromises. The plot loans offered by HDFC is applicable to both self-employed and salaried individuals and comes with attractive interest rates to turn their dream home into reality.
HDFC plot loans for self-employed individuals
Salient Features
- Self-employed individuals can apply for this loan if he/she is looking to:
- Purchase a plot that is being resold
- Purchase a plot through direct allotment in a housing society or a developer project
- Transfer his/her outstanding loan amount availed from another financial institution
- Customised repayment options offered to the borrower depending on the loan amount, loan tenure and interest rates provided by the bank.
- Attractive interest rates offered on the plot loans to make it affordable for the applicants.
- No hidden costs charged on the loan.
Who can apply HDFC plot loans self-employed?
Individuals can apply for this loan on their own or collectively. The co-applicants for the plot loans must be the proposed owners of the plot. Co-applicants generally comprise of family members and need not be co-owners of the property.
Loan term
- The maximum tenure up to which one can distribute his payments for his/her loan is 15 years.
- The loan term depends on the repayment scheme the applicant has opted for.
- The customer’s profile, age of the plot at the time of loan maturity, age of the customer at the time of loan maturity also play a role in deciding the 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* |
*The maximum funding of the loan can be restricted to 70% of the property cost, if the property is situated outside city limits.
Type of plot loans self-employed:
- TruFixed Home Loan - 2/3 Year Fixed Rate Variant
This loan provides customers a part adjustable rate term and a part fixed rate term. Under the TruFixed Home Loan, the applicant can avail fixed rate up to 2/3 years, after which the loan will change to an adjustable rate loan automatically, summing up to a total of a 15-year loan term.
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 professionals
- Adjustable Home Rate Loan
The Retail Prime Lending Rate for self-employed professionals stands at 16.65%
| Loan Slab |
Home Loan Interest Rates (% p.a) |
| 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 |
*The interest rates are applicable only for loans under the Adjustable Rate Home Loan Scheme of HDFC and can be revised at the time of disbursement.
- TruFixed Loan - 2 Year Fixed Rate Variant
The Retail Prime Lending Rate (RPLR) stands at 16.65%
| Loan Slab |
up to Rs.75 lakh |
Above Rs.75 lakh |
| Home Loan Interest Rates (% p.a) |
9.15 to 9.65% |
9.20 to 9.70 |
HDFC plot loan interest rates for self-employed non-professionals
- Adjustable Rate Home Loan
The Retail Prime Lending Rate (RPLR) stands at 16.65%
| Loan Slab |
up to Rs.75 lakh |
Above Rs.75 lakh |
| Home Loan Interest Rates (% p.a) |
9.15 to 9.65% |
9.20 to 9.70 |
- TruFixed Loan - 2 Year Fixed Rate Variant
The Retail Prime Lending Rate for self-employed non-professionals holds at 16.65%
| Loan Slab |
Interest Rates (% p.a) |
| 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 |
*The above mentioned interest rates are applicable for home loans under the Adjustable Rate Home Loan Scheme of HDFC and may be revised at the time of disbursement.
HDFC plot loan documents required for self-employed
Here are the documents you will have to submit for all the applicants and co-applicants along with the signed application form for the approval of your loan:
| Purpose |
Documents |
| Proof of identity and residence (Any 1) |
- Voter ID Card
- Valid Driving Licence
- Aadhaar Card
- Valid Passport
|
| Proof of income |
- Income Tax Returns (ITR) along with computation of income for the previous three assessment years.
- Savings account statements of the individual and current account statements of the business entity for the last six months
- Balance sheet and Profit and Loss account statements with schedules/annexures
(Documents of both the individual and the business entity should be attested by attested by a CA for points 2 and 3)
|
| Other documents |
- Business profile
- Latest Form 26AS
- 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 the business entity is a partnership firm
- Details of outgoing loans of the individual and the business entity with the outstanding amount, instalments, security, purpose, balance loan term, etc.
- Cheque for processing fee favouring HDFC Ltd.
- Passport size photograph of the applicants/co-applicants on the application form and signed across
- Own contribution proof
|
| Property related documents |
- Allotment letter/ buyer agreement copy
- Title deeds in case of a resale with previous property documents
|
HDFC plot loan fees and charges for self-employed
Given below is the list of fees/charges/other outgoings that can be payable depending on the type of loan applied for.
-
Processing fees:
- For self-employed professionals
Rs.3,000 or up to 0.50% of the loan amount whichever is higher, and other additional applicable taxes.
- For self-employed non-professionals
Rs.4,500 or up to 1.50% of the loan amount whichever is higher, and other additional applicable taxes.
| Adjustable Rate Home Loans (ARHL) |
Adjustable Rate Loans (ARHL):
- No prepayment charges will be payable on account of full/part payments for loans sanctioned to individual borrowers.
- For loans sanctioned to individual borrowers with firm, company, etc. as a co-applicant. Prepayment charges at 2% plus taxes, as may be applicable from time to time, of the amount being prepaid, are payable.
- The customer will have to submit documents that HDFC deems fit and proper to confirm the source of funds at the time of prepayment of the loan.
|
| Fixed Rate Home Loans (FRHL) |
Fixed Rate Loans (FRHL)
- No prepayment charges will be applicable for part/full payments made from own sources i.e., sources other a bank/NBFC/HFC or financial institutions
- The customer should submit documents that HDFC sees fit and proper to determine the source of funds.
- Prepayment charges will be 2% plus taxes and statutory levies and charges of the outstanding amounts being so prepaid through any financial institution or any bank and will be applied to all full/ partial prepayments.
|
| Fixed and Variable Rate Loans (Combination rate) |
Fixed and Variable Rate Loans (Combination rate)
- During the Fixed Rate period:
- The prepayment charges will be 2%, plus applicable taxes and statutory charges and levies of the outstanding amount being so prepaid through refinance from financial institutions or any banks and will be applicable to all partial/full prepayments.
- The customer must submit documents that HDFC approves to confirm the source of funds at the time of prepayment of the loan.
- During Variable Rate period:
- No prepayment charges will be applicable on account of full/partial prepayments for loan sanctioned to individual borrowers.
- For loans sanctioned to individual borrowers with firm, company, etc. as a co-applicants. Prepayment charges at 2% plus taxes and statutory charges, as may be applicable from time to time, of the amount being prepaid are payable.
The prepayment charges mentioned will be applicable the date of execution of the loan agreement. However, the charged are subject to change from time to time depending on the prevailing policies of HDFC. Customers can refer www.hdfc.com for the current charges applicable on prepayments.
|
-
Conversion fees: HDFC bank offers its existing customers the privilege of conversion facility to bring down applicable interest rates on the loan by switching between schemes. One can utilise this facility by paying a fee and choose to either reduce the loan tenure or the EMI. Here are the options of conversions available for the existing HDFC customers:
| Name of the service/product |
Name of the charge/fee levied |
When payable |
Frequency |
Amount in rupees |
| Switch to lower rate in Variable Rate Loans (Housing/improvement/extension) |
Conversion fees |
On conversion |
On every spread change |
Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap Rs.50,000 plus taxes whichever is lower. |
| Switching to Variable Rate Loan from Fixed Rate Loan (Housing/improvement/extension)
|
Conversion fees |
On conversion |
Once |
Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap Rs.50,000 plus taxes whichever is lower. |
| Switching from Trufixed Fixed Rate to Variable Rate Loan |
Conversion fees |
On conversion |
Once |
1.75% of the principal outstanding and undisbursed amount plus taxes at the time of conversion. |
| Switch to Lower Rate (Non-Housing Loans) |
Conversion fees |
On conversion |
On every spread change |
Half of the spread difference on the principal outstanding and undisbursed amount plus taxes, with a minimum fee of 0.5% and a maximum fee of 1.50%. |
| Switch to Lower Rate (Non-Housing Loans) |
Conversion fees |
On conversion |
On every spread change |
0.5% of principal outstanding and undisbursed amount plus taxes at the time of conversion. |
-
Cheque dishonour charges: Rs.200 (conditions apply)
-
Fees on account of external opinion: The external opinion can be either from technical valuers or advocates and the fees can be paid directly to the concerned person depending on the kind of assistance rendered.
-
Property insurance: The customer should regularly pay the premium amounts directly to the insurance provider to keep the policy active during the loan tenure.
-
Charges on account of delayed payments: The customer is liable to pay additional interests up to 24% p.a in case the payment of interest or EMI has been delayed.
-
Incidental charges: Incidental charges and expenses are imposed to cover for the charges, cost and other expenses that may have been utilised to recover dues from a defaulting customer.
-
Statutory/regulatory charges: The customer will be solely responsible for all charges applicable on stamp duty/MOD/MOE/Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI). One can refer to www.cersai.org.in for all such charges.
-
List of documents: Up to Rs.500
-
Photocopy of documents: Up to Rs.500
-
Increase/decrease in loan term: Up to Rs.500 plus applicable loan term
-
Disbursement cheque cancellation charge post disbursement: Up to Rs.200
-
Re-appraisal of loan after 6 months from sanction: Up to Rs.2000 plus applicable taxes
HDFC plot loans for salaried individuals
Salient Features
- Salaried individuals can apply for this loan if he/she is looking to:
- Purchase a plot that is being resold
- Purchase a plot through direct allotment in a housing society or a developer project
- Transfer his/her outstanding loan amount availed from another financial institution
- Customised repayment options offered to the borrower depending on the loan amount, loan tenure and interest rates provided by the bank.
- Attractive interest rates offered on the plot loans to make it affordable for the applicants.
- No hidden costs charged on the loan.
Who can apply HDFC plot loans for salaried individuals?
The loan can be applied either individually or collectively. The co-applicants for the plot loans must be the proposed owners of the plot. Co-applicants generally comprise of family members and need not be co-owners of the property.
Loan term
- The maximum tenure up to which one can distribute his payments for his/her loan is 15 years.
- The loan term depends on the repayment scheme the applicant has opted for.
- The customer’s profile, age of the plot at the time of loan maturity, age of the customer at the time of loan maturity also play a role in deciding the 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* |
*The maximum funding of the loan can be restricted to 70% of the property cost, if the property is situated outside city limits.
Type of plot loans for salaried individuals:
- TruFixed Home Loan - 2/3 Year Fixed Rate Variant
This loan provides customers a part adjustable rate term and a part fixed rate term. Under the TruFixed Home Loan, the applicant can avail fixed rate up to 2/3 years, after which the loan with change to an adjustable rate loan automatically, summing up to a total of 15 years loan term.
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 salaried individuals
- Adjustable Home Rate Loan
The Retail Prime Lending Rate for salaried individuals stands at 16.65%
| Loan Slab |
Home Loan Interest Rates (% p.a) |
| 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 |
*The interest rates are applicable only for loans under the Adjustable Rate Home Loan Scheme of HDFC and can be revised at the time of disbursement.
- TruFixed Loan - 2 Year Fixed Rate Variant
The Retail Prime Lending Rate (RPLR) stands at 16.65%
| Loan Slab |
up to Rs.75 lakh |
Above Rs.75 lakh |
| Home Loan Interest Rates (% p.a) |
9.15 to 9.65% |
9.20 to 9.70 |
HDFC plot loan documents required for salaried individuals
Here are the documents you will have to submit for all applicants and co-applicants along with the signed application form for the approval of your loan:
| Purpose |
Documents |
| Proof of identity and residence (Any 1) |
- Voter ID Card
- Valid Driving Licence
- Aadhaar Card
- Valid Passport
|
| Proof of income |
- Latest Form 16 and Income Tax Returns
- Last six months’ bank statements, showing salary credits
- Last three months’ salary slips
|
| Other documents |
- Own contribution proof
- Last six months’ bank statements showing repayment of any ongoing loans.
- Employment contract/appointment letter in case current employment is less than a year old
- Cheque for processing fee favouring HDFC Ltd.
- Passport size photograph of all the co-applicants/applicants to be affixed on the application form and signed across
|
| Property related documents |
- Allotment letter/ buyer agreement copy
- Title deeds in case of a resale with the previous chain of the property documents
|
HDFC plot loan fees and charges for salaried individuals
Given below is the list of fees/charges/other outgoings that can be payable depending on the type of loan applied for.
-
Processing fees: For self-employed professionals, Rs.3,000 or up to 0.50% of the loan amount whichever is higher, and other additional applicable taxes.
| Adjustable Rate Home Loans (ARHL) |
Adjustable Rate Loans (ARHL):
- No prepayment charges will be payable on account of full/part payments for loans sanctioned to individual borrowers.
- For loans sanctioned to individual borrowers with firm, company, etc. as a co-applicant. Prepayment charges at 2% plus taxes, as may be applicable from time to time, of the amount being prepaid are payable.
- The customer will have to submit documents that HDFC deems fit and proper to confirm the source of funds at the time of prepayment of the loan.
|
| Fixed Rate Home Loans (FRHL) |
Fixed Rate Loans (FRHL)
- No prepayment charges will be applicable for part/full payments made from own sources i.e., sources other a bank/NBFC/HFC or financial institutions
- The customer should submit documents that HDFC sees fit and proper to determine the source of funds.
- Prepayment charges will be 2% plus taxes and statutory levies and charges of the outstanding amounts being so prepaid through any financial institution or any bank and will be applied to all full/ partial prepayments.
|
| Fixed and Variable Rate Loans (Combination rate) |
Fixed and Variable Rate Loans (Combination rate)
- During the Fixed Rate period:
- The prepayment charges will be 2%, plus applicable taxes and statutory charges and levies of the outstanding amount being so prepaid through refinance from financial institutions or any banks and will be applicable to all partial/full prepayments.
- The customer must submit documents that HDFC approves to confirm the source of funds at the time of prepayment of the loan.
- During Variable Rate period:
- No prepayment charges will be applicable on account of full/partial prepayments for loan sanctioned to individual borrowers.
- For loans sanctioned to individual borrowers with firm, company, etc. as a co-applicants. Prepayment charges at 2% plus taxes and statutory charges, as may be applicable from time to time, of the amount being prepaid are payable.
The prepayment charges mentioned will be applicable from the date of execution of the loan agreement. However, the charged are subject to change from time to time depending on the prevailing policies of HDFC. Customers can refer www.hdfc.com for the current charges applicable on prepayments.
|
-
Conversion fees: HDFC bank offers its existing customers the privilege of conversion facility to bring down applicable interest rates on the loan by switching between schemes. One can utilise this facility by paying a fee and choose to either reduce the loan tenure or the EMI. Here are the options of conversions available for the existing HDFC customers:
| Name of the service/product |
Name of the charge/fee levied |
When payable |
Frequency |
Amount in rupees |
| Switch to lower rate in Variable Rate Loans (Housing/improvement/extension) |
Conversion fees |
On conversion |
On every spread change |
Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap Rs.50,000 plus taxes whichever is lower. |
| Switching to Variable Rate Loan from Fixed Rate Loan (Housing/improvement/extension)
|
Conversion fees |
On conversion |
Once |
Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap Rs.50,000 plus taxes whichever is lower. |
| Switching from Trufixed Fixed Rate to Variable Rate Loan |
Conversion fees |
On conversion |
Once |
1.75% of the principal outstanding and undisbursed amount plus taxes at the time of conversion. |
| Switch to Lower Rate (Non-Housing Loans) |
Conversion fees |
On conversion |
On every spread change |
Half of the spread difference on the principal outstanding and undisbursed amount plus taxes, with a minimum fee of 0.5% and a maximum fee of 1.50%. |
| Switch to Lower Rate (Non-Housing Loans) |
Conversion fees |
On conversion |
On every spread change |
0.5% of principal outstanding and undisbursed amount plus taxes at the time of conversion. |
-
Cheque dishonour charges: Rs.200 (conditions apply)
-
Fees on account of external opinion: The external opinion can be either from technical valuers or advocates and the fees can be paid directly to the concerned person depending on the kind of assistance rendered.
-
Property insurance: The customer should regularly pay the premium amounts directly to the insurance provider to keep the policy active during the loan tenure.
-
Charges on account of delayed payments: The customer is liable to pay additional interests up to 24% p.a in case the payment of interest or EMI has been delayed.
-
Incidental charges: Incidental charges and expenses are imposed to cover for the charges, cost and other expenses that may have been utilised to recover dues from a defaulting customer.
-
Statutory/regulatory charges: The customer will be solely responsible for all charges applicable on stamp duty/MOD/MOE/Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI). One can refer to www.cersai.org.in for all such charges.
-
List of documents: Up to Rs.500
-
Photocopy of documents: Up to Rs.500
-
Increase/decrease in loan term: Up to Rs.500 plus applicable loan term
-
Disbursement cheque cancellation charge post disbursement: Up to Rs.200
-
Re-appraisal of loan after 6 months from sanction: Up to Rs.2000 plus applicable taxes
HDFC Plot Loan FAQ
- I want to avail plot loan from HDFC, how can I apply for the same?
Firstly, you need procure a plot loan application form from the nearest HDFC branch. The same can also be downloaded from the bank’s official portal. Fill the form duly and submit it along with the required documents and processing fee cheque at any HDFC branch.
- I want to repay my loan earlier than the schedule. Is that possible?
Yes, HDFC gives an option to borrowers to repay their loans ahead of the repayment schedule. Pay a lump sum towards part or full prepayment. Please note that this will be subject to the applicable prepayment charges. HDFC also offers a loan repayment scheme called ‘Accelerated Repayment Scheme’. This is a free-of-charge facility, provided by the bank, to speed up the process of your loan repayment. This option enables borrowers to repay their loan faster by providing them flexibility to increase the EMIs every year in proportion to their increase in income.
- What is the procedure to repay my HDFC plot loan?
To ensure enhanced convenience of customers, HDFC provides multiple modes for repayment of loans. Customers can choose to issue standing instructions to ensure the payment of installments via ECS (Electronic Clearing System). Borrowers also have the liberty of choosing direct deduction of monthly installments (by the bank). The same can also be done by issuing post-dated cheques from the borrower’s bank account.
- What are the determining factors, taken into account by HDFC, for deciding my loan amount eligibility?
HDFC determines the loan eligibility of each customer primarily by taking into account his/her income and loan repayment capacity. Various other crucial factors are the borrower’s age, qualification, number of dependents, assets & liabilities held, savings history, income of spouse (if applicable), and stability the borrowers of job/profession.
Details
