HDFC offers eligible customers plot loan with interest rates ranging from 7.05% p.a. to 8.10% p.a. The maximum amount of the loan offered can be 80% of the property cost. The processing fee ranges from 0.50% to 1.50% of the loan amount, excluding applicable taxes. The repayment period is up to 15 years. 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.
Salient Features
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
Maximum loan amount
| Loan Amount | Maximum Funding |
|---|---|
| Up to Rs.30 lakh | 80% of the property price* |
| Rs.30.01 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.
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.
The Retail Prime Lending Rate for self-employed professionals stands at 16.20%
| Loan Slab | Home Loan Interest Rates (% p.a) |
|---|---|
| For women* (up to 30 lakh) | 7.05 to 7.55 |
| For others* (up to 30 lakh) | 7.10 to 7.60 |
| For women* (above 30 lakh) | 7.30 to 7.80 |
| For others* (above 30 lakh) | 7.35 to 7.85 |
| For Women* (75.01 Lakhs & Above) | 7.40 to 7.90 |
| For Others*(75.01 Lakhs & Above) | 7.45 to 7.95 |
*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.
The Retail Prime Lending Rate (RPLR) stands at 16.20%
| Loan Slab | Home Loan Interest Rates (% p.a.) |
|---|---|
| For Women* (upto 30 Lakhs) | 7.50 to 8 |
| For Others* (upto 30 Lakhs) | 7.55 to 8.05 |
| For Women* (Above 30 Lakhs) | 7.65 to 8.15 |
| For Others* (Above 30 Lakhs) | 7.70 to 8.20 |
| For Women* (75.01 Lakhs & Above) | 7.75 to 8.25 |
| For Others*(75.01 Lakhs & Above) | 7.80 to 8.30 |
The Retail Prime Lending Rate (RPLR) stands at 16.20%
| Loan Slab | Interest Rates (% p.a.) |
|---|---|
| For Women* (Upto 30 Lakhs) | 7.20 to 7.70 |
| For Others* (Upto 30 Lakhs) | 7.25 to 7.75 |
| For Women* (Above 30 Lakhs) | 7.45 to 7.95 |
| For Others* (Above 30 Lakhs) | 7.50 to 8 |
| For Others (75.01 Lakhs & Above) | 7.60 to 8.10 |
The Retail Prime Lending Rate for self-employed non-professionals holds at 16.20%
| Loan Slab | Interest Rates (% p.a.) |
|---|---|
| For Women* (upto 30 Lakhs) | 7.65 to 8.15 |
| For Others* (upto 30 Lakhs) | 7.70 to 8.20 |
| For Women* (Above 30 Lakhs) | 7.80 to 8.30 |
| For Others* (Above 30 Lakhs) | 7.85 to 8.35 |
| For Women* ( 75.01 Lakhs & Above) | 7.90 to 8.40 |
| For Others*( 75.01 Lakhs & Above) | 7.95 to 8.45 |
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) |
|
| Proof of income |
|
| Other documents |
|
| Property related documents |
|
| Adjustable Rate Home Loans (ARHL) |
Adjustable Rate Loans (ARHL):
|
| Fixed Rate Home Loans (FRHL) |
Fixed Rate Loans (FRHL)
|
| Fixed and Variable Rate Loans (Combination rate) |
Fixed and Variable Rate Loans (Combination rate)
|
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. |
Salient Features
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
Maximum loan amount
| Loan Amount | Maximum Funding |
|---|---|
| Up to Rs.30 lakh | 80% of the property price* |
| Rs.30.01 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.
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.
The Retail Prime Lending Rate for salaried individuals stands at 16.20%
| Loan Slab | Home Loan Interest Rates (% p.a.) |
|---|---|
| For Women* (Upto 30 Lakhs) | 7.05 to 7.55 |
| For Others* (Upto 30 Lakhs) | 7.10 to 7.60 |
| For Women* (Above 30 Lakhs) | 7.30 to 7.80 |
| For Others* (Above 30 Lakhs) | 7.35 to 7.85 |
| For Women* (75.01 Lakhs & Above) | 7.40 to 7.90 |
| For Others*(75.01 Lakhs & Above) | 7.45 to 7.95 |
*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.
The Retail Prime Lending Rate (RPLR) stands at 16.20%
| Loan Slab | Home Loan Interest Rates (% p.a.) |
|---|---|
| For Women* (upto 30 Lakhs) | 7.50 to 8 |
| For Others* (upto 30 Lakhs) | 7.55 to 8.05 |
| For Women* (Above 30 Lakhs) | 7.65 to 8.15 |
| For Others* (Above 30 Lakhs) | 7.70 to 8.20 |
| For Women* (75.01 Lakhs & Above) | 7.75 to 8.25 |
| For Others*(75.01 Lakhs & Above) | 7.80 to 8.30 |
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) |
|
| Proof of income |
|
| Other documents |
|
| Property related documents |
|
Given below is the list of fees/charges/other outgoings that can be payable depending on the type of loan applied for.
| Adjustable Rate Home Loans (ARHL) |
Adjustable Rate Loans (ARHL):
|
| Fixed Rate Home Loans (FRHL) |
Fixed Rate Loans (FRHL)
|
| Fixed and Variable Rate Loans (Combination rate) |
Fixed and Variable Rate Loans (Combination rate)
|
| 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. |
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.
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.
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.
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.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
