HDFC offers plot loans at interest rates ranging from 8.70% - 9.60% p.a. The bank provides a loan amount of up to 80% of the property’s value for up to 15 years tenure. Salaried, self-employed professionals and non-professionals can avail of HDFC plot loans to purchase plots for residential or commercial use. You can also avail of the HDFC balance transfer facility to transfer your existing plot loan to HDFC at lower interest rates.
|HDFC Land Loan Details|
|Interest Rate||8.70% - 9.60% p.a.|
|Tenure||Up to 15 years|
|Up to and including Rs 30 lakh||Up to 80% of property cost|
|Rs 30.01 lakh-Rs 75 lakh||Up to 80% of the property cost|
|Above Rs 75 lakh||Up to 75% of property cost|
|Processing Fee||Up to 0.50% of the loan amount + taxes|
Plot loans are granted by financial institutes and banks to customers who intend to construct their dream homes in the future. You can apply for a plot loan if you want to buy vacant land to buy your dream home in the future. Taking plot loans can be intimidating for some people due to the vast amounts they have to repay during their tenure.
However, if you make a solid financial plan before applying for a plot loan, you will be able to make informed financial decisions in the future after you take out a loan. The HDFC plot loan is granted to the eligible applicants who buy lands to build their dream homes.
The HDFC bank is known for offering affordable interest rates to customers compared to the other top banks in India at the time. If you want to apply for the HDFC land loan, this article covers all the details that you need to keep in mind before making the final call.
Just like HDFC, you can also Apply for ICICI Plot Loan and check loan benefits.
Some of the major features of the HDFC plot purchase loan that you need to keep in mind include:
Compare Best Home Loan Interest Rates @8.45% from multiple Banks and NBFCs
The major benefits that you can enjoy if you take the HDFC plot loan include:
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Different banks offer different interest rates when it comes to plot loans. The HDFC plot loan interest rate also differs from one applicant to the other based on several factors. Your occupation and your monthly income play a huge role in determining your interest rate when you apply for a plot loan.
On average, the HDFC Bank offers an interest rate of 8.70% - 9.60% for the plot loans.
Take a look at the chart to figure out how much interest rate will be offered to you when you apply for the HDFC land loan.
This is the average HDFC plot loan interest rate. The rates are calculated mostly on the basis of your occupation. These interest rates are offered to the customers. The rates can vary from time to time depending on several factors like your occupation, credit history, gender, and other factors.
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Before you apply for the HDFC plot loan, make sure you go through the other interest rates offered by other banks in the contemporary time to make sure you choose the right loan that fits your budget and suits your demands properly.
Take a look at the chart to compare and analyse the different interest rates that are offered by the top banks at the moment in India.
|Bank Names||Interest Rate for Plot Loans|
|HDFC Bank Plot Loans||8.70% - 9.60%|
|SBI Plot Loans||9.45% - 9.85%|
|Federal Bank Plot Loan||8.55% - 8.65%|
|ICICI Bank Plot Loan||7.85% - 8.30%|
|Maharashtra Bank Land Loan||8.60% - 10.80%|
|Karnataka Bank Plot Loan||11.28% - 12.48%|
|PNB Housing land loans||9.05% - 11.65%|
These are some of the leading banks in the country that offer plot loans to eligible applicants. The HDFC plot loan interest rate remains around 8.70% - 9.60% based on gender, credit history, and occupation. On the other hand, on average, the other leading banks like the State Bank of India, PNB housing, and ICICI Bank offer an interest rate of 9.00% - 10.05%.
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If you want to build your house with the help of the HDFC plot loan, several factors are there that you need to keep in mind when it comes to the HDFC loan criteria:
Calculate your loan EMI through HDFC Home Loan EMI Calculator Online
The major documents that you will need in order to apply for the HDFC land loan are listed below:
You can also check different Documents Required For Home Loan
Apart from the HDFC landlord, the other loans that are offered by the bank include:
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Several leading banks in India offer plot loans, including the State bank of India, HDFC Bank, ICICI Bank, Federal Bank, and other banks. Go through the offered interest rates to figure out which bank would be the best choice for you to apply for a plot loan.
No, buying insurance is not a mandatory policy to apply for the HDFC plot loan.
With a salary of 40,000, you can get a plot loan of up to 25 lakh.
All salaried individuals who are Indian residents and have a monthly income of more than Rs.25,000 can apply for HDFC plot loans.
The processing fee remains around 0.50% to 1.50% for the HDFC Land loan.
The HDFC bank takes around 3 to 7 business days to grant a loan.
The maximum loan amount that you can get is 15 crore when it comes to the HDFC plot loan.
The HDFC loan interest rates will depend on your gender, occupation, monthly income, credit history, personal details and other details.
Women can save a maximum of 1.5 lakh on the principal amount and up to 2 lakh when it comes to interest payments.