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HDFC Plot Loan

When looking for a plot loan do check out the highly competitive and affordable HDFC Plot loan. The bank offers easy to procure loans to borrowers from different segments of society. Check out the HDFC plot loan interest rate and also the terms for a Home loan balance transfer in case you are looking for that. 

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HDFC Plot Loan Details

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.

Tip: Best Home Loan for Salaried Person before applying for a loan

HDFC Land Loan

Plot loans are granted by banks so that customers can utilise the money to buy lands to construct their future homes. This is why plot loans are also known as land loans. The HDFC land loan allows its customers to select a tenure of up to 15 years maximum.

Customers are allowed to repay their loan amount along with the interest rate by paying little to no processing fees. Both self-employed and salaried individuals can apply for the HDFC plot loan. The interest rate may differ from one customer to the other based on their credit history, the current interest rates in the market, and other factors.

If you want to apply for a plot loan soon, make sure you use the HDFC plot loan EMI calculator so that you can make a proper strategy to manage your future expenses during the repayment period to avoid financial issues. You do not have to visit the bank. You can quickly check several loan plans offered by the HDFC bank from the comfort of your home by using the online EMI calculator. It will help you make informed financial decisions in the future.

Also Read - How to Pre-close your HDFC Home Loan in India

HDFC Plot Loan Interest Rates

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 7.05% to 8.10% 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.

Interest RateInterest Rate for Female BorrowersLoan Amount
7.55%-8.05%7.65%-8.15%Up to 30 Lakh
7.80%-8.30%7.90%-8.40%Above 30 lakh
7.90%-8.40%8.00%-8.50%75 Lakh and above

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.

Also Check - HDFC Home Loan Interest Rates

Features of HDFC Plot Loan

Some of the major features of the HDFC plot purchase loan that you need to keep in mind include:

  • The maximum tenure that you can select remains around 15 years. Select a tenure that fits your financial conditions properly.
  • The lowest interest rate that is offered by the HDFC bank for plot loans is 7.55%. Any kind of change in repo rate will reflect in the bank's changed loan rates.
  • The LTV ratio for the plot loans remains on the lower side.
  • The HDFC bank offers a land loan of up to 80% of the entire cost of the construction of your property.
  • A loan processing fee is charged as part of the HDFC plot loan granting procedure. 
  • In case you decide to repay the entire amount in the middle of the tenure, you will not have to pay any prepayment charges.

Additional Info: Best Home Loan Interest Rates @6.70%

Benefits of HDFC Plot Loan

The major benefits that you can enjoy if you take the HDFC plot loan include:

  • A plot loan does not necessarily provide the customers with any sort of tax relaxation. However, if you take the HDFC plot and construction loan, certain tax benefits can be offered to you on the construction loan.
  • The interest rates offered by the HDFC Bank always remain on the lower side compared to the other leading banks in the country.
  • A very low processing fee of around Rs.3000 is involved in the procedure.
  • You can always use the HDFC plot loan calculator to figure out which plan suits your budget the most before applying for the loan. Even after taking the loan, you can always come back to the official page of the bank to calculate the rest amount that you have to pay by the end of your tenure.
  • No hidden charges are involved in the procedure. All fees that will be charged will be mentioned to you beforehand.
  • No prepayment charges are involved if you decide to repair the entire amount in the middle of your tenure.
  • The HDFC land loan lets you construct your home at your own pace according to your needs. It caters to your specific personal needs and eventually helps you in making your dream home.

Check for 50 lakh home loan EMI and apply easily on MyMoneyMantra.

HDFC Land Loan Purchase Eligibility

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:

  1. You must be an Indian resident to be able to apply for the HDFC loan for buying plots.
  2. You need to have a stable source of income in order to apply for the HDFC plot loan.
  3. Salaried and self individuals can apply for the loan.
  4. You can also apply for the plot loan with co-applicants.
  5. You must be between 18 to 70 years in order to be eligible for the HDFC plot purchase loan.
  6. The maximum loan amount that you can borrow is 15 crores.

Additional Info: Also check HDFC Home Loan EMI Calculator

Documents Required for HDFC Plot Loan

The major documents that you will need in order to apply for the HDFC land loan are listed below:

  • As identity and address proofs, you need to submit your Aadhaar card, voter ID, driving license, rent agreement, ration card, PAN card, and passport (any 1).
  • Your utility bills such as your water bill, telephone bills, electricity bills are also required when you apply for the plot loan.
  • Your sale purchase arguments and sale deeds are also necessary.
  • Your salary slips and ITR returns, and qualification certificates are required if you are a self-employed professional.
  • Your saving account statements and current account statements for the last six months are necessary.
  • Your profit and loss account statements and balance sheet with proper schedules are also required.
  • For self-employed individuals, your business profile, your partnership details and your own contribution proof will be required by the bank before they grant the loan.

Additional Info: Also check Documents Required For Home Loan

HDFC Plot Loan Compared with Other Banks

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 NamesInterest Rate for Plot Loans
HDFC Bank Plot Loans7.55% - 8.05%
SBI Plot Loans7.85% - 8.25%
Federal Bank Plot Loan8.55% - 8.65%
ICICI Bank Plot Loan 7.85% - 8.30%
Maharashtra Bank Land Loan7.30% - 8.50%
Karnataka Bank Plot Loan 11.28% - 12.48%
PNB Housing land loans 8.50% - 9.00 %

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 7.55% - 8.05% 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 7.85% - 8.30%

Additional Info: Also Check Best Banks for Home Loan in India in 2022

Other Loans offered by HDFC Bank

Apart from the HDFC landlord, the other loans that are offered by the bank include:

  1. HDFC home loans. They offer around 7.55% - 8.05% interest rates to customers based on their credit history and other details regarding HDFC home loans.
  2. There is a wide variety when it comes to HDFC personal loans. They offer marriage loans, travel loans, home renovation loans, debt consolidation loans, personal loans for government employees, and personal loans for salaried person.
  3. Emergency loans are also offered by the HDFC bank to customers.
  4. The bank also offers car loans that you can opt for if you intend to buy your dream car soon. If you are 21+ and earn more than 3 lakh per year, you can apply for the HDFC car loan.
  5. The HDFC loan balance transfer scheme is also available to shift your current lender and make the HDFC Bank your new lender in the middle of your repayment tenure.

Also Read - LRD Loans

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HDFC Plot Loan FAQs

✅ Which bank is best for plot loans?

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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.

✅ Is insurance mandatory for HDFC plot loan?

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No, buying insurance is not a mandatory policy to apply for the HDFC plot loan.

✅ How much plot loan can I get on 40000 salaries?

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With a salary of 40,000, you can get a plot loan of up to 25 lakh.

✅ Who can apply HDFC plot loans for salaried individuals?

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All salaried individuals who are Indian residents and have a monthly income of more than Rs.25,000 can apply for HDFC plot loans.

✅ What is the processing fee for an HDFC land loan?

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The processing fee remains around 0.50% to 1.50% for the HDFC Land loan.

✅ What is the turnaround time on HDFC Realty Home Loans for purchasers of plots?

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The HDFC bank takes around 3 to 7 business days to grant a loan. 

✅ What is the maximum loan amount I can avail of under HDFC Plot Loan?

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The maximum loan amount that you can get is 15 crore when it comes to the HDFC plot loan. 

✅ How will my interest rate for HDFC Realty Home Loan be decided?

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The HDFC loan interest rates will depend on your gender, occupation, monthly income, credit history, personal details and other details.

Also Check: HDFC Home Loan CIBIL Score

✅ How much concession is offered to women borrowers?

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Women can save a maximum of 1.5 lakh on the principal amount and up to 2 lakh when it comes to interest payments.