HDFC Plot Loan
HDFC offers eligible customers plot loan with interest rates ranging from 9.40% - 9.95% 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.
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
- Borrowers are offered customised repayment choices based 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 individually or collectively. Co-applicants for plot loans must be the plot's potential owners. Co-applicants are typically family members who do not need to 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 plays a role in deciding the 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.
Type of plot loans self-employed:
- TruFixed Home Loan - 2/3 Year Fixed Rate Variant - This loan offers consumers a combination of adjustable and fixed rate terms. The Home Loan allows the applicant to take out a fixed rate loan for up to 2/3 years, after which the loan automatically converts to an adjustable-rate loan, resulting in a total loan duration of 15 years.
- Adjustable Rate Loan - The adjustable-rate plot loan is based on HDFC's Retail Prime Lending Rate (RPLR). The loan's interest rate is changed once every three months if the RPLR changes, taking the date of the first disbursement into consideration. A rise in the interest rate will raise the EMI's interest component, reducing the principal component. This will prolong the loan period, and vice versa if the interest rate falls.
HDFC Plot Loan Interest Rates For self-employed professionals
- Adjustable Home Rate LoanThe 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.
- TruFixed Loan - 2 Year Fixed Rate VariantThe 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 |
HDFC plot loan interest rates for self-employed non-professionals
Adjustable-Rate Home Loan
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 |
TruFixed Loan - 2 Year Fixed Rate Variant
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 |
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 CardValid Driving LicenceAadhaar CardValid Passport |
Proof of income | Income Tax Returns (ITR), coupled with income computations for the prior three assessment years.Individual savings account statements and the business entity's current account statements over the previous six monthsBalance sheet and profit and loss statements, including schedules and 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 | Memorandum and Articles of Association for the company. If the business is a partnership, the partnership deed is required. Details of an individual's and a corporate entity's outgoing loans, including the outstanding amount, payments, security, purpose, loan period, and balance. Cheque for processing fee payable to HDFC Limited. The applicants/co-applicants must sign the application form and provide a passport-sized photograph. |
Property related documents | Allotment letter/ buyer agreement copyTitle deeds in case of a resale with previous property documents |
HDFC plot loan fees and charges for self-employed
- 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.
- Prepayment charges:
Adjustable Rate Home Loans (ARHL) | Adjustable-Rate Loans (ARHL): Individual borrowers' loans will not be subject to prepayment penalty for full or partial payments. For loans made to individual borrowers with a firm, company, or other co-applicant. Prepayment charges of 2% plus any relevant taxes are payable on the amount prepaid. The customer must present documents that HDFC deems appropriate to establish the source of money at the time of loan prepayment. |
Fixed Rate Home Loans (FRHL) | Fixed Rate Loans (FRHL) - No prepayment charges will be applicable for part/full payments made from own sources, that is, sources other than a bank, NBFC, HFC, or financial institutions. The user should supply any documents that HDFC deems appropriate for determining the source of funds. Prepayment rates will be 2% plus taxes, statutory levies, and charges on the outstanding amounts prepaid through any financial institution or bank and will apply to both full and 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 relevant taxes, statutory charges, and levies on the outstanding amount prepaid through refinance from financial institutions or any banks, and will apply to all partial/full prepayments. The customer must present documents approved by HDFC to confirm the source of cash at the time of loan prepayment. During the Variable Rate Period, no prepayment charges will apply for full or partial prepayments of loans sanctioned to individual borrowers. For loans made to individual borrowers with a firm, company, or other co-applicant. Prepayment charges of 2% of the amount being prepaid cards, plus any relevant taxes and statutory charges, are due. The prepayment charges specified will be applied on the date the loan agreement is executed. However, the prices are subject to vary based on HDFC's current policy. Customers can find out the current prepayment charges at www.hdfc.com. |
- 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. |
4. Cheque dishonour charges: Rs.200 (conditions apply)
5. Fees on account of external opinion: External opinions can be obtained from technical valuers or advocates, and costs can be paid directly to the appropriate individual based on the type of service provided.
6. Property insurance: The customer should regularly pay the premium amounts directly to the insurance provider to keep the policy active during the loan tenure.
7. Incidental charges: Incidental charges and expenses are levied to compensate for any charges, costs, or other expenses incurred in recovering dues from a defaulting customer.
8. Statutory/regulatory charges -All stamp duty/MOD/MOE/Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI) charges would be completely the responsibility of the customer. For more information on such charges, see www.cersai.org.in.
9. List of documents: Up to Rs.500
10. Photocopy of documents: Up to Rs.500
11. Increase/decrease in loan term: Up to Rs.500 plus applicable loan term
12. Disbursement cheque cancellation charge post disbursement: Up to Rs.200
13. Re-appraisal of loan after 6 months from sanction: Up to Rs.2000 plus applicable taxes
14. PDC swap: Up to Rs.200
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 used either individually or collectively. Co-applicants for plot loans must be the plot's potential owners. Co-applicants are typically family members who do not need to 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.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.
Type of plot loans for salaried individuals:
- TruFixed Home Loan - 2/3 Year Fixed Rate Variant - This loan offers consumers a combination of adjustable and fixed rate terms. The TruFixed Home Loan allows the applicant to have a fixed rate for up to 2/3 years, after which the loan will automatically shift to an adjustable-rate loan, for a total loan length of 15 years.
- Adjustable Rate Loan -The adjustable-rate plot loan is based on HDFC's Retail Prime Lending Rate (RPLR). The loan's interest rate is changed once every three months if the RPLR changes, taking the date of the first disbursement into consideration. A rise in the interest rate will raise the EMI's interest component, reducing the principal component. This will lengthen the loan period, and vice versa in circumstances where the interest rate falls.
HDFC plot loan interest rates for salaried individuals
- Adjustable Home Rate LoanThe 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.
- TruFixed Loan - 2 Year Fixed Rate VariantThe 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 |
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 CardValid Driving LicenceAadhaar CardValid Passport |
Proof of income | Latest Form 16 and Income Tax ReturnsLast six months’ bank statements, showing salary creditsLast three months’ salary slips |
Other documents | Own contribution proofLast six months’ bank statements showing repayment of any ongoing loans.Employment contract/appointment letter in case current employment is less than a year oldCheque 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 copyTitle 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.
- Prepayment charges:
Adjustable Rate Home Loans (ARHL) | Adjustable-Rate Loans (ARHL): Individual borrowers' loans will not be subject to prepayment penalty for full or partial payments.For loans made to individual borrowers with a firm, company, or other co-applicant. Prepayment charges of 2% plus any relevant taxes are payable on the amount prepaid.The customer will be required to present documents that HDFC deems appropriate to establish the source of money at the time of loan prepayment. |
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 institutionsThe 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. |
3. Conversion fees - HDFC Bank provides its existing customers with the conversion facility, which allows them to reduce the applicable interest rates on their loans by switching between schemes. This facility can be used by paying a fee and choosing to reduce either the loan tenure or the EMI. Here are the conversion possibilities available to 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. |
4. Cheque dishonour charges: Rs.200 (conditions apply)
5. 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.
6. Property insurance: The customer should regularly pay the premium amounts directly to the insurance provider to keep the policy active during the loan tenure.
7. 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.
8. 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.
9. 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.
10. List of documents: Up to Rs.500
11. Photocopy of documents: Up to Rs.500
12. Increase/decrease in loan term: Up to Rs.500 plus applicable loan term
13. Disbursement cheque cancellation charge post disbursement: Up to Rs.200
14. PDC swap: Up to Rs.200
15. Re-appraisal of loan after 6 months from sanction: Up to Rs.2000 plus applicable taxes.
FAQs on HDFC Plot Loan
- What is the procedure to repay my HDFC plot loan?
HDFC offers a variety of loan repayment options to make it more convenient for consumers. Customers can send standing instructions to ensure that installments are paid via ECS. Borrowers can also choose to have their monthly installments deducted directly by the bank. The same can be accomplished by issuing post-dated checks from the borrower's bank account.
- What are the factors HDFC considers for deciding my loan amount eligibility?
HDFC determines each customer's loan eligibility mainly by considering his/her income and 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.
- I want to repay my loan earlier than scheduled. Is that possible?
Yes, HDFC gives customers the option to repay their loans ahead of time. Pay a lump sum for partial or full prepayment. Please keep in mind that any applicable prepayment charges will apply. HDFC also has a loan payback plan dubbed the 'Accelerated payback Scheme'. This is a free facility provided by the bank to help you repay your loan faster. This option allows borrowers to repay their loan faster by allowing them to increase their EMIs annually in accordance with their income increase.
- I want to avail myself of a plot loan from HDFC, how can I apply for the same?
First, obtain a plot loan application form from the nearest HDFC branch. The same can be downloaded from the bank's official website. Fill out the form completely and return it to any HDFC branch with the necessary papers and a processing fee cheque.
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