All You Need To Know About HDFC Plot Loan

By | June 8, 2018

If you’re looking for a land loan with a low interest rate, flexible repayment tenure and quick approval process, then the HDFC plot loan is the perfect match for you. Read on.

Have you been eyeing a plot of land that looks like an ideal investment option but money is tight? Worry not! HDFC plot loan is here to your rescue. With its flexible repayment tenure, low interest rates and quick approval process, it is a popular choice amongst investors who are planning to buy land either as an investment or for building a house. Here’s everything you need to know.

Additional Reading: How is a land loan different from a Home Loan?

What is the HDFC Plot Loan? 

The HDFC plot loan is a special Home Loan scheme that allows you to purchase a plot to build your own abode, unlike other Home Loan schemes that are available only for the property already constructed, under construction or likely to undergo construction soon.

Types of HDFC plot loans:

Adjustable-rate loan – This is a type of loan in which the interest rate is periodically adjusted to reflect the current market rates.

For HDFC plot loan, the interest rate is linked to HDFC’s Retail Prime Lending Rate (RPLR). So, if there is a change in their RPLR, the interest rate on your loan will be revised once in three months depending on the date of your first disbursement.

TruFixed Home Loan- This loan offers a partial fixed rate and a part adjustable rate term. So, you can opt for a fixed rate for a maximum tenure of 2-3 years, after which the loan will automatically convert to an adjustable rate, adding up to a total tenure of 15 years.

What is the eligibility criteria?

You can either apply for an individual loan or a joint loan with your family members. Proposed owners of the property must be co-applicants of the plot loan. However, it is not mandatory for every co-applicant to be a co-owner of the property.

Additional Reading: 5 Ways A Joint Home Loan Works To Your Advantage

What are the documents required for the HDFC plot loan?

Keep the following documents handy before applying for this loan:

Proof of Identify/Residence:

  • Passport
  • Voter ID Card
  • Aadhaar Card
  • Driving Licence
  • PAN card

Proof of Income:

  • Last 3 months’ salary slips
  • Last 6 months’ bank statements showing salary credits
  • Latest form-16 & IT returns

Other documents:

  • Employment contract/appointment letter
  • Last 6 months’ bank statements
  • Passport size photograph of all applicants/co-applicants
  • Cheque favouring ‘HDFC Ltd’ for the processing fee.

Property related documents:

  • Copy of allotment letter/buyer agreement
  • Title deeds

Proof of business address for non-salaried individuals:

  • Bank account statements or passbook for the last six months
  • Signature identification from present bankers
  • Personal assets and liabilities statement

Interest Rates & Fees:

There are a couple of charges that you should take note of before opting for this loan:

Adjustable Rate Loan:

Category Adjustable Rate Loan:

Salaried/ Businessmen & Professionals

TruFixed Home Loan:  

Salaried/ Businessmen & Professionals

Loans up to

Rs. 30 lakhs

Loans above

Rs. 30 lakhs

Loans up to

Rs. 30 lakhs

Loans above

Rs. 30 lakhs

Women 8.50% – 9.00% 8.60% – 9.10% 8.60% – 9.10% 8.70% – 9.20%
Others 8.55% – 9.05% 8.65% – 9.15% 8.65% – 9.15% 8.75% – 9.25%

Source: HDFC Website

Processing Fees:

Salaried: Up to 0.50% (loan amount)/ Rs. 3,000 whichever is higher.

Self-Employed Professionals: Up to 0.50% (loan amount)/ Rs. 3,000 whichever is higher. Taxes applicable.

Self-Employed Non-Professionals: Up to 1.50% (loan amount)/ Rs. 4,500 whichever is higher. Taxes applicable.

Delayed Payment Charges:  

Salaried/Self-employed: If there’s any delay in payment of EMI, the bank will charge an additional interest of up to 24% per annum.

Here’s what our customers are saying:  

“My plot loan application was approved very quickly and the overall experience was very good. The rate of interest that they offered was also nominal when compared with other Home Loan providers,” says Varun Verma from New Delhi.

“The whole process was extremely smooth. Their customer service team was very efficient and helpful. They also offer a flexible loan tenure of 15 years which makes it easy for customers to repay the loan without any hassles,” says Ravi Agarwal from Hyderabad.

Curious to know what other customers have to say? Read here.

Now that you know all about the HDFC plot loan, it is best to compare across lenders to choose the rates and terms that are just right for you.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit for the latest rates/offers.

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