HDB bank plot loan

⋆ Interest Rate 9.99% ⋆

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      Why us?

      Rates as low as 9.99%*
      Loans Up to 30 Lacs
      Same Day Disbursal
      Doorstep Service
      Unbiased Experts Advice

      HDB Bank Plot Loan Features

      The repro rate is kept unchanged at 4% by the RBI.

      Interest Rates 7.05% – 8.45%
      Processing Fees As applicable at the time of disbursement
      Pre-payment Charges Nil
      Lowest EMI Rs.669
      Min. Income Rs.10000/- p.m.
      Loan Repayment to 30 years


      Eligibility Criteria for HDB bank plot loan
       

      HDB bank plot loan

      In case you’re willing to avail of an HDB bank plot loan to fulfill your wish of owning a dream home, there are certain eligibility norms that you simply got to know. Yes, you ought to meet these norms to become eligible for this credit facility.

      • An applicant should be an Indian resident.
      • An applicant should be a minimum of 21 years old. 
      • The maximum age of the applicant shouldn’t be quite 65 years at the time of loan maturity.

      Features and Benefits of HDB bank Plot Loan

      HDB Bank offers loans to its customers at a reasonable rate of interest. Below are the key features and benefits of the HDB bank plot loan:

      • You can have access to a large amount without any security, HDB bank plot loan is accessible for an amount up to Rs. 20 Lacs
      • HDB provides elastic tenancy that ranges from 1 year to 5 years. You can choose to repay the loan in a duration that suits you based on your income and expenses.
      • Due to its massive system, you can expect speedy disbursement of your loan amount in your bank account as the processing time of HDB personal loan is very less.
      • The company offers an improved interest rate based on your credit score, income amount, and employment history.
      • You can expect a hassle-free experience during the entire loan application process as HDB bank requires minimum documentation for your loan eligibility.
      • You can expect special offers if you are a government employee or a large corporate employee.

      Land Loans

      Plot loan is defined as a loan for land purchase. This can be defined as a loan that could help borrowers to get a plot of land. Like different loans, land loans also are repaid in EMIs (Equated Monthly Instalments) with the investor charging an associate charge per unit on the principal loan quantity secured by the receiver. The receiver is forced to pay the plot loan within a given period, to be kept in mind that the investor has the right to confiscate your property to understand the loan quantity

      Many people around are confused between land loans and home loan rates. A home equity loan could be a loan that enables borrowers to get an existing house property or construct a brand new flat or house. On the other hand, land loans square measure availed just for the attainment of the land on that construction is planned to be expended later.

      Types of Land Loans

      Plot Loan

      You can get a loan for a plot for buying an empty house plot or land where someone can later build their own house for any reason be it an investment or some other. The loan is defined as a high-risk loan with no tax aids.  There is a difference in every bank’s plot loan as there are different factors like service type, the total loan for buying a plot, and the modifications of the loan. There are banks where there are special interest rates for women. To be kept in mind, the property has to be under municipal or trade bounds.

      Plot + Construction Loan

      This loan is generally taken to buy a housing plot and build a house on any property within a certain period. If the construction isn’t completed in that allotted time then the bank has the authority to increase the interest rate.

      Parameters Land Loan with Construction Regular Home Loan
      Plot + Construction loan interest rates Rates are similar to a home loan, but the plot + Construction Loan interest rates can be higher if you want the construction period to be longer Interest rates are starting at 7.55%.
      LTV Up to 70% of the property’s value Up to 90% of the property’s value
      Tenure Up to 15 years Up to 30 years
      Tax Benefits The plot loan that is taken for construction and the benefit can be claimed after completion of construction On principal amount under section 80C and interest amount under section 24(b)
      Prepayment Penalty Nil for individuals on floating rates Nil for individuals on floating rates

      HDB Bank plot loans for self-employed individuals

       Salient Features

      • Buying a plot that is being on re-sell for more than once.
      • A plot that having a direct linking with a housing complex or a recent home development.
      • An unsettled loan amount availed from other monetary institutions is to be Transferred.
      • A modified settlement on the loan amount, period, and rate of interest is given to the debtor by the bank.
      • Making it affordable to the candidate’s prominent rate of interest is available on the HDB bank plot loan.
      • Lastly, there are no hidden charges on the credit.

      Who can apply for HDB bank plot loan self-employed?

      People are applicable for this HDB bank plot loan individually or with any other being on a joint basis. The co-applicants should be the holders of the plot. Several times the co-applicants include family members and don’t demand being the holders of the plot.

      Loan term

      • Till 15 years one can pay.
      • The loan term depends on the factors like the repayment structure that the applicant opts for.
      • The applicant’s profile, age of the applicant at the time of loan maturity, and age of the plot/land/property at the time of loan maturity are the important things at the time of the loan term.

      HDB Bank plot loan self-employed:

      Tru mounted loan – 2/3 Year mounted Rate Variant

      Within the Tru Fixed loan, the individual gain an advantage of the static rate up to 2/3 years. An adaptable-rate term and a motionless rate term are provided to the customers of the HDB Bank. Whenever the loan is revised to an adjustable-rate loan reflexively, this primes the result of the synopsis to a complete 15-year loan term.

      Adjustable-Rate Loan

      The adjustable-rate plot loan is amalgamated to HDB bank Retail Prime disposition Rate (RPLR). If there’s a modification within the RPLR, taking the date of the primary disbursement under consideration, there’s a revision of the charge per unit on the loan every 3 months. There is a growth within the EMI’s interest element if there is a rise within the control per limit that consecutively can cut back the principal element. This may spread the loan term, and inside out, in cases wherever the charge per unit drips.

      Who will apply for an HDB Bank plot loan self-employed?

      People are applicable for this HDB bank plot loan individually or with any other being on a joint basis. The co-applicants should be the holders of the plot. Several times the co-applicants include family members and don’t demand being the holders of the plot.

      Loan term

      • Till 15 years one can pay.
      • The loan term depends on the factors like the repayment structure that the applicant opts for.
      • The applicant’s profile, age of the applicant at the time of loan maturity, and age of the plot/land/property at the time of loan maturity are the important things at the time of the loan term.

      Type of HDB Bank plot loan for self-employed:

      Tru mounted loan – 2/3 Year mounted Rate Variant

      Within the Tru Fixed loan, the individual gain an advantage of the static rate up to 2/3 years. An adaptable-rate term and a motionless rate term are provided to the customers of the HDB Bank. Whenever the loan is revised to an adjustable-rate loan reflexively, this primes the result of the synopsis to a complete 15-year loan term.

      Adjustable-Rate Loan

      The adjustable-rate plot loan is amalgamated to HDB bank Retail Prime disposition Rate (RPLR). If there’s a modification within the RPLR, taking the date of the primary disbursement under consideration, there’s a revision of the charge per unit on the loan every 3 months. There is a growth within the EMI’s interest element if there is a rise within the control per limit that consecutively can cut back the principal element. This may spread the loan term, and inside out, in cases wherever the charge per unit drips.

      HDB bank Plot Loan Interest Rates For self-employed professionals

      Adjustable Home Rate Loan

      For salaried individuals, the Retail Prime Lending Rate IS 16.20%

      Tru mounted loan – 2/3 Year mounted Rate Variant

      The Retail Prime Lending Rate IS 16.20%

      HDB bank plot loan interest rates for self-employed non-professionals

      Adjustable Home Rate Loan

      The Retail Prime Lending Rate is 16.20%

      Tru mounted loan – 2/3 Year mounted Rate Variant

      The Retail Prime Lending Rate IS 16.20%

      HDB Bank plot loan for salaried people

      Salient options

      • Buying a plot that is being on re-sell for more than once.
      • A plot that having a direct linking with a housing complex or a recent home development.
      • An unsettled loan amount availed from other monetary institutions is to be Transferred.
      • A modified settlement on the loan amount, period, and rate of interest is given to the debtor by the bank.
      • Making it affordable to the candidate’s prominent rate of interest is available on the HDB bank plot loan.
      • Lastly, there are no hidden charges on the credit.

      Who will apply for an HDB Bank plot loan for salaried individuals?

      People are applicable for this HDB bank plot loan individually or with any other being on a joint basis. The co-applicants should be the holders of the plot. Several times the co-applicants include family members and don’t demand being the holders of the plot.

      Loan term

      • Till 15 years one can pay.
      • The loan term depends on the factors like the repayment structure that the applicant opts for.
      • Some important things required are the applicant’s profile, age of the applicant at the time of loan maturity, and age of the plot/land/property at the time of loan

      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*


      Tru mounted loan – 2/3 Year mounted Rate Variant
      Type of HDB Bank plot loan for salaried individuals:

      Within the Tru Fixed loan, the individual gain an advantage of the static rate up to 2/3 years. An adaptable-rate term and a motionless rate term are provided to the customers of the HDB Bank. Whenever the loan is revised to an adjustable-rate loan reflexively, this primes the result of the synopsis to a complete 15-year loan term.

      Adjustable-Rate Loan

      The adjustable-rate plot loan is amalgamated to HDB bank Retail Prime disposition Rate (RPLR). If there’s a modification within the RPLR, taking the date of the primary disbursement under consideration, there’s a revision of the charge per unit on the loan every 3 months. There is a growth within the EMI’s interest element if there is a rise within the control per limit that consecutively can cut back the principal element. This may spread the loan term, and inside out, in cases wherever the charge per unit drips.

      HDB Bank plot loan interest rates for salaried individuals

      Adjustable Home Rate Loan

      The Retail Prime Lending Rate IS 16.20%

      Tru mounted loan – 2/3 Year mounted Rate Variant

      The Retail Prime Lending Rate IS 16.20%

      HDB Bank plot loan fees for salaried individuals

      Here is the list of fees/charges/other outgoings that can be billed depending on the type of loan one has applied for.

      1. Processing fees

      Out of Rs.3,000 or up to 0.50% of the loan amount, the outcome which is higher has to be paid along with the additional applicable taxes as the processing fee for the self-employed professionals.

      2. Pre-Payment Charges

      Adjustable-Rate Home Loans (ARHL)  
       
      ·        No prepayment charges will be payable on account of full/part payments for loans sanctioned to individual borrowers.
       
      ·        For loans sanctioned to individual borrowers with the firm, company, etc. as a co-applicant. Prepayment charges at 2% plus taxes, as may be applicable from time to time, of the amount being prepaid, are payable.
       
      ·        The customer will have to submit documents that HDB deems fit and proper to confirm the source of funds at the time of prepayment of the loan.
      Fixed-Rate Home Loans (FRHL)  
       
      ·        No prepayment charges will be applicable for part/full payments made from own sources i.e., sources other than a bank/NBFC/HFC or financial institutions
       
      ·        The customer should submit documents that HDB Bank 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 apply to all partial/full prepayments.
       
      ·        The customer must submit documents that HDB approves to confirm the source of funds at the time of prepayment of the loan.
       
      ·        During the 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 the firm, company, etc. as 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 charges are subject to change from time to time depending on the prevailing policies of HDB Bank

      3. Conversion fees 

      An advantage given by the HDB Bank to its prevailing customers is the conversion facility to pull down the rate of interest on the loan by swapping schemes is. With the help of this one can either pay a fee or lessen the loan amount period or EMI. The options of conversions accessible for the current HDB Bank customers are

      Name of the service /product

      Name of the charge/fee levied

      When payable

      Frequency

      Amount in rupees

      Switch to a 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 of 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 of 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 discredit charges

      Rs.200 is the cheque discredit charges for the HDB bank plot loan (conditions apply)

      5. Fees on account of external opinion

      Depending on the kind of help summarized the external opinions are one from technical valuers or advocates and the fees can be paid directly to the person in charge.

      6. Property insurance

      For keeping the loan period active a regular payment should be done by the customers to the insurance provider.

      7. Charges on account of delayed payments 

      If the payment of interest or EMI gets late due to some issue then the customer has to pay extra interests up to 24% p.a

      8. Incidental charges

      These charges and expenses are forced to cover the charges, costs, and other expenses to recover dues from a defaulting customer.

      9. Statutory/regulatory charges

      The customer is answerable for all custodies related to stamp duty/MOD/MOE/Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI).

      10. List of documents

      The cost for the list of documents taken by the HDB bank plot loan is Rs 500.

      11. Photocopy of documents

      The cost for the photocopy of documents taken by the HDB bank plot loan is Up to Rs.500

      12. Increase/decrease in the loan term 

      You have to pay Rs 500 along with the application form if there is a need where you want to increase or decrease the loan term.

      13. Disbursement cheque cancellation charge post disbursement

      Rs.200 is the charge for the Disbursement cheque cancellation as per the HDB bank plot loan. 

      14. PDC swap

      A minimal amount of Rs 200 is charged for the PDC swap charges

      15. Re-appraisal of the loan after 6 months from sanction

      You may have to pay Rs 2000 along with the applicable taxes if you want a re-appraisal of the HDB bank plot loan after 6 months from its sanction.

      HDB bank plot loan Status

      As soon as your application is complete with all the contact details and employment history, an HDB bank representative will ruck the specified documents from you. HDB Bank will make a home loan offer if the verification of your documents is successful and valid.

      By contacting your branch and referencing the appliance number one can check the HDB Bank home equity credit by contacting your branch and referencing the appliance number. One can also contact HDB Bank customers if any help with tracking your application is required.

      Additional Tips to Get a Loan to buy Land

      Here are some basic clues that would help you to increase your chances of getting a loan:

      • If deductions are considered over & above 60% of Gross income, an additional spread of 0.25% should be charged over and above the regular ROI applicable for the Housing Loan.
      • A borrower would require a good credit score of above 750 to avail of the plot loan. If a borrower has a good score, it will increase the loan approval chances.
      • A good income and debt ratio increase your chances of getting a loan. Lesser is the ratio, more are the chances of loan approval.
      • Apply for a loan based on your repayment capacity: before you apply for a plot loan the debtors need to figure out how much loan they can afford. Debtors can take the help of calculators to check their loan affordability as well as suitability.

      How to apply for Indian Bank Plot Loan with Dialabank

      • One can apply for the Plot Loan with Dialabank easily.
      • Not a big process, just fill a form with your correct details and the documents asked.
      • If any help is required our relationship manager would contact you.
      • There is also a door to door document pickup facility provided by us.
      • For more details or doubts you can call us on 9878981166.

      HDB bank plot loan Documentation

      • The applicants are asked to submit identity proof, a sign of address, income documents, and any other property-related documents. Keep all these documents ready.
      • Duly filled application form.
      • Recent passport size photographs
      • Identity proof – Voter ID, driver’s license, PAN card, or passport
      • Latest copies of utility bill payments like electricity bill or phone bill as the proof of house.
      • Account statements, certificate of employment, form 16, IT return statements and salary certificate for the salaried applicants.
      • Personal properties and legal responsibility statements
      • Additional documents could be asked for counting on the applicant’s sort of income and employment. Do enquire with Maharashtra Bank for the list of documents required for the loan.

      HDB bank plot loan Documentation for Salaried Employees

      • Filled and signed application form with photos
      • Identity, address, and age proof
      • The last 3 months salary slip
      • The past 6 months Bank statement
      • Details of Form-16 and Income Tax Returns (ITR)
      • Property Title documents.

      HDB bank plot loan Documentation for self-employed individuals

      • Filled and signed application form with photos
      • Identity, address, and age proof
      • The documents like TR and financial statements, including balance sheet, profit & loss account, schedules certified by a CA
      • The past 12 months Bank statement
      • The requirement of the Latest partnership deed for the partnership firms.
        The requirement of the latest Memo and Articles of the organization (CA certificate on profit sharing ratio/list of directors/shareholding partnership) for the companies.
        The requirement of the LLP Agreement
      • Property Title documents along with business address proof.

      FAQ’s

      What is the Plot loan interest rate in HDB Bank?

      The HDB Bank extends plot loan at the interest rate of 7.5-8.45%

      What is HDB Bank Plot Loan?

      A plot loan or Land loan is a facility provided by banks or NBFC’s for buying land to build a residential property or property for official purposes. The HDB Bank extends the plot loan to people as per their requirement and is one of the best options to start for plot loans.

      How much processing fee is applicable on an HDB Bank Plot loan?

      The processing fee at HDB bank is applicable at the time of disbursement.

      What is the loan tenure of the HDB Bank Plot loan?

      The maximum loan tenure is 15 years

      How much EMI per Lakh can be fixed on HDB Bank Plot Loan?

      ₹ 1,779 per lakh is the EMI per lakh.

      How can I apply for the plot loan from HDB Bank?

      One can apply for the HDB Bank Plot Loan with Dialabank easily.

      • Not a big process, just fill a form with your correct details and the documents asked.
      • If any help is required our relationship manager would contact you.
      • There is also a door to door document pickup facility provided by us.
      • For more details or doubts you can call us on 9878981166.

      How to repay the HDB Bank plot loan earlier than the schedule?

      1. An applicant can make Bi-Weekly Payments or instead of the regular monthly payment submit half of the payments to your moneylender every two weeks.
      2. An applicant can also make round-Up Payments. 
      3. Find Extra Money.
      4. One can also make an extra payment.
      5. Sponsor Your Loan. 

      Is it possible to repay my loan earlier than the schedule?

      Yes, it is possible to repay your loan earlier.

      How to check HDB Bank Plot Loan eligibility?

      The below-mentioned eligibility criteria are to be met by the candidates for a smooth process.

      • Age Limit: The candidate must be between 18 to 60 years of age with good refunding capacity.
      • Nationality: Should be an Indian resident
      • Profession: Salaried or self-employed individuals who should be in the current employment for a consistent period
      • A CIBIL Score of 650 or more is expected
      • The borrower is required to commence construction over the land or plot within the stipulated time to get a plot + construction loan. The stipulated time frame can vary from lender to lender.

      What is the HDB Bank Plot loan phone number?

      Contact at 9878981166 for all the HDB bank plot loan queries.

      What is the HDB plot loan interest rate for women?

      No special rates for women.

      What is HDB Bank plot loan interest rates for salaried individuals?

      The HDB Bank plot loan interest rate for salaried individuals is 7.60%

      What is HDB Bank plot loan interest rates for self-employed individuals?

      8.35% is the rate of interest for self-employed individuals.

      What is HDB Bank plot loan interest rates for self-employed non-professionals?

      8.35%-9% depending on the amount taken is the rate of interest.

      How is a plot loan different from a home loan?

      Many borrowers typically get confused between land loans and home loan rates. A home equity loan could be a loan that facilitates borrowers to get associate existing house property or construction of a brand new flat or house. On the opposite hand, land loans square measure availed just for the acquisition of the land on that construction is planned to be disbursed later.

      Can I take a plot loan along with a home loan?

      No, you cannot take two loans together.

      What is the maximum amount that I can take as a loan?

      Upto 75 lakhs is the maximum amount that one can take as a loan.

      Can a plot loan finance investment in any plot, anywhere?

      No, you cannot finance a plot loan in any plot, anywhere.

      What is a Balance Transfer on Plot Loan?

      A balance transfer loan makes paying down credit cards or high-interest rate debt simple by allowing you to decide which creditors to pay and the amount to send each one. Any remaining money from your loan is deposited into your bank account.

      Do I get any tax benefits on a plot loan?

      As per Section 80C of the Income Tax Act, one can avail of deduction on the main reimbursement amount of your plot loan up to a maximum of 150,000 per annum.

      How many years can I keep the plot of land before starting construction?

      Within 3 years the construction has to be done in the plot taken.

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