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Home > Plot & Construction Composite Loan

Plot & Construction Composite Loan

You have identified a beautiful plot of land on which you wish to construct your dream home by yourself. Come to DHFL for a composite loan that covers the cost of the plot of land as well as the construction.

Features and Benefits of DHFL Plot & Construction Composite Loan

  1. Tenure & Term: The tenure of your Plot + Construction Composite Land loan ranges from 1 to 20 years. The term, however does not extend beyond the retirement age or 60 years whichever is earlier (65 years for self-employed individuals)
  2. Purpose: Avail a Plot + Construction Composite Land loan for purchase of non-agricultural land situated within Municipal / Local Development Authority limits and then construct your house.
  3. Reduce your EMI : With tenure of 20 years, you can reduce the EMI amount on your Plot + Construction Composite Land loan, so that your outgoings every month do not come in the way of your lifestyle and living standards.
  4. Interest Rates: The Interest rate applicable is based on the DHFL’s Retail Prime Lending Rate (RPLR) which fluctuates from time to time based on the money market conditions.
  5. Processing Fees (Non-Refundable) : This is charged as the fee towards processing your loan application:

    Salaried individuals (SAL)

    Self-Employed Professionals / Non Professionals (SEP / SENP)

    1%*

    1.5%*

    *Service Tax and Cess as applicable

  6. Easy Repayments: You have 2 options for repayment of the loan based on the EMIs payable on your Plot + Construction Composite Land loan:
    1. Through ECS (Electronic Clearing Service) based on standing instructions to your bank
    2. Post Dated Cheques(PDCs) drawn on your Savings/Salary account
  7. Plot & Construction Composite Land Loan: Get Maximum Tax benefit under Home Improvement Loan scheme. As per Indian IT Rules, the current applicable exemption u/s 24 is `2 lacs for the interest amount paid in a financial year and up to `1.5 lac for the Principal amount repaid in the same year. Thus up to `3.5 lacs is tax exempt, helping you save up to `1,08,150 tax annually (Assuming he is taxable at the maximum tax rate i.e. 30.9%).
  8. Applicant and Co-Applicant:Plot + Construction Composite Land loans can be applied by individuals. The loan amount can be further enhanced by including an earning co-applicant.
  9. Stamp Duty: Stamp duty on the loan documents to be executed shall be paid by the Applicant.
  10. Pre-Payments:There are no pre-payment charges if paid 4 times in a financial year after 6 months. For pre-payments above 20% in a financial year, a fee of 2% is charged on the excess amount being so paid. A pre-payment charge of 2% charge on the outstanding amount is applicable if no construction done within 3 years and 3% after 3 years if the borrower is other than individual.
  11. Easy Documentation: To enable us to speedily process your Plot + Construction Composite Land loan application, we will require the following:
    1. KYC (Know Your Customer) documents
    2. Proof of Income documents and bank statements as per log-in checklist
    3. Property related documents

Documentation Required For Plot & Construction Composite Land Loan

Click here for the list of documents required.

Plot & Construction Composite Land loan: Services & Charges

Click here to view the Services and Charges

FAQs

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