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
- 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)
- 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.
- 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.
- 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.
- 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)
*Service Tax and Cess as applicable
- Easy Repayments: You have 2 options for repayment of the loan based on the EMIs payable on your Plot + Construction Composite Land loan:
- Through ECS (Electronic Clearing Service) based on standing instructions to your bank
- Post Dated Cheques(PDCs) drawn on your Savings/Salary account
- 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%).
- 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.
- Stamp Duty: Stamp duty on the loan documents to be executed shall be paid by the Applicant.
- 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.
- Easy Documentation: To enable us to speedily process your Plot + Construction Composite Land loan application, we will require the following:
- KYC (Know Your Customer) documents
- Proof of Income documents and bank statements as per log-in checklist
- Property related documents
Documentation Required For Plot & Construction Composite Land Loan
Plot & Construction Composite Land loan: Services & Charges
All fields are mandatory