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Plot Loan/ Land Loan

If you have a plot of land in mind or your want to purchase a land on which you wish to build your dream home, DHFL can help you do just that, with a Plot Loan.


Features and Benefits of Plot Loan/ Land Loan

    1. Tenure & Term: The tenure of your 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 loan on purchase of Non Agricultural land situated within Municipal / Local Development Authority limit.
    3. Reduce your EMI : With tenure of 20 years, you can reduce the EMI amount on your 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: This is charged as the fee towards processing your Plot loan application

      Salaried individuals (SAL) / Self-Employed Professionals (SEP)

       Self-Employed Non Professionals (SENP)

      ` 5000* to ` 20,000*

      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/Land Loan:
      a. Through ECS (Electronic Clearing Service) based on standing instructions to your bankb.Post Dated Cheques(PDCs) drawn on your Savings/Salary account
    7. Plot/Land Loan Tax Benefits: Both principal as well as interest of home loans attract tax benefits. With effect from 1st April 2005 (i.e. assessment year 2006-07) under section 24(b) and 80C of the Income Tax Act 1961. Principal amount of repayment of loan along with other savings such as PF, PPF, and Life Insurance premium etc up to a maximum of `1, 00,000/- will be eligible for deduction from gross income u/s 80C of Income Tax Act 1961.

      a. For self occupied
       – Income will be treated as nil and interest payment up to `1, 50,000/- will be treated as minus income which will be adjusted against other income under section 24(b) of the Income Tax Act 1961.
      b. For rental property – It will be adjusted against rental income Interest paid on loan before completion of construction will be allowed as deduction from income at 20% per year for the next  five years
    8. Applicant and Co-Applicant: Plot/Land Loans can be applied for individually. 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. Easy Documentation: To enable us to speedily process your home loan application, we will require the following:
      a. KYC (Know Your Customer) documents
      b. Proof of Income documents and bank statements as per log-in checklist
      c. Property related documents 

Eligibility for Plot Loan/Land Loan

You can get a Plot loan of up to 75% of the Direct Allotment Letter / Registered sale deed value + stamp duty + Registration Fee or 75% of market value, whichever is lower. Get a higher Plot loan amount from DHFL by including an earning co-applicant. The actual Plot loan amount is determined taking into various account factors such as:

  • Repayment capacity
  • Age of the Plot Loan applicant
  • Educational qualifications
  • Stability and continuity of income
  • Number of dependents
  • Co-applicant’s income
  • Assets
  • Saving habits, and more

Documentation Required For Plot Loan/ Land Loan


Click here for the list of documents required.

Plot Loan/ Land Loan: Services & Charges


Click here to view the Services and Charges 

FAQs


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