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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:  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

    1. Easy Repayments:  You have 2 options for repayment of the loan based on the EMIs payable on your Plot + Construction Composite Land loan:

a.  Through ECS (Electronic Clearing Service) based on standing instructions to your bank b.  Post Dated Cheques(PDCs) drawn on your Savings/Salary account

  1. 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 `1.5 lacs for the interest amount paid in a financial year and up to `1 lac for the Principal amount repaid in the same year. Thus up to `2.5 lacs is tax exempt, helping you save up to `70,000 tax annually.
  2. 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.
  3. Stamp Duty: Stamp duty on the loan documents to be executed shall be paid by the Applicant.
  4. Pre-Payments:There are no pre-payment charges if up to 20% of the principal loan amount is pre-paid in a financial year. For pre-payments above 20% in a financial year, a fee of 2% is charged on the excess amount being so paid No pre-payment charges, shall be payable if the loan is prepaid in full out of your own savings / resources A pre-payment charge of 3% charge on the outstanding amount is applicable if the loan is transferred to another financial institution or paid through other sources of funds.
  5. Easy Documentation: To enable us to speedily process your Plot + Construction Composite Land 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

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

Click here to view the FAQs.

 

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