DHFL Plot and Construction Composite Loan: You have selected a plot of land and you want to buy it for constructing your dream house on it. So, in this case, the simple home loan does not working as expected because here, you have to take two different types of home loan first is plot loan for buying a plot and second is home construction loan for construct a house. It is very difficult for you to take two different loans at the same time. It takes a lot of time for loan sanction and you have to pay double interest rate at the same time.
To overcome this problem, DHFL introduces a Composite Loan that covers the plot loan as well as the construction loan. The composite loan is the loans which are given to an individual who wants to buy a plot of land or to construct the home on the same plot within the specified time mentioned by the bank. Therefore, a composite loan means a loan that can offer you a loan to buy a land and also provide you money for construction of a house on the same land. You can apply for this loan if you want to purchase a non-agriculture land which is within the limit of municipal or local development authority and you also wants to construct your home on it.
It works like a standard home loan where funding is provided for both plot and construction. The composite home loan is given not only for the land but also for the construction of the house within a particular time limit. Here, the loan amount is not given at one time but instead the loan amount is handed out in batches as and when the need arises. The first installment is distributed to avail the plot and rest of the installment distributed during various phases of construction of the house.
Features and Benefits of DHFL Plot and Construction Composite Loan:
- You can avail DHFL Plot and Construction Composite Loan for the purchase of a non-agricultural land situated within Municipal / Local Development Authority limits and then construct your house on it according to your need.
- This helps in reducing the EMI which you are paying for your existing home loan.
- The tenure of your loan ranges from 1 to 20 years.
- With 20 years of loan tenure, you can reduce the amount of EMI on your Plot and Construction Composite Loan, so that your outgoings every month do not come in your lifestyle and living standard.
- It is a standard home loan where funding is provided for both buying a plot and construction of the house.
- The applicable interest rate is based on DHFL’s Retail Prime Lending Rate (RPLR), which periodically fluctuate on the basis of money market conditions.
- The process of documentation is very easy so that the customer receives full details at the time of inquiry.
- In DHFL Plot and Construction Composite Loan, easy repayment options are also available.
- Resident Indians are eligible for certain tax benefits on principal and interest amount of a home loan.
- Adding a co-applicant in your home loan can enable you to enhance your loan amount and gain access to additional funds.
Eligibility Criteria for DHFL Plot and Construction Composite Loan:
- The minimum age of the applicant is 18 years.
- Age of the applicant should not be more than 60 years at the time of loan maturity (65 years for self-employed).
- The applicant should be an Indian Resident.
- The plot of land you want to buy should not be an agricultural land.
- The minimum amount of composite loan is 3 lakhs.
- The maximum loan amount is up to 3 crores.
- The applicant must have a regular and steady source of income.
- The loan amount is based on various factors such as current income of the applicant, number of co-applicants, the applicant’s retirement age, etc.
- Repayment capacity of the applicant is also a considerable factor for loan eligibility.
- You can apply for a loan either separately or jointly. All the co-owners of the property have to be co-applicants.
- All the co-applicants need not be co-owners of the property.
- Both salaried and self-employed individuals are eligible for this Loan.
3 Big Factors That Decide Your Home Loan Tenure
Interest Rate on DHFL Plot and Construction Composite Loan:
1) Interest Rates for Salaried / Self Employed Professionals (SEP):
| Loan Amount | Applicable Rate of Interest |
| Up to Rs. 25 Lakhs | 8.85% |
| Above Rs. 25 Lakhs up to 75 Lakhs | 8.85% |
| Above Rs. 75 Lakhs to Rs. 1 crore | 8.95% |
| Above Rs. 1 crore to Rs. 1 crore 50 Lakhs | 8.95% |
| Above Rs. 1 crore 50 Lakhs to Rs. 3 crores | 9.15% |
| Above Rs. 3 crores | 9.50% |
2) Interest Rates for Self Employed Non-Professionals (SENP):
| Loan Amount | Applicable Rate of Interest |
| Up to Rs. 25 Lakhs | 8.95% |
| Above Rs. 25 Lakhs up to 75 Lakhs | 8.95% |
| Above Rs. 75 Lakhs to Rs. 1 crore | 9.15% |
| Above Rs. 1 crore to Rs. 1 crore 50 Lakhs | 9.15% |
| Above Rs. 1 crore 50 Lakhs to Rs. 3 crores | 9.25% |
| Above Rs. 3 crores | 9.75% |
Documents Required for DHFL Plot and Construction Composite Loan:
| Purpose | Documents for Salaried | Documents for Self Employed Professionals | Documents for Self Employed Non-Professionals |
| Identity Proof |
|
|
|
| Address Proof |
|
|
|
| Income Proof |
|
|
|
| Account Statements |
|
|
|
| Organization/Business Proof |
|
|
|
DHFL Plot and Construction Composite Loan Processing Fee and Charges:
A. Processing Fees (Non-Refundable):
| Loan Amount | Applicable Charges |
| Up to Rs. 30 Lakhs | Rs. 5,000 + document charges + Applicable GST |
| Above Rs. 30 Lakhs and up to Rs. 75 Lakhs | Rs. 10,000 + document charges + Applicable GST |
| Above Rs. 75 Lakhs | Rs. 20,000 + document charges + Applicable GST |
B. CERSAI Registry / Modification Charges:
| Loan Amount | Applicable Charges |
| Up to Rs. 5 Lakhs | Rs. 50 + Applicable GST |
| Above Rs. 5 Lakhs | Rs. 100 + Applicable GST |
C. Technical Fee (for property situated outside geographic limit or for additional property or for pre-technical):
| Geographic Limit | Applicable Charges |
| Within 60 km radius | No charges |
| Beyond 60 km (first visit) | Rs. 500 + Applicable GST |
| Beyond 60 km (subsequent visits) | Rs. 750 + Applicable GST |
D. Valuation fee for Construction Linked Loan cases:
| Visits | Applicable Charges |
| First visit | No charges |
| Rest of the visits | Rs. 500 per visit |
E. Conversion Charges:
| Loan Amount | Applicable Charges |
| Up to 75 Lakhs | Rs. 2500 + Applicable GST |
| Above 75 Lakhs | Rs. 5000 + Applicable GST |
F. Document retrieval charges on the closure of loan:
| Loan Amount | Applicable Charges |
| Up to Rs. 10 Lakhs | Rs. 1,000 + Applicable GST |
| Above Rs. 10 Lakhs | Rs. 2,000 + Applicable GST |
G. Overdue Charges on default instalment: On the outstanding dues, 18% p.a.
H. ECS/ Cheque Bounce Charges: Rs 500 and Applicable GST.
I. Pay Order/ Demand Draft issuance Charges: Actual Bank Charges or Rs. 150 per lakh, whichever is higher + Applicable GST.
J. ECS/ Cheque Swapping Charges (per set): 250 per swap.
K. Legal Charges: Legal charges will be charged on a case by case basis.
L. Duplicate No Dues Certificate: 250 + Applicable GST.
M. Copy of Property Papers: 500 + Applicable GST.
N. Foreclosure statement: 500 + Applicable GST.
O. Custodial Fee for keeping Property Documents in Closed Loans: 500 per month (post 60 days from loan closure date) + Service Tax.
P. Duplicate Annual Account Statement, Provisional Certificate: 250 + Applicable GST.
Q. Loan closure (fully)/ prepayment statement charges: 500 + GST.
R. Prepayment Charges (Plot and Construction Loan/ Composite Loan): 3% + Applicable GST in case if the house is not constructed on the plot within 3 years from the date of the first disbursement of the loan.
i want to take plot by 80% loan but i don’t want to construct for a period 6 years or thereafter, whether i can take loan or not. i am government servant and salaried employee.