DHFL Home Loan

DHFL Plot Loan/ Land Loan

DHFL Plot loan/ Land loan

DHFL Plot Loan/ Land Loan: Apartments, flats and already constructed houses are a good option for many people, but some people want to live in their own home where they can live completely satisfied and fulfill their desires. For many people, building their house on their own plot of land gives them a satisfaction and happiness. Indian investors are traditionally want to buy land, either for their investment or for building houses. Home loans may be obtained with ease as compared with a land loan that might not be as easy to get. The reason behind this, land loans concerned not only the purchase of land but also the following development of property on the land. In DHFL Plot loan/ Land loan, lenders work at a higher risk, as land loans carry higher risk, as compared to the home loans. For lenders, an underdeveloped property is riskier than a developed property, because it is easy for the landowner to dismiss an underdeveloped property rather than a property which will be used as a source of income. This is the reason that the lender requires insurance on the return on investment.

When you are the owner of a plot, you can build a place that is especially yours where you can live with your family. If you want to purchase the land for building the house and for this you are looking for a loan, so you can come to DHFL and avail a DHFL Plot Loan/ Land Loan to buy a piece of the plot for constructing your dream home because the simple home loan will not cover all the aspects of buying a plot. DHFL Plot loan/ Land loan enable customers to get a financial support to buy a land/plot of their choice. After getting the plot, you can build a house / apartment / structure according to your needs and desires. Unlike buying a pre-existing house or flat, plot/ land loan gives you the freedom to build your dream home according to your aesthetics.

Features and Benefits of DHFL Plot Loan/ Land Loan:

  • If you want to purchase a non-agriculture land (situated within Municipal / Local Development Authority limit) to construct your dream house, you can opt DHFL Plot Loan/ Land Loan.
  • The tenure of your loan ranges from 1 to 20 years.
  • You can take advantage of the DHFL home loan amount up to Rs. 1 crore or 60% of the cost of property (including stamp duty and registration fee) or 60% of market value, whichever is less.
  • With 20 years of loan tenure, you can reduce the amount of EMI on your home loan, so that your outgoings every month do not come in your lifestyle and living standard.
  • 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 Loan/ Land 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 Loan/ Land 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.
  • You can get a loan up to 75% of the value of the allotment letter / registered sale price (including stamp duty and registration fees) or 75% of market value, whichever is lower.
  • 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.

Also Read: How to Reduce Home Loan Interest Rates Burden?

Interest Rate on DHFL Plot Loan/ Land 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 Loan/ Land Loan:

Purpose Documents for Salaried Documents for Self Employed Professionals Documents for Self Employed Non-Professionals
Identity Proof
  • Passport
  • Voter ID Card
  • Aadhar Card
  • Driving License
  • PAN Card
  • Passport
  • Voter ID Card
  • Aadhar Card
  • Driving License
  • PAN Card
  • Passport
  • Voter ID Card
  • Aadhar Card
  • Driving License
  • PAN Card
Address Proof
  • Recent copy of Telephone Bill
  • Electricity Bill
  • Water Bill
  • Piped Gas Bill
  • Driving License
  • Aadhar Card
  • Recent copy of Telephone Bill
  • Electricity Bill
  • Water Bill
  • Piped Gas Bill
  • Driving License
  • Aadhar Card
  • Recent copy of Telephone Bill
  • Electricity Bill
  • Water Bill
  • Piped Gas Bill
  • Driving License
  • Aadhar Card
Income Proof
  • Last 2 months Salary Slip or Salary Certificate
  • Latest copy of Form 16 if the salary is above Rs. 20,000/- per month
  • Income Tax returns for last 2 years
  • Balance Sheet & Profit & Loss A/c for last 2 years
  • TDS Certificate (Form 16A, if applicable)

 

  • Income Tax returns for last 2 years
  • Balance Sheet & Profit & Loss A/c for last 2 years
  • TDS Certificate (Form 16A, if applicable)

 

Account Statements
  • Bank A/c. Statement for last 3 months including front page
  • Bank A/c. Statement for last 6 months

 

  • Bank A/c. Statement for last 6 months

 

Organization/Business Proof
  • Company profile, if your company or organization is not very well known.
  • Brief Business Profile on the letterhead of the organization by the applicant
  • Copy of Professional Practice Certificate
  • Copy of Shop & Establishment License/ VAT Registration or any other mandatory license
  • Copy of the Partnership Deed, Memorandum of Associations
  • Certificate of qualification (for C.A./ Doctor and other professionals)
  • Brief Business Profile on the Letter Head of the organization
  • Copy of Business Establishment License / VAT Registration or any other mandatory license
  • Copy of the Partnership Deed, Memorandum of Associations
  • Contract details (if applicable)

DHFL Plot Loan/ Land 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.

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