We are pleased to announce that Home Loans Sales team can now start sourcing Plot Loans.
Enclosed below are the product features and important information on Plot Loans.
Very Important: HDFC Bank Home Loans Sales Team will not source Balance Transfer Cases of Plot Loans.
Product : Plot Loan in Gurgaon , Delhi , Faridabad , Sohna and Nuh,
Max. Term : 15 Years
LCR / LTV Norms :
0.00 to 75.00 Lakhs : 80 %
75.00 Lakhs & above : 75 %
( For Resale Plot Loans : If LTV is <= 75 % / 80 %, 90 % LCR can be offered – irrespective of loan amount )
Processing Fee : ( as per prevailing offer )
Employed : 3000 + GST
Self Employed : 0.25 % of the loan amount + GST
Acquiring Mode : Direct Purchase & Resale ( Refinance not allowed for loans sourced by HDFC Bank Ltd )
Product available for : Both Resident / Non Resident Indians & Residential / NRP ( Commercial ) Plots
Minimum Plot Area Allowed : 100 meters ( But even smaller Plot areas can be considered with approval from Technical Department )
# Variant 1 :
Plot Equity Loan with Plot Purchase ( Simultaneous Application )
Max. Term : 15 Years
LTV Norms : 70 % of the property Value ( irrespective of loan amount )
Processing Fee : ( as per prevailing offer ) – Employed / Self Employed : 0.50 % of the loan amount + GST
Acquiring Mode : Direct Purchase & Resale ( Refinance not allowed for loans sourced by HDFC Bank Ltd )
Product available for : Resident Indians Only & Residential Plots Only
Rate of Interest : 0.10 % higher than the simultaneous Plot Loan Rate.
Market Value of the Property : Rs 1.00 Cr. ( As appraised by HDFC Technical Department )
Documented / Registered Value of the Property : Rs 50.00 Lakhs
Plot Loan Possible : 80 % of Documented / Registered Value ( Rs 50.00 Lakhs ) = Rs 40.00 Lakhs
Plot Equity Loan Possible ( With Plot Purchase ) : 70 % of the Market Value ( Rs 70.00 Lakhs ) Minus ( – ) Plot Loan Amount ( Rs 40.00 Lakhs ) = Rs 30.00 Lakhs
Plot Equity Loan ( On a Pre-owned Piece of Land – Residential / NRP )
Max. Term : 15 Years
LTV Norms : 40 % of the Property Value ( irrespective of loan amount )
Processing Fee : ( as per prevailing offer ) – Employed / Self Employed : 0.50 % of the loan amount + GST
Product available for : Resident Indians Only & Residential / NRP ( Commercial ) Plots.
Plot Type : Plot should be identifiable, Marketable & Should be a part of residential township developed by good developer / development authority. # Refinance of Plot Equity Loans is also not allowed for HDFC Bank Ltd. .
Plot Loan Rates are same as Home Loan Rates and documentation is also almost the same.
