LOAN ESSENTIALS

Who Can Apply

You can apply individually or jointly for Plot Loans. All proposed owners of the property will have to be co-applicants. However, all co-applicants need not be co-owners. Generally co-applicants are close family members.

Loan Term
  • You may spread out your payments for the loan over a maximum term of 15 years.
  • The tenure of the loan is also dependent on the customer’s profile, age of customer at maturity of loan, age of property at loan maturity, depending upon the specific repayment scheme as may be opted and any other terms which may be applicable based on prevalent norms of HDFC.
Maximum Loan Amount
Loan Amount Maximum Funding*
Up to Rs.75 lacs 80% of the property cost**
Above Rs.75 lacs 75% of the property cost**

*Subject to market value of the plot and repayment capacity of the customer, as assessed by HDFC.

**May be restricted up to 70% of the cost / value of the plot, if the plot is located outside the city limits.

Types of Plot Loans
  • Adjustable Rate Loan
    A Plot Loan under the Adjustable Rate is linked to HDFC's Retail Prime Lending Rate (RPLR). If there is a change in our RPLR, the interest rate on your loan will be revised once in three months depending on the date of your first disbursement with or without a change in EMI. If the interest rate increases, the interest component in an EMI will increase and the principal component will reduce resulting usually in an extension of term of the loan, and vice versa when the interest rate decreases.
  • TruFixed Plus Loan – 2 Year Fixed Rate Variant
    A TruFixed Plus Loan offers you a part fixed rate term and a part adjustable rate term. Under this variant of the TruFixed Plus Loan, you can avail of a fixed rate for a maximum term of 2 years, post which the loan will automatically convert to an adjustable rate.
  • TruFixed Plus Home Loan – 3 Year Fixed Rate Variant
    A TruFixed Plus Loan offers you a part fixed rate term and a part adjustable rate term. Under this variant of the TruFixed Plus Loan, you can avail of a fixed rate for a maximum term of 3 years, post which the loan will automatically convert to an adjustable rate.

Interest Rates

Adjustable Rate Loan [Limited Period Offer]

RPLR: 16.75%

Loan Slab Interest Rates (% p.a.)* RPLR minus Spread
Up to and including Rs.30 lacs 10.15 to 10.65 RPLR - (6.60 to 6.10)
Rs.30.01 lacs onwards 10.40 to 10.90 RPLR - (6.35 to 5.85)
Adjustable Rate Loan

RPLR: 16.75%

Loan Slab Interest Rates (% p.a.) RPLR minus Spread
Up to and including Rs.30 lacs 10.50 to 11.25 RPLR - (6.25 to 5.50)
Rs.30.01 lacs onwards 11.00 to 11.50 RPLR - (5.75 to 5.25)

Please note:

You have to commence construction on the said plot within 5 years from the date of first disbursement. In case of this condition not being met, HDFC will have the right to increase the rate by 200 bps over & above the applicable rate of interest.

Applicable only for plots being purchased from Development Authorities and good developers within city limits.

*Applicable for customers who apply for the loan on or before November 30, 2014 and avail of their first disbursement on or before December 31, 2014. All loans at the sole discretion of HDFC.

The above rates are subject to change without notice.

Documents

Following are the documents you would need to submit for all applicants / co-applicants along with the completed and signed Application Form for loan approval:

Purpose Document
Proof of both identity and residence (any 1)
  1. Valid Passport
  2. Voter ID Card
  3. Aadhaar Card
  4. PAN Card with Allotment Letter
For the complete list of KYC documents click here
Proof of income
  1. PAN Card
  2. Last 3 months' Salary Slips
  3. Last 6 months' Bank Statements, showing salary credits
  4. Latest Form-16 and IT returns
Other documents
  1. Own Contribution Proof
  2. Employment Contract / Appointment Letter in case current employment is less than 1 year old
  3. Last 6 months' Bank Statements showing repayment of any ongoing loans
  4. Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across
  5. Cheque for processing fee favouring ‘HDFC Ltd.’
Property related documents
  1. Copy of Allotment Letter / Buyer Agreement
  2. Title Deeds including the previous chain of the property documents in resale cases

All documents to be self attested.
The above list is indicative in nature and additional documents can be asked for.

Fees and Charges

The following is an indicative list of fees / other charges / outgoings that are payable depending on the nature of the loan availed (*):

Processing fees

Up to 0.50% of the loan amount or Rs.2,000 whichever is higher, plus applicable taxes.

Prepayment charges
  • Adjustable Rate Loans and
    Dual Rate Loans / Fixed First Loans / TruFixed Rate Loans / TruFixed Plus Loans / TruFixed Plus Loans – 2 & 3 Year Fixed Rate Variants - during the period of applicability of the Adjustable Rate of Interest:
     

    For all loans sanctioned to individual customers:

    No prepayment charges shall be payable on account of part or full prepayments.

    For all other loans:

    There will be no prepayment charges payable for any amount up to and including 25% of the opening principal balance for a given financial year.

    However any part prepayment in excess of 25% or full prepayment shall bear a prepayment charge of 2%, plus applicable taxes, of the amounts being so prepaid if the prepayment is made within 3 years from the date of first disbursement of the loan (such amounts shall include all amounts prepaid during the given financial year).

    There will be no prepayment charges payable for any part prepayment if such a part prepayment is made after 3 years from the date of first disbursement of the loan.

    Full prepayment made after 3 years from date of first disbursement of the loan shall bear a prepayment charge of 2%, plus applicable taxes, of amounts being so prepaid if source of such prepayment is by the way of borrowing from a Bank / Housing Finance Company (HFC) / Non Banking Financial Company (NBFC) or Financial Institution. (such amounts shall include all amounts prepaid during the given financial year).

  • Fixed Rate Loans and
    Dual Rate Loans / Fixed First Loans / TruFixed Rate Loans / TruFixed Plus Loans / TruFixed Plus Loans – 2 & 3 Year Fixed Rate Variants – during the period of applicability of the Fixed / Initial Rate of Interest:
     

    No prepayment charges shall be payable for partial or full payments made from own sources within 3 years from the date of first disbursement. The expression ‘own sources’ for this purpose means any source other than borrowing from a Bank / Housing Finance Company (HFC) / Non Banking Financial Company (NBFC) or Financial Institution. After 3 years prepayment charges shall be 2% plus applicable taxes of the outstanding amounts being so prepaid  in case the house has not been constructed irrespective of the source of prepayment. However if the house is constructed, prepayment charges shall continue to be payable incase the prepayment is made from refinance from any Bank / HFC / NBFC.

    The prepayment charges shall be 2% plus applicable taxes of the outstanding amounts being so prepaid through refinance from any Bank / HFC / NBFC or Financial Institution (such amounts shall include all amounts prepaid during the given financial year) and shall be applicable to all partial or full prepayments.

    You shall be required to submit a Prepayment Request Letter along with copies of your Bank Statement or any other document that HDFC deems necessary to ascertain the source of prepayment.

Conversion fees

We offer our existing customer the option to reduce the applicable rate of interest on the loan (by changing the spread or switching between schemes) through our Conversion Facility. You can take advantage of this facility by paying a nominal fee and opt for either reducing your monthly instalment (EMI) or loan tenure. Terms and conditions apply.

To avail of our Conversion Facility and to discuss the various available options either click here to allow us to call you back or log on to our Online Access for Existing Customers Online Access for Existing Customers, to get your loan account information 24x7.

The following options of conversion are available to an existing customer of HDFC:

  1. Switch to a lower Interest rate in the Adjustable Interest Rate Option:

    HDFC offers you an option to convert your existing adjustable rate to HDFC's current adjustable rate by effectuating a change in the spread as indicated in the loan agreement.

    In case of a partly disbursed loan, the fee payable to avail the conversion shall be 0.50% plus applicable taxes of the principal outstanding plus the undisbursed loan amount.

    In case of a fully disbursed loan, the fee payable to avail the conversion shall be 0.50% plus applicable taxes of the principal outstanding.

  2. Switch from Fixed Interest Rate Option to the Adjustable Interest Rate Option:

    HDFC offers you an option to convert from a Fixed Interest Rate Option to the Adjustable Interest Rate Option for the balance term of the loan.

    In case of a partly disbursed loan, the fee payable to avail the conversion shall be 0.50% plus applicable taxes of the principal outstanding plus the undisbursed loan amount.

    In case of a fully disbursed loan, the fee payable to avail the conversion shall be 0.50% plus applicable taxes of the principal outstanding.

    Please note that this option is not available to customers currently under the Fixed First Loan products.

  3. Switch to a lower Interest Rate in a Dual Rate Loan Option:

    HDFC offers you an option to convert your existing rate to HDFC's current rate.

    In case of a partly disbursed case the fees payable to avail such change shall be 0.50% plus applicable taxes of the principal outstanding plus the undisbursed amount.

    In case of a fully disbursed loan, the fee payable to avail such change shall be 0.50% plus applicable taxes of the principal outstanding.

  4. Switch from TruFixed Loan product (during the period of initial rate of interest) to the Adjustable Interest Rate Option:

    Under this product, during the fixed tenor, you have the option to convert to an adjustable rate product on payment of an upfront conversion fee of 1.75% of the principal outstanding plus the undisbursed amount plus applicable taxes.

  5. Switch from TruFixed Plus Loan product (during the period of Initial rate of interest) to the Adjustable Interest Rate Option:

    Under this product, during the fixed tenor, you have the option to convert to an adjustable rate product on payment of an upfront conversion fee of 1.75% of the principal outstanding plus the undisbursed amount plus applicable taxes.

  6. Switch from existing Adjustable Interest Rate Option to Fixed Interest Rate Option under the TruFixed Plus Loan Option:

    Under this product, you have the option to convert an existing adjustable rate product to a fixed rate under the TruFixed Plus rate product on payment of an upfront conversion fee of 1.75% of the principal outstanding plus the undisbursed amount plus applicable taxes.

Cheque Dishonour Charges

Rs.200**

Fees on account of external opinion

Fees on account of external opinion from advocates/technical valuers, as the case may be, is payable on an actual basis as applicable to a given case. Such fees is payable directly to the concerned advocate / technical valuer for the nature of assistance so rendered.

Property insurance

The customer shall pay the premium amounts directly to the insurance provider, promptly and regularly so as to keep the policy / policies alive at all times during the pendency of the loan.

Charges on account of delayed payments

Delayed payment of interest or EMI shall render the customer liable to pay additional interest up to 24% per annum.

Incidental charges

Incidental charges & expenses are levied to cover the costs, charges, expenses and other monies that may have been expended in connection with recovery of dues from a defaulting customer. A copy of the policy can be obtained by customers from the concerned branch on request.

Statutory / Regulatory charges

All applicable charges on account of Stamp Duty / MOD / MOE / Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) or such other statutory / regulatory bodies and applicable taxes shall be borne and paid (or refunded as the case may be) solely by the customer. You may visit the website of CERSAI for all such charges at www.cersai.org.in

List of Documents

Up to Rs.500

Photo Copy of Documents

Up to Rs.500

PDC swap

Up to Rs.200

Disbursement cheque cancellation charge post disbursement

Up to Rs.200

Re-appraisal of loan after 6 months from sanction

Up to Rs.2,000 plus applicable taxes

Increase / decrease in loan term

Up to Rs.500 plus applicable taxes

(*) the contents of the above are subject to change from time to time and the levy of the same shall be at such rates as may be applicable as on the date of such charge.

**Conditions apply.

Terms and Conditions

Security

Security of the loan would generally be security interest on the property being financed and / or any other collateral / interim security as may be required by HDFC.

Other conditions
  • All the information contained herein above is for awareness and customer convenience and is intended to only act as an indicative guide about HDFC’s products and services. For detailed information about HDFC’s products and services kindly visit the nearest HDFC branch.
Click here for the Most Important Terms and Conditions pertaining to your loan.