A Land loan, also known as a plot loan, is a financial product offered by banks such as IDFC Bank to individuals looking to acquire a piece of land. If you are exploring the option of obtaining a land loan from IDFC Bank, we can provide assistance. Additionally, you have the option to utilize balance transfer service to move your current plot loan to IDFC Bank with lower interest rates.
IDFC Bank Plot Loan Details
| Interest rate | 10.25% - 15.00% p.a |
| Eligibility Age | - 23 years and above
- Maximum 65 years at loan maturity
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| Loan Amount | Up to 80% of property cost |
| Eligible Monthly Income | Minimum ₹25,000 p.m. |
| Processing Fees | Up to 2.00% of the loan amount + taxes |
| Loan Tenure | Up to 5 Years |
IDFC Bank Plot Loan Interest Rate
The interest rate forIDFC Bank land loans varies among applicants and is influenced by several factors like occupation and monthly income significantly impact the interest rate assigned to the plot loan application. Typically,IDFC Bank provides an interest rate ranging from 10.25% to 15.00% for plot loans. Refer to the chart to determine the specific interest rate applicable to your IDFC Bank land loan application.
| Interest Rate | 10.25% - 15.00% |
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Eligibility Criteria for IDFC Bank Plot loan
| Criteria | Salaried | Self-Employed |
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| Citizenship | All Indian citizens are eligible to apply for theIDFC Bank loan | All Indian citizens are eligible to apply for the IDFC Bank loan |
| Net Monthly Income | ₹25000 | ₹50000 |
| Age | 21 to 65 years. | 21 to 65 years. |
| Cibil score | 750 > the better the cibil score the lower the interest rate | 750 > the better the cibil score the lower the interest rate |
Documents Required for IDFC Bank Plot Loan
| Identity Proof for KYC | PAN Card, Aadhaar Card, Voters ID or Driving License |
| Address Proof | Aadhaar Card, Passport, Driving Licence or Utility Bills |
| Payslips | Last 3 months salary slips/latest salary certificate |
| Bank Statements | for past 3 months (Bank passbook for last 6 months) |
| Other Financials | Form 16 |
| Property Documents | - Title Deeds including the previous property link documents
- Allotment Letter or / Agreement from the buyer
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Comparison of Plot Loan Interest Rates of IDFC Bank with other Banks/NBFCs
Fees and Other Charges of IDFC Bank Plot Loan
| Rate of Interest | 10.25% to 15% p.a onwards |
| Processing Fees | Up to 2.00% on the Loan amount or |
| Stamp Duty and other statutory charges | As per the laws of the state |
| Cheque swapping charges | ₹500 |
| Amortization Schedule Charges | ₹200 |
| Overdue EMI interest | A monthly penalty of 2% will be applied to the principal amount or on overdue EMI. |
| Cheque bounce charges | - First return: Rs.450 + taxes per instance
- Second return in a month: Rs.500 + taxes
- 3rd return onwards: Rs.550 + taxes
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Features and Benefits of the IDFC Bank Plot Loan
- The maximum selectable tenure is approximately 15 years.
- IDFC Bank offers plot loans with interest rates ranging from 10.25% to 15.00%, and any adjustments in the repo rate will be reflected in the bank's modified loan rates.
- The Loan-to-Value (LTV) ratio for plot loans continues to be on the lower end.
- IDFC Bank provides a land loan covering up to 80% of the total property cost.
- A loan processing fee is applied as part of the IDFC Bank plot loan approval process.
- A plot loan does not provide any sort of tax relaxation. However, if you take the plot plus construction loan, then the tax benefits will be offered to the applicant.
- Use this IDFC Bank plot loan calculator to check monthly EMI and tenure.
- No prepayment charges are applicable if you choose to repay the entire loan amount during the loan tenure.
* Note: Wherever the details regarding interest rates, processing fees and tenure are mentioned, they may differ as per the lenders' discretion. The actual eligibility will be determined based on the borrowers' risk profile during the loan application process.
