IDFC Bank Plot Loan Apply Online 2024

Loan up to 5 crores | 100% Digital Process | Quick Approval

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 rate10.25% - 15.00% p.a
Eligibility Age
  • 23 years and above
  • Maximum 65 years at loan maturity
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%

Eligibility Criteria for IDFC Bank Plot loan

CriteriaSalariedSelf-Employed
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
Age21 to 65 years.21 to 65 years.
Cibil score750 > 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

Comparison of Plot Loan Interest Rates of IDFC Bank with other Banks/NBFCs

Bank NameInterest Rate RangeProcessing Fees
HDFC Plot Loan9.75% to 15.00% 1.00% to 1.50%
AXIS Plot Loan9.75% to 15.00% 1.00% to 1.50%
ICICI Plot Loan9.75% to 15.00% 1.00% to 1.50%
Kotak Plot Loan9.95% to 15.00% 1.00% to 1.50%
Bajaj Finserv Plot Loan9.75% to 18.00% 1.00% to 1.50%
SBI Plot Loan9.55% to 15.00% 1.00% to 1.50%
IDFC Plot Loan10.25% to 15.00% 0.25% to 2.00%
Tata Capital Plot Loan10.25% to 15.00% 0.25% to 2.00%
PNB Plot Loan9.95% to 15.00% 1.00% to 1.50%
Aditya Birla Plot Loan10.25% to 15.00% 0.25% to 2.00%

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

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.