Plot Loan – Urgent advice needed

POSTED BY Laxman ON May 30, 2013 3:21 am ONE COMMENT


I need small advice regarding the Plot loan from HDFC Sales Ltd. (Subsidary of HDFC Ltd).

I saw a plot in bangalore which is BMRDA approved plot and booked the same by paying 5k to the company who is selling the plots (took Xerox copies of Land Doc.). I said to them that i would like to opt for a loan (50% of the plot cost for 7 Years). So the manager said that currently HDFC (tied up) is providing the loan facility, where as at the initial period of the layout formation LIC use to provide and adviced to see for other institutions (Public Sectors) as well if i am sure of making the process quickly.

I am one year old to bangalore working in Pvt. company having account with HDFC and entirely new to this field and want your advice over taking the loan from HDFC Sales.

my queries are

 – is HDFC ok with the Interest rates? or fluctuates often? (The HDFC executive which the company has guided said about Floating interest rate 10.15% being charged (RPLR 16.40%-6.25% Spread{discount for entire tenure}) 

Can i pay the amount outstanding (prepayment of loan) after 3 years of EMI and close loan account?(same as home loan?)

will the HDFC bank only throughly verify the papers?(legal formalities will be done genuinely?) or is there any need to check with other lawyers?(as the HDFC Executive said nothing to worry about the papers, everything will be fine and was little pushy over loan taking)

Please provide me your valuable advice ASAP (as builder said to go for sale agreement and process for the loan ASAP to get it registered as this is the last plot in the entire layout). We want to purchase the land with my mom pension amount and want to take loan for remaining amount.

Thank You,


One reply on this article “Plot Loan – Urgent advice needed”

  1. Dear Laxman, please go ahead & purchase the plot ASAP using HDFC money. This is a plain advice.



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