Advantages And Disadvantages Of Hsdc Plot Loans Or HDFC Plot Loans
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HDFC plot loans or HDFC Land loans are designed for the people who prefer to build their dream home. The process of purchasing a land and the building a house on it might seem for tedious for many but it makes sense for the people who do not believe in compromises. HDFC offers plot loans at attractive interest rates both for salaried and self-employed individuals so that they can build their houses in any way they want.
HDFC Plot Loan for Salaried Individuals:
Under the scheme, salaried professionals can purchase a plot through direct allotment or resale of a property. Individuals can also transfer their loans from other banks into this scheme and avail the benefits. The scheme includes no hidden charges and offers customised repayment options…show more content… The scheme covers a wide array of professions including both self-employed professionals and self-employed non-professionals. The scheme provides loan for doctors, lawyers, chartered accountants, architects, consultants, engineers, company secretaries, traders, commission agents, contractors, etc.
This scheme provides both adjustable rate loans and TruFixed loans similar to the scheme designed for salaried individuals. The scheme also treats self-employed individuals on the basis of their loan tenure, maximum amount, interest rates, and maximum funding provided by the bank. The biggest benefit of this scheme is that the individual borrowers would not have to any prepayment charges. However, individual borrowers with any company or firm or as a co-applicant would have to pay prepayment charges at the rate of 2% on the outstanding amount.
The nature of required documents also differs as borrowers would have to provide the bank with business profile, latest Form-26 AS, list of directors and shareholders with their individual shareholding certified by a CA/CS if the business entity is a company. The borrowers would also have to submit memorandum and articles of association of the company along with the details of ongoing loans of the borrower and the business entity with complete