IIFL bank plot Loan Features
| IIFL Home Loan 2020 | |
| Interest Rate | 8.45% onwards |
| Loan Tenure | Up to 20 years |
| Age Eligibility | 18 to 70 |
| Processing Charges | Up to 1.75% of the loan amount |
Features and benefits of IIFL bank plot loan.
- PAN India outlet system
- Crystal clear procedures
- Lawful and methodical information at each phase
- Quick loan agreement
- The lengthier reimbursement period till 20 years
- Loan amount up to Rs.10 crores
- Both occupant & non-occupant persons can apply
- The amazing rate of interest.
Eligibility Criteria for the IIFL bank plot loan:
| Age Eligibility | Minimum: 18 years |
| Maximum: 70 years | |
| Eligible Profiles | Resident salaried and self-employed professionals |
| Non-resident salaried and self-employed professionals | |
| Other Conditions | Good credit rating score |
| Clear record in terms of past loans and statutory payment |
IIFL bank plot loan Schemes
| IIFL Home Loan Schemes | Interest Rates |
| New Home Loan | 8.45% onwards |
| Home Improvement Loan | 8.45% onwards |
| NRI Home Loan | 8.45% onwards |
| Swaraj Home Loan | 12.25% onwards |
| Balance Transfer | 8.45% onwards |
IIFL New Home Loan:
This helps in buying raw houses, flats, and plots. The availability of the product is only for salaried individuals and self-employed professionals. Here are the details of the scheme.
- Rate of interests at 8.45%
- A time period of 20 years
- The Processing Fee is 1.75% of the loan amount
- An applicant should be a minimum of 18 years and a maximum of 70 years old.
IIFL Swaraj Home Loan:
This is helpful for the people buying a home for the very first time who might or might not be reinforced by official revenue papers. The availability of the product is only for salaried individuals and self-employed professionals. Here are the details of the scheme.
- Rate of interests at 12.25%
- A time period of 20 years
- The Processing Fee is 1.75% of the loan amount
- An applicant should be a minimum of 18 years and a maximum of 70 years old.
IIFL Home Improvement Loan:
This product is helpful for people who want to renovate their house in terms of flooring, plaster, painting, etc., for several determinations like loft conversion, kitchen renovation, garden designing, and many more. The availability of the product is only for salaried individuals and self-employed professionals. Here are the details of the scheme.
- Rate of interests at 8.45%
- A time period of 20 years
- The Processing Fee is 1.75% of the loan amount
- An applicant should be a minimum of 18 years and a maximum of 70 years old.
Balance Transfer:
This product is helpful for the people who want the transfer of their home balance loan to IIFL home loans at a modest rate of interest. The availability of the product is only for salaried individuals and self-employed professionals. Here are the details of the scheme.
- Rate of interests at 8.45%
- A time period of 20 years
- The Processing Fee is 1.75% of the loan amount
- An applicant should be a minimum of 18 years and a maximum of 70 years old.
IIFL NRI Home Loan:
This product is helpful for NRI applicants who want to buy a home or a property in India. Here are the details of the scheme.
- Rate of interests at 8.45%
- For 75 lakhs a time of 20 years is given and above 75 lakhs 15 years is given.
- The Processing Fee is 1.75% of the loan amount
- An applicant should be a minimum of 18 years and a maximum of 70 years old.
Land Loan
The land is a good way of investing that grows in value and gives you a good interest or money over time. It thus gives better returns whenever you would resell it. A land loan is a loan that is given to the debtors by the bank who wants to purchase land. The reimbursement procedure, in this case, works with EMI’s under a specific time as given by the bank. Types of land loans are:
Plot Loan
A plot loan is given to salaried and self-employed people with a credit score of 650 or more than that. Their ability to repay the loan also plays an important role in getting a loan. A plot loan is taken by people either to construct a house or to save it for later and sell them at a much higher rate.
- You can purchase a plot on the direct allotment in a developer project or a housing society
- You can purchase a plot that is on resale in a progress expert scheme or a covering the social order
- The plot of land identified must be either within the city limits or outside city limits but the layout of the plot should be Non-Agricultural, Stringently for housing purposes, and should have an approval of an expert.
Plot+Construction Loan
A home is a place where you make memories with your precious ones. It’s your minute part of paradise. A plot plus construction loan is mainly for people who want to build a house on a piece of land or preserve it for later purposes. This kind of loan is paid in numerous payments.
- Attractive interest rates
- 20 years repayment tenure
- Rapid & clear processing
- Striking stability handover choice offered
- Doorstep facilities
|
Parameters |
Land Loan with Construction |
Regular Home Loan |
|
Plot + Construction loan interest rates |
Rates are similar to a home loan, but the plot + Construction Loan interest rates can be higher if you want the construction period to be longer |
Interest rates are starting at @6.75%*. |
|
LTV |
Up to 70% of the property’s value |
Up to 90% of the property’s value |
|
Tenure |
Up to 15 years |
Up to 30 years |
|
Tax Benefits |
The plot loan that is taken for construction and the benefit can be claimed after completion of construction |
On principal amount under section 80C and interest amount under section 24(b) |
|
Prepayment Penalty |
Nil for individuals on floating rates |
Nil for individuals on floating rates |
IIFL Bank plot loan for self-employed individuals
Salient Features
- You can purchase a plot on the direct allotment in a developer project or a housing society
- You can purchase a plot that is on resale in a progress expert scheme or a covering the social order
- Transfer an unsettled loan amount availed from other monetary institutions.
- Bank has given an improved settlement on the loan amount, period, and rate of interest.
- IIFL bank makes it affordable to the applicant’s prominent rate of interest.
- No hidden charges.
Who can apply for IIFL bank plot loan self-employed?
People are applicable for this IIFL bank plot loan independently or with any other being.
Loan term
- 15 years of paying time.
- The important factors like the repayment structure that the candidate opts for.
- The applicant’s profile, age of the applicant at the time of loan maturity, and age of the plot/land/property at the time of loan maturity are the important things at the time of the loan term.
IIFL Bank plot loan self-employed:
Tru mounted loan – 2/3 Year mounted Rate Variant
Here an individual gains an advantage of the static rate up to 2/3 years. An adaptable and a motionless rate term are given to the customers of the IIFL Bank. Whenever the loan is revised to an adjustable-rate loan reflexively, this primes the result of the synopsis to a complete 15-year loan term.
Adjustable-Rate Loan
The adjustable-rate plot loan is amalgamated to IIFL bank Retail Prime disposition Rate (RPLR). There’s a revision of the charge per unit on the loan every 3 months if a modification within the RPLR, and taking the date of the primary payment under consideration. There is a growth within the EMI’s interest element if there is a rise within the control per limit that consecutively can cut back the principal element. This may spread the loan term, and inside out, in cases wherever the charge per unit drops.
Who will apply for an IIFL Bank plot loan self-employed?
People are applicable for this IIFL bank plot loan independently or with any other being.
Loan term
- 15 years of paying time.
- The important factors like the repayment structure that the candidate opts for.
- The applicant’s profile, age of the applicant at the time of loan maturity, and age of the plot/land/property at the time of loan maturity are the important things at the time of the loan term.
Type of IIFL Bank plot loan for self-employed:
Tru mounted loan – 2/3 Year mounted Rate Variant
Here an individual gains an advantage of the static rate up to 2/3 years. An adaptable and a motionless rate term are given to the customers of the IIFL Bank. Whenever the loan is revised to an adjustable-rate loan reflexively, this primes the result of the synopsis to a complete 15-year loan term.
Adjustable-Rate Loan
The adjustable-rate plot loan is amalgamated to IIFL bank Retail Prime disposition Rate (RPLR). There’s a revision of the charge per unit on the loan every 3 months if a modification within the RPLR, and taking the date of the primary payment under consideration. There is a growth within the EMI’s interest element if there is a rise within the control per limit that consecutively can cut back the principal element. This may spread the loan term, and inside out, in cases wherever the charge per unit drops.
IIFL bank Plot Loan Interest Rates For self-employed professionals
Adjustable Home Rate Loan
The Retail Prime Lending Rate is 16.20%
Tru mounted loan – 2/3 Year mounted Rate Variant
The Retail Prime Lending Rate is 16.20%
IIFL bank plot loan interest rates for self-employed non-professionals
Adjustable Home Rate Loan
The Retail Prime Lending Rate is 16.20%
Tru mounted loan – 2/3 Year mounted Rate Variant
The Retail Prime Lending Rate IS 16.20%
IIFL Bank plot loan for salaried people
Salient options
- You can purchase a plot on the direct allotment in a developer project or a housing society
- You can purchase a plot that is on resale in a progress expert scheme or a covering the social order
- Transfer an unsettled loan amount availed from other monetary institutions.
- Bank has given an improved settlement on the loan amount, period, and rate of interest.
- IIFL bank makes it affordable to the applicant’s prominent rate of interest.
- No hidden charges.
Who will apply for an IIFL Bank plot loan for salaried individuals?
People are applicable for this IDFC bank plot loan individually or with any other being on a joint basis. The co-applicants should be the holders of the plot. Several times the co-applicants include family members and don’t demand being the holders of the plot.
Loan term
- 15 years of paying time.
- The important factors like the repayment structure that the candidate opts for.
- The applicant’s profile, age of the applicant at the time of loan maturity, and age of the plot/land/property at the time of loan maturity are the important things at the time of the loan term.
Maximum loan amount
| Loan Amount | Maximum Funding |
| Up to Rs.30 lakh | 80% of the property price* |
| Rs.30.01 lakh to Rs.75 lakh | 80% of the property price* |
| Over Rs.75 lakh | 75% of the property price* |
Type of IIFL Bank plot loan for salaried individuals:
Tru mounted loan – 2/3 Year mounted Rate Variant
Here an individual gains an advantage of the static rate up to 2/3 years. An adaptable and a motionless rate term are given to the customers of the IIFL Bank. Whenever the loan is revised to an adjustable-rate loan reflexively, this primes the result of the synopsis to a complete 15-year loan term.
Adjustable-Rate Loan
The adjustable-rate plot loan is amalgamated to IIFL bank Retail Prime disposition Rate (RPLR). There’s a revision of the charge per unit on the loan every 3 months if a modification within the RPLR, and taking the date of the primary payment under consideration. There is a growth within the EMI’s interest element if there is a rise within the control per limit that consecutively can cut back the principal element. This may spread the loan term, and inside out, in cases wherever the charge per unit drops.
IIFL Bank plot loan interest rates for salaried individuals
Adjustable Home Rate Loan
The Retail Prime Lending Rate is 16.20%
Tru mounted loan – 2/3 Year mounted Rate Variant
The Retail Prime Lending Rate is 16.20%
IIFL Bank plot loan fees for salaried individuals
Here is the list of fees/charges/other outgoings that can be billed depending on the type of loan one has applied for.
Processing fees
Whichever is higher out of Rs.3,000 or up to 0.50% of the loan amount has to be paid along with the additional applicable taxes as the processing fee for the self-employed professionals.
Pre-Payment Charges
| Adjustable-Rate Home Loans (ARHL) | Adjustable-Rate Loans (ARHL): |
| · No prepayment charges will be payable on account of full/part payments for loans sanctioned to individual borrowers. | |
| · For loans sanctioned to individual borrowers with the firm, company, etc. as a co-applicant. Prepayment charges at 2% plus taxes, as may be applicable from time to time, of the amount being prepaid, are payable. | |
| · The customer will have to submit documents that IIFL deems fit and proper to confirm the source of funds at the time of prepayment of the loan. | |
| Fixed-Rate Home Loans (FRHL) | Fixed-Rate Loans (FRHL) |
| · No prepayment charges will be applicable for part/full payments made from own sources i.e., sources other than a bank/NBFC/HFC or financial institutions | |
| · The customer should submit documents that IIFL sees fit and proper to determine the source of funds. | |
| · Prepayment charges will be 2% plus taxes and statutory levies and charges of the outstanding amounts being so prepaid through any financial institution or any bank and will be applied to all full/ partial prepayments. | |
| Fixed and Variable Rate Loans (Combination rate) | Fixed and Variable Rate Loans (Combination rate) |
| · During the Fixed Rate period: | |
| · The prepayment charges will be 2%, plus applicable taxes and statutory charges and levies of the outstanding amount being so prepaid through refinance from financial institutions or any banks, and will apply to all partial/full prepayments. | |
| · The customer must submit documents that IIFL approves to confirm the source of funds at the time of prepayment of the loan. | |
| · During the Variable Rate period: | |
| · No prepayment charges will be applicable on account of full/partial prepayments for loan sanctioned to individual borrowers. | |
| · For loans sanctioned to individual borrowers with the firm, company, etc. as co-applicants. Prepayment charges at 2% plus taxes and statutory charges, as may be applicable from time to time, of the amount being prepaid are payable. | |
| The prepayment charges mentioned will be applicable from the date of execution of the loan agreement. However, the charges are subject to change from time to time depending on the prevailing policies of IIFL Bank |
Conversion fees
Either pay a fee or lessen the loan amount period or EMI through this. The options of alterations are there for the current IIFL Bank customers. An advantage given by the IIFL Bank to its prevailing customers is the alteration facility to pull down the rate of interest on the loan by swapping schemes.
| Name of the service/product | Name of the charge/fee levied | When payable | Frequency | Amount in rupees |
| Switch to a lower rate in Variable Rate Loans (Housing/improvement/extension) | Conversion fees | On conversion | On every spread change | Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of Rs.50,000 plus taxes whichever is lower. |
| Switching to Variable Rate Loan from Fixed Rate Loan (Housing/improvement/extension) | Conversion fees | On conversion | Once | Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of Rs.50,000 plus taxes whichever is lower. |
| Switching from Trufixed Fixed Rate to Variable Rate Loan | Conversion fees | On conversion | Once | 1.75% of the principal outstanding and undisbursed amount plus taxes at the time of conversion. |
| Switch to Lower Rate (Non-Housing Loans) | Conversion fees | On conversion | On every spread change | Half of the spread difference on the principal outstanding and undisbursed amount plus taxes, with a minimum fee of 0.5% and a maximum fee of 1.50%. |
| Switch to Lower Rate (Non-Housing Loans) | Conversion fees | On conversion | On every spread change | 0.5% of principal outstanding and undisbursed amount plus taxes at the time of conversion. |
Cheque discredit charges
Rs.200 is the cheque discredit charges for the IIFL bank plot loan (conditions apply).
Fees on account of external opinion
Depending on the kind of help summarized the external opinions are one from technical valuers or advocates and the fees can be paid directly to the person in charge.
Property insurance
For keeping the loan period active a regular payment should be done by the customers to the insurance provider.
Charges on account of delayed payments
If the payment of interest or EMI gets late due to some issue then the customer has to pay extra interests up to 24% p.a
Incidental charges
These charges and expenses are forced to cover the charges, costs, and other expenses to recover dues from a defaulting customer.
Statutory/regulatory charges
The customer is answerable for all custody related to stamp duty/MOD/MOE/Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI).
List of documents
The cost for the list of documents taken by the IIFL bank plot loan is Rs 500.
Photocopy of documents
The cost for the photocopy of documents taken by the IIFL bank plot loan is Up to Rs.500
Increase/decrease in the loan term
You have to pay Rs 500 along with the application form if there is a need where you want to increase or decrease the loan term.
Disbursement cheque cancellation charge post disbursement
Rs.200 is the charge for the Disbursement cheque cancellation as per the IIFL bank plot loan.
PDC swap
A minimal amount of Rs 200 is charged for the PDC swap charges
Re-appraisal of the loan after 6 months from sanction
There might be a payment of Rs 2000 along with the appropriate taxes if you want a re-appraisal of the IIFL bank plot loan after 6 months from its consent.
IIFL bank plot loan Status
As you are done with filling your application with all the details they have asked for, the IIFL bank representative will start collecting all the documents from you. If the verification is successful and you are found fit for getting a loan IIFL bank will then make an offer. You can refer to the IIFL bank customer care if you want to check the tracking details of your application.
Additional Tips to Get a Loan to buy Land
Here are some basic clues that would help you to increase your chances of getting a loan:
- If deductions are considered over & above 60% of Gross income, an additional spread of 0.25% should be charged over and above the regular ROI applicable for the Housing Loan.
- A borrower would require a good credit score of above 650 to avail of the plot loan. If a borrower has a good score, it will increase the loan approval chances.
- A good income and debt ratio increase your chances of getting a loan. Lesser is the ratio, more are the chances of loan approval.
- Apply for a loan based on your repayment capacity: before you apply for a plot loan the debtors need to figure out how much loan they can afford. Debtors can take the help of calculators to check their loan affordability as well as suitability.
How to apply for IIFL Bank Plot Loan with Dialabank
- One can apply for the Plot Loan with Dialabank easily.
- Not a complicated process, just fill a form with your correct details and the documents asked.
- If any help is required our relationship manager would contact you.
- There is also a door to door document pickup facility provided by us.
- For more details or doubts you can call us on 9878981166.
Documentation Required for IIFL bank plot loan
| Document | Salaried Resident | Self-Employed Resident | Salaried Non-Resident | Self-Employed Non-Resident |
| KYC | Identity Proof | |||
| Address Proof | ||||
| Address Proof for Business Entities (if applicable) | ||||
| Proof of Income | Last 2 months’ salary slip | Income Tax Returns along with computation for the last 2 financial years | Bank statement required for 6 months both NRE/NRO and foreign bank a/c | Bank statement required for 6 months both NRE/NRO and foreign bank a/c |
| Last 6 months’ bank statement of salaried account | Balance Sheet and Profit & Loss account along with all annexures (duly CA certified and audited if applicable) | Last 2 months’ salary slips | Last 2-month salary slips | |
| Latest Form 16 / ITR | Last six months current account statement of the business entity and saving account statement of individual | Appointment Letter / Increment Letter / Contract Letter | Appointment Letter / Increment Letter / Contract Letter | |
| Valid work permit | Valid work permit | |||
| Property Proof | Copy of complete chain documents of the property (as applicable) | |||
| Copy of Agreement to Sell (if executed) | ||||
| Copy of the Allotment Letter/Buyer Agreement (if applicable) | ||||
| Copy of Receipt/(s) of payment/(s) made to the developer (if applicable) | ||||
FAQ’s
✅What is the Plot loan interest rate in IIFL Bank?
The IIFL Bank extends plot loan at the interest rate of 8.45%
✅What is IIFL Bank Plot Loan?
A plot loan or Land loan is a facility provided by banks or NBFC’s for buying land to build a residential property or property for official purposes. The IIFL Bank extends the plot loan to people as per their requirement and is one of the best options to start for plot loans.
✅How much processing fee is applicable on an IIFL Bank Bank Plot loan?
The processing fee at IIFL bank is 1.75% of the loan amount.
✅What is the loan tenure of the IIFL Bank Plot loan?
The maximum loan tenure for salaried is 30 years and for self-employed is 25 years.
✅How much EMI per Lakh can be fixed on IIFL Bank Plot Loan?
₹ 1,779 per lakh is the EMI per lakh.
✅How can I apply for the plot loan from IIFL Bank?
One can apply for the IIFL Bank Plot Loan with Dialabank easily.
- Not a big process, just fill a form with your correct details and the documents asked.
- If any help is required our relationship manager would contact you.
- There is also a door to door document pickup facility provided by us.
- For more details or doubts you can call us on 9878981166.
✅How to repay the IIFL First Bank plot loan earlier than the schedule?
- An applicant can make Bi-Weekly Payments or instead of the regular monthly payment submit half of the payments to your moneylender every two weeks.
- An applicant can also make round-Up Payments.
- Find Extra Money.
- One can also make an extra payment.
- Sponsor Your Loan.
✅Is it possible to repay my loan earlier than the schedule?
Yes, it is possible to repay your loan earlier.
✅How to check IIFL Bank Plot Loan eligibility?
The below-mentioned eligibility criteria are to be met by the candidates for a smooth process.
- Age Limit: The candidate must be between 18 to 60 years of age with good refunding capacity.
- Nationality: Should be an Indian resident
- Profession: Salaried or self-employed individuals who should be in the current employment for a consistent period
- A CIBIL Score of 650 or more is expected
- The borrower is required to commence construction over the land or plot within the stipulated time to get a plot + construction loan. The stipulated time frame can vary from lender to lender.
✅What is the IIFL First Bank Plot loan phone number?
Contact at 9878981166 for all the Indian bank plot loan queries.
✅What is the IIFL First plot loan interest rate for women?
No special rates for women.
✅What is IIFL First Bank plot loan interest rates for salaried individuals?
The IIFL First Bank plot loan interest rate for salaried individuals is 7.60%
✅What is IIFL First Bank plot loan interest rates for self-employed individuals?
8.35% is the rate of interest for self-employed individuals.
✅What is IIFL First Bank plot loan interest rates for self-employed non-professionals?
8.35%-9% depending on the amount taken is the rate of interest.
✅How is a plot loan different from a home loan?
Many borrowers typically get confused between land loans and home loan rates. A home equity loan could be a loan that facilitates borrowers to get associate existing house property or construction of a brand new flat or house. On the opposite hand, land loans square measure availed just for the acquisition of the land on that construction is planned to be disbursed later.
✅Can I take a plot loan along with a home loan?
No, you cannot take two loans together.
✅What is the maximum amount that I can take as a loan?
Up to 5 crores are the maximum amount that one can take as a loan.
✅Can a plot loan finance investment in any plot, anywhere?
No, you cannot finance a plot loan in any plot, anywhere.
✅What is a Balance Transfer on Plot Loan?
A balance transfer loan makes paying down credit cards or high-interest rate debt simple by allowing you to decide which creditors to pay and the amount to send each one. Any remaining money from your loan is deposited into your bank account.
✅Do I get any tax benefits on a plot loan?
As per Section 80C of the Income Tax Act, one can avail of deduction on the main reimbursement amount of your plot loan up to a maximum of 150,000 per annum.
✅How many years can I keep the plot of land before starting construction?
Within 3 years the construction has to be done in the plot taken.
