IDFC First Bank Plot Loans

The IDFC First Bank plot loan is designed to help individuals buy land and construct a house. With competitive interest rates, personalised repayment plans, and a hassle-free application process, IDFC First Bank makes acquiring land more accessible. Whether you're a first-time buyer or a seasoned investor, understanding the pertinent features and terms helps you make more informed decisions. Hence, Urban Money presents a detailed overview of the IDFC First Bank land loan, including the applicable interest rates, eligibility criteria, required documents, associated fees, and other pertinent features. We further offer tips you might remember during your loan application process, which will help you get your loan application approved faster. Continue reading to learn more.

IDFC First Bank Plot Loan – Highlights  

The following are the key parameters of an IDFC First Bank plot loan:

IDFC First Bank Plot Loan Interest Rates 

The following are the applicable IDFC First Bank plot loan interest rates:

IDFC First Bank Plot Loan Fees and Charges

The following are the expected fees and charges of an IDFC First Bank land loan:

IDFC First Bank Plot Loan Eligibility Criteria

The IDFC First Bank bank plot loan eligibility is as follows:

• Age Limit: Applicants must be between 21 and 60, while self-employed individuals can be up to 70.
• Work Experience: Applicants must have at least 3 years of employee experience or 4 years of business continuity. 
• Income Requirement: Applicants must earn a minimum of ₹1 lakh per annum, while self-employed individuals must earn ₹1.5 lakh per annum.
• Nationality: Applicants must be Indian citizens, including Non-Resident Indians (NRIs).

IDFC First Bank Plot Loan Documentation 

Documents required for a plot loan from IDFC First Bank are as follows:

• KYC Documents: Aadhaar card, passport, election ID, ration card, driving license, and PAN card.
• Income Documents: Last 2 months’ salary slips, latest ITR or Form 16, and last 6 months’ bank statements. Self-employed applicants require the latest ITR, balance sheet or P&L statement, GST return, and last 6 months’ bank or CC statements.
• Property Documents: Title deed, sale agreement, possession letter, No objection certificate, etc. 

Features of IDFC First Bank Plot Loans

The following are the expected features of an IDFC First Bank land loan:

• High loan amount
• Flexible repayment plans
• Attractive interest rates
• Easy eligibility criteria
• Simple documentation process
• Quick Loan Approval

Things to Remember While Applying for an IDFC First Bank Plot Loan

The following are certain tips you can keep in mind while applying for an IDFC First Bank plot loan:

• Eligibility Criteria: Check if you meet the eligibility criteria, including age, income, employment stability, and credit score. Ensure you have a stable income source and a good credit history to increase your chances of loan approval.
• Loan Amount: Understand the maximum loan amount you can borrow. It typically depends on the plot’s value and your repayment capacity. Ensure the amount covers your needs without overextending your finances.
• Interest Rates: Compare IDFC First Bank’s interest rates with those of other banks. Check whether the rates are fixed or floating. Lower interest rates can significantly reduce your repayment burden over time.
• Repayment Tenure: Choose a repayment tenure that suits your financial situation. Longer tenures reduce monthly EMIs but increase total interest payable. On the other hand, shorter tenures have higher EMIs but lower overall interest.
• Processing Fees: Be aware of the upfront processing fees deducted during loan disbursement. Knowing these fees helps you budget effectively and avoid unexpected costs, ensuring a smoother loan application process.
• Documentation: Prepare all necessary documents, including identity proof, income proof, address proof, and property documents. Proper documentation ensures a smooth and quick loan approval process.
• Customer Reviews: Read customer reviews about IDFC First Bank’s plot loan services. It can provide valuable insights into the bank’s customer support, loan process, and overall satisfaction, helping you make an informed decision.