HDFC Bank Home Loan

Features and Benefits

• You can acquire a home loan for an already built flat, bungalow, or a row house from private developers in approved projects and also for properties from Development Authorities such as – MHADA, DDA, etc.
• Smooth and hassle-free processing.
• Counseling and advisory services for acquiring a property.
• Loan approval even before the property is finalized.
• Flexible repayment options.
• Free and safe document storage.
• Exclusive offers for farmers, horticulturalists, NRIs, defense personnel, etc.

Eligibility

In order to be eligible for HDFC Bank Home Loan, you should have repayment capacity for the loan on the basis of following criteria –

• Age – Your age plays a pivotal role in deciding the eligibility for a home loan. Lower your age, higher will be the term available for you to repay the loan and therefore higher home loan amount eligibility. At the onset of home loan, your minimum age should be 24. HDFC Bank offers home loans for a maximum period of 60 years for the salaried individuals.
• Monthly Income – Your monthly income (after all the deductions including – gratuity, PF, and ESI) will make out your home loan servicing capacity. It helps in determining how much home loan EMI you will be able to pay once you have met your day to day expenses.
• Nature of employment – HDFC Bank will check whether you are a salaried individual or self-employed, your company and the sector in which you are working will also be taken into consideration. Then your job experience will also be checked in order to measure your job & income stability. If you are a salaried individual, then you need to have a minimum income history and job stability of one year.
• Value of Property – HDFC Bank will not be financing the complete value of the property. The maximum home loan eligibility will depend on the value of the property as shown below –

• Co-applicant – If you add a co-applicant, it significantly rises your eligibility for your home loan as it boosts your repayment capability. It is important that the co-borrower has a good CIBIL record, low obligation, and good income.
• Property Documents – Make sure that your property’s legal documents are satisfactory enough and they should also be cleared from the legal team of HDFC Bank.
• CIBIL Score – Your credit behavior and track record from your past lenders and credit card providers gets registered in your CIBIL score. Bank usually use this to measure your past credit behavior and therefore, your CIBIL score is of great importance when it comes to defining your eligibility to get a home loan. While checking the eligibility of your home loan, HDFC Bank will have a thorough look at your CIBIL report, which also includes your past running loans and the payment track of the loans along with credit cards. With high credit score, you get to increase the odds of getting an approval for your loan application. You need to have a minimum credit score of 650 in order to be eligible for a home loan.

Salaried

• Whether you are a Central/State Government or an employee of a private company, you are eligible for HDFC Home Loan.
• You should be a resident of India.
• At the time of loan application, your minimum age should be 18 years.
• At the time of full repayment of the loan, your maximum age should not be more than 70 years.
• You need to have a regular income source.

Self-Employed

• If you own your own business or you earn your living by working for yourself and not being an employee.
• You should be a resident of India.
• At the time of loan application, your age should be at least 18 years.
• At the time of full repayment of the loan, your maximum age should not be over 70 years.
• You need to have a regular income source.

Salaried

General Documents:

• Whether you are a Central/State Government or an employee of a private company, you are eligible for HDFC Home Loan.
• You should be a resident of India.
• At the time of loan application, your minimum age should be 18 years.
• At the time of full repayment of the loan, your maximum age should not be more than 70 years.
• You need to have a regular income source.

Property Papers:

• Permission for construction (where applicable).
• Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale.
• Occupancy Certificate (in case of ready to move property)
• Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt.
• Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property).
• Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller.

Account Statement:

• Bank A/c. Statement (Individual) for last six months
• If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year.

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:

• Current Salary Slip or Salary Certificate.
• Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.

Self-Employed

General Documents:

• Loan Application: Completed loan application form duly filled in affixed with 3 Passport size photographs.
• Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card.
• Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card

Property Papers:

• Permission for construction (where applicable).
• Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale.
• Occupancy Certificate (in case of ready to move property).
• Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt.
• Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
• Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller.

Account Statement:

• Bank A/c. Statement (Individual) for last six months.
• If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year.

Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:

• IT returns for last 3 years
• Balance Sheet & Profit & Loss A/c for last 3 years.
• Business License Details (or equivalent)
• TDS Certificate (Form 16A, if applicable)
• Certificate of qualification (for C.A / Doctor and other professionals)

Features

• HDFC Home Loan caters to a wide range of customers such as – salaried & self-employed, EWS (Economically Weaker Section), LIG (Lower Income Group), and defense people.
• HDFC Home Loans interest rates are competitive as compared to other banks. Low interest rates are offered to the women borrowers. The interest rates are as low as 8.30% p.a.
• Processing Fee as low as 0.35% of the loan amount, a minimum Rs. 1000 to Maximum Rs. 10,000 along with taxes.
• There are no Hidden Charges.
• Whether you are making full partial or full-prepayment, you don’t have to pay any charges for the prepayment of the home loan.
• Interest gets calculated on a Daily Reducing Balance. In this case, the interest is calculated solely on the outstanding loan amount and it reduces every time you pay your EMIs or make prepayments. Basically, this reduces the interest rate significantly.
• HDFC Home repayment tenure is maximum of 30 years or by the age of 70.
• The home loans are offered with overdraft facility. You will earn the best yield on your savings by reducing the interest rate and the best part is that you don’t have to pay extra for this.
• HDFC Home Loans offers reduced interest rates for the women borrowers.

Eligibility

• For salaried individuals, the age limit is 18-70 years and same is for the self-employed individuals.
• The monthly income is also same for both the categories i.e. Rs. 25,000.
• Being a salaried individual, your annual income should be at least Rs. 1.2 Lakh per annum and for self-employed individuals it is Rs. 2 Lakh per annum.
• The maximum loan amount you can borrow is Rs. 10 crores.
• For salaried individuals, minimum work experience required is 2 years and for self-employed individuals it is 5 years.
• You can also increase your eligibility by having a co-applicant as this will increase your repayment capacity. Your co-applicant should have a stable income source, good CIBIL score, and low monetary obligations.
• The loan term for HDFC Home Loans is up to 30 years.

Pre-Sanction Fee

• Advocate's fee for property search and title investigation report.
• Pre-Sanction fee also involves the fee of the valuer for valuation report.

Post-sanction Fee

• You need to pay stamp duty for the Loan agreement & mortgage.
• Property insurance premium.
• CERSAI Registration Fee of Rs 50 + Service Tax up to Rs 5 Lakh limit and Rs 100 + Service Tax for limits above Rs 5 Lakh.

Pre-sanction and post-sanctions fees are to be paid at actuals.

Documents for HDFC Home Loan

List of papers/ documents applicable to all applicants:

• Loan Application: Completed loan application form duly filled in affixed with 3 Passport size photographs.
• Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card.
• Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card.

Property Papers:

• Permission for construction (where applicable).
• Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale.
• Occupancy Certificate (in case of ready to move property).
• Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt
• Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property).
• Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller.

Account Statement:

• Bank A/c. Statement (Individual) for last six months.
• If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year.

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:

• Current Salary Slip or Salary Certificate.
• Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept

Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:

• IT returns for last 3 years.
• Balance Sheet & Profit & Loss A/c for last 3 years.
• Business License Details (or equivalent).
• TDS Certificate (Form 16A, if applicable).
• Certificate of qualification (for C.A / Doctor and other professionals).