HDFC Home Loan is by far a behemoth when it comes to housing finance in India. With its low interest rates and customized solutions, you can be rest assured that your home loan requirements will be aptly sufficed. So, make the most of this guide to acquire holistic information about HDFC Home Loan.
HDFC Bank Home Loan has all the elements that a home loan borrower looks for in a bank such as – affordable interest rates, ease of application, flexible tenure, expansive set of features, and prompt customer support. The home loan offered by HDFC Bank is 5 bps lower than the standard home loan rate as per their ‘Women Power’ scheme. As per this scheme, the rate of interest offered will be 9.85% p.a. Not only for this particular scheme, overall the HDFC Bank home loan interest rates are quite competitive as compared to what other banks are offering.
Irrespective of being a government employee or a private employee, you can apply for HDFC Bank Home Loan. As a home loan seeker, you can apply for a home loan either jointly or individually. It is important that the proposed property owners are co-applicants. Generally, co-applicants are family members. Having said that, it is not mandatory that the co-applicants should be co-owners. The maximum repayment term of the loan for the salaried individuals is 20 years.
Loan Amount | Maximum Funding |
---|---|
Up to and including Rs. 30 Lakhs | 90% of the property cost |
Rs. 30 Lakhs to Rs. 75 Lakhs | 80% of the property cost |
Above Rs. 75 Lakhs | 75% of the property cost |
Borrowers | Home Loan Amount | Rate of Interest |
---|---|---|
Women | Upto 30 Lacs | 8.35% |
Others | Upto 30 Lacs | 8.40% |
All Categories | Above 30 lacs to 75 lacs | 8.50% |
All Categories | Above 75 lacs | 8.55% |
As per this home loan scheme, this is a loan under which you will be offered a loan amount on a part fixed rate term and part adjustable rate term. As per this type of home loan, you can avail a fixed ROI for 2, 3, or 10 years. Once the tenure is over, the loan will automatically turn into an adjustable rate loan for a total tenure of 20 years.
This type of HDFC Bank home loan is associated with RPLR (Retail Prime Lending Rate). If there is a change in the RPLR, then it will bring on emendation of the rate of interest on the loan every 3 months. In case, the interest rates increase, the interest component that is a part of EMI that you pay will also increase when the interest rate has reduced. This will also reduce the principal component and will lead to the extension of the loan term.
In order to be eligible for HDFC Bank Home Loan, you should have repayment capacity for the loan on the basis of following criteria –
Property Value | LTV |
---|---|
Less than 30 Lakhs | 90% |
Between 30 lakh and 75 lakh | 80% |
Above 75 lakh | 75% |
Personal Loan Type | Applicable Interest Rate |
---|---|
HDFC Home Loan | 8.30% - 8.60% per annum |
HDFC Home Loan Balance Transfer | 8.30% - 8.60% per annum |
HDFC NRI Home Loan | 8.30% - 8.60% per annum |
Eligibility Criteria | |
---|---|
Age | 21 Years to 70 Years 55 to 64 Years for Pensioners |
FOIR | Minimum 70% of Gross Income |
General Documents:
Property Papers:
Account Statement:
Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
General Documents:
Property Papers:
Account Statement:
Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:
Category | Upto Rs. 30 lakhs | Above Rs.30 lakhs & Upto Rs.75 lakhs | Above Rs.75 lakhs |
---|---|---|---|
Women (Salaried) | 8.30% | 8.30% - 8.35% | 8.40% - 8.45% |
Others (Salaried) | 8.35% | 8.35% - 8.40% | 8.45% - 8.50% |
Women (Non-Salaried) | 8.40% | 8.45% - 8.50% | 8.50% - 8.55% |
Others (Non-Salaried) | 8.45% | 8.50% - 8.55% | 8.55% - 8.60% |
Pre-sanction and post-sanctions fees are to be paid at actuals.
List of papers/ documents applicable to all applicants:
Property Papers:
Account Statement:
Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor: