Nothing beats the happiness of having your own home, which is why HDFC home loan is here to help you realizing your dream. With the customized solution the company provides, has helped 5.4 millions of people to fulfill their dreams since inception. This is the reason why HDFC has become a household name amongst all Indians. The rates of interest on HDFC Housing Loans are also commonly attractive with a lower interest rate offered to female applicants or co-owners of the loan.
HDFC Home Loans are offered for the following purposes:
|HDFC Ltd. Home Loan Details|
For Women (upto ₹30 lakhs) – 8.35% p.a.
For Others (upto ₹30 lakhs) – 8.40% p.a
|Processing Fee||Up to 1.25% of the loan amount or ₹3,000 whichever is higher, plus applicable taxes|
|Loan Tenure||1 to 30 years|
|Guarantor Requirement||No Guarantor Required|
|Prepayment or Foreclosure||NIL|
|Loan to Value||Upto and including ₹. 30 lakhs – 90% of the property cost
₹. 30.01 lakhs to ₹. 75 lakhs – 80 % of the property cost
Above ₹. 75 lakhs - 75% of the property cost
Expert knowledge and Advice before buying of property: With an experience of more than 38 years in the Home Loan industry has helped HDFC to perfectly handle the real estate sector than any other player in the market. An applicant can wisely make the right property buying decision by choosing HDFC.
Over-the- counter assistance on property related documents: Buying home can become hassle-free when an applicant understand the legal and technical documentation related property. With the help of expert counseling from HDFC, an applicant can purchase the property stress-free.
Property Assistance: Anybody can search for their dream property located across India. They can also avail the property services from HDFC Realty website—which is a one-stop destination for the property-related requirements, starting from locating the property to scheduling site visits to closing the deal. HDFC assists with all.
Special Pari Passu Arrangement: A special arrangement is made available through AGIF(Army Group Insurance Fund) where the Army personnel can avail an additional loan.
Home Loans for Properties Across India: An applicant can purchase properties from any location through any of the HDFC offices available across India and abroad.
Pre-Approval of Home Loans: An applicant can get the home loan approved even before selecting a property. This increases the credibility of an applicant as a buyer and help negotiations with the developer or seller.
Home Loan Mobile: An applicant need not be always present near a computer or visit an HDFC office applying for a Home Loan. The mobile site of HDFC makes it easy and convenient for an applicant to apply for the home loan.
Complete Online Accessibility of all home loans: An applicant has the facility of accessing Home loan by logging on to the online account of HDFC. Moreover, he/she can view all the important information related to Home loan and make decisions accordingly.
Free and Safe Document Storage: A secure, in-house storage facility is available with HDFC for storing your documents safely. When documents are shifted from one office to another, it's done with a great care and safety.
Tailor-made easy EMI schemes: Apart from the regular EMI scheme, HDFC has Step Up, FLIP, and other payment plans to assist the applicant in choosing the repayment scheme which absolutely fits their needs.
Monitoring and Operating the Loan from Anywhere: The interconnected branch network within HDFC allows all the applicants to pay their monthly installments and operate their loan account from any office, irrespective of the location of the applicant availing the loan form.
Add-On Loans on a Single Property: Add-On Loans are also available on a property. With the availability of a Home Loan, Home Extension Loan, Home Improvement Loan, Top Up Loan or Loan Against Property based on the total exposure on the property not exceeding the limit determined by the HDFC from time to time. No additional security is allowed on such loans.
Loans on Second Mortgage to PSU and Central Government Employees: Additional loan facility is also available to the employees of the Central Government and Public Sector Units, in case additional funds are in need to fulfill their Home Loan requirements after availing the House Building Advance.
Door-step Assistance: The well-trained sales officers of HDFC are ready to provide their assistance at their customers doorstep if they wish to do so. The customers can get complete information on their products whenever they need them and submit their loan application to them.
1. Adjustable Rate Home Loan A Home Loan under the Adjustable Rate is associated with the HDFC's Retail Prime Lending Rate(RPLR). If there is a change in the RPLR, the interest rate on the loan will be revised once in three months subject to the date of the first disbursement with or without a change in EMI. If the interest rate increases, the interest component in an EMI will increase and the principal component will reduce resulting often in an extension of term of the loan, and vice versa when the interest rate decreases.
2. TruFixed Home Loan -2/3 Year Fixed Variant A TruFixed Home Loan provides a part fixed rate term and a part adjustable rate term. Under this alternative of the TruFixed Home Loan, an applicant can avail a fixed rate for a maximum term of 2/3 years, post which the loan will directly convert to an adjustable rate, summing-up to a total term of 20 years.
You can apply for the loan individually or jointly. You can add your spouse or father/mother as co-borrower at the same time. However, all the co-applicants need not be the co-owners of the property. You can repay the loan for a maximum period of 15 years. The maximum tenure of the loan also depends upon the applicant's retirement age as well as the specific repayment scheme.
HDFC Home Loan Eligibility
An applicant would definitely want to know how much EMIs would be applicable towards their home loan. With the help of HDFC Home loan calculator, an applicant would like to ascertain the total payments due along with the break-up of the Home Loan repayment process. In order to get the detailed information on the monthly installments, the total interest outgo and the total amount (principal + total interest), an applicant has to fill in these details in the EMI calculator:
Let us understand with the help of an example.
Rishabh, a salaried employee working in a Multi-National Company is in his mid – 40’s. He is looking to create an asset in the form of real estate and wishes to invest in a property which has not been identified yet. However, he wants to avail a loan of ₹20 lakhs beforehand so that when he finalizes the property to invest would have funds ready in his hands. With an annual income of ₹12 lakhs, he approaches the bank for ₹20 lakhs home loan. Given his profile, the bank charges him an EMI of ₹17,167 for a loan tenure of 20 years and at a rate of interest of 8.35%.
HDFC Home Loan Repayment: HDFC Bank offers numerous repayment options that are designed to help the borrowers customize their repayments keeping in view, their unique conditions. The following are the home loan repayment options available:
Step up Repayment Facility (SURF): This repayment facility is dependent upon the expected income growth of the borrower. A borrower can avail a higher amount of loan in the initial years and can pay lower EMIs. Subsequently, the repayment is increased proportionally with the assumed increase in the borrower's income.
Flexible Loan Installments Plan (FLIP): FLIP provides a customized solution to accommodate repayment capacity of the borrower which is likely to get changed during the term of the loan. The loan is designed in such a manner that the EMI is higher during the initial years and gradually decreases in proportion to the income.
Tranche Based EMI: If a borrower purchases an under construction property that is usually required to service only the interest on the loan amount drawn till the final disbursement of the loan and then pay EMIs later on. With tranche based EMI, the borrower can start the principal repayment immediately and start paying EMIs on the cumulative amounts disbursed.
Accelerated Repayment Scheme: This offers the flexibility of increasing the EMIs every year in proportion to the increase in the applicant's income which will result in repayment of the loan amount faster.
Telescopic Repayment Option: With this facility, a borrower gets a longer repayment tenure of up to 30 years. This means the EMIs will be more affordable and loan eligibility will also be enhanced.
Since a home loan is generally for a longer tenure, you would get the chance to transfer the loan from one lender to another to get the benefit of lower interest rates. If you have a home loan running somewhere else, you can transfer the outstanding balance to HDFC. Want to know more about the balance transfer facility? Check out the details below.
Features & Benefits of Home Loan Balance Transfer
Who is Eligible for HDFC Home Loan Balance Transfer?
You can apply individually or jointly for home loan transfer facility. All the proposed owners of the property are required to be co-applicants. However, all the co-applicants need not be co-owners of the property.
The following documents are required by the applicants under the Home Loan scheme.
|Identity and address proof||Valid Passport, Voter ID Card, Aadhar Card and Valid Driving License|
|Property related Documents||
Your job starts with searching out your property and finishes with the receipt of the home loan. In between, you need to apply for a home loan at HDFC. You would be curious to know how could you do the same, right! There are two options by which you can apply-Online and at branches. The first option would be the most convenient as you can apply via your mobile or computer from either your office or at home. But those who are not familiar with the online option, they can visit the nearest branch to apply for the loan.
The moment you apply, HDFC starts investigating your personal and professional details before approving the loan. The housing finance firm appoints executive to visit your residence and office to check the authenticity of the details submitted. Once satisfied with the positive responses, the loan application gets the nod from HDFC, which then send an officer for legal & technical verification of the property. The concerned officer prepares a report, which becomes a basis for HDFC to set the value of the property. You can expect to receive a loan amount upto 75%-90% of the property value.