Home Loan Rates 2018 2866 views
- Know the details of home loans offered by HDFC Ltd.
- Look at the eligibility and documentation required to apply for HDFC home loans.
HDFC Ltd. is a leading housing finance company of India that has been continuously delivering affordable home loans. The interest rate offered by HDFC is low which results in lower EMI option. If you are also looking for a lender who can offer you the rate you desire, HDFC might be the right choice. Read more to know the details of home loans.
Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure
Table of Contents
- 1 HDFC Home Loan Interest Rate
- 2 How can you calculate your home loan EMI?
- 2.1 What is the processing fee for HDFC Home Loans?
- 2.2 HDFC Home Loans Purposes
- 2.3 What makes HDFC Housing Loan unique?
- 2.4 What are the types of home loans at HDFC?
- 2.5 How can you repay HDFC Home Loan?
- 2.6 HDFC Home Loan Balance Transfer
- 2.7 What are the benefits of transferring a home loan to HDFC?
- 2.8 HDFC Home Loan Balance Transfer Eligibility
HDFC Home Loan Interest Rate
Below is the table showing the rate of interest, tenure, maximum loan amount and processing fee applicable to the housing loan at HDFC Ltd. You may note that processing fee also attracts 18% GST.
|Interest Rate||8.35% - 8.95%|
|Processing Fee||For salaried: ₹10,000 + GST|
For SEP- Up to 0.50% of the loan amount or ₹3,000 For SENP- Up to 1.50% of the loan amount or ₹4,500 + GST
|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
How to Apply for HDFC Home Loan at Wishfin?
A loan borrower always appreciates a time-saving servicing. Wishfin is one such online platform where you can get best home loans without any hassle. The experts at Wishfin make sure that your loan gets instant approval so that you can focus on your ‘wish’ – home and not waste that time in getting approval. Talking about the interest rate, you will surely get the best deal in the market at Wishfin as the company is an expert in providing budget-friendly loans to people and has helped millions live their dream! So, just have a look at the eligibility criteria that is required by HDFC Ltd. to apply.
What is the eligibility for HDFC Home Loans?
- HDFC home loan application is made either individually or jointly. All proposed owners of the property will have to be co-applicants. However, co-applicants need to be closed family members.
- The maximum period of repayment of a loan shall be upto 30 years for the Telescopic Repayment Option which is applicable only on the Salaried/Self-employed individuals under the Adjustable Rate Home Loan. For other home loan products, the maximum repayment period shall be upto 20 years.
- The tenure of the loan is also based upon the applicant’s profile, age of applicant at maturity of the loan, age of property at loan maturity, depending upon the particular repayment scheme as may be decided for and any other terms applicable subject to prevalent norms of HDFC.
What are the documents required to apply for the loan?
The documentation process for the loan is simple and can be read below:
- Valid Passport
- Voter ID Card
- Aadhaar Card
- Valid Driving Licence
- Last 3 months’ Salary Slips
- Last 6 months’ Bank Statements, showing salary credits
- Latest Form-16 and IT returns
- Employment Contract / Appointment Letter in case current employment is less than 1 year old
- Last 6 months’ Bank Statements showing repayment of any ongoing loans
- Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across
- Cheque for processing fee favouring ‘HDFC Ltd.’
Copy of the Allotment Letter / Buyer Agreement
Receipt/(s) of payment/(s) made to the developer
How can you calculate your home loan EMI?
You can use a loan calculator to calculate your home loan EMIs and see if the EMI is in your budget or not. The calculator is an online tool that takes into account the basic details related to the loan like the loan amount you want to take, the tenure for which you want to take the loan and the interest rate that is offered by HDFC. The benefit of using this calculator is that you can know your future payments in advance and then finalize your deal with HDFC. Look at the example given below:
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Total Interest Amount
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
What is the processing fee for HDFC Home Loans?
At present, the processing fee on a home loan is up to 0.50% of the loan amount or ₹3,000 whichever is higher plus GST. You must also know that the GST (18%) is the replacement of service tax (15%) as implemented in India in 2017.
HDFC Home Loans Purposes
A home or housing loan from HDFC can be taken for the below-mentioned purposes:
- Purchase of new homes
- Purchase of resale homes
- Construction of new homes
- Transfer of home loan from another lender to HDFC
- Purchase of plot to construct the house on the same
What makes HDFC Housing Loan unique?
The features and benefits of a home loan from HDFC Ltd that make it one of its kind are as follows:
- 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.
What are the types of home loans at HDFC?
HDFC understands that you have varied needs and has designed the home loan accordingly. You may read the types of home loans you get if you apply at this lender.
- 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.
- 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.
- HDFC Home Loan for Purchase of Plot- 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.
How can you repay HDFC Home Loan?
- 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.
HDFC Home Loan Balance Transfer
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 shift to HDFC. Want to know more about the balance transfer facility? Check out the details below.
What are the benefits of transferring a home loan to HDFC?
- Easy balance transfer of home loan is available at HDFC. You can receive an additional top-up loan of upto ₹35 lakhs.
- Attractive interest rates
- No hidden charges
HDFC Home Loan Balance Transfer Eligibility
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.