HDFC Ltd. Home Loan

Home Loan Apply37425 views

Highlights

  • HDFC home loans are available at rates as low as 8.00%

  • Matching the eligiblity criteria and providing proper documents is mandatory to get approval for HDFC home loans

In the latest monetary policy meet held on March 24-27 2020, the RBI has decided to give a 3-month moratorium period for all outstanding loans as on March 1, 2020. Remember, this is not an EMI WAIVER. The move is in line with the economic pressures induced by the Coronavirus outbreak. So, this could mean some savings for you on your loan and help you deal with the likely situation of less or no income. Your credit score will not reduce if you don't pay the EMI. But doing so can raise your interest liability as banks would like to cover their losses, which is likely to be the case on deferred EMI payments, by increasing the interest component of the EMI after the moratorium period gets over. So, if you have the money, keep paying to reduce your interest liability.

About HDFC Ltd. Home Loan

HDFC Ltd. offers special home loans to women applicants to encourage them to buy their own dream home. Check the eligibility criteria, interest rate, documents and schemes pertaining to HDFC home loans.

  • For fresh graduates who have recently started working, HDFC offers home loan based on their current salary and educational qualification certificates. They can avail loan without having to wait for gaining 2 years of experience. Applicable in case of professional graduates.
  • Loans offered to contractual employees with professional degrees. Last 3 yrs contract renewal is mandatory in such applications

Types of home loans at HDFC Ltd.

HDFC housing loans are classified into the following

  1. Adjustable Rate Home Loan– A home loan under adjustable rate is associated with HDFC’s Retail Prime Lending Rate (RPLR). If there is a change in the RPLR, the interest rate will be revised once in three months subject to the date of the first disbursement with or without a change in the EMI.
  2. TruFixed Home Loan – 2/3 Year Fixed Variant – Under TruFixed Home Loan, an applicant can avail fixed rate for a maximum of 2/3 years, post which the loan will directly convert to an adjustable rate, summing up to a total term of 20 years.
  3. HDFC Home Loan for Purchase of Plot – You can apply for HDFC home loan individually or jointly. You can add your spouse or father/mother as a co-borrower.

Home Loan

Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure

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    HDFC Home Loan Interest Rate April 2020

    Below is the table showing the interest rate range, tenure, maximum loan amount and processing fee applicable to the housing loan at HDFC Ltd.

    ParticularsDetails
    Interest Rate8.00% - 8.85%
    Processing FeeFor salaried: 0.50% of Loan amount + GST subject to Maximum ₹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 Tenure1 to 30 years
    Guarantor RequirementNo Guarantor Required
    Loan to ValueUpto 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

    What is the processing fee for HDFC Home Loans?

    At present, the processing fee is up to 0.50% of the loan amount or ₹3,000 whichever is higher, plus 18% GST.

    Special Offer on Processing Fee –  The processing fee waiver for balance transfer will be adjusted in the first EMI.

    Special Product for Government Employees – HDFC Arya

    • Special processing fee of 2500 + GST
    • Increased repayment tenure upto 65yrs of age (For employees eligible for Pension)

    HDFC Ltd. Home Loan Unique Features

    • Expert Advice: An applicant can get free advice from experts to buy the right property.
    • Over-the-counter Assistance: With the help of expert counseling, an applicant can purchase the property without any fuss.
    • Property Assistance: Anybody can avail property assistance services from HDFC Realty website—which is a one-stop destination for the property-related advisories.
    • 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.
    • Pre-Approval of Home Loans: An applicant can get the home loan approved even before selecting the property.
    • Home Loan Mobile: The mobile app 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 can access Home loan by logging on to the online account and information related to home loan and make decisions accordingly
    • Tailor-made easy EMI schemes: Apart from the regular EMI scheme, HDFC has Step Up, FLIP and other payment plans for the applicants to choose from.
    • 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 anywhere.
    • Add-On Loans on a Single Property: If you have a regular home loan, you can get 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 housing finance company 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 available to the employees of the Central Government and Public Sector Units, in case additional funds are needed to fulfill their Home Loan requirements after availing the House Building Advance.
    • Door-step Assistance: HDFC sales executives are ready to provide doorstep services to the customers.

    How to Apply for HDFC Home Loan at Wishfin?

    Wishfin is an online platform where you can get best home loans without any hassle. The experts at Wishfin make sure you get a suitable lender with unbiased opinions at lowest possible rate so that you can focus on your ‘wish’ – home and not waste your time looking for a suitable lender. You can simply visit the official website of Wishfin and appy for HDFC home loan. Wishfin experts will guide you as per your requirement and help you get the best services.

    How can you apply for HDFC home loan on WhatsApp?

    You can also apply for a home loan via WhatsApp just as you chat with your friends. It is the first-time ever that a home loan application is made available on WhatsApp. The process is simple and quick which saves your time and gives you the chance to apply for a loan anytime from anywhere. The steps involved in the process are as follows:

    1. Give a missed call to 9555103000
    2. You will receive a message on your WhatsApp
    3. Provide some basic details asked by the chatbot

    HDFC Ltd. Home Loan Purposes

    A home or housing loan 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 is the eligibility required for HDFC Home Loans?

    Below are the conditions that make you eligible for the loan.

    • HDFC home loan application can be made either individually or jointly.
    • All proposed owners of the property will have to be co-applicants. However, co-applicants need to be close family members.
    • The maximum loan tenure shall be upto 30 years for the Telescopic Repayment Option which is applicable only for Salaried/Self-employed individuals under adjustable rate home loan.
    • The tenure of the loan is also based on the applicant’s profile, age of applicant at proposed maturity of the loan, age of the 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.

    HDFC Home Loan Documents for Salaried

    The documentation process is simple and and you can see it below.

    • Valid ID and Residence Proof
    • Last 6 months’ Bank Statements, showing salary credits
    • Latest Salary Slips
    • Latest Form-16
    • 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

    HDFC Home Loan Documents Required for Self-employed

    • Valid ID Card and Residence Proof
    • Last 6 months’ Bank Statements
    • Passport size photographs of all the applicants / co-applicants to be affixed on the Application Form and signed across
    • Processing fee cheque favouring ‘HDFC Ltd.’
      Copy of the Allotment Letter / Buyer Agreement
      Receipt/(s) of payment/(s) made to the developer
    • Educational Qualifications Certificate and Proof of Business
    • Business Profile and Previous 3 years Income Tax returns (self and business)
    • Previous 3 years Profit/Loss Account and Balance Sheet

    How can you calculate home loan EMI?

    You can calculate your home loan EMIs and see if they are within your budget or not. Look at an example given below:

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 30,00,0008.25%1₹ 2,61,312₹ 1,35,746₹ 31,35,746
    ₹ 30,00,0008.25%2₹ 1,36,024₹ 2,64,581₹ 32,64,581
    ₹ 30,00,0008.25%3₹ 94,355₹ 3,96,797₹ 33,96,797
    ₹ 30,00,0008.25%4₹ 73,591₹ 5,32,384₹ 35,32,384
    ₹ 30,00,0008.25%5₹ 61,189₹ 6,71,325₹ 36,71,325
    ₹ 30,00,0008.25%6₹ 52,967₹ 8,13,601₹ 38,13,601
    ₹ 30,00,0008.25%7₹ 47,133₹ 9,59,187₹ 39,59,187
    ₹ 30,00,0008.25%8₹ 42,792₹ 11,08,054₹ 41,08,054
    ₹ 30,00,0008.25%9₹ 39,446₹ 12,60,168₹ 42,60,168
    ₹ 30,00,0008.25%10₹ 36,796₹ 14,15,495₹ 44,15,495
    ₹ 30,00,0008.25%11₹ 34,651₹ 15,73,992₹ 45,73,992
    ₹ 30,00,0008.25%12₹ 32,886₹ 17,35,615₹ 47,35,615
    ₹ 30,00,0008.25%13₹ 31,412₹ 19,00,319₹ 49,00,319
    ₹ 30,00,0008.25%14₹ 30,167₹ 20,68,051₹ 50,68,051
    ₹ 30,00,0008.25%15₹ 29,104₹ 22,38,758₹ 52,38,758
    ₹ 30,00,0008.25%16₹ 28,190₹ 24,12,384₹ 54,12,384
    ₹ 30,00,0008.25%17₹ 27,396₹ 25,88,871₹ 55,88,871
    ₹ 30,00,0008.25%18₹ 26,704₹ 27,68,157₹ 57,68,157
    ₹ 30,00,0008.25%19₹ 26,097₹ 29,50,179₹ 59,50,179
    ₹ 30,00,0008.25%20₹ 25,562₹ 31,34,873₹ 61,34,873
    ₹ 30,00,0008.25%21₹ 25,088₹ 33,22,172₹ 63,22,172
    ₹ 30,00,0008.25%22₹ 24,667₹ 35,12,008₹ 65,12,008
    ₹ 30,00,0008.25%23₹ 24,291₹ 37,04,313₹ 67,04,313
    ₹ 30,00,0008.25%24₹ 23,955₹ 38,99,018₹ 68,99,018
    ₹ 30,00,0008.25%25₹ 23,654₹ 40,96,051₹ 70,96,051

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    1₹ 37,748₹ 2,46,094₹ 29,62,251
    2₹ 40,982₹ 2,42,859₹ 29,21,268
    3₹ 44,494₹ 2,39,347₹ 28,76,773
    4₹ 48,307₹ 2,35,534₹ 28,28,466
    5₹ 52,447₹ 2,31,395₹ 27,76,018
    6₹ 56,941₹ 2,26,900₹ 27,19,077
    7₹ 61,821₹ 2,22,021₹ 26,57,256
    8₹ 67,118₹ 2,16,723₹ 25,90,137
    9₹ 72,870₹ 2,10,972₹ 25,17,267
    10₹ 79,114₹ 2,04,727₹ 24,38,152
    11₹ 85,894₹ 1,97,948₹ 23,52,258
    12₹ 93,254₹ 1,90,587₹ 22,59,004
    13₹ 1,01,245₹ 1,82,596₹ 21,57,758
    14₹ 1,09,921₹ 1,73,920₹ 20,47,836
    15₹ 1,19,341₹ 1,64,501₹ 19,28,495
    16₹ 1,29,567₹ 1,54,274₹ 17,98,927
    17₹ 1,40,670₹ 1,43,171₹ 16,58,257
    18₹ 1,52,725₹ 1,31,117₹ 15,05,532
    19₹ 1,65,812₹ 1,18,030₹ 13,39,719
    20₹ 1,80,021₹ 1,03,821₹ 11,59,698
    21₹ 1,95,447₹ 88,394₹ 9,64,250
    22₹ 2,12,195₹ 71,646₹ 7,52,055
    23₹ 2,30,379₹ 53,463₹ 5,21,675
    24₹ 2,50,121₹ 33,721₹ 2,71,554
    25₹ 2,71,716₹ 12,288₹ 0

    How can you repay HDFC Ltd. Home Loan?

    HDFC offers numerous repayment options which help borrowers customize their repayments keeping in mind their conditions. Following are the home loan repayment options available:

    • Step Up Repayment Facility (SURF): This facility is dependent on 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.
    • Flexible Loan Installments Plan (FLIP): FLIP provides a customized solution to accommodate repayment capacity of the borrower which is likely to change during the course of the loan.
    • Tranche Based EMI: 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 .
    • Telescopic Repayment Option: With this facility, a borrower gets a longer repayment tenure of up to 30 years. This means affordable EMIs and increased loan eligibility.

    How can you check HDFC Home Loan application status?

    To keep a track of your HDFC home loan application, you can do the same by contacting the executive for your home loan. Otherwise, when you apply for a home loan through Wishfin, you get one-to-one assistance. You can also check the status with the same.

    HDFC Home Loan Customer Care

    The customer care number is different for different cities. You can check the contact number of your city and forward your query to the concerned individual. Also, if you apply through Wishfin, you can contact the executive for any HDFC home loan related query. The executive will look to resolve it as soon as posible.

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