HDFC Bank Home Loan
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HDFC Bank Home loan can be taken to fund your dream house purchase. A home loan is a secured loan, where the house you intend to purchase is considered as collateral. HDFC bank offers home loans to people who look forward to purchasing new apartments, flats, properties from private developers, properties from public sector companies, independent houses, etc. These loans are offered at competitive interest rates to salaried as well as self-employed professionals. HDFC is a reputed bank when it comes to home loans as it was established as a purely home loan (product) lending bank as the name suggests. However it gained trust and popularity with the people and other financial services were provided as well.
At Loanbaba.com, you will come across all types of HDFC Home Loans in India.
|HDFC Bank Home Loan Details Updated on 18th January 2020
Up to Rs. 75 lakhs and above
1 year to 30 years
8.40% to 9.25%
Why Choose HDFC Bank Home Loan?
The advantage of this loan is its same interest throughout the duration, if fixed, but flexible on floating rate of interest.
Simple documentation is needed and the home loan in HDFC bank then gets processed faster.
The customers can pay off the loan in easy instalments every month and can repay it via auto debit or PDC or ECS.
- Home Loan EMI calculator at Loanbaba.com.
You can check out HDFC bank home loan eligibility and HDFC bank
There are no hidden charges that are incurred on the loan applicant. HDFC maintains full transparency in terms of disseminating all necessary information for the applicants.
Features of Home Loans at HDFC Bank
Some of the HDFC home loan options available are as follows.
The bank offers various types of HDFC home loans based on the suitability of its targeted audience.
- Home loans are offered to salaried and self-employed professionals as well as self-employed non-professionals.
- HDFC pre-approved loans are offered to people looking forward to negotiating with the sellers or marking their financial credibility.
- HDFC NRI Home Loan is offered to non-resident Indians who aim to buy a property in India.
- HDFC Home loan transfer is offered to people wanting to shift their existing interest and expensive EMIs to the HDFCs advantage in this regard.
- Home improvement loans are offered to people wanting to upgrade their property through structural improvements, waterproofing, internal and external repairs, roofing, painting, etc.
- Home extension loan is offered to people who want to make extra rooms in their existing houses or want to make similar modifications.
- Special HDFC Housing loans for agriculturists are offered to farmers to want to purchase a house in the residential areas of the villages. Under this scheme, no mortgage of agricultural land is required.
- HDFC rural housing finance is extended to government and private sector employees to make properties in rural residential areas.
Why Apply for HDFC Bank Home Loan on Loanbaba.com?
At Loanbaba, you can compare and apply for home loans online. You can check out several home loan schemes by HDFC go through all their features such as quantum of loan, amount of loan, processing fees, interest rates, and other conditions, at one page. You can also quickly apply for HDFC Home Loan online on our website without having to visit the branch. It is simple and easy, and you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website.
How to Apply for HDFC Home Loan on Loanbaba?
You can apply for Home Loan HDFC Bank or loan with any other bank /NBFC home loan at Loanbaba.com.
HDFC Bank Home Loan Interest Rates
The HDFC bank home loan interest rate starts at 8.40% to 9.25%, but varies as per individual profile. Keep a check on this page to note the updated HDFC home loan interest rates for the current year.
HDFC bank offers home loans to different categories of applicants and to streamline the data, the following factors can be used to understand what affects the interest rate of each loan applicant desiring to build a home with the amount.
- Amount of Loan: Applying for a home loan with HDFC is subject to the same terms of a home loan. Higher the loan amount, lesser will be the interest rate.
- Income group: Banks do their due diligence when it comes to checking salaries and income of applicants. They need that assurance of repayment while lending out the home loan amount. Higher the salary or income, the interest rate is likely to be a shade lesser.
- Relationship with Bank: HDFC is known for its customer-centric approach among banks. Customers with an existing relationship with the bank are given lower interest rates on home loans. In the larger scheme of things, borrowers end up saving a lot of money due to this.
- Loan Type: HDFC takes care to offer lower interest rates to women applicants. Apart from this, differential rates are applicable under the fixed and floating rate schemes.
HDFC Home Loan Processing Fee and Other Charges
As an applicant, it is important to know all that you will be paying for and HDFC is clear and transparent about it. There are no hidden charges that will raise its ugly head once you have taken the plunge. Let’s take a look at the charges apart from the interest rates below:
- Processing Fee: At the outset, the bank charges a 0.5% of the loan as a processing fee. This charge is applied for lending the amount and for the expenses incurred upon conducting credit appraisal and other checks.
- Technical and Legal Charges: Every bank has its set of rules and regulations while lending huge sums of amounts. HDFC charges technical and legal fees which are properly explained to the applicant at the time of loan approval by the bank executives.
- Prepayment Charges: HDFC allows for prepayment and foreclosure of loan amount in case the applicant wishes to pay off in lump-sum amounts at decided intervals of time. On floating rate of home loans, applicants are not charged prepayment fees, as per RBI guidelines.
HDFC Home Loan Eligibility Calculator
Home loan eligibility may differ from one candidate to another. You can also use free-of-cost HDFC Bank home loan eligibility calculator at Loanbaba.com. The eligibility criteria for HDFC Bank housing loan are discussed below:
The applicant for home loan HDFC needs to meet the age requirement and possess all necessary identity and income proof required to apply for the loan.
He/she meet the requirement for credit score and should not be under too many debts. Documentation requirements for a sole proprietorship or partnership or a private limited firm
Passport sized photographs of the applicant and the co-applicant.
Fully filled and signed housing loan application form.
KYC documents including their identity and residential proof. This may include a copy of your voter ID, passport, Aadhar card, PAN card, driving license, etc.
Attested copies of your partnership, AOA or MOA.
Audited financial papers of the previous 2 years.
Income tax returns of the partners or the directors for past 2 years.
Bank statement of the operating account for past 6 months.
Qualification certificate if the candidate is an expert such as a doctor, advocate, charted accountant, architect or a civil engineer.
Types of HDFC Home Loans
HDFC Bank has home loan schemes for professionals and salaried individuals. The amount taken as loan can be used for either multiple or specific purposes. Also, there are different types of HDFC Home loans designed for specific groups of people for their needs. Here a few of those Home Loans:
HDFC Rural Housing Loans
HDFC home loan suited to agriculturists, horticulturists, farmland owners, dairy farm owners so that they can purchase their dream home. The home loan amount can be put to use for buying homes in rural or even urban areas. Tenure of the loan is relaxed, especially keeping agriculturists in mind which up to 20 years. The interest rates range from 8.06% to 9.95% depending on the amount of loan. Women applying for a home loan get lower interest rates comparatively. Anyone between ages 18 to 65 may apply.
These loans are provided by HDFC to individuals with plots to build their own property as they have imagined. Plot loans have to be applied for, jointly with the owner of the plot. Also, having a woman co-applicant reduces the interest rate while having co-applicants in itself will help you maximize your loan amount. The maximum loan amount that can be granted is up to 80% of the current market value of the plot of land when the applied loan is up to Rs.75 lakhs. When the loan amount is above Rs.75 lakhs, loan amount is granted up to 75% of the market value of the plot.
HDFC provides these loans to anyone who wishes to fulfil their dream of having their own house. These are low-cost houses primarily and suited for urban individuals who are not able to afford buying a residential property due to financial shortages. The minimum income required for applying is Rs.2 lakhs per annum for self-employed people and Rs.10000 per month for salaried individuals. Constructing your own house on a plot allotted by any Development Authority is applicable under this loan. The interest rates are fixed keeping in mind the people this loan is designed for. It ranges from 10.05% to 16.35% for the loan amounts applied by the borrower.
HDFC Bank Home Loans FAQs
Below provided are important questions about home loan HDFC in India.
- What are the Interest rates on home loan for salaried people offered by HDFC?
For women applicants, the interest rate applicable on home loans, home improvement loans, home enhancement loans and refinancing up to Rs 75 lakh is 8.35%. The interest rises to 8.4% for other applicants.
If the loan value is above Rs 75 lakh, the women employees will be charged an interest of 8.4% while it shall be 8.45% for others.
In case of loans availed for plots up to Rs 75 lakh, the interest rate for women is applicable at 8.6% while it is 8.65% for others.
Any loan value above Rs 75 lakh for plots will require an interest of 8.65% for women and 8.7% for others.
- What are the Interest rates on home loan for self - employed people offered by the HDFC Bank?
The HDFC Bank home loans, home enhancement or improvement loans or refinancing requirement attract an interest rate of 8.45% for women applicants and 8.5% for others for an amount up to Rs 75 lakhs is availed.
For loans above Rs 75 lakh, the women employees will need to pay 8.55% interest while others pay 8.6%.
In case of plot loans up to Rs 75 lakh, women opting for the loan pay an interest of 8.7% while others pay an interest of 8.6%.
Any loan value above Rs 75 lakh for plots will require an interest of 8.65% for women and 8.7% for others.
- What are the Documentation requirements for salaried and entrepreneurial individuals?
Filled application form for Reliance Home Loan
Passport sized photographs of both the applicant and the co-applicant.
KYC documents including their identity and residential proof. This may include a copy of your Aadhar card, voter ID, passport, PAN card, driving license, etc.
Salary slips of past 3 months.
Bank statement of past 6 months.
Repayment track record
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