HDFC Bank Home Loan

HDFC Bank offers home loans at 7.90% p.a. onwards, depending on the credit profile of the applicant. However, you can avail these loans starting 7.20% p.a. onwards if you apply through Paisabazaar.

HDFC Bank Home Loan applicants are required to submit their PAN card or Form 60, ID proof, address proof, salary slips for the last 3 months, bank statements for the last 6 months showing salary credits, Form 16/ITR, property documents for the purchase of new home or resale home, etc. while availing home loan.

The minimum income requirement for salaried individuals availing HDFC Bank Home Loan is Rs. 10,000 per month, while for self-employed individuals is Rs. 2 lakh p.a.

Applicants can get HDFC Bank Home Loan interest certificates either through the official website of HDFC Bank or through the HDFC Bank Home Loan mobile app. You can also visit the bank branch to get your home loan interest certificate.

Applicants can use the HDFC Home Loan EMI Calculator to calculate the interest cost of their HDFC Home Loan. All they need to do is enter the loan amount, loan tenure and interest rate in the home loan EMI calculator and calculate the interest cost instantly.

HDFC Bank uses the repo rate as the benchmark for setting housing loan interest rates. Thus, any change in the repo rate leads to a change in the HDFC home loan interest rates set for the existing home loan borrowers. Additionally, HDFC Bank also tweaks the spread charged over the benchmark rates as part of its special/festive home loan offers for fresh home loan borrowers.

The co-owners of the property have to be the co-applicants of HDFC Bank Housing Loan. However, not all co-applicants need to be co-owners. The lender usually allows close family members to be co-applicants.

Yes, you can prepay your HDFC home loan amount in part or in full before the actual completion of the loan tenure. HDFC Bank does not levy prepayment charges on home loans availed at floating interest rates.

HDFC Bank offered a 0.05% interest rate concession to its women home loan applicants on standard home loan rates, but this has now been discontinued.

You can repay your HDFC Bank Home Loan through various modes of repayment- ECS (Electronic Clearing System), direct deduction of monthly instalments by the employer, or issuing post-dated cheques from the salary account.

You can reduce your HDFC Bank Housing Loan interest rate by reducing your home loan from a higher interest rate to a lower interest rate. HDFC Bank charges a conversion fee of up to 0.50% of the outstanding principal and undisbursed amount (if any) at the time of conversion or Rs. 3,000, whichever is lower. In case the bank does not reduce your home loan interest rate, you can transfer your home loan from HDFC Bank to any other lender offering lower interest rates.

HDFC Bank does not charge any prepayment fees for home loans availed at floating interest rates. However, in the case of home loans availed at fixed rates, the bank charges a prepayment fee of 2% of the loan amount plus applicable taxes, except when the pre-closure is being made through its own sources.

HDFC Bank sanctions the home loan after the property and document verification and completion of ‘own contribution’ or down payment. Once the loan is sanctioned, the borrower can request for loan disbursal either through online or offline mode. HDFC Bank would then disburse the loan either completely or in stages depending on the completion of construction.

Yes, the income of your spouse can be taken into consideration while calculating the HDFC home loan amount. Adding your spouse’s income can increase your home loan eligibility. Your spouse needs to submit the income documents to HDFC Bank.

HDFC Bank has not specified any cut-off credit score for home loan applicants. However, HDFC Bank offers lower interest rates to home loan applicants with credit scores of 750 and above.

MOD refers to a Memorandum of Deposit which states that the lender has complete rights over the property against which the loan has been availed until the repayment of the entire loan amount. The MOD charges usually range from 0.1% to 0.5% of the loan amount. However, for HDFC Bank Home MOD charges vary from state to state.

You can apply for a pre-approved home loan facility, an in-principal approval given on the basis of your financial position, creditworthiness and income. Pre-approved home loans are usually offered to borrowers who have yet to identify their property. However, the applicant would have to purchase the property within 6 months from the date of loan sanction.

HDFC Bank offers home loans at interest rates starting from 8.15% p.a. while SBI Home Loan interest rates start from 7.50% p.a. However, the final interest rate offered by any of these banks would depend on the applicant’s credit profile, loan amount, credit score, LTV ratio, occupation profile, etc. Thus, the best home loan option for any applicant would be the one offered at the lowest interest rates with the lowest charges while suiting his repayment capacity and ability to make a down payment or margin contribution.

Existing home loan borrowers of HDFC Bank can request the bank to reduce their home loan rates. If approved by the bank, the borrowers would be charged a conversion fee of up to 0.50% of outstanding principal and undisbursed amount (if any) at the time of conversion or Rs. 3,000, whichever is lower, on reducing their interest rates. In case the bank refuses to reduce their home loan interest rates, the borrowers can visit online financial marketplaces to find the home loan interest rates offered by other lenders on transferring their home loans.

HDFC Bank Home Loan applicants can check their application status through the official website of HDFC Bank. Existing customers of HDFC Bank can also check their home loan application status through the HDFC Bank mobile app, by visiting the HDFC Bank branch, by contacting HDFC Bank customer care or by giving a missed call at +91-9289200017.

HDFC Bank Home Loan portal allows home loan borrowers to perform various home loan-related functions like paying their home loans online, fetching their home loan interest certificate, avail the provisional interest statement, reducing their existing interest rate, receiving interest rate or repayment details, etc.

Borrowers seeking to prepay their home loan from HDFC Bank need to visit the bank branch, send an email to customer.service@hdfc.com or contact the customer care representative for making prepayments.

Existing home loan borrowers of HDFC Bank can request disbursement through the official website of HDFC Bank or by sending an email to customer.service@hdfc.com. Borrowers can also visit the HDFC Bank branch to make their disbursement requests.