HDFC Bank is a pioneer in the home loan section with over 4.4 million satisfied customers. A HDFC Home Loan offers a number of benefits to the applicants. These include:
- Attractive HDFC Bank home loan interest rates
- Flexible tenure (1 – 30 years)
- Tailored schemes
- Customized repayment solutions
HDFC Home Loan Interest Rate 2019
Home loan rate of interest by HDFC bank is 8.60% pa onwards.
|HDFC home loan rates for Salaried Professional|
|Loan Slab||Home Loan Interest Rates (% p.a.)||TruFixed Loan – 2 Year Fixed Rate Variant|
|For Women* (upto 30 Lakhs)||8.70 to 9.20||9.20 to 9.70|
|For Others* (upto 30 Lakhs)||8.75 to 9.25||9.25 to 9.75|
|For Women* (30.01 Lakhs to 75 Lakhs )||8.85 to 9.35||9.35 to 9.85|
|For Others* (30.01 Lakhs to 75 Lakhs)||8.90 to 9.40||9.40 to 9.90|
|For Women* ( 75.01 Lakhs & Above)||8.90 to 9.40||9.40 to 9.90|
|For Others*( 75.01 Lakhs & Above)||8.95 to 9.45||9.45 to 9.95|
HDFC Top-UP Loan Rates for Salaried Professional
|Loan Slab (Outstanding Home Loan + Top Up Loan)||Interest Rates (% p.a.)|
|Top Up Loan for Existing customers||9.10 to 9.60|
|Loan Slab – New customer||Interest Rates (% p.a.)|
|For Women* (upto 30 Lakhs)||8.70 to 9.20|
|For Others* (upto 30 Lakhs)||8.75 to 9.25|
|For Women* (From 30.01 Lakhs to 50 Lakhs)||8.85 to 9.35|
|For Others* (From 30.01 Lakhs to 50 Lakhs)||8.90 to 9.40|
HDFC Repayment Solutions
Buying an HDFC home loan online enables you to opt from a number of repayment options. These options are designed to let the borrowers customize their repayments, based on their own unique conditions.
Step up Repayment Facility (SURF)
This scheme is based on the income growth expected for the borrower. In the initial years of the home loan, the borrower can pay substantially lower installments, at the same time availing a high quantum of the loan. Eventually, the repayment will keep increasing in proportion to the growth in the borrower’s income.
Tranche Based EMI
In the case where the borrower buys an under construction property, they will be required to pay the interest amount applicable on the loan till the loan amount is finally disbursed and then pay EMIs for the loan thereafter. With this type of repayment option, customers can immediately start paying back the principal amount.
Flexible Loan Installments Plan (FLIP)
This type of repayment plan is depends on the borrower’s repayment capacity. This capacity may of course change throughout the loan tenure, so the repayment schedule is configured in a way that the installments are higher during the initial years of the term and later decreases proportionally to the borrower’s income.
Accelerated Repayment Scheme
A flexible scheme, under the accelerated repayment, you can increase the EMIs every year, keeping it in proportion to your income growth. This enables you to repay the loan much sooner.
Telescopic Repayment Option
The telescopic repayment plan gets the borrower longer repayment tenures of up to 30 years. This means that the EMIs applicable will be much more affordable and the loan eligibility enhanced.
Factors That Affects HDFC Home Loan Rates
There is, of course, an eligibility criterion where an applicant must show proof of a minimum amount of income. A salaried person is generally considered as having better repayment capability than a self-employed person due to the stability in income. This is one of the factors that can affect the rate of interest on home loans in HDFC Bank.
The terms of a home loan are also affected by the applicant’s sector of employment. Different sectors are categorize under different risk levels. Hence, some sectors are more stable than others. Therefore the sector of employment of the applicant can also affect the proffered rate of interest.
The credit score of an applicant also affects the rate of interest that bank offers him. A good credit score can mean lower rates of interest. The credit score and the credit history of a person reflect their repayment habits. The offered HDFC housing loan interest rate is of course affected by the CIBIL score that an individual has, as this is the score that helps the bank in classifying the factor of risk in loaning money to an applicant.
The Loan to value rate, otherwise known as the LTV, is affected by the down payment that is made on any property. The higher the down payment, the more of the property is directly your own. Banks generally believe that the more of the property an applicant owns, the less likely they will be to default on their loan. This lets them offer better interest rates.
Opting for shorter loan tenures enables an applicant to avail a better HDFC housing loan interest rate as compared to loans that have a longer repayment period.
Relationship with the Bank
The applicant’s dealings with the bank also help in getting a better home loan interest rate.