HDFC Bank enjoys the tag of being one of the largest banks in India. It is spread across cities, towns, and states to offer a wide variety of services to customers and commercial clients. At present, HDFC Bank provides an extensive range of services to both domestic and NRI clients. Are you in search of a home loan? Do not worry as HDFC Home Loan is there to help you acquire a plot, flat or property without any hassle. Moreover, you can even seek funds for renovating your existing house at an attractive rates.
HDFC Bank holds a reputation of 35 years in the Indian lending sector. Different home loans through HDFC Bank permits you to manage your loan as partly floating and partly fixed depending on your needs under flexible repayment options.
Home Loan Status at HDFC
An individual can easily apply for an HDFC Home Loan through the official HDFC website. But make sure that before applying it is important to check the loan eligibility. As the quote is offered, you can proceed with the application process. It would only take you few minutes to fill the application form if all the required details including documents are kept ready.
Various Steps to Check HDFC Home Loan Status
After the application process is complete, it is important to check HDFC home loan status for analyzing the condition whether you are getting the funds or not. One can keep a track of the application status using the following steps:
Step 1: On the HDFC website simply access the section termed as “Home Loan.”
Step 2: You will redirected to new page. Click on “Track your Application”.
Step 3: Enter your User ID and Password.
Step 4: Right after this submission, the website would redirect to a page highlighting your current loan status.
Step 5: Generally, banks such as HDFC make sure that the customers need not wait to learn about the status of their home loan application. But in case there is any unfortunate delay, then the availability of this Home Loan Status Checker proves as a beneficial tool.
HDFC Bank Home Loan Details
At HDFC Bank, you can avail home loans for construction at residential plots, buy a new house, constructing an extension over an existing house as well as renovations. One can even avail offers falling under the Home Loan Scheme for Agriculturists who desire to build their own houses. What makes HDFC a preferred option for a home loan? The availability of tempting interest rates, easier EMIs and pre-qualified home loans makes HDFC a personal favorite for home loan seekers.
Whenever you request for HDFC Home Loan, the eligibility criteria will be based on your income, credit score, repayment capabilities and more. Furthermore, your HDFC Bank would also check your assets, the number of dependents, liabilities, age, credit repayment history, qualification, etc. It is important to note that, for motivating your eligibility concerned with a loan, you can add an earning family member in order to ensure a healthy credit score.
Home Loan Offering Specifications
At HDFC, the home loans offered do not hold hidden charges. Moreover, the customers can avail to customized repayment methods, which act as a major advantage. The integrated banking system at HDFC offers service loans all across India, with the convenience of technical counselling and expert advice to potential home buyers. The major goal of the bank is to offer all the required information to the individual for making a well-versed decision.
Here the focused segment for the loan covers the following individuals:
- Planters, Agriculturists, Dairy Farmers, Horticulturists
- Self-employed Candidates
- Salaried Individuals
- NRIs from Rural Regions
Categories of Home Loans
TruFixed Home Loan
Such type of home loan by HDFC is a unique fund lending option. The customer is presented the loan amount based on part adjustable rate tenure and part fixed rate tenure. In simple terms, as per this home loan, the individual can access the fixed interest rate for different duration ranging from 2, 3, or a maximum of 10 years. Once this period surpasses, the loan will mechanically transform to an adaptable rate loan and extend to an overall term ranging to a maximum of 20 years.
Adjustable Rate Home Loan
This HDFC home loan scheme variant associated with RPLR or Retail Prime Lending Rate. In this loan type, if the RPLR offered by HDFC bank changes, the interest rate would also get revised. Such a revision can be possible once in three months and might not cause a change in the valid EMI.
To be precise, if the rate of interest has to increase, the interest constituent of the EMIs would also tend to increase. This will thereby drop the principal amount component and would further result in extending the loan term.
Eligibility Criteria for Home Loan by HDFC
For proving eligibility to avail HDFC home loan, the candidate needs to satisfy the repayment capacity associated with the loan based of the below mentioned conditions:
- Count of dependents
- Spouse’s income
- Steadiness of occupation
- Savings information
Home Loan Admissibility
For individuals who wish to access home loans from HDFC Bank are required to fulfill the below mentioned criteria:
- Either individually or combined with a co-applicant, people can request for home loans via HDFC.
- Generally, the co-applicant should be a close family member.
- HDFC housing loans can be accessed by self-employed as well as salaried individuals. It is necessary for the applicant to submit all the stated HDFC eligibility documents for the home loan to verify their status.
- Suppose the individual is planning to apply for NRI home loan, it is necessary to verify their position of an NRI.
- The rural home loans by HDFC is only available for farmers, horticulturists, dairy farmers and agriculturists.
Although, home loan worthiness by HDFC in based on net income of the individual, there are several additional documents which can also be requested by the bank representatives.
Salaried Individuals Eligibility Criteria
Individual who is salaried and wishes to access a home loan from HDFC, it is required for him/her to fall within the age range of 21-60 years. Moreover, the candidate should possess a regular income source. Different banks have a minimum income requirement, and so does HDFC. Hence, the individual must fulfill that requirement before seeking home loan help. A decent CIBIL Score is one of the primary factors considered by the bank.
Self Employed Candidates Eligibility Criteria
For accessing a home loan from HDFC, self-employed applicants should fall in the age range 21 -60 years. Moreover, a constant income source is required which further fulfills the minimum income requirements fixed by the Bank. There are certain other requirements as well, including:
- Fulfilling returns for Income Tax in the past three years
- Decent CIBIL score as demanded by the bank.
In case there is any doubt or issue with the home loan application, the candidate can contact the customer care number for seeking high-end assistance.