HDFC Home Loan

HDFC housing loan interest rate (w.e.f. 07.06.2019) is 8.60% onwards. The interest rate of other HDFC Home Loan Scheme is as below:

The key benefits and features of HDFC Housing Loan are as follows:

• Offers innovative home loan schemes to help customers purchase a new house or plot
• Offers attractive home loan interest rates to make it easier on the pocket of its customers
• Offers customised repayment options to suit your needs
• There are no hidden charges
• Provides doorstep assistance on your Home Loan
• Has an integrated branch network for availing and servicing the loan anywhere in India
• Expert legal and technical counselling to help you make the right home buying decision
• HDFC Has easy and quick home loan documentation process

Not all home loan requirements are the same and therefore, HDFC Ltd. offers various home loan products customised to suit different home loan needs. Some of them are discussed briefly as follows:

HDFC Home Loan is for individuals who need funds to buy a new house or a plot for house construction.

HDFC Reach Loans is a customized financial aid for salaried and self-employed individuals with a minimum income of Rs. 10,000 p.m. and Rs. 2 lakh p.a, respectively. The loan can be used to buy a new or existing home or plot. It can also be used for renovation, extension or construction of both residential and non-residential premise.

Owning a plot gives you the freedom to build space as per desire. HDFC Plot Loan helps customers buy a plot on resale or through direct allotment.

HDFC Rural Housing Loan is specially designed to help Agriculturists, Planters, Horticulturists, Dairy Farmers in buying an under construction/new/existing residential property in rural and urban areas. Even salaried/self-employed professionals can apply for it.

HDFC Home Improvement Loans help customers give their home desired makeover without worrying about the shortage of funds.

*For existing customers, the maximum funding is subject to loan/total exposure, not more than 90% of the property value as assessed by HDFC.

HDFC Extension Loan is appropriate for anyone who wishes to extend or add space to their homes. The loan scheme is available to both new and existing customers.

Apply for HDFC Top Up Loan to avail funds over and above your existing home loan. The funds can be used for various personal and business purposes. Existing customers as well as new customers, availing HDFC Home Loan Balance Transfer facility can apply for the loan.

Customers who wish to lower their loan repayments can apply for HDFC Balance Transfer Facility. Availing the Balance Transfer Facility will also get customers an additional Top Up Loan of up to Rs. 50 lakh.

• The loan scheme is for NRIs, PIOs and OCIs* to:
  • purchase a flat, row house, bungalow from private developers in approved projects in India
  • purchase properties from Development Authorities such as DDA, MHADA etc.
  • construct on a freehold/leasehold plot or on a plot allotted by a Development Authority in India
  • purchase properties in an existing Co-operative Housing Society or Apartment Owners’ Association or Development Authorities settlements or privately built up homes
• HDFC NRI Home loan is offered at attractive interest rates
• The loan scheme allows customers to avail Home Loan Advisory Services in the country where they presently live
• HDFC offers Property Search Advisory Services, which is the legal and technical counselling to help customers make an informed home buying decision
• HDFC offers valuable insights on developer projects, location, documentation and offerings
• The loan is also available for customers employed in the Merchant Navy

PMAY Features & Benefits

• Upfront interest subsidy benefit on principal outstanding
• Aadhaar number(s) of the beneficiary family are mandatory for MIG category
• Interest subsidy will be available for a maximum loan tenure of 20 years or the loan tenure availed by the borrower whichever is lower
• There is no cap on the loan amount or on the cost of the property.
• The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9 %.
• The additional loan beyond the specified limits, if any, to be at non-subsidized rate.

Key Parameters of Credit Linked Subsidy

Note: The PMAY/CLSS is at the sole discretion of the Government of India. The contents given in the table are parameters as mentioned under the scheme.

*Woman ownership is not mandatory for construction/extension

**For MIG – I & II, the loan should be approved on or after January 1, 2017.

PMAY Eligibility Criteria

• The PMAY scheme is offered to families, comprising of husband, wife and unmarried children. (An adult earning member irrespective of marital status can be treated as a separate household in MIG category)
• The beneficiary family should not own a pucca house in the name of any member of their family anywhere in India.
• In case of married couples, either of the spouse or both together in joint ownership will be eligible for a single subsidy.

The beneficiary family should not have availed of central assistance under any housing scheme from the Government of India or any benefit under any scheme in PMAY.

Also Read: How to Avail Home Loan Subsidy Under Pradhan Mantri Awas Yojana?

More Details:

• For MIG category, Aadhaar number(s) of the beneficiary family is mandatory.
• The interest subsidy will be available for maximum loan tenure of 20 years or the loan tenure, whichever is lower.
• The interest subsidy will be credited upfront to the loan account of beneficiaries through HDFC resulting in reduced effective housing loan and EMI.
• At a discount rate of 9%, the Net Present Value (NPV) of the interest subsidy will be calculated.
• The additional loan beyond the specified limits, if any, to be at non-subsidized rate.
• There is no limit on the loan amount or the cost of the property.

Customers can apply for HDFC Bank home loan singly or jointly. The home loan eligibility criteria for primary and co-applicants and self-employed professionals and non-professionals are given as follows:

Eligibility Criteria for Primary Applicants

• Age must be between 18 to 65 years
• Both salaried and self-employed professionals can apply
• Must be a resident Indian

Eligibility Criteria for Co-applicants:

• All co-applicants need not be co-owners. Generally, co-applicants are close family members.
• Women borrowers and other individuals working for a select group of companies can apply for this loan

Eligibility Criteria for Self-employed Professionals

• Customers who are Doctors, Lawyers, CAs, Architects, Consultants, Engineers, Company Secretary, etc. can apply for Plot Loans as Self-employed Professionals.

Eligibility criteria for Self-employed Non-professionals

• Customers working as Traders, Commission Agent, Contractor, etc. can apply for HDFC Plot Loan as self-employed non-professionals.

Factors that Affect HDFC Home Loan Eligibility

The HDFC home loan eligibility varies from scheme to scheme. It mainly depends on the factors given as follows:

• Current age of the applicant – Loan applicant’s age helps lenders to decide the loan tenure. To ensure full repayment of HDFC housing loans, the lending institution tries to restrict the repayment tenure to the applicant’s retirement age.
• Employment details of the applicant and/or co-applicant – Both salaried and self-employed individuals can apply for HDFC Home Loans. When considering a loan application, lenders consider the applicant’s stability in a job or business to determine their eligibility. More years in a job or business, the better it is.
• Income of the applicant – A stable and sufficient income through a job or business is important to repay the home loan in time. The amount of income generated through a business or job determines if the loan applicant will be able to repay the loan amount on time or not.
• On-going financial obligations – The loan applicant’s on-going financial obligations also plays an essential role in determining their repayment capacity. Getting a new loan with an existing one increases the risk of loan default.

HDFC Home Loan Eligibility Calculator
To know if you are eligible for an HDFC loan or not, use HDFC Home Loan Eligibility Calculator. It is an online tool that will help you know the loan amount you are eligible to borrow on the basis of a few basic details you provide:

• Gross monthly income
• Loan tenure
• Home loan interest rate
• Other on-going loan payments

As you provide the above details, you will get the result.

Following is the list of HDFC home loan documents customers would need to submit for all applicants/co-applicants:

Note: All documents must be self-attested. Besides, the list of documents mentioned above the lender may ask for more or less.

Home loans are usually taken for a huge sum of money. Hence, they must be carefully planned in advance to make sure the loan EMIs are paid on time. A tool that can help you estimate the home loan EMI and subsequently plan your monthly budget well in advance is an HDFC Home Loan EMI Calculator. Paisabazaar.com offers the facility of Home Loan EMI Calculator absolutely free of cost. The Home Loan Calculator is easy to use and provides quick results.

Steps to use Paisabazaar.com’s Home Loan EMI Calculator are given as follows:

• Visit the Home Loan EMI Calculator page
• Provide the following details:
  • Loan Amount: Enter the amount that you want to borrow from the lender.
  • Rate of Interest: Enter the home loan interest rate at which the lender is lending the home loan.
  • Loan Tenure: Enter the period till when you will repay the borrowed loan amount.

The moment you enter the details, you will get the result.

How to apply for HDFC Home Loan Online?

Customers can apply for HDFC Home Loan online via Paisabazaar.com. The steps to start with the HDFC home loan application process are:

• Visit the Home Loan page at Paisabazaar.com
• Fill out the necessary information about the loan amount required, the type of home loan required, etc.
• Provide more details regarding your home loan requirements and personal information such as the cost of the property, your full name, date of birth, etc.
• Select the check box to agree on the terms and conditions
• Click the View Best Offers button to proceed

The best home loan offers according to your eligibility will appear for customers to compare and select.

• Apply for the home loan scheme that suits your requirements the best

Once the process is finished, customers will receive an acknowledgement message, which will include a reference number that they can use to track their HDFC Ltd. home loan application. Customers will also receive a call from Paisabazaar’s home loan experts to take the home loan process forward.

Customers can also check the HDFC home loan status and home loan statement online for more information.

An alternative way to apply for HDFC Ltd. home loan online is via through different platforms such as HDFC Netbanking and HDFC Bank’s or HDFC Ltd.’s website.

To get HDFC Housing Loan related queries or complaints resolved, customers can contact the lending institution through:

Missed Call: +91-9289200017

SMS: HDFCHOME to 56767

Customers can also write their complaint or queries at the lender’s official website.

What is the current HDFC RPLR?

The current HDFC Retail Prime Lending Rate (RPLR) is 16.85%.

How to check HDFC Home Loan status?

To track your HDFC housing loan application status, follow these steps:

• Click here to visit the HDFC loan application page
• Enter your HDFC home loan login details – User ID and Password
• Click the Submit button and you will know your home loan status

What are the HDFC Home Loan benefits?

The benefits of HDFC Housing Loan are listed as follows:

• It offers a variety of loan options to its customers
• It provides home loans customised to suit the needs of different customers such as Salaried Individuals, Self Employed Professionals, Dairy Farmers, Agriculturists, Planters, etc.
• It offers home loans with no hidden charges
• It ensures smooth and easy processing of a home loan
• It offers counselling and advisory services or acquiring a property
• It provides loan approval even before a property is selected
• It offers flexible loan repayment options to its customer

What are the HDFC home loan eligibility criteria?

HDFC housing loan eligibility criteria vary from one home loan scheme to another. HDFC Ltd. decides a customer’s home loan eligibility by assessing their repayment capacity based on their income, age, educational qualifications, credit history, number of dependants, spouse’s income (if any), assets, current liabilities, job/business stability, the continuity of the business or job, etc.

What documents are required to apply for HDFC Home Loan?

Some of HDFC Home Loan documents required at the time of loan application are:

• Identity proof such as Aadhaar, Passport, Voter ID Card, etc.
• Income proof such as salary slips or ITR for the last 3 years etc.
• Residence proof such as
• Property documents such as allotment letter, title deeds of the plot (for construction), etc.

The bank may ask for other documents as well as proof of the information provided in the home loan application form. Therefore, an applicant must always provide the right information in the home loan application form and should keep all the related documents ready.

Who provides home loan – HDFC Bank or HDFC Ltd.?

Both HDFC Bank and HDFC Ltd. are part of the HDFC Group but are different entities. HDFC Ltd. is a leading provider of Housing Finance. But HDFC Bank takes care of all banking operations and other financial products. It offers home loans on behalf of HDFC Ltd. There are no preferential home loan interest rates or terms offered by either of the two. So customers can approach any one of the lending institutions to avail a home loan.

Does HDFC Bank give home loan?

Yes, HDFC Bank provides home loan on behalf of HDFC Ltd.

How much home loan can a customer get on his/her salary?

The loan amount that a customer can get on his/her salary depends on their repayment capacity, which is determined by age, number of dependants, education qualification, current liabilities, credit history, etc.

Which is better between fixed and floating home loan interest rates?

Both fixed and floating home loan interest rates have their own pros and cons. Which one out of the two is better, depends on the customer’s requirements.

• Fixed home loan interest rate: Fixed interest rates remain the same throughout the loan tenure and are a little higher than floating interest rates. It is best suited for customers who are comfortable with their home loan EMIs or expects the home loan interest rates to increase in future. In general, lending institutions levy prepayment penalty on fixed rate home loans.
• Floating home loan interest rate: Floating interest rates are not the same throughout the loan tenure. It may change with the change in the lender’s benchmark rate. It is a little lower than the fixed home loan interest rates and customers who expect the home loan interest rates to reduce in future must opt for it. Usually, lenders levy no prepayment penalty on floating rate home loans.

Customers who are unable to decide between fixed rate and floating rate home loans can also opt for partly fixed or partly floating rates as per their needs.

HDFC reduces home loan rates by 5 bps

19 June 2019: HDFC reduced home loan interest rates by 5 basis points (bps). Currently, the HDFC home loan interest rate is 8.60%. The rate has been changed from 8.65% to 8.60%. This is a moment of relief for HDFC home loan borrowers as the loan EMIs have also decrease with the decrease in the rate.

Under PMAY, HDFC disburses subsidy amounting about Rs. 2,300 crore

29 May 2019: Under the Pradhan Mantri Awas Yojana Scheme (PMAY), HDFC disburses subsidy amounting over Rs. 2,300 crore, benefiting more than 1 lakh first time home buyers. Those who have not availed the benefits of this housing scheme should apply for it at the earliest as the scheme for MIG category is available only until 31 March 2020 and for EWS/LIG, the scheme is valid upto 31 March 2022.