HDFC home loan can be used for various purposes, such as purchase or construction of a house, home renovation or improvement, home extension, or transfer of an existing home loan from other banks, financial institutions or NBFCs. The rates of interest on HDFC Housing Loans are competitive and quite attractive with relatively lower interest rate for female applicants or co-owners. HDFC has reportedly raised the Retail Prime Lending Rate (RPLR) on which all its adjustable interest rate housing loans are benchmarked by 0.10% or 10 basis points (bps). The new effective rates will be applicable from 01 October 2018.
HDFC Home Loan Interest Rate 2018 |
|
|---|---|
| Interest Rate | 8.80% onwards |
| Processing Charges | 0.5% of loan amount or Rs 3,000 whichever is higher, plus applicable taxes |
| Loan Tenure | Up to 30 years |
| Loan Amount | Max amount depends on applicant profile and other factors. |
| Cheque Bounce Charges | Rs.200 per instance |
| Cheque / Instrument Swap Charges | Rs.200 per instance |
| Prepayment or Foreclosure Charges | Nil |
Note: The facts and figures provided above are illustrative and subject to periodic change
Why take House Loan from HDFC Bank?
HDFC (Housing Development Finance Corporation) bank is one of the leading provider of Housing Finance to customers nationwide. With a customer base of 4.4 million satisfied customers, HDFC is a pioneer in the home loan industry with over 35 years of experience in the lending sector. Loans offered by HDFC bank are of different categories which can be compared and picked, as per the customer’s requirements.
HDFC Bank Home Loan Interest Rates for Salaried & Self-Employed
Rates For Salaried Individuals and Self-Employed Professionals |
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|---|---|---|
| Loan Slabs | Interest Rates (For Salaried) | Interest Rates (For Self–Employed) |
| For Women (Up to Rs 30 lakhs) | 8.80% to 9.30% | 8.80% to 9.30% |
| For Others (Up to Rs 30 lakhs) | 8.85% to 9.35% | 8.85% to 9.35% |
| For Women (Above Rs 30 lakhs) | 8.95% to 9.45% | 8.95% to 9.45% |
| For Others (Above Rs 30 lakhs) | 9.00% to 9.50% | 9.00% to 9.50% |
TruFixed Home Loans – 2 years Fixed Rate Variant |
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|---|---|---|
| Loan Slabs | Interest Rates (For Salaried) | Interest Rates (For Self–Employed) |
| For Women (Up to Rs 30 lakhs) | 9.30% to 9.80% | 9.30% to 9.80% |
| For Others (Up to Rs 30 lakhs) | 9.35% to 9.85% | 9.35% to 9.85% |
| For Women (Above Rs 30 lakhs) | 9.45% to 9.95% | 9.45% to 9.95% |
| For Others (Above Rs 30 lakhs) | 9.50% to 10.00% | 9.50% to 10.00% |
HDFC Limited Home Loan Applicable Charges
| Description of Charges | Fees & Charges |
|---|---|
| Late Payment Penalty | Up to 24% annually |
| Cheque Swapping Charges | Rs. 500 |
| Bounce Cheque Charges | Rs. 500 |
| PDC Swapping Charges | Rs. 200 |
| Per statement charge for Duplicate Statement | NIL |
| Issue of Amortization Schedule in duplicate | NIL |
| Switch from Variable to Fixed or Vice Versa | Not Applicable |
| List/Photocopy of Documents | Rs. 500 |
| Increase/Decrease in Loan Term | Up to Rs. 500 + Applicable taxes |
With effect from 31st March 2012, as per RBI’s directive foreclosure charges for Floating Rate Home Loans have been waived and are applicable only for Fixed Rate Home Loans. The applicable Fixed Rate Home Loans foreclosure charges are mentioned in the table above. If you have any query regarding home loan you can contact customer care team of HDFC home loan.
Types of HDFC Home Loan
Home Loans from HDFC Bank are offered in various variants to suit the needs and requirements of its customers. Mentioned below is a wide variety of HDFC Bank Home Loan products offered to the customers:
HDFC Home Loan
This type of HDFC Bank home loan is issued to individuals who wish to purchase a house or construct a house. If it is taken for a purchase of the house, it can be both for a newly constructed one or previously occupied, which is now being bought by the customer. The customer can avail the home loan solely on his/her name or under the names of two or more people, jointly.
HDFC Home Improvement Loans
HDFC home improvement loans are sanctioned specifically for home improvement purpose sought by the applicant. Generally, home owners tend to regularly and constantly refurbish or redecorate their homes or make improvements in their homes, as per their liking and interest. Refurbishing or improving your home is not a matter of small proportions, as large investments are needed for the same. Knowing this, HDFC Bank offers the specially designed Home Improvement Loans, so that their customers can improve homes as per the requirements without worrying much about the availability of necessary funds.
HDFC Home Extension Loans
There are chances that the dream home that you have bought long time back has become cramped up and lacking space with respect to the growing family’s requirements. Moreover, individuals may choose to build an extra room or an extra feature in their homes. This also calls for necessary funds, as building anything requires money. The HDFC home extension loan offered by the bank comes in useful in those scenarios where an extension to an existing home is required. Home Extension is different from Home Improvement as extension involves increasing the total area of your house.
HDFC Home Loan for Farmers and Rural Areas
The bank also offers specialized home loans for the farmers and people living in rural areas. These loans are specifically designed for agriculturists, planters, horticulturists and dairy farmers. HDFC Rural Home loan is offered for construction of houses on residential plots, purchase of a new house and extension or renovation of an existing houses. So, individuals living in the rural areas who are involved in farming of any kind can avail home loan schemes from the bank either for purchasing a home, or for construction of a new home on a residential area and also for renovation or extension of an existing home.
HDFC Home Loan for Agriculturists
HDFC Home Loans scheme are offered for farmers so that they are able to buy or construct their homes or apartments in cities and towns, as per their choice. This specific home loan is granted for the construction of houses only in the residential areas of villages. The loan eligibility depends on the total agricultural land owned by the farmer and the types of crops cultivated on the owned land. The farmers are not asked to mortgage their land for availing the home loan and even the Income Tax Returns are not mandatory to be submitted while applying for the loan.
HDFC Rural Housing Finance for Salaried & Self-Employed
This home loan scheme is designed for Government and private sector employees for buying a property in a rural residential area. Loans are also granted to businessmen, traders, etc. who have been filing the Income Tax Return for at least last 3 years, for buying properties in rural residential areas. Furthermore, HDFC NRI Home Loan is also available under this scheme for buying a property in the residential area of a rural sector.
Advantage of HDFC Home Loan
Home loan offered by HDFC Bank has various features which are mentioned below:
- The home loan offered by the bank includes the normal home loan, loan for purchase of a house from a builder, loan for purchase of a home which is for resale, loan for purchasing a house from Society and Development Authorities like MHADA, CIDCO, etc. loan for construction of home by the individual customer, transfer of an existing home loan from another bank or financial institution, loans for the improvement of home, a top-up loan facility for existing customers who have been continually servicing a home loan from the bank for some years and also home loans to NRIs for buying or constructing a property.
Other features of HDFC Housing Loan
The HDFC Bank Housing Loan not only varies in terms of its variants, but there are also some important facets of the loan which are often missed in enumerating the salient features of the loan. The documents pertaining to the property which the borrower submits with the bank are maintained by the bank with utmost care and security. Such features too deserve a mention and written underneath are some of these points:
- If the individual wants to avoid the unnecessary hassle of paying the installments through post-dated cheques, automated repayment options are also available which can be done either through ECS or Standing Instructions facility.
- Though the bank allows for the grant of the loan up to the maximum amount, every application is scrutinised by the bank by assessing the applicant’s creditworthiness, repayment capacity, income, existing loans, etc. and then the amount which is allowed as loan is determined.
- The loan can be fixed as partly fixed and partly floating rather than choosing the completely fixed and completely floating rate.
- The loan is disbursed in tranches and interest is payable on the portion of the loan disbursed before the total loan is disbursed and EMI payments start. This portion of interest paid is called pre-EMI interest and it is payable every month following the date when the loan portion is disbursed and till the date the actual repayment of the EMI starts.
- Though HDFC home loans are offered at fixed rates of interest, there are two types of fixed interest rates option. One is the rate which is fixed throughout the tenure of the loan and the other is the one which is open for review by the bank.
HDFC Bank Home Loan Eligibility Checklist
An applicant who is desirous of availing a HDFC Home Loan form the bank first needs to be eligible for the loan as per the bank’s requirements. Checking the home loan eligibility has been simplified where the prospective client can simply log on to our website and check his eligibility under the Home Loan application tab. If he/she decides to apply for the loan, the same can be done online too.
The following are the required documents for HDFC home loans under the scheme:
HDFC Home Loan Eligibility |
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|---|---|---|
| Agriculturists | Salaried Customers | Businessmen – Professionals |
| Application Form with photograph |
Application Form with photograph |
Application Form with photograph |
| Identity Proof and Residence Proof |
Identity Proof and Residence Proof |
Identity Proof and Residence Proof |
| Bank Statements of the last 6 months |
Bank Statements of the last 6 months |
Bank Statements of the last 6 months |
| Cheque for Processing Fee | Cheque for Processing Fee | Cheque for Processing Fee |
| Copies of Title Documents of Agricultural Land depicting Land Holding |
Latest Salary Slip | Education Qualifications Certificate and Proof of Business |
| Copies of Title Documents of Agricultural Land depicting crops being cultivated |
Form 16 | Business Profile, Income Tax Return of the last 3 years of self and also of the business |
| Statement of the last 2 years giving the details of the loans availed |
Last 3 years’ Profit and Loss Statement and Balance Sheet |
|
HDFC Home Loan Calculator – Calculate Home Loan EMI
Availing HDFC Bank home loan has been made easy with online application and HDFC home loan eligibility calculators. Moreover, an applicant can also find out what will be the Equated Monthly Instalments (EMIs) on his/her loan amount if he/she chooses to apply for a HDFC home loan. To calculate HDFC home loan EMI, an applicant needs to provide his/her personal details like the city in which the applicant resides and in which the property is to be constructed, annual income, occupation whether salaried or self-employed and if salaried the company he/she works for, the quantum of loan, etc. After providing the necessary details, the quote is generated by the bank and if the applicant is interested, he/she can proceed by providing other details and applying for the loan.
Let us take a look at some instances with the calculated EMIs:
- Shyam is a salaried employee working in ECS Company Limited located in Ahmedabad. He intends to purchase a house in his city. Once he is done calculating his own savings and the cost of the house, Shyam finds out that he is falling short of Rs.9 lakhs for making the purchase of the flat. He goes to the website of HDFC bank and quotes his requirements. After doing that, he finds out that by taking a loan of Rs 9 lakhs for a period of 15 years, the EMI comes out to be Rs. 9616 with 9.905 as floating RPLR.
- Radhika, a 30 years old salaried professional working for a Multi-National Corporation in Mumbai. In 2010 she decided to buy an own house in the city for which she needed 20 lakhs. She applied and got a loan from XYZ Bank for the said amount and has been since servicing the loan from that bank itself. Currently she found that the EMI charges by HDFC Bank were lower than the one she has been originally paying and so she decided to transfer the existing loan to HDFC Bank. The balance outstanding amount of loan was 13 lakhs for which she was charged an EMI for Rs.12, 416 for a tenure of 20 years. Moreover, being a woman applicant, the corresponding rate of interest charged was lower which was @9.85% as compared to a male applicant’s rate of 9.90%.
- Ahmed, a salaried employee working in an MNC is in his mid – 40’ He is looking to create an asset in the form of real estate and is looking to invest in a property which he has not yet identified. However, he wants to avail a loan of 20 lakhs beforehand so that when he finalizes the property to invest in the funds will be ready in his hands. With an annual income of Rs.12 lakhs, he approaches the bank to avail a loan of 20 lakhs. Given his profile, the bank charges him an EMI of Rs. 19, 168 for loan tenure of 20 years and at 9.90% RoI.
The respective EMIs are tabulated in the table below:
HDFC Home Loan EMI Calculator 2018
| Applicant | Loan Amount | Loan Tenure | Interest Rate | EMI |
| Shyam | 9 lakhs | 15 years | 9.90% | 9, 616 |
| Radhika | 13 lakhs | 20 years | 9.85% | 12, 416 |
| Ahmed | 20 lakhs | 20 years | 9.90% | 19, 168 |
Reasons to choose HDFC Home Loan
- HDFC is considered one of the leading providers of home loans in the Housing Finance sector with over 30 years of experience in the said sector.
- The people engaged in the sanctioning of the loan process generally are largely experienced which enables them to offer great service, and making the processing of the loan smooth and hassle free for the customer.
- This loan involves no hidden charges and all the charges applicable are clearly mentioned upfront to anyone seeking a loan.
- These loans from HDFC bank are pre-approved, means that the loans are sanctioned even before the property selection by the applicant.
- HDFC bank offers its home loan to build a house without any bars on the geographical region anywhere in the country.
- The bank offers flexible repayment options to all its customers which guarantees peace of mind to them till repayment terms are concerned.
- The bank provides the facility of HDFC home loan transfer. Also, it ensures safe and secure storage of the required documents without the risk of getting damaged, soiled or stolen thus proving to be helpful for the customer’s peace of mind.
HDFC Pre-Approved Loans
HDFC offers home loans even before the applicant has finalized the property to invest in. Such loans are called HDFC pre-approved loans and are available with the bank at the normal rates of interest. It means that there is no extra charge or interest charged for applying a loan on yet unidentified property. The HDFC Bank home loan offers a bit lower rate of interest for women applicants or co-applicants or women owners or co-owners of a loan to empower them to take up charge in financial matters.
HDFC Home Loan has a wide range of use because different types of loans are issued for different needs. One can avail a HDFC Bank home loan for purchase or construction of a new house, purchase of an already built house which is for resale, renovation or improvement to one’s home, extension of one’s house to build for extra space, transferring an existing loan from other banks or financial institutions and specialized loans for farmers and for others wishing to construct or purchase a property in a rural area. If you have any query or complaint regarding home loan you can contact HDFC home loan customer care Toll Free number from your mobile or landline.
How to apply for HDFC Home Loan Online?
Applying for HDFC Bank Home Loan has become simple and easy as the application can be filled online through our website. The simple steps to apply for home loan are as follows:
By visiting our website www.paisabazaar.com, clicking on the ‘Home Loans’ tab and filling up the required details to complete the application.
After doing the necessary check like your creditworthiness, credit report, repayment capability, etc. the bank will provide home loan approval. Thus, applying for HDFC housing loan is very simple and easy, as he/she simply needs to log in to our website, choose the relevant tab, fill up the asked details, supply the necessary documentation and the quote with respect to the EMI is generated within a minute, making the process both fast and simple.
Therefore, the applicant needs to provide his/her personal details like name, age, address, occupation, income, etc. which the bank uses to generate a quote for EMIs with respect to the HDFC Bank Home Loans. If the applicant decides to apply for HDFC Bank home loans, all the documentation process is required to be completed and the applicant is required to submit the necessary documents as mentioned. After the bank is fully convinced and satisfied with the eligibility criteria and with all the submitted documents, loan shall get approved. Furthermore, . you can also check HDFC home loan status and home loan statement online for more information.