With a customer base of 4.4 million satisfied customers, HDFC is a pioneer in the home loan industry with over 35 years of lending history. Loans offered by HDFC bank are of different categories which can be picked as per the customer’s requirements like purchase or construction of a house, renovation or improvement, extension, or transfer of an existing home loan from other banks or financial institutions. The rates of interest on HDFC Housing Loans are also quite attractive with a lower interest rate for female applicants or co-owners of a loan.
|HDFC Home Loan Interest Rate in 2018|
|Interest Rate||8.40% onwards|
|Processing Charges||0.5% of loan amount or Rs 3000 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.
Home Loan from HDFC Ltd. is offered in various variants to suit the needs and requirements of all and sundry. Given below is the range of HDFC Bank Home Loan products offered to the customers:
HDFC Home Loan
This HDFC Bank home loan is issued to individuals who wish to purchase a house or construct a house.If it is a purchase of the house, it can be both of a newly constructed one or a previously occupied one which is now being bought by the customer. The customer can avail the home loan solely on his name or under the names of two or more people jointly.
HDFC Home Improvement Loans
These HDFC Bank home loans sanctioned are specifically for home improvement purpose sought by the applicant. Individuals continuously try to redecorate their homes or make improvements in their homes as per their changing tastes and current trends. Redecorating or improving the home is not a matter of small proportions as large investments are needed to be made for the same. Knowing this, HDFC Bank offers the specially designed Home Improvement Loans so that customers can improve their homes as per their requirements without having to worry for the availability of necessary funds because the bank comes to the rescue on that front.
HDFC Home Extension Loans
Sometimes the dream house you bought years age becomes cramped up lacking space with respect to the growing family. 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 casts a lot. The housing loan scheme offered by the bank comes in useful in those scenarios where an extension to an existing home is sought. Home Extension is different from Home Improvement as extension involves increasing the total area of your house.
HDFC Limited Home Loan for Farmers and Rural Areas
HDFC also offers specialized home loans for the farmers and people living in rural areas. The 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 house. So, individuals living in the rural areas who are involved in farming of any kind can avail a 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 for farmers so that they are able to buy or construct their homes or apartments in several different cities and towns as per their choice. The loan is granted for the construction of houses in residential areas of villages only. The loan eligibility depends on the total agricultural land owned by the farmer and the type 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 mandatory to be submitted while applying for the loan.
HDFC Rural Housing Finance for Salaried & Self-Employed
A HDFC Bank home loan scheme 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 the last 3 years for buying properties in rural residential areas. HDFC NRI Home Loan is also available under this scheme for buying a property in the residential area of a rural sector.