Table of Contents |
HDFC Home Loan Features & Benefits
- Low interest rates starting at 6.80% p.a.
- Interest rate concession of 0.05% to women borrowers on specific loan schemes
- Special arrangement with Army Group Insurance Fund (AGIF) for Indian Army employees
- Flexible tenure of up to 30 years
- Different types of home loans to suit customers’ loan requirements
- Multiple repayment options to suit customers’ needs
Read About: Home Loan Tax Benefits
HDFC Home Loan Interest Rates
| HDFC Home Loan Schemes | For Women | For Others |
| HDFC Home Loan | 6.80% – 7.95% | 6.95% – 8.00% |
| HDFC Reach Loan | 6.90% onwards | 6.90% onwards |
| Plot Loan | 7.05% – 8.05% | 7.05% – 8.10% |
| Rural Housing Loan | 6.95% – 8.70% | 6.95% – 8.70% |
| Home Improvement Loan | 6.80% – 7.95% | 6.95% – 8.00% |
| Home Extension Loan | 6.80% – 7.95% | 6.95% – 8.00% |
| Top Up Loan | 6.90% onwards | 6.90% onwards |
| Home Loan Balance Transfer | 6.80% onwards | |
| Loans for NRI/PIO | As per credit risk profile | |
| Home Loans under PMAY | As per credit risk profile | |
Note: All loans at the sole discretion of HDFC Limited. The HDFC housing loan interest rates given in the table are applicable for loans under the Adjustable Rate Home Loan Scheme of Housing Development Finance Corporation Limited (HDFC Ltd.) and is subject to change at the time of disbursement. The Home Loan interest rates above are variable/floating in nature and subject to change as per the movement in HDFC’s RPLR.
HDFC Home Loan Processing Fee & Charges
| Particulars | Charges |
| Processing fees |
|
| Prepayment charges | No prepayment charges for floating rates |
| Check dishonour charges | Rs. 200 |
| List of documents | Up to Rs. 500 |
| Photocopy Of documents | Up to Rs. 500 |
| PDC Swap | Up to Rs. 200 |
| Disbursement cheque cancellation charges post disbursement | Up to Rs. 200 |
| Re-appraisal of loan post 6 months from sanction | Up to Rs. 2,000 |
| Increase/Decrease in the loan term | Up to Rs. 500 |
Note: The figures given in the table are indicative and are subject to change without prior information. GST might be applicable on some of the above charges.
HDFC Home Loan EMI Calculator
HDFC Home Loan EMI Calculator helps users know the approximate value of the loan installments that they need to pay monthly for servicing their HDFC home loans. Instead of using a bank-specific loan EMI calculator, you can use the Paisabazaar home loan EMI calculator to calculate your home loan EMI for free. It is easy to use and provides quick results on the basis of a few key home loan parameters such as loan amount, interest rate and tenure. You can try multiple combinations of these loan parameters to get at the most suitable EMI for yourself.
HDFC Home Loan EMI Calculation
The table below shows HDFC home loan EMI calculation for different interest rates, loan amounts and loan tenures:
| Loan Amount | Interest Rate | EMIs as per Different Loan Tenures | ||
| 15 years | 20 years | 30 years | ||
| Rs. 30 lakh | 8.00% | Rs. 39,155 | Rs. 33,832 | Rs. 29,770 |
| Rs. 60 lakh | 8.50% | Rs. 57,860 | Rs. 50,748 | Rs. 44,655 |
| Rs. 90 lakh | 8.75% | Rs. 77,147 | Rs. 67,664 | Rs. 59,540 |
| Rs. 1 crore | 9.00% | Rs. 96,433 | Rs. 84,580 | Rs. 74,425 |
- From the table above, it is evident that the home loan EMIs increase with the increase in the loan amount as well as home loan interest rates. If you wish to lower your home loan EMIs, one of the many ways is to borrow less. Reduction in the loan amount will bring down your home loan EMIs and also help you get a home loan at a lower rate. Improving your credit score also helps in getting home loan at a lower rate of interest.
- Another point to notice in the above table is that the home loan EMIs decrease as the loan tenure increases. While choosing longer tenure reduces your monthly liability but it also increases your total interest payout. Hence, choose your home loan tenure wisely.
HDFC Home Loan Eligibility Criteria
Eligibility Criteria for Primary Applicants
- Must be a resident of India
- Must be between 18 and 65 years
- Can be salaried or self-employed
Eligibility Criteria for Co-applicants
- Co-applicants are family members
- All co-applicants need not be co-owners of the property
Eligibility Criteria for Self-employed Professionals
- Self-employed professionals, such as doctors, lawyers, CAs, architects, consultants, engineers and company secretaries can also apply for the loan
Eligibility Criteria for Self-employed Non-professionals
- Self-employed non-professionals, such as traders, commission agents and contractors can apply for the loan
To know whether you qualify for HDFC home loan, use HDFC Home Loan Eligibility Calculator. It is an online tool to know the loan amount you are eligible to borrow. The calculation is done on the basis of a few basic details like gross monthly income, loan tenure, loan interest rate and on-going loan payments.
Check Also: Home Loan Eligibility & Ways to Improve It
HDFC Home Loan Documents
Following is the list of HDFC home loan documents to be submitted by all salaried and self-employed applicants/co-applicants:
- Duly filled and signed HDFC Home Loan Application Form
- KYC Documents – A copy of Proof of Identity and Proof of Residence such as Aadhaar, PAN, Passport, Voter ID, Driving License, etc.
- Proof of income for salaried – A copy of the following documents:
- Last 3 months’ Salary Slips
- Last 6 months’ Bank Statements, showing salary credits
- Latest Form-16 and IT returns
- Employment Contract/Appointment Letter if the current employment is less than a year old
- Proof of income for self-employed – A copy of the following documents:
- CA-attested Income Tax Returns (ITR) along with the calculation of income for the last 3 Assessment Years.
- CA-attested Balance Sheet and Profit & Loss Account Statements of the last 3 years along with Annexures / Schedules.
- Last 6 months’ Current Account Statements of the business entity and Savings Account Statements of the individual
- Property related documents – A copy of the following documents:
- For New Homes:
- A copy of the Allotment Letter / Buyer Agreement
- Receipt/(s) of payment/(s) made to the developer
- For Resale Homes:
- Title Deeds including the previous chain of the property documents
- Receipt/(s) of initial payment/(s) made to the seller
- A copy of the agreement to sell (if already executed)
- For Construction:
- Title Deeds of the Plot
- Proof of no encumbrances on the property
- A copy of the plans, approved by the Local Authorities
- Construction estimate by an Architect / Civil Engineer
- Other related documents – A copy or original of the following documents:
- Own Contribution Proof
- Business Profile, if applicable
- Latest Form 26 AS, for self-employed only
- List of Directors and Shareholders with their individual shareholding certified by a CA / CS in case of the business entity being a company
- Memorandum and Articles of Association of the Company
- Partnership deed if the business is in partnership
- Details of current loans of the individual and/or the business entity
- Passport size photo of the applicant and co-applicant (if any) affixed on the HDFC home loan application form and signed by the applicant across
- Cheque to pay processing fee favouring HDFC Ltd.
- For New Homes:
Note: All documents must be self-attested. Besides, the list of documents mentioned above the lender may ask for more or less.
View Also: The Complete List of Home Loan Documents
HDFC Home Loan Schemes
Not all home loan requirements are the same. HDFC Ltd. offers customised home loan products to suit the home loan needs of different customers. Some of them are discussed briefly as follows:
1. HDFC Home Loan – For Resident Indians
HDFC Home Loan is for individuals who need funds to buy a house or a plot to construct a house. Check Eligibility
| Eligible Profiles | Salaried and Self Employed Individuals |
| Loan Amount | Up to 90% of the property value |
| Interest Rate | 6.80% onwards |
| Loan Tenure | Up to 30 years |
| Processing Fee | Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
2. HDFC Reach Loans – For Indians Earning At Least Rs. 10,000 Per Month
HDFC Reach Loan is a customised loan product for salaried and self-employed individuals having 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 a plot. It can also be used for renovation, extension or construction of both residential and non-residential premises. Check Eligibility
| Eligible Profiles | Salaried and Self Employed Individuals |
| Loan Amount | Up to 80% of the property value |
| Interest Rate | 6.80% onwards |
| Loan Tenure | Up to 30 years |
| Processing Fee | Up to 2% of the loan amount + GST |
3. HDFC Plot Loans – For Buying a New Plot
Owning a plot gives you the freedom to build your home as per your desire. HDFC Plot Loan helps in buying a plot in resale or through a direct allotment. Check Eligibility
| Eligible Profiles | Salaried and Self Employed Individuals |
| Loan Amount | Up to 80% of the property value |
| Interest Rate | 7.05% onwards |
| Loan Tenure | Up to 15 years |
| Processing Fee | Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
4. HDFC Rural Housing Loans – For Indians Living in Rural Areas
HDFC Rural Housing Loan is specially designed to help agriculturists, planters, horticulturists, dairy farmers in buying an under construction or a new or an existing residential property in rural and urban areas. Even salaried/self-employed professionals can apply for it. Check Eligibility
| Eligible Profiles | Salaried and Self Employed Individuals |
| Loan Amount | Up to 90% of the property value |
| Interest Rate | 6.95% onwards |
| Loan Tenure | Up to 30 years |
| Processing Fee | Salaried/Self employed: Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST Agriculturists/ Self-Employed Non-Professionals: Up to 1.50% of the loan amount or Rs. 4,500 (whichever is higher) + GST |
5. HDFC Home Improvement Loans – For Covering Home Renovation Costs
HDFC Home Improvement Loans help customers give their home a desired makeover to their homes without worrying about the shortage of funds. Check Eligibility
| Eligible Profiles | Salaried and Self Employed Individuals |
| Loan Amount* | New customers: Up to 90% of the improvement estimate Existing customers: Up to 100% of the improvement estimate |
| Interest Rate | 6.80% onwards |
| Loan Tenure | Up to 15 years |
| Processing Fee | Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
*For existing customers, the maximum funding is subject to loan/total exposure, not more than 90% of the property value as assessed by HDFC.
6. HDFC Home Extension Loans – For Adding Space in Your Home
HDFC Extension Loan is appropriate for people who wish to extend or add additional space to their homes. The loan scheme is available for both new and existing customers. Check Eligibility
| Eligible Profiles | Salaried and Self Employed Individuals |
| Loan Amount | Up to 90% of the improvement estimate |
| Interest Rate | 6.80% onwards |
| Loan Tenure | Up to 20 years |
| Processing Fee | Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
7. HDFC Top Up Loans – For HDFC Home Loan Borrowers
HDFC Top Up Loan is available over and above your existing home loan. The scheme helps in getting extra funds which can be used for various personal and business purposes. Existing customers as well as new customers, availing HDFC Home Loan Balance Transfer facility can also apply for the loan. Check Eligibility
| Eligible Profiles | Salaried and Self Employed Individuals |
| Loan Amount | Up to 90% of the property value |
| Interest Rate | Existing Customers: 8.30% onwards New Customers: As per Home Loan Slabs |
| Loan Tenure | Up to 15 years |
| Processing Fee | Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
8. HDFC Home Loan Balance Transfer – For All Home Loan Borrowers
Customers who wish to lower their loan repayments can apply for HDFC balance transfer. By availing the balance transfer facility, customers can also get an additional top up loan of up to Rs. 50 lakh. Check Eligibility
| Eligible Profiles | Salaried and Self Employed Individuals |
| Loan Amount | Up to Rs. 50 lakh |
| Interest Rate | 6.80% onwards |
| Loan Tenure | Up to 30 years |
| Processing Fee | Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
9. HDFC Home Loan for NRI/PIO – For NRIs and PIOs
- 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 live at present
- 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 Merchant Navy
10. HDFC Home Loans under Pradhan Mantri Awas Yojana
PMAY Features & Benefits
- Upfront interest subsidy benefit on principal outstanding
- Aadhaar number(s) of the beneficiary family is 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-subsidised rate
Key Parameters of Credit Linked Subsidy
| CLSS Scheme Type | EWS/LIG | MIG – I** | MIG – II** |
| Loan Purpose | Purchase/Self Construction/Extension | Purchase/Self Construction | Purchase/Self Construction |
| Eligibility Household/Family Income | Between Rs. 3 lakh and Rs 6 lakh | Between Rs. 6 lakh and Rs. 12 lakh | Between Rs.12 lakh and Rs.18 lakh |
| Carpet Area-Max | 60 sq.m. | 160 sq.m. | 200 sq.m. |
| Subsidy calculated on a maximum loan of | Rs. 6 lakh | Rs. 9 lakh | Rs. 12 lakh |
| Interest Subsidy | 6.50% | 4.00% | 3.00% |
| Maximum Subsidy | Rs. 2.67 lakh | Rs. 2.35 lakh | Rs. 2.30 lakh |
| Validity of the scheme | 31st March 2022 | 31st March 2021 | 31st March 2021 |
| Woman Ownership | Mandatory* | Not Mandatory | Not Mandatory |
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
- PMAY scheme is offered to families, comprising 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?
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-subsidised rate
- There is no limit on the loan amount or the cost of the property
How to Apply for HDFC Home Loan Online
Customers can apply for HDFC Home Loan online via Paisabazaar.com. The HDFC home loan application process is as below:
- Click here to start with the home loan application process
- Fill in 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 checkbox to agree on the terms and conditions
- Click the ‘View Best Offers’ button to proceed
Best home loan offers according to the applicant’s eligibility will appear.
- Compare and apply for the best home loan offer
Once the process is finished, customers will receive an acknowledgement message, which will include a reference number which 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 forward the home loan process.
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 through different platforms such as HDFC Netbanking and HDFC Bank’s or HDFC Ltd.’s website.
HDFC Home Loan Customer Care
To get HDFC Housing Loan related queries or complaints resolved, customers can contact the lending institution through:
Missed Call Service
+91-9289200017
SMS
HDFCHOME to 56767
Customers can also write their complaints or queries on the lender’s official website.
Know More: HDFC Home Loan Customer Care
HDFC Home Loan FAQs
Q. How to check HDFC Home Loan status?
A. 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 on the Submit button and you will know your home loan status
Q. How can I repay my HDFC home loan?
A. Different payment modes through which you can repay your HDFC home loan are:
- Issuing Standing Instructions (SI) to your bank to pay the loan installments through ECS (Electronic Clearing System)
- Opting for direct deduction of monthly installments by your employer
- Issuing post-dated cheques from your salary account
Q. When can I apply for HDFC top up loan?
A. A year after the disbursement of the existing loan and the possession or completion of the financed property, you can apply for HDFC top up loan. If the top-up loan is refinanced from another institution, then HDFC will check the repayment track of it for the last 12 months.
Q. Who provides home loan – HDFC Bank or HDFC Ltd.?
A. 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.
Q. How much home loan can I get on my salary?
A. 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.
Q. What is the current HDFC RPLR?
A. The current HDFC Retail Prime Lending Rate (RPLR) is 16.20%.
Q. What are the HDFC Home Loan benefits?
A. The benefits of HDFC Housing Loan are listed as follows:
- It offers a variety of loan options to its customers
- It provides interest rate concession of 0.05% to women homeowners
- It provides home loans customised to suit the needs of different customers such as Salaried Individuals, Self Employed Professionals, Dairy Farmers, Agriculturists, Planters, etc.
- No hidden charges are applicable
- 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
Q. What are HDFC home loan eligibility criteria?
A. 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 dependents, spouse’s income (if any), assets, current liabilities, job/business stability, the continuity of the business or job, etc.
Q. What documents are required to apply for HDFC Home Loan?
A. 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.
Q. Which is better between fixed and floating home loan interest rates?
A. 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 Home Loan News
HDFC presents special home loan interest rates
11 January 2021: HDFC Ltd. is offering special home loan rates to its new customers. The HDFC bank home loan interest rate has been reduced by 30 bps. For any loan amount, the HDFC home loan interest rate will range from 6.80% to 7.30% per annum. The reduced home loan rates are subject to credit risk profile assessed by HDFC Ltd. It will be offered to those with credit score of 730 & above. the should also avail disbursements (part/full) on or before 31.03.2021. The special housing loan interest rates are applicable to HDFC Home Loans, including HDFC Home Improvement, HDFC Home Extension and HDFC Home Loan Balance Transfer. The housing loan rate of interest are applicable for loans under the Adjustable Rate Home Loan Scheme and are subject to change at the time of disbursement. The special rate is effective from 11th January, 2021 for login(s) and disbursement (s) (part/full) availed on or before 31st March, 2021.
HDFC Ltd. has reduced its RPLR on housing loans
10 November 2020: HDFC Limited has decreased its Retail Prime Lending Rate (RPLR) on its home loan products. The Housing Finance Company (HFC) has reduced its housing loan rates by 0.10 percent during the festive season. The new rates come into effect from 10 November 2020. The rate cut would benefit existing HDFC retail home loan customers as well.
HDFC reduces MCLR by 10 bps
07 September 2020: HDFC Bank has cut its Marginal Cost of funds based Lending Rate (MCLR) on home loans by 10 basis points across all tenors. The revised MCLR rates will be effective from 7 August 2020. After the latest rate cut, its overnight MCLR has reduced to 7%, one-month MCLR has decreased to 7.05%, one-year MCLR is now 7.35% and the three-year MCLR currently stands at 7.55%.
HDFC approves Rs 47k cr home loans under PMAY scheme
07 September 2020: In a regulatory filing, HDFC Ltd. revealed that it approved over Rs 47,000 crore of home loans under Pradhan Mantri Awas Yojana Credit Linked Subsidy Scheme (PMAY CLSS) to over two lakh eligible homebuyers.
HDFC reduces MCLR by 10 bps
07 August 2020: HDFC Bank has cut its Marginal Cost of funds based Lending Rate (MCLR) on home loans by 10 basis points across all tenors. The revised MCLR rates will be effective from 7 August 2020. After the latest rate cut, its overnight MCLR has reduced to 7%, one-month MCLR has decreased to 7.05%, one-year MCLR is now 7.35% and the three-year MCLR currently stands at 7.55%.
HDFC slashes its MCLR by 20 bps
01 July 2020: HDFC Bank has reduced its Marginal Cost of funds based Lending Rate (MCLR) by 20 basis points (bps). The revised MCLR will be imposed across all tenors with effect from 07 July. After this rate reduction, the revised overnight MCLR will be reduced to 7.10%, the one-month MCLR will be 7.15%, the one-year MCLR will be 7.45% and the three-year MCLR will be at 7.65%.
HDFC Bank cuts its MCLR by 5 basis points
08 June 2020: HDFC bank has slashed its Marginal Cost of Funds based Lending Rate (MCLR) by 5 basis points (bps) across all tenors. One-year MCLR, to which many of the retail loans are linked including home loan, will now be 7.65%. The bank’s three-year MCLR now stands at 7.85%, the overnight MCLR is reduced to 7.30% and the one-month MCLR is currently at 7.35%.
HDFC cuts home loan rates by 0.05%
03 January 2020: HDFC Ltd. reduces its floating rate home loans by 0.05% with effect from 06 January 2020. The new rates will now range from 8.20% to 9% per annum. The new HDFC home loan interest rates will benefit all the new as well as existing HDFC home loan customers.
HDFC lowers lending rates by 10 bps
14 October 2019: HDFC has reduced its lending rates by 10 basis points (bps). The change in rates is applicable to both new and existing borrowers, effective from 15th October 2019. After the rate cut, HDFC home loan interest rate currently stands at 8.25% p.a. for salaried borrowers.
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 decreased 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 crores, 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 up to 31 March 2022.
