Home loans offered by HDFC Bank are for every citizen of India, whether they are Non-Resident Indians (NRIs), Person of Indian Origin (PIO), or Overseas Citizen of India (OCI). With flexible repayment tenure with no hidden charges, and competitive interest rates, HDFC maintains the transparency of all the related processes. HDFC NRI Home Loan can be borrowed by the NRIs living in countries like UK, US, Singapore and the employees of Merchant Navy. Salaried and self-employed NRIs, PIOs, and OCIs, can avail a home loan for a purchase of a flat or a bungalow from approved developers and development authorities.
HDFC Bank NRI Home Loan Interest Rate 2019
|Interest Rate||8.80% onwards|
|Age Criteria||Min. 18 years & Max. 65 years|
|Loan Tenure||Up to 20 years|
|Processing Fee||Up to 1.25% of the loan amount or Rs. 3000|
|Prepayment Charges – Floating||Nil, only for individual borrowers|
|Prepayment Charges – Fixed||2% of the loan amount|
|Conversion Fee||Up to 0.50% of the Principal Outstanding and undisbursed amount (if any)|
|Profession||Salaried and Self-employed|
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI.GST and service tax shall be levied extra on the mentioned charges.
HDFC Ltd. NRI Home Loan Interest Rates 2019
|Loan Amount Categories||Interest Rate (per annum)|
|For Women (upto 30 Lakhs)||8.80 to 9.30|
|For Others (upto 30 Lakhs)||8.85 to 9.35|
|For Women (30.01 Lakhs to 75 Lakhs)||8.95 to 9.45|
|For Others (30.01 Lakhs to 75 Lakhs)||9.00 to 9.50|
|For Women (75.01 Lakhs & Above)||9.00 to 9.50|
|For Others (75.01 Lakhs & Above)||9.05 to 9.55|
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI.GST and service tax shall be levied extra on the mentioned charges. Mentioned interest rates offered are valid up till 31 March 2019.
|Loan Amount||Loan to Value (LTV) Ratio|
|Upto Rs. 30 lakh||90% of the property value|
|Upto Rs. 30.01 lakh to Rs. 75 lakh||80% of the property value|
|Above Rs. 75 lakh||75% of the property value|
HDFC offers Home Loans for NRI in form of three Variants
Owning a property or buying a house is no more a mere dream for NRIs. Because, HDFC bank offers various types of loans. NRI borrowers can take loan for the purchase of bungalow, flat, existing properties, and co-operative housing society properties. With minimum documentation and flexibility, the bank provides following three types of loans:
TruFixed Plus HDFC NRI Home Loan with 2 Year Fixed Rate
The interest rate on this loan is partly flexible and partly fixed. A maximum duration of 2 years is charged with a fixed interest rate, whereas, the loan amount for the remaining years out of 20 would be automatically transferred by adjustable rate.
TruFixed Plus Home Loan with 3 Year Fixed Rate
Likewise, 2-year variant, this loan has a similar procedure with a partly flexible and fixed rate for 3 years.
In this type of loan, every 3 months, the interest rate would be revised as per Retail Prime Lending Rate by HDFC. It will be according to the first disbursement, regardless of any change in EMI. However, the interest charged will be set according to the rise or downfall in the fluctuating or floating interest rate.
HDFC Bank NRI Home Loan EMI Calculator
Customers can now leave all the calculation woes to an online HDFC NRI Home Loan calculator provided on the HDFC website for computing EMIs. With this tool, they can compute all their amounts of HDFC NRI home loan interest rates, amount of the loan, processing fees, and the period for which they want to avail the loan. A loan taken for tenure of 20 years would leave the customers with a flexible and affordable EMI options. These home loans can be applied by an individual or jointly. The co-applicants need not to be the co-owners, but owners of the property have to be co-applicants.
Documents Required for HDFC NRI Home Loan
First of all, the borrower must be a citizen of India who is living in a foreign country for the purpose of employment, education or business. The home loan documents required by HDFC Ltd. vary according to their employment and residential status.
|Identity Proof||Income Proof||Property Documents||Others|
|Passport (Which is a compulsory document)||Last 3 month salary slips – with name, joining date, salary and designation||Sale Agreement (For resale purposes||Valid Resident Visa stamped Passport|
|Voter ID||Copy of Employment letter or contract||Title Deeds and other property related documents||Cheque for processing fee|
|PAN Card with allotment letter||Last 6 month bank accounts, NRI/NRO account, salary credits||Receipts of payments to seller||Passport size photo of applicant(s), duly signed|
|Aadhar Card||Latest Credit Bureau (if applicable)|
Processing Fees and Security
- The processing fee is Rs. 3000 or up to 1.25% of the amount of loan plus taxes, whichever is higher.
- The fees charged on switching from adjustable interest rates to another loan is charged at 0.50% of outstanding plus the amount of disbursal or Rs. 50000 whichever is lower is plus the additional taxes.
- The charges on the late payments or delay in paying an EMI are charged with an additional HDFC NRI Home Loan interest rate up to 24% per year.
- For increasing or decreasing the term of loan the payable fees is Rs. 500.
- There is no fees for cheque replacement. Also, there is no fees for certificates of Income Tax and prepayments.
- The collateral security for the loans is the amount of first mortgage by depositing title deeds.
- If the property is undergoing construction, bank will require interim security.
Apply for HDFC NRI Home Loan with Paisabazaar.com
At paisabazaar.com you can check and compare from numerous home loan options available for NRI offered by various banks and NBFCs nationwide. The home loan interest rates offered by lenders are competitive with flexible repayment options. Therefore, it becomes hassle free for NRIs to apply for home loan without visiting the bank branches physically. You can apply for home Loan online at paisabazaar.com. The loan amount shall get disbursed by the bank in your bank account, once the lender is fully satisfied with your submitted documents.