HDFC Reach Home Loan Highlights 2022 | |
| Interest Rate | 9.00% p.a. onwards |
| Loan Amount | Up to 80% of property value |
| Loan Tenure | Up to 30 years |
| Processing Charges | 2% of loan amount (Min. Rs. 3,000 & Max. Rs. 4,500) + GST (Discounted processing fee of Rs 2,000 valid till 31st August |
| Minimum Income | For Salaried- Rs 10,000 p.m. For Self-employed- Rs 2 lakh p.a. |
Note: Rates as of 10th August 2022
HDFC Reach Home Loan Interest Rates
For Reach Home Loans, Home Renovation Loan and Home Extension Loan
Trufixed 3 years
| Loan Slab | Rate of Interest (p.a.) |
| Any loan amount | 9.00%-12.25% |
For Top-up Loans and Residential Plot Loans
Trufixed 3 years
| Loan Slab | Rate of Interest (p.a.) |
| Any loan amount | 9.50%-13.75% |
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HDFC Reach Home Loan Processing Fees
| Particulars | Charges (excluding GST) |
| Processing fees | 2% of the loan amount (Discounted processing fee of Rs 2,000 valid till 31st August |
| Part/Full Prepayment Charges for Floating Rate Home Loans | No prepayment charges shall be applicable on prepayment made by individuals through any source towards floating rate home loans, except when the loan is sanctioned for business purposes |
| Part/Full Prepayment Charges for Fixed Rate Home Loans | Prepayment charge shall be levied at 2% of the outstanding amount if the loan is prepaid through refinance from any Bank/HFC/NBFC or Financial Institution (such amounts shall include all amounts prepaid during the given financial year) and shall be applicable to all partial or full prepayments |
| Check dishonour charges | Rs. 200 |
| Rate Conversion Fees | Up to 1.75% of the principal outstanding and undisbursed amount |
| Charges On Account Of Delayed Payments | 24% p.a. |
| PDC Swap | Rs. 500 |
| Disbursement cheque cancellation charges post disbursement | Up to Rs. 200 |
| Re-appraisal of loan post 6 months from sanction | For employed customers – Rs. 3,000 For self-employed customers – Rs. 4,500 |
Note: The home loan fees and charges given in the table are indicative and vary as per the nature of the loan. The charges are subject to change without prior information. GST might be applicable on some of the above charges.
Also Know: How much processing fee does HDFC charge on home loan?
Types of HDFC Reach Home Loan
HDFC Reach Housing Loan
Purpose
- Special loan for micro entrepreneurs and salaried individuals with or without sufficient income documents for purchasing a new or existing home, repair/renovation of existing dwelling unit, home extension, plot purchase and purchase/extension/construction/improvement of a non-residential property
- To avail balance transfer of existing home loan from other banks/NBFCs to HDFC at lower interest rates
- For additional loan amount on existing home loan to meet various personal requirements
LTV Ratio
| Loan Product | Loan Amount (LTV) |
| HomeLoan/Home Extension Loan/Home Improvement Loan/Top-up Loan | 80% of property cost |
| Non-Residential Premises Loan/Plot Loan | 60% of property cost |
| Loan Against Property | 50% of property cost |
Tenure
- For Home Loan/Home Extension Loan/Refinance: Up to 30 years
- For Home Improvement Loan/Plot Loan/Non-Residential Premises Loan/Loan Against Property/Top-up Loans: Up to 15 years
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Eligibility Criteria for HDFC Reach Home Loan
- Age: 21-65 years
- Profession: Salaried/Self-employed (micro-entrepreneurs) with minimum income proofs
- Nationality: Indian
- Minimum Income: Rs 10,000 p.m. for salaried
Rs 2 lakh p.a. For self-employed
Documents Required for HDFC Reach Home Loan
KYC Documents
- PAN Card (Mandatory)
- Proof of Identity & Residence (such as Passport, Driving License, Voter ID and Aadhaar Card)
Other Documents
- Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across
- Cheque for processing fee favouring ‘HDFC Ltd.’
For Salaried
Proof of Income:
- Last 6 months’ Salary Slips / Certificates attested by the employer
- Last 12 months’ Bank Statements / updated passbook, showing salary credits
- Latest Form-16
Other Documents
- Employment Contract/Appointment Letter in case current employment is less than 1 year old
- Last 6 months’ Bank Statements showing repayment of any ongoing loans
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For Self-Employed
Proof of Income:
- Last 2 years’ Balance Sheet and Profit & Loss A/c Statements, with Annexures/Schedules (of both the individual and the business entity and attested by a CA)
- Last 1 year’s Current A/c Statements of the business entity and Savings Account Statements of the individual (of both the individual and the business entity and attested by a CA)
Other Documents
- Business Profile
- Latest Form 26 AS
- 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 in case of the business entity being a partnership firm
- Details of ongoing loans of the individual and the business entity including the outstanding amount, instalments, security, purpose, balance loan term, etc.
Note: All documents to be self attested. The above list is indicative in nature and additional documents can be asked for.
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FAQs
Q1. How much amount can I borrow under HDFC Reach Loans?
The loan amount you will get under HDFC Reach Loan will largely depend on your income, repayment capacity and the market value of the property as assessed by HDFC. Other important factors include your age, qualification, number of dependants, your spouse’s income (if any), other assets & liabilities, savings history and the stability & continuity of occupation.
Q2. Is the prepayment of HDFC Reach Loan allowed?
Yes, you can prepay HDFC Reach Loan. While prepaying your home loan will help you save on the interest outgo, however, it may also attract applicable prepayment charges. To help you close your home loan faster, HDFC also offers a free-of-charge facility, ‘Accelerated Repayment Scheme’, which helps you to accelerate your loan repayment. The home loan repayment option offer you the flexibility to increase the EMIs every year in proportion to the increase in your income, thus helping you repay your home loan faster.
Q3. How can I calculate my HDFC Reach Loan EMIs before applying for the loan?
To know your EMIs, you can take the help of Paisabazaar’s Home Loan EMI Calculator. It is an online tool that can be used free of charge to calculate home loan EMI as well as total interest payout.
Q4. What if I miss an EMI?
If you miss an EMI, you will be charged a late payment fee as well as penal interest on the applicable repayment amount. Your credit score may also get affected as a result of missing timely EMI payments.