HDFC Bank Rural Housing Loans

HDFC Bank Rural Housing Loan Highlights
Interest Rate	8.50%-10.20% p.a.
Loan Amount	75% – 90% of the property cost
Loan Tenure	Up to 30 years
Processing Fee	Up to 1.50% of the loan amount or Rs. 4,500 + GST

Note: Rates as of 18 September 2023

HDFC Bank Rural Housing Loan Interest Rate

Special Home Loan Interest Rates (For Salaried/Self-employed professionals/Self-employed non-professionals)

Loan Slab	Interest Rates (p.a.)
For all loan amounts	8.50%-9.95%

Standard Home Loan Rates

Loan Slab	Interest Rates (p.a.)
For all loan amounts	8.75%-10.20%

Features of Rural Housing Loan

Purpose: 

• To purchase an under-construction/existing/new residential property in the rural and urban areas
• To add or extend space to existing home property
• To enhance the home in many ways such as internal and external plaster, tiling and flooring and painting etc
• To construct a home on a freehold or leasehold residential plot in the urban & rural areas

Tenure: 

• For Telescopic Repayment Option under Adjustable Rate Home Loan- Up to 30 years
• For all other home loans- Up to 20 years

Loan to Value (LTV) Ratio:

Loan Amount	LTV Ratio
Up to and including Rs 30 lakh	Up to 90% of property cost
Rs 30.01 lakh-Rs 75 lakh	Up to 80% of property cost
Above Rs 75 lakh	Up to 75% of property cost

HDFC Bank Rural Housing Loan Processing Fees & Charges

Particulars	Charges (excluding GST)
Processing fees (for Salaried/ Self-Employed Professionals)	Up to 0.50% of the loan amount or Rs. 3,000 whichever is higher
	Minimum Retention Amount: 50% of applicable fees or Rs. 3,000 whichever is higher
Processing fees (for Agriculturists/ Self-Employed Non-Professionals)	Up to 1.50% of the loan amount or Rs 4,500 whichever is higher.
	Minimum Retention Amount: 50% of applicable fees or Rs 4,500, whichever is higher.
Prepayment Charges	Adjustable Rate Loans (ARHL) and Combination Rate Home Loan (“CRHL”) during the period of applicability of the Variable Rate of interest – NIL
	Fixed Rate Loans (“FRHL”) and Combination Rate Home Loan (“CRHL”) during the period of applicability of the Fixed Rate of interest- NIL when prepaid through own sources of funds; 2% of the prepaid amount when paid through other sources of funds
Late payment fee	24% p.a.
Check dishonour charges	Rs. 300
List of Documents	Up to Rs 500
Photo Copy of Documents	Up to Rs 500
PDC Swap	Up to Rs. 500
Disbursement Cheque Cancellation Charge Post Disbursement	Up to Rs. 500
Re-Appraisal Of Loan After 6 Months From Sanction	Up to Rs 2,000

Conversion Charges

Particulars	Charges
Switch to Lower Rate in Variable rate Loans (Housing/Extension/Renovation)	Up to 0.50% of the principal outstanding and undisbursed amount (if any) at the time of conversion or a cap of Rs 50,000, whichever is lower
Switch to Variable Rate Loan from Fixed Rate Loans (Housing/Extension/Renovation)	Up to 0.50% of the principal outstanding and undisbursed amount (if any) at the time of conversion or a cap of Rs 50,000, whichever is lower
Switch from Combination rate home loan fixed rate to variable rate	Up to 1.75% of the principal outstanding and undisbursed amount (if any) at the time of conversion
Switch to Lower rate (Plot Loan)	Up to 0.50% of the principal outstanding and undisbursed amount (if any) at the time of conversion

HDFC Bank Rural Housing Loan Eligibility

• Nationality: Resident Indian
• The age of applicant must be from 21 to 65 years
• Profession: Salaried / Self Employed

Click Here:- To know more about HDFC Bank Home Loan Eligibility

Documents Required for HDFC Bank Rural Housing Loan

Identity & Residence Proof (KYC) for agriculturists, salaried individuals, self-employed individuals

• PAN Card or Form 60 (in case the applicant does not have a PAN Card) (Mandatory)
• Description of Officially Valid Documents (OVD) that can be accepted for establishing the legal name and current address of the applicant (any of the following)
  • Passport
  • Driving license
  • Election/Voters identification card
  • Job card issued by NREGA duly signed by the officer of the State Government
  • Letter issued by the National Population Register containing details of name, address
  • Proof of possession of Aadhaar Number

Income Proof

For agriculturists:

• Copies of Title Documents of agricultural land depicting land holding
• Copies of Title Documents of agricultural land depicting crops being cultivated
• Bank statements for the last 6 months

For salaried individuals:

• Salary Slips for the last 3 months
• Bank Statements of the last 6 months, showing salary credits
• Latest Form-16 and IT returns

For self-employed individuals:

• Income Tax Returns along with income computation for the last 3 Assessment Years (of individual and the business entity and attested by a CA)
• Balance Sheet and Profit & Loss A/c Statements of last 3 years, with Annexures / Schedules (of both the business entity and individual and attested by a CA)
• Last 6 months’ Current A/c Statements of the business entity and Savings Account Statements of the individual

Other Documents

For agriculturists

• Bank Statements of the last 6 months showing repayment of any ongoing loans
• Passport size photograph of all the applicants / co-applicants and duly signed
• Cheque for processing fee favouring ‘HDFC Ltd.’ In Indian Rupees
• Own contribution proof
• Last 2 years statement of loans availed (if any)

For salaried individuals

• Employment Contract / Appointment Letter in case current employment is less than 1 year
• Last 6 months’ Bank Statements showing repayment of any ongoing loans
• Memorandum and Articles of Association of the Company
• Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across
• Own contribution proof
• Last 2 years statement of loans availed (if any)

For self-employed individuals

• Business profile
• Latest Form 26 AS
• Memorandum and Articles of Association of the Company
• List of Directors and Shareholders certified by a CA / CS in case of the business entity being a 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.
• 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’
• Own Contribution Proof