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HDFC Home Loan. Interest Rates, Application Form, Documents Needed, Eligibility and More Details
Updated: Aug 30,2019 16:49 IST
HDFC Home Loan in a Glance
HDFC is considered to be the top Home Loans provider in the country. It has the quickest processing time, best interest rates and friendly customer-service which attracts customers. Also, HDFC provides lowest interest rates for women. HDFC offers best Interest Rates with other charges being minimal. Different Interest rates are fixed based on the loan amount and special interest rates are given for women. The current Interest rates and other charges related to HDFC bank are given below:
|
Interest Rates for Loan Amount Upto 30 Lakh |
For Women 8.40%-8.90% |
|
For Others 8.45%-8.95% |
|
|
Interest Rates for Loan Amount Above 30 Lakh |
For Women 8.50%-9% |
|
For Others 8.85%-9% |
|
|
Processing fees |
Upto 0.5% of loan amount or Rs. 3000 whichever is higher and taxes Maximum Rs. 11800 |
|
Prepayment or Foreclosure charges |
Nil |
|
Loan tenure |
Upto 30 years |
|
Loan amount |
5 lakhs - 10 Crores |
What are the Other Charges of HDFC Home Loan?
The main charges that come along the home loan is the the EMI payment and the interest rates. Apart from the main expenses, there are other charges that accompany a home loan. These charges vary from bank to bank. Some of the other charges are namely processing fees, cheques bounce charges, late payment fees and so on. Consider the other charges also when deciding about the bank from which you are going to obtain a Home Loan. Some of the HDFC Home Loan charges are provided in the below table for your reference.
|
Cheque bounce charges |
Rs.500 |
|
Cheque swap charges |
Rs.500 |
|
Late payment charges |
2% per month |
|
Pre-Closure charges |
Nil for individuals. For other loans, there is no charges for part prepayments. 2% plus tax for full payment. |
|
Charge for duplicate statement |
Nil |
|
Issue of duplicate provisional interest certificate |
Rs.300 |
|
Issue of duplicate interest certificate |
Rs.300 |
|
Issue of duplicate balance certificate |
Rs.300 |
|
Photocopy of documents |
Rs.500 |
|
Issue of Amortization schedule |
Nil |
What are the Eligibility Parameters Considered to Obtain HDFC Home Loan?
There are certain eligibility criteria HDFC expects from its customers to approve the home loan applied by the customer. When the applicants have a very good credit history, his or her chances of getting a loan is very high. HDFC checks the repayment capacity by of the customer by few of the below given parameters.- Income
- Age
- Qualification
- Number of dependants
- Spouse’s Income
- Assets
- Liabilities
- Stability and continuity of occupation
- Savings history
What are the Required Documents for HDFC Home Loan?
To apply for HDFC home loan, one should provide certain documents along with the HDFC home loan application form. Fill in the HDFC home loan application form with accurate details. With submitting all the necessary documents and satisfying the eligibility of obtaining a home loan, you can wait until the verification gets completed. On successful verification, your home loan is sanctioned. Documents which are to be submitted are listed below.
- Address proof (Any one)
- Aadhar Card
- Voter ID
- Passport
- Driving License
- Identity proof (Any one)
- Aadhar Card
- Voter ID
- Passport
- Driving License
- PAN Card
- Income proof
- Salaried people- last 3 months salary slips
- Self employed -last 6 months bank statements
- Form 16
- IT Returns
- Documents relating to the property which may be agreement copy.
What are the Types of Home Loans provided by HDFC Bank?
Borrowers can apply for Home loan schemes given by HDFC bank according to their need. Like any other banks which provide different type of home loans, HDFC also provides home loan under few categories. They are as follows.- Home Loan - Home Loan for construction of house or purchase of land or plot (fresh/resale) by individuals. The loan can be availed as joint loan or individual loan.
- Home Improvement Loan (HIL) - HIL provided by the bank is solely for the internal and external repairs of your house and also for any structural improvements.
- Home Extension Loan (HEL) - HEL is specially designed for the extension works of your home, be it construction extra bedroom or a reading room you can go for Home Extension Loan.
What are HDFC Home Loan that are Offered for Different People?
As one of the top home loan providers in the country, HDFC offers Home loans on wide ranges. One such measure is Home Loan for people based on their occupation. HDFC Home Loan provided for Different people are given below.- Agriculturists
- Planters
- Horticulturist
- Dairy Farmers
What is HDFC Home Loan for Agriculturists?
HDFC provides special home loans for Agriculturists with good offers than that of other applicants. India a country which has majority of the people involved or partially involved in agriculture, HDFC has provided this special home loan. Few of the special features are listed below.- Income Tax Returns for farmers applying for loan is not a mandatory requirement.
- Mortgage of agricultural land is not required for the purpose of home loan.
- Eligibility is based on type of agricultural land owned by the applicant and crops that are being cultivated in the land owned.
- Loans are provided to buy, construct houses in the city of their choice and also for residential areas in the village.
What is Rural HDFC Home Loan for Salaried and Self Employed?
HDFC provide rural Home loans for based on the employment in the rural areas. Home Loan in rural areas are given under the categories mentioned below.- Government and Private Sector Employees - Salaried - Rural properties in residential areas
- Businessmen, Traders, etc - Self Employed, should have filed Income Tax Returns for last three years - Properties in rural residential areas
- NRIs - Those Non Residential Indians who are willing to buy residential property in rural areas are also provided Home Loan by HDFC.
HDFC Home Loan Current Interest Rates
HDFC offers best Interest Rates with other charges being minimal. Different Interest rates are fixed based on the loan amount and special interest rates are given for women. The Current Interest rates are given below.|
Upto 30 Lakh |
For Women |
8.40% to 8.90% |
|
For Others |
8.45% to 8.95% |
|
|
Above 30 Lakh |
For Women |
8.50% to 9.00% |
|
For Others |
8.55% to 9.05% |
What are the Features of HDFC Home Loan?
HDFC Bank home loan has special features and provides various benefits to their customers and eliminates unnecessary charges towards obtaining home loan. HDFC home loan helps people to fulfil their dream of owning a beautiful house. They provide financial support with just minimal documentation and procedures. Some of the benefits of HDFC home loan and its features are listed below.
-
HDFC home loans can be obtained at attractive interest rates.
-
Customers can repay the home loans easily through the easy options available.
-
Loan tenure is upto 30 years which helps the borrowers to repay the home loan easily through installments.
-
There are no hidden charges in the HDFC home loan.
-
It provides special discounts for women, agriculturists and other categories of people.
-
Provides immediate customer support.
-
Has various branches all over the country which increases easy accessibility.
-
It provides financial support for home extensions and home improvements.
-
Easy documentation and minimal procedures.
Information on HDFC Home Loan MCLR
MCLR means the Marginal Cost of Funds based Lending Rates and the banks can never lend amount for interest rates below the specified interest rates. The recent MCLR of HDFC home loan are given in the below table.
|
Tenure of the Loan |
MCLR |
|
Overnight |
8.05% |
|
1 month |
8.05% |
|
3 months |
8.10% |
|
6 months |
8.25% |
|
1 year |
8.40% |
|
2 years |
8.55% |
|
3 years |
8.70% |
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