HDFC Bank Home Loan – The one stop shop for all your Home Loan needs

A Home Loan is something that most people would generally go for once in a lifetime; hence, you would want to choose the best option available to you. You would certainly do a lot of research before settling on one. You will need to check on each and every aspect be it the interest rate, the flexibility in payment, prepayment options, documentation etc. Most banks and financial institutions offer good Home Loan benefits to their customers. HDFC is one bank that offers extremely lucrative options to customers when it comes to Home Loans.

Overview: HDFC Bank is one of India’s most preferred bank when it comes to corporate accounts and dealings. It has a nationwide distribution of over 4700 Branches and approx. 12500 ATMs across the country. This is probably one bank of which you will find ATMs in almost every 5 KM radius. Most companies have corporate tie-ups with HDFC bank, and many large organizations have their financial dealings mainly with HDFC. Its strong people-centric approach and niche for providing better and faster services to customers have taken it rapidly to one of the top positions in India. HDFC bank offers its customers a wide range of products and services – starting from Savings and Current accounts, Term Deposits, Locker facilities, Bonds, Demat accounts, Home Loans, Personal Loans, Credit and Debit Cards and many more. HDFC Home Loan is also a much-talked about and renowned name in the Home Loan space, and over the years it has established a mark in the market for providing best services when it comes to Home Loans. The official website to find all the information is https://www.hdfc.com/ .

Features and Benefits of the HDFC Home Loan:

  • Easy and accessible Home Loan available for Salaried as well as Self Employed people- They have special and lower rate of interests for Women Home loan applicants
  • The age criteria for an HDFC Home Loan is between 24 years and 60 years, anyone in this age group who has a stable earning income can opt for the Home loan.
  • HDFC Bank Home loan provides loans up to 90% of the House value; which is by far the highest in the industry
  • The tenure of the loan is also quite flexible; one can choose between 5 years to 30 years for a Home loan repayment
  • The HDFC Bank Home Loan Interest rate is also the lowest in the industry; it offers between 8.50% to 8.75% rate of interest.
  • With this low rate, the monthly EMI would be equated to Rs 769 per lakh of the Home Loan amount; which is general scenarios could go up to Rs. 1000 per Lakh as well.
  • HDFC bank offers tailor-made home loan interest rates depending upon the customer type. For eg, there are special rates for Women buyers, NRIs and Senior citizens as well.
  • Some of the special schemes that HDFC provides its customers are:
    • Trufixed Home Loan
    • Adjustable Rate Home Loan
    • HDFC Plot loans
    • HDFC Home Extension Loans
    • HDFC Short term bridging loan
    • HDFC Home Improvement loans
    • Rural Housing finance
    • HDFC reach Home loans
    • HDFC Home Top-up Loans

Eligibility and Documentation:

The Eligibility of the Home Loan depends upon various factors:

  • The nature of business or service of an individual
  • His Gross Annual Salary
  • Existing Debts on his name
  • Assets possessed by him
  • The amount he is planning to convert into a Home loan
  • Loan Tenure for which he would select to repay the loan

You may visit https://applications.hdfc.com/loanapplication/CampaignNewCustomer.php to check your eligibility status for HDFC home loans. 

Documentation:

To apply for a Home Loan on https://www.hdfcbank.com/personal/products/loans/home-loan, one has to provide elaborate documents of income as well as an occupation to justify to justify to the bank his repaying capacity. Below mentioned are the detailed documents required for processing the HDFC Home Loan:

  • Application form duly signed with details of the Primary and Secondary loan applicants. The signature attestations and photographs also need to be fixed appropriately in the form.
  • An Identity proof could be provided through any of these documents – PAN Card, Adhaar Card, Passport, Driving License or Govt ID card. PAN Card is a mandate for both applicants
  • Proof of Address: either Passport, Adhaar Card, Ration Card, Voter ID or any utility bill could be provided for address proof.
  • Income documents: 3 years Form 16 or ITR, last 6 months bank statement and last 6 months Salary slip – all these documents need to be provided for a declaration of Income.

Apart from these KYC documents, the property documents like the Sale Deed, Possession letter, House Tax return need to be provided as well.

 

Home Loan EMI Calculator:

The HDFC Home Loan EMI Calculator will be able to check your home loan eligibility before you even finalize and provide the documents to the bank. With the help of the Home Loan calculator, you will be able to ascertain the Loan Amount you will be eligible for, the maximum tenure you can opt for, the Interest rate you need to pay and the monthly EMI that would account for if the loan is approved. Check the HDFC Home Loan Calculator thoroughly to ensure that you are sure of the above points. Sometimes, we may plan that we would want to go for maximum flat value into Home Loan, however, when you actually convert it into Equal Monthly Installments and equate the repercussions or challenges that may come along with it, you may revisit on your Home Loan chose. You would also want to review your current obligations which means what is the type of Debts that you already carry and how much instalments that you already pay. Those ways you can plan better and make your future secure rather than defaulting on your premium payment.

HDFC Bank Home Loan Interest Rates:

The interest rates for HDFC bank loans varies according to the Loan amount availed, Tenure of the Loan and customer type. For, example, a person who opts for Home Loan more than 50 Lakhs for 20 years and above pays a lesser interest rate than the person opting for a value of less than 50 Lakh.

FAQs:

  1. Will the HDFC Home loan interest rate be fluctuating or will it be fixed?

If you have chosen for a fixed rate of interest, then a fixed rate will be charged till the end of the term; but if you have opted for the Floating Interest rate, then the prevailing rates will apply.

  1. How do I calculate the Home loan EMI?

You can calculate the Home loan EMI through the EMI calculator available online. Visit https://www.hdfc.com/home-loan-emi-calculator to grab knowhow before you begin to plan. 

  1. What is the rate of interest of HDFC Bank Home loan?

The interest rate of the HDFC bank Home loan ranges between 8.50% to 8.75%.

 

  1. What is the maximum loan tenure?

The maximum Home Loan tenure is 30 years

 

  1. What do I provide for age proof?

For, age proof, you can submit your PAN Card, Passport, School certificate or Birth Certificate as well.