Last Updated on 2023-06-14 by admin
HDFC offers a wide range of Home loans to buy or construct a house, purchase a house, build or renovate a house, and repair a house. It offers all these services at very attractive interest rates along with a hassle-free loan application process, easy loan repayment options, and flexible tenures.
Also, it offers a huge variety of Home loans that includes Top up Loans, Home Improvement Loans, and Home Extension Loans. Also, the customers can opt to transfer the existing home loan from other lenders to HDFC.
| HDFC Home Loan- A Snapshot | |
| Interest Rate | 8.50% p.a. onwards |
| Loan Amount (LTV Ratio) | Up to 90% of property cost |
| Tenure | Up to 30 years |
| Processing Fee | · For Salaried/Self-employed Professionals: Up to 0.50% of the loan amount or INR 3,000, whichever is higher
· For Self-employed Non-Professionals: Up to 1.50% of the loan amount or INR 4,500, whichever is higher |
Just like HDFC, SBI Home Loan can also be availed at an interest rate starting from 8.5% onwards for a period of up to 30 years and for a loan amount of up to 90% of the property cost. Also, it is the largest mortgage provider in the country. It allows its customers to purchase ready-built property, purchase under-construction property, purchase pre-owned homes, construct a house, extension of the house, and repair/renovate.
Processing Fees & Charges
| Processing Fees | For Salaried/Self-employed Professionals: Up to 0.50% of the loan amount or INR 3,000, whichever is higher
For Self-employed Non-Professionals: Up to 1.50% of the loan amount or INR 4,500, whichever is higher For HDFC Reach Loan: (Discounted processing fee of INR 3,000) |
| Check Dishonour Charges | INR 300 |
| List Of Documents | Up to INR 500 |
| Photo Copy Of Documents | Up to INR 500 |
| PDC Swap | Up to INR 500 |
| Disbursement Cheque Cancellation Charge Post Disbursement | Up to INR 500 |
| Re-Appraisal Of Loan After 6 Months From Sanction | Up to INR 2,000 plus applicable taxes |
| Reversal of Provisional Prepayment under HDFC Maxvantage Scheme | INR 250 |
| Prepayment Charges | Adjustable Rate Loans (ARHL) and Combination Rate Home Loans (“CRHL”) during the period of applicability of the Variable Rate of interest- NIL
Fixed Rate Loans (“FRHL”) and Combination Rate Home Loans (“CRHL”) during the period of applicability of the Fixed Rate of interest- 2% + taxes |
Interest Rates
Below mentioned are the interest rates for HDFC Home Loan:
| A. Special Home Loan Rates: | ||
| Loan Slab | Salaried / SEP | Self Employed |
| Applicable Interest Rates | ||
| % | % | |
| For all Loans | 8.45% – 8.95% | 8.45% – 8.95% |
| RPLR-18.30% | ||
| B. Standard Home Loan Rates | ||
| Loan Slab | Salaried / SEP | Self Employed |
| Home/HIL/HEL/Refinance/Plot Loans | Applicable Interest Rates | |
| Up to 30 Lacs | % | % |
| Women | 8.95% – 9.45% | 8.95% – 9.45% |
| Others | 9.00% – 9.50% | 9.00% – 9.50% |
| 30.01 Lacs – 75 Lacs | % | % |
| Women | 9.20% – 9.70% | 9.20% – 9.70% |
| Others | 9.25% – 9.75% | 9.25% – 9.75% |
| 75.01 Lacs & Above | % | % |
| Women | 9.30% – 9.80% | 9.30% – 9.80% |
| Others | 9.35% – 9.85% | 9.35% – 9.85% |
Eligibility Criteria
| Particulars | Salaried Individuals | Self-Employed Individuals |
| Age | 21 years to 65 years | 21 years to 65 years |
| Minimum Income | Rs.10,000 p.m. | Rs.2 lakh p.a. |
| Nationality | Resident Indian | Resident Indian |
Documents Required
Below mentioned are the documents required to apply for HDFC Home Loan:
In the case of Agriculturists:
- Application form with photograph
- Identity & Residence Proof
- Last 6 month’s Bank Statements
- Processing Fees Cheque
In the case of Salaried Customers:
- Application form with photograph
- Identity & Residence Proof
- Last 6 month’s Bank Statements
- Processing Fees Cheque
In the case of Professionals:
- Application form with photograph
- Identity & Residence Proof
- Last 6 month’s Bank Statements
- Processing Fees Cheque
Income Proof:
- Copies of Title Documents of Agricultural Land depicting Landholding
- Copies of Title Documents of Agricultural Land depicting crops being cultivated
- Statement of previous 2 years of loans availed
- Latest Salary Slip
- Form 16
- Educational Qualifications Certificate and Proof of Business
- Previous 3 years Profit/Loss and Balance Sheet
- Business Profile and Last 3 years ITR (Self and Business)
Property Related Documents
- For New Home
- Allotment letter copy/Buyer Agreement
- Payment receipt made to the developer
- For Home Resale
- Title deeds including the previous chain of property documents
- Agreement to sell copy
- Initial payment receipt made to the seller
- For Construction
- The title deed of the plot
- Copy of the plan approved by Local Authorities
- No encumbrance proof on the property
- The total estimate of construction by a Civil Engineer/Architect
Documents for Home Loan Balance Transfer
- A letter from the existing lender on his letterhead mentioning the list of property documents held by them
- Photocopy of property documents
- A letter from the existing financial institution on their letterhead showing the latest outstanding balance
Types of HDFC Home Loans
Below mentioned are the different types of HDFC Home Loans:
- HDFC Housing Loan
- HDFC Home Loan Balance Transfer
- HDFC Reach Loans
- HDFC Rural Housing Loan
- HDFC Plot Loans
- HDFC House Renovation Loans
- HDFC Home Extension Loans
- HDFC Top-Up Loans
- HDFC Pradhan Mantri Awas Yojana
- HDFC NRI Home Loans
Pradhan Mantri Awas Yojna (PMAY)
Purpose: Purchase/ Construction/ Improvement/ Extension of a house for economically weaker section, lower income group, and middle-income groups along with interest subsidy of INR 2.67 lakhs.
Household Income:
- EWS and LIG- Up to INR 6 lakh
- MIG 1- Above INR 6 lakh- INR 12 lakh
- MIG 2- Above INR 12 lakh- INR 18 lakh
Interest Subsidy:
- EWS and LIG- 6.5%
- MIG 1- 4.00%
- MIG 2- 3.00%
Loan Amount: No cap on the loan amount
Steps to Apply for HDFC Home Loan Online
Below mentioned are the steps to apply for HDFC Home Loan online:
Step 1: Visit the website https://www.hdfc.com.
Step 2: Click on “Apply for Home Loan”.
Step 3: Select the type of loan under the “Basic Information” tab.
Step 4: Click on “Check Eligibility” to see the eligible loan amount.
Step 5: Click on “Yes’ in case the property has been shortlisted. Fill in the details like Applicant’s name, etc.
Step 6: Under the tab “Applicants”, choose the residential status and provide all the required details.
Step 7: Enter the DOB along with the password and click on “Submit”.
Step 8: Upload the documents required and pay the processing fees to complete the online application.
