HDFC Home Loan

Buying your dream home can easily be one of the biggest accomplishments of your life. But purchasing a home is seldom easy. With the increasing property rates across the country, arranging the requisite finances can be a roadblock. To overcome this, you can select a suitable home loan. For inexpensive and affordable home loan offerings, you can zero in on an HDFC home loan.

HDFC Home Loan Interest Rates

HDFC Bank home loan interest rate is dependent upon the type of housing loan being availed. Here’s a look at the different HDFC home loan interest rates: 

HDFC Home Loan Fees and Charges

Along with the HDFC housing loan interest rate, you may incur some fees and charges both while availing of the loan and during its tenure. Read on to know everything about the scheduled fees and charges on an HDFC home loan: 

HDFC Home Loan Features & Benefits

Now that you know about the interest rates along with the various fees and charges, here’s a look at the features and benefits of an HDFC home loan:

• Zero hidden charges: An HDFC home loan comes without any hidden charges. 

• Pre-approved offers: You can avail of pre-approved offers on HDFC housing loans.

• Reasonable rates of interest: The interest rates on HDFC home loans are among the most competitive in the market.

• Wide range of home loans: You can select from various types of housing loans, such as home loan top-up, rural housing loan, loan for home improvement, and more. 

• Flexible repayment tenures: An HDFC home loan allows you to select a flexible repayment tenure. You can choose a repayment tenure of up to 30 years. 

• Home loans for various categories of individuals: HDFC housing loans are available for different categories of individuals, such as salaried, self-employed, farmers, and more. 

HDFC Home Loan Eligibility

Before applying for an HDFC home loan, you must know the eligibility criteria. You can use the online home loan eligibility calculator to know your eligibility instantly. Here’s a look at the eligibility conditions, both for salaried and self-employed individuals.

HDFC Home Loan EMI Calculator

You can use the online HDFC Bank home loan calculator to know your EMIs immediately. Instead of the complicated manual mathematical calculations, the calculator automatically provides the exact EMI amount. You are just required to provide three variables: the loan amount, interest rate and repayment tenure. You also get an amortization schedule detailing the amount to be paid both as interest and for the principal. Knowing the EMI amount beforehand can help you plan your finances in a better way. 

For instance, if you want to apply for loan worth Rs. 10 Lakh home with a 6.70% rate of interest, the HDFC Bank home loan calculator will show the following EMIS for different repayment tenures: 

Factors Affecting HDFC Home Loan Rates

A wide variety of factors impact HDFC loan interest rates. Here’s a look at the important variables: 

• Loan amount: The HDFC housing loan interest rate is directly dependent on your home loan amount. On a higher loan amount, the interest rates can increase.

• CIBIL score: You can expect to pay reasonable HDFC home loan interest rates with a good CIBIL score, But if you have a poor CIBIL score, you can only avail of an HDFC home loan at higher interest rates (subject to the bank’s T&C). 

• Interest rate type: The HDFC Bank home loan interest rate depends on the type of interest rate availed. While the interest rate will remain fixed, throughout the loan tenure, in the case of a fixed interest rate, the interest payments can change in the case of a home loan availed at floating rates of interest. 

• Loan to Value Ratio: Expressed in percentage, this is the ratio of the home loan to the total value of the property. A higher loan to value ratio can indicate credit risk and thus increase the applicable interest rates. 

• Location of your property: If your house/property is located in a prime neighbourhood or a locality that has proper amenities, you can expect to pay a lower housing loan interest rate. This is because of the higher resale value of your house. Conversely, if your house is located in an area that lacks proper amenities, the applicable interest rates can increase. 

• Income and occupation: Your existing income and occupation can impact the HDFC home loan interest rate. For instance, if you have a stable income and are employed in a flourishing sector, you can expect to pay a lower home loan interest rate. 

How to Apply for HDFC Home Loan

You can apply for an HDFC home loan online or by making a physical visit to the branch office. Here’s a look at the steps required for making online and offline loan applications:

1. Online HDFC home loan application

• Visit the official web portal of HDFC Bank.

• Click on ‘Apply for Home Loan.’

• Select the option of ‘Check eligibility’ to know your eligible loan amount.

• Now select the type of HDFC home loan.

• Provide details, including your name and co-applicants names.  

• Provide your residential status and other personal details. 

• You can now see all home loan offerings. Select your home loan and provide your date of birth. Now click on ‘Submit.’

• You are now required to upload the requisite documents.

• At the last step, you are required to pay the processing fee. 

• Your online loan application has been made. 

2. Offline HDFC home loan application

To make an offline application, you can visit the nearest HDFC branch office. Here, you can reach out to the home loan department, where an executive will guide you through the process of making an application. Do remember to fill in the form carefully and submit copies of the requisite documents. 

Documents Required for HDFC Home Loans

Here’s a look at the documents required for availing of an HDFC home loan, both for salaried and self-employed individuals:

1. Common documents for both self-employed and salaried individuals 

2. Documents required for salaried individuals

3. Documents required for self-employed individuals

HDFC Home Loan Types

Here’s a look at the different types of HDFC home loans: 

• HDFC home loan: This loan is provided for purchasing a residential house or property.

• HDFC plot loan: This loan is provided for purchasing a plot for house construction.

• HDFC Rural housing loan: Farmers, horticulturists, and other rural people employed in the agricultural sector can avail of this type of housing loan.

• HDFC Reach home loan: This loan is provided for constructing a house on a plot or purchasing a new house.

• HDFC home loan for improvement: You can use this loan to renovate your house.

• HDFC home extension loan: You can use this loan to extend the existing area of your house.

• HDFC top-up loan: This is an additional amount on your existing home loan.

• HDFC balance transfer loan: This provision enables you to transfer your existing home loan, from other banks or NBFCs to HDFC.

• HDFC NRI home loan: This loan is designed for NRIs.

• HDFC Prime Minister Aawas Yojana (PMAS) Urban: Under the PMAS Urban, you can avail of an interest subsidy on houses for Economically Weaker Section (EWS), Lower Income Group (LIG) and Middle Income Group (MIG). 

HDFC Home Loan Customer Care

You can contact HDFC home loan customer care for any complaints and queries. Here’s a look at the customer care details: 

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