HDFC Bank Home Loan
With a customer base of 4.4 million satisfied customers, HDFC is a pioneer in the home loan industry with over 35 years of lending history. Loans offered by HDFC bank are of different categories which can be picked as per the customer’s requirements like purchase or construction of a house, renovation or improvement, extension, or transfer of an existing home loan from other banks or financial institutions. The rates of interest on HDFC Housing Loans are also quite attractive with a lower interest rate for female applicants or co-owners of a loan.
Note: The facts and figures provided above are illustrative and subject to periodic change.
Types of HDFC Home Loan
Home Loan from HDFC Ltd. is offered in various variants to suit the needs and requirements of all and sundry. Given below is the range of HDFC Bank Home Loan products offered to the customers:
HDFC Home Loan
This HDFC Bank home loan is issued to individuals who wish to purchase a house or construct a house.If it is a purchase of the house, it can both be of a newly constructed one or a previously occupied one which is now being bought by the customer. The customer can avail the home loan solely on his name or under the names of two or more people jointly.
HDFC Home Improvement Loans
These HDFC Bank home loans sanctioned are specifically for home improvement purpose sought by the applicant. Individuals continuously try to redecorate their homes or make improvements in their homes as per their changing tastes and current trends. Redecorating or improving the home is not a matter of small proportions as large investments are needed to be made for the same. Knowing this, HDFC Bank offers the specially designed Home Improvement Loans so that customers can improve their homes as per their requirements without having to worry for the availability of necessary funds because the bank comes to the rescue on that front.
HDFC Home Extension Loans
Sometimes the dream house you bought years age becomes cramped up lacking space with respect to the growing family. Moreover, individuals may choose to build an extra room or an extra feature in their homes. This also calls for necessary funds as building anything casts a lot. The housing loan scheme offered by the bank comes in useful in those scenarios where an extension to an existing home is sought. Home Extension is different from Home Improvement as extension involves increasing the total area of your house.
HDFC Limited Home Loan for Farmers and Rural Areas
HDFC also offers specialized home loans for the farmers and people living in rural areas. The loans are
specifically designed for agriculturists, planters, horticulturists and dairy farmers. HDFC Rural Home loan
is offered for construction of houses on residential plots, purchase of a new house and extension or renovation
of an existing house. So, individuals living in the rural areas who are involved in farming of any kind can avail a home loan schemes from the bank either for purchasing a home, or for construction of a new home on a residential area and also for renovation or extension of an existing home.
HDFC Home Loan for Agriculturists
HDFC Home Loans scheme for farmers so that they are able to buy or construct their homes or apartments in
several different cities and towns as per their choice. The loan is granted for the construction of houses
in residential areas of villages only. The loan eligibility depends on the total agricultural land owned by
the farmer and the type of crops cultivated on the owned land. The farmers are not asked to mortgage their
land for availing the home loan and even the Income Tax Returns are mandatory to be submitted while applying
for the loan.
HDFC Rural Housing Finance for Salaried & Self-Employed
HDFC Bank home loan scheme designed for Government and private sector employees for buying a property in a rural
residential area. Loans are also granted to businessmen, traders, etc. who have been filing the Income Tax Return for at least the last 3 years for buying properties in rural residential areas. HDFC NRI Home Loan is also available under this scheme for buying a property in the residential area of a rural sector.
Home loan offered by HDFC Bank has various features which are mentioned below:
- The home loan offered by the bank includes the normal home loan, loan for purchase of a house from a builder, loan for purchase of a home which is for resale, loan for purchasing a house from Society and Development Authorities like MHADA, CIDCO, etc. loan for construction of home by the individual customer, transfer of an existing home loan from another bankv or financial institution, loans for the improvement of home, a top-up loan facility for existing customers who have been continually servicing a home loan form the bank for some years and also loans to NRIs for buying or constructing a property.
Other features of HDFC Limited Home Loan
The HDFC Bank Housing Loan not only varies in terms of its variants, there are some important facets of the loan which are often missed in enumerating the salient features of the loan. Such facets too deserve a mention and written underneath are some of these points:
- The documents pertaining to the property which the borrower submits with the bank are maintained by the bank with utmost care and security
If the individual wants to avoid the unnecessary hassle of paying the installments through post-dated cheques, automated repayment options are also available which can be done either through ECS or Standing Instructions facility.
- Though the bank allows for the grant of the loan up to the maximum amount, every application is scrutinized by the bank by assessing the applicant’s creditworthiness, repayment capacity, income, existing loans, etc. and then the amount which is allowed as loan is determined
- The loan can be fixed as partly fixed and partly floating rather than choosing the completely fixed and completely floating rate
- The loan is disbursed in tranches and interest is payable on the portion of the loan disbursed before the total loan is disbursed and EMI payments start. This portion of interest paid is called pre-EMI interest and it is payable every month following the date when the loan portion is disbursed and till the date the actual repayment of the EMI starts
- Though HDFC home loans are offered at fixed rates of interest, there are two types of fixed interest rates option. One is the rate which is fixed throughout the tenure of the loan and the other is the one which is open for review by the bank.
- There have been repeated changes in the Prime Lending Rate of the Home Loan for eCBoP floating rate ever since 2008. The last change was done in July 2011 and an increase of 0.25% was recorded in the rate of interest.
How to Check HDFC Bank Home Loan Eligibility
An applicant who is desirous of availing a HDFC Ltd. Home Loan form the bank first needs to be eligible for the loan as per the bank’s requirements. Checking the home loan eligibility has been simplified where the prospective client can simply log on to our website and check his eligibility under the Home Loan application tab. If he decides to apply for the loan, the same can be done online too.
HDFC Limited Home Loan Applicable Charges
With effect from 31st March 2012, foreclosure charges for Floating Rate Home Loans have been waived and are applicable only for Fixed Rate Home Loans. The applicable Fixed Rate Home Loans foreclosure charges are mentioned in the table above.If you have any query regarding home loan you can contact customer care team of hdfc home loan.
HDFC Home Loan EMI Calculator
Buying a HDFC Bank home loan has been made easy with online application and checking HDFC home loan eligibility. Moreover, an applicant can also find out what will be the Equated Monthly Instalments (EMIs) on his loan amount if he or she chooses to apply for a HDFC home loan. To calculate HDFC home loan EMI, an applicant needs to provide his personal details like the city in which the applicant resides and in which the property is to be constructed, annual income, occupation whether salaried or self-employed and if salaried the company he or she works for, the quantum of loan, etc. After providing the necessary details, the quote is generated by the bank and if the applicant is interested, he or she can proceed by providing other details and applying for the loan. Let us take a look at some instances with the calculated EMIs:
- Shyam is a salaried employee working in ECS Company Limited located in Ahmedabad. He intends to purchase a house in his city which will be nearer to his office. Once he is done calculating his own savings and the cost of the house, he finds out that he is falling short of Rs.9 lakhs for making the purchase of the flat. He goes to the website of HDFC bank and quotes his requirements. After doing that, he finds out that by taking a loan of Rs 9 lakhs for a period of 15 years, the EMI comes out to be Rs. 9616 with 9.905 as floating RPLR.
- Radhika, aged 30 years is a salaried professional working for a Multi-National Corporation situated in Mumbai. She was earlier living in Pune and upon getting the job offers she shifted to Mumbai in 2005. In 2010 she decided to buy an own house in the city for which she needed 20 lakhs. She applied and got a loan from XYZ Bank for the said amount and has been since servicing the loan from that bank itself. Currently she found that the EMI charges by HDFC Bank were lower than the one she has been originally paying and so she decided to transfer the existing loan to HDFC Bank. The balance outstanding amount of loan was 13 lakhs for which she was charged an EMI for Rs.12, 416 for a tenure of 20 years. Moreover, being a woman applicant, the corresponding rate of interest charged was lower which was @9.85% as compared to a male applicant’s rate of 9.90%.
- Ahmed, a salaried employee working in the higher echelons of a Multi-National Company is in his mid – 40’s. He is looking to create an asset in the form of real estate and is looking to invest in a property which he has not yet identified. However, he wants to avail a loan of 20 lakhs beforehand so that when he finalizes the property to invest in the funds will be ready in his hands. With an annual income of Rs.12 lakhs, he approaches the bank to avail a loan of 20 lakhs. Given his profile, the bank charges him an EMI of Rs.19, 168 for loan tenure of 20 years and at a rate of interest of 9.90%.
The respective EMIs are tabulated in the table below:
HDFC is considered the leading provider of home loans in the Home Loan sector with over 3 decades of experience in the said field. There are over 4.4 million satisfied customers vouching for efficiency of HDFC Housing Loans. The people engaged in the sanctioning of the loan process generally have great experience which enables them to offer great service so as to make the processing of the loan smooth and hassle free for the customer. . This loan involves no hidden charges and all the charges applicable are clearly mentioned upfront to anyone seeking a loan.. These loans from HDFC are pre-approved that is they are sanctioned even before the property selection is done by the customer. HDFC bank offers its home loan to build a house without any bars on the geographical region anywhere in the country. The bank offers flexible repayment options to all its customers which guarantees peace of mind to them till repayment terms are concerned. The bank provides the facility of HDFC home loan transfer. Also it ensures safe and secure storage of the required documents without the risk of getting damaged, soiled or stolen thus proving to be helpful for the customer’s peace of mind.
HDFC offers home loans even before the applicant has finalized the property to invest in. Such loans are called HDFC pre-approved loans and are available with the bank at the normal rates of interest. It means that there is no extra charge or interest charged for applying for a loan on yet unidentified property. The HDFC Bank home loan offers a tad bit lower rate of interest for women applicants or co-applicants or women owners or co-owners of a loan to empower them to take up charge in financial matters. HDFC Limited Home Loan has a wide range of use because different types of loans are issued for different needs. one can avail a HDFC Bank home loan for purchase or construction of a new house, purchase of an already built house which is for resale, renovation or improvement to one’s home, extension of one’s house to build for extra space, transferring an existing loan from other banks or financial institutions and specialized loans for farmers and for others wishing to construct or purchase a property in a rural area.If you any query or complaints regarding home loan you can contact hdfc home loan customer care toll free from any mobile or landline.
Apply for HDFC Home Loan Online
Applying for HDFC Bank Home Loan has become easy as the application can be done online through our website. The simple steps involve:
After doing the necessary check like credit worthiness, etc. the bank will issue the loan. Thus, applying for HDFC housing loan is very simple and easy. He or she simply needs to log in to our website, choose the relevant tab, fill up the asked details, supply the necessary documentation and the quote with respect to the EMI is granted in a minute making the process both fast and simple.
So the applicant needs to provide his personal details like name, age, address, occupation, income, etc. which the bank uses to generate a quote for EMIs with respect to the HDFC Limited Home Loans. If the applicant decides to apply for HDFC Bank home loans, all the documentation process is required to be completed and the applicant is required to submit the necessary documents as mentioned. After the bank satisfies itself with the eligibility criteria and after all required documents are submitted and successfully verified, the loan is granted.