Hdfc Limited Home Loan |

HDFC Limited Home Loan

HDFC is a major provider of finance for housing in India. Key features of HDFC Bank Home Loan include easy documentation, doorstep assistance, and flexible repayment options. Women applicants can enjoy the benefit of reduced interest rates starting at just 6.80% per annum. The bank facilitates Home Loan Balance Transfer at zero processing fees so that you can reap optimum benefits on switching your existing loan.

Types of HDFC Limited Home Loans

Home Loans

Plot Loans

Rural Housing Loans

HDFC Reach Loans

Pradhan Mantri Awas Yojana/ CLSS

Home Improvement Loans

Home Extension Loans

Top Up Loans

Balance Transfer

Eligibility

Eligibility for primary applicants

Applicant must be salaried or self-employed

Applicant must be Indian resident

Applicants must be of minimum 18 years of age when applying for the loan and maximum 65 at loan maturity.

Self-employed professionals must be doctor, lawyer, engineer, chartered accountant, company secretary, architect, consultant, etc.

Self-employed non-professionals must be trader, contractor, commission agent, etc.

Interest Rate, Processing Fee, and Other Charges

The current HDFC Bank Home Loans interest rates are

For salaried individuals : 6.80% to 7.85% (for women) and 7.00% to 7.50% (for others)

For Self-Employed : 6.95%to 7.45% (for women) and 7.00% to 7.50% (for others)

For salaried individuals for TruFixed Loan: 7.40%to 7.90% (for women) and 7.45% to 7.95% (for others)

Processing fees

Up to 0.50% of the sanctioned loan amount or Rs. 3,000 (whichever is higher) + applicable taxes.

Other charges

Prepayment charges

For adjustable/combination interest rate based Home Loans: NIL for individuals borrowers and for up to 2% of the amount being prepaid + taxes & statutory levies/ charges for other than individual borrowers (if prepayment done within 36 months and NIL if prepayment done after 36 months of loan servicing).

For fixed interest rate based Home Loans: Up to 2% of the amount being prepaid + taxes & statutory levies/ charges for individual as well as other than individual borrowers (if prepayment done within 36 months and NIL if prepayment done after 36 months of loan servicing).

Delayed payment charges: for delayed interest or EMI payment, customer has to pay additional interest of up to 24% per annum.

Charges for cheque dishonour: Rs. 200

List of documents: Up to Rs. 500

Charges for photocopy of documents: Up to Rs. 500

PDC swap charges: Up to Rs. 200

Charges for cancellation of disbursement cheque post disbursement: Rs. 200

Charges for re-appraisal of loan post 6 months of sanction: Up to Rs. 2,000 + applicable taxes

Charges for increasing or decreasing the loan term: Up to Rs. 500 + applicable taxes

Conversion fee for switching to lower interest rate in variable interest rate loans: Up to 0.50% of the principal outstanding & undisbursed amount (if any) at conversion or a maximum Rs. 50,000 + taxes, whichever is lower.

Conversion fee for switching from fixed rate loan to variable rate loan: Up to 0.50% of the principal outstanding & undisbursed amount (if any) at conversion or a maximum Rs. 50,000 + taxes, whichever is lower.

Conversion fee for switching from TruFixed fixed rate loan to variable rate loan: Up to 1.75% of the principal outstanding & undisbursed amount (if any) at conversion + taxes.

Conversion fee for switching lower rate plot loan: Up to 0.5% of the principal outstanding & undisbursed amount (if any) at conversion + taxes.

Documents Required

Common documents for all applicants

Duly filled application form

Recent passport-sized photographs of applicants and co-applicants

Identity and address proof (any one): Aadhaar card/ voter’s ID/ passport/ driving license

Property documents:

For new homes: Copy of buyer agreement/ allotment letter, receipt(s) of payment made to the developer.

For resale homes: Title deeds, receipt(s) of initial payment made to the seller, copy of sale agreement (if already executed)

For construction: Plot’s title deeds, no encumbrances on the property proof, copy of local authority approved plans, construction estimate by a civil engineer/ architect.

Documents for salaried applicants

Income proof: Last 3 months salary slips, bank statement of last 6 months showing salary credits, latest Form 16, ITR

Income proof

Last 3 years’ ITRs and computation of income, balance sheet, Profit & Loss account statements with Annexures/ schedules (of the individual as well as business entity) attested by a CA.

Current account statements of the business entity & savings account statements of the individual for the last 6 months.

Why to Choose HDFC Limited Home Loan?

Expert legal & technical counselling

Integrated branch network

Special loans for the Indian Army employees

Longer tenure and affordable interest rates

Discounted interest rates for women borrowers

FAQs

What are the parameters to decide my eligibility for HDFC Home Loan?

HDFC will determine your eligibility for its Home Loan based on certain factors like your income, repayment capacity, age, qualification, spouse’s income, number of dependants, savings, occupation, assets and liabilities.

What is Own Contribution?

Own Contribution refers to the total cost of the property minus HDFC’s loan amount.

What are the modes of repayment for HDFC Home Loan Own Contribution?

HDFC offers various loan repayment modes such as Standing Instructions (SI), Electronic Clearing System (ECS), direct deduction of monthly instalments by your employer, or Post-dated Cheques (PDCs) from your salary account.

What is the lowest EMI per lakh offered by the bank?

HDFC Home Loan comes with the lowest EMI per lakh of Rs. 652 for new Home Loan.

What is the current RPLR of HDFC Bank?

The current Retail Prime Lending Rate (RPLR) of the bank as on 18.07.2020 is 16.10%

Feel Free to write us on info@estabizz.com or call for more details on Customer Care 98256- 22275

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