HDFC Home Loan Interest Rate

Last Updated 21st Feb 2018

HDFC Home Loan Rate Feb 2018

HDFC's home loan interest rate starts from 8.35%, which is one of the best home loan rates in India. The rates vary by loan amount, occupation, income and type of loan availed. Check Best Offers

Loan AmountHDFC Home Loan Floating Interest RateRate for Female BorrowerRate
Upto Rs. 30 Lakh8.40%8.35%N/A
Rs. 30 Lakh - 75 Lakh8.40%8.35%N/A
Rs. 75 Lakh - 2 Cr8.45%8.40%N/A
Above Rs. 2 Cr8.45%8.40%N/A

Nil prepayment charges for floating rate home loans

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HDFC Home Loan

HDFC offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan. Taking a loan from HDFC has the following benefits:

  • Nil prepayment charges for floating rate home loans
  • Affordable and attractive interest rates
  • Counseling by legal and technical experts to make the right choice
HDFC Home Loan Details
Interest Rate8.35% onwards
Processing Fee Upto 0.50%
Minimum Rs. 10,000 Maximum Rs. 10,000
Max Tenure30 years
Lowest EMIRs. 758 per lakh
Prepayment ChargesAllowed with Nil charges for floating rate loans
AgeMin 24 and Max 60 years for Salaried
Min 24 and Max 65 years for Self Employed

Home Loan Interest Rates HDFC

HDFC home loan interest rates are in the range of 8.35% to 8.45%, with special discounted rates for specific category of borrowers such as ladies borrowers for whom the bank offers the lowest interest rate of 8.35%.

HDFC Home Loan Interest Rates

Home Loan HDFC Interest Rates
HDFC Home Loan Floating8.45% - 8.60%
Plot Loan Floating8.70% - 9.35%
Rural Housing Finance Floating8.65% - 9.25%
HDFC Reach Home Loan10.55% - 11.55%
HDFC Home Improvement Loan8.45% - 9.10%
HDFC Home Extension Loan8.45% - 9.10%
HDFC Short Term Bridging Loan12.30%
HDFC Home Loan Top Up8.40% - 9.00%

HDFC Fixed Rate Home Loans

Home Loan HDFC Interest Rates
HDFC Home Loan TruFixed8.45% - 8.60%
Plot Loan TruFixed8.70% - 9.35%
Rural Housing Finance TruFixed8.65% - 9.25%

HDFC Bank Home Loan Interest Rate

HDFC Bank Home Loan Rates are benchmarked to PLR which is currently 16.15%. HDFC Bank home loan interest rates that are offered to a customer are a function of its internal cost of raising new funds and the occupation, income levels, type of property and repayment capacity of its borrowers.

HDFC Home Loan Interest Rate Cut

After the recent home loan rate change, new HDFC home loan rate is in the range of 8.35% to 8.45% as announced after a change in PLR rates as announce on 19th Jan 17. Any change in HDFC benchmark PLR rate will translate into a similar change in the bank’s home loan rate. For instance, if HDFC PLR rate is cut by 0.15%, its current home loan rate will cut from 8.35% to 8.2%

HDFC home loan interest depends upon
  • Loan amount: Housing loan rate in HDFC depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
  • Your Salary: Income helps you in identifying your rate of interest. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate
  • Type of loan opted for: HDFC also offers differential rates for women borrowers and also under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers.
  • Existing bank customers: HDFC offers one of the lowest home loan rates to its existing bank account customers in view of their past relationship with the bank.

HDFC Home Loan Charges

In addition to interest rates, home loan from HDFC also carry some other charges which include:

  • Processing Fee - HDFC charges 0.50% processing fees to account for its expenses incurred for conducting a credit appraisal and completing the lending process.
  • Technical and Legal Charges - HDFC also charges technical and legal charges which are explained to the customer during the loan process. Once you go through the loan application process, you will need to pay these charges based on HDFC rules.
  • Prepayment Charges: If you decide to foreclose or transfer your housing loan to another bank, you need to submit an application for the same to HDFC. As per RBI rules, banks are not allowed to charge prepayment penalty on floating rate home loans. Hence, you can prepay your home loan with HDFC at Nil charges.

HDFC Housing Loan Details

  • Purpose of Loan: HDFC house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 24 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 90%.
    • Loan Tenure can range from 5 to 30 years.
    • Interest rates in the range of 8.35% to 8.45%.
    • Lowest EMI of Rs. 758 per lakh
  • Processing Fees: 0.50% of loan amount Minimum Rs. 10,000 Maximum Rs. 10,000
  • Special schemes: HDFC offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc. Some of the special loan offers of HDFC are:
    • Adjustable Rate Home Loan
    • TruFixed Home Loan
    • HDFC Home Improvement Loans
    • HDFC Home Extension Loan
    • HDFC Plot Loans
    • HDFC Short Term Bridging Loan
    • Rural Housing Finance
    • HDFC Reach Home Loans
    • HDFC Home Loan Top Up

HDFC Housing Loan: Apply

If you want to get a housing loan from HDFC, the process to get the loan is fairly easy. All you need to do is to apply for a home loan at MyLoanCare. We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, Citibank. Your loan application will be processed online and HDFC’s representatives will get in touch to begin the process of getting a home loan. You will also be assisted by MyLoanCare’s personal housing loan advisor to ensure that all the lending process is smooth, quick and you get the best house loan from HDFC.

You can also do a comparison of HDFC Bank HDFC’s Home Loan Interest rates and other charges using MyLoanCare comparison tool. Once you apply online, you can check the real time status of your home loan application in your customer account section of MyLoanCare.

Housing Loan HDFC documents

For Salaried employee
  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 2 years
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
For Self-Employed
  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

Home Loan HDFC Schemes

HDFC offers customized schemes for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

HDFC Home Improvement Loans
  • Loan for individuals who wish to upgrade/renovate their existing home as per their requirement.
  • Easy processing of loan with minimal documentation criteria. Provides a high LTV of 80 to 100 percent for new as well as existing bank customers.
  • The loan can be availed at low interest rates equal to home loan interest rate.
  • Borrower also gets credit cards with this loan to make the loan payment easier.
Who is Eligible?
  • Individuals including salaried, self employed, sole or joint owners and companies can apply for the loan.
  • Customers who want to renovate or upgrade their existing house property can apply for the loan.
Key Loan Terms
  • Home loan available at the age of 24 to 65 years
  • Loan amount that you can borrow ranges from Rs. 15 Lakh to Rs. 10 Cr
  • Option to apply for a maximum ltv of 90% of value of the property
  • Housing loan for a maximum period of 15 years
HDFC Home Extension Loan
  • Loan for expanding or making improvements to your existing house property.
  • LTV of up to 90 percent with easy repayment options and EMI.
  • Loan can be availed at low interest rate equal to the bank's regular home loan interest rate.
Who is Eligible?
  • Individuals including salaried, self employed Businessmen, Non Resident Indians, Person of Indian Origin and Overseas Citizen of India.
  • Customers who want to add more space to their house for providing comfort to the family members.
Key Loan Terms
  • Home loan available at the age of 24 to 65 years
  • Loan amount that you can borrow ranges from Rs. 15 Lakh to Rs. 10 Cr
  • Option to apply for a maximum ltv of 90% of value of the property
  • Housing loan for a maximum period of 20 years
HDFC Plot Loans
  • Loan for those individuals for the purpose of buying land or constructing a house on the acquired land.
  • Customised repayment options. Loan up to 90 percent of the property value. Attractive and affordable interest rate.
Who is Eligible?
  • Individuals including salaried, self employed. Joint owners can apply for the loan as co applicants.
  • Individuals who want to purchase a plot and build a house on their plot.
Key Loan Terms
  • Home loan available at the age of 24 to 65 years
  • Loan amount that you can borrow ranges from Rs. 15 Lakh to Rs. 10 Cr
  • Option to apply for a maximum ltv of 90% of value of the property
  • Housing loan for a maximum period of 30 years
HDFC Short Term Bridging Loan
  • Short term loan for those customers who wish to sell their existing home for buying a new home. It is used to fund the burden during the interim period of sale of your old home and the purchase of a new home.
  • Loans for the immediate funds required to purchase a new home while waiting for the sale of your existing house.
  • Loan up to 80 percent of the property value. Easy and hassle free documentation.
  • Repayment of the loan in one or more equal monthly instalments.
Who is Eligible?
  • Salaried, self employed, An individual can also apply for this loan either individually or jointly with the other owners of the house being the co applicants.
  • Customers who are waiting to sell their existing house property for buying a new house.
Key Loan Terms
  • Home loan available at the age of 24 to 65 years
  • Loan amount that you can borrow ranges from Rs. 15 Lakh to Rs. 10 Cr
  • Option to apply for a maximum ltv of 80% of value of the property
  • Housing loan for a maximum period of 2 years
Rural Housing Finance
  • Loans for purchasing under construction or existing residential property in the rural and urban areas.
  • Specially designed loans for purchasing under construction or existing residential property in the rural and urban areas.
  • Loan up to 90 percent of the property value. Customized loan settlement options to suit your requirements.
  • Attractive and competitive interest rates. Loan may also be used to renovate your current home.
Who is Eligible?
  • Salaried, self employed, Agriculturists, Farmers, Planters, Horticulturists, Dairy Farmers.
  • Customers who wants to own a space of their own in their home town or villages.
Key Loan Terms
  • Home loan available at the age of 24 - 60 years
  • Loan amount that you can borrow ranges from Rs. 15 Lakh to Rs. 10 Cr
  • Option to apply for a maximum ltv of 75% of value of the property
  • Housing loan for a maximum period of 30 years
HDFC Reach Home Loans
  • Home loan of upto Rs. 1 crore with minimal documentation?and quick turnaround for buying a new home, constructing a house on plot allocated by any development authority or to transfer your home loan balance to HDFC
  • Specially designed loans for purchasing a new or existing home.
  • Loan up to 80 percent of the property value.
  • Loan can also be used to renovate your current home or for house extension purpose.
Who is Eligible?
  • Salaried, self employed individuals, Non Professionals, An individual can also apply for this loan either individually or jointly with the other owners of the house being the co applicants.
  • Customers who wants to purchase a new house or wants to construct their own dream house.
Key Loan Terms
  • Home loan available at the age of 24 - 60 years
  • Loan amount that you can borrow ranges from Rs. 15 Lakh to Rs. 1 Cr
  • Option to apply for a maximum ltv of 80% of value of the property
  • Housing loan for a maximum period of 20 years
HDFC Home Loan Top Up
  • This facility can be availed when you need additional funds to meet your personal or professional requirements.
  • Get HDFC Home Loan Top Up upto Rs. 50 Lakhs
  • Apply for Top Up after 12 months of final disbursement of your existing loan
  • Opt for balance transfer facility and get home loan top up on the same
Who is Eligible?
  • Salaried and self employed who have existing home loan, home extension loan or home improvement can apply for this loan
    Key Loan Terms
    • Home loan available at the age of 24 to 65 years
    • Loan amount that you can borrow ranges from Rs. 15 Lakh to Rs. 50 Lakh
    • Option to apply for a maximum ltv of 80% of value of the property
    • Housing loan for a maximum period of 15 years
    Illustration on Home Loan HDFC
    Maximum Annual Percentage Rate (APR)8.35% to 8.45%
    Representative example of the total cost of the loan, including all applicable fees
    Here is an illustration of the total cost of the loan:
    • Total amount borrowed: Rs. 1 Lakh
    • Time period: 5 years to 30 years
    • HDFC Home Loan Interest Rate: 8.35% to 8.45%
    • Processing Fee payable to HDFC: Upto Rs. 10,000. Current offer for processing fee is Upto 0.50%
      Minimum Rs. 10,000 Maximum Rs. 10,000
    • Fee payable to MyLoanCare: NIL
    • Total Monthly Cost – From Rs. 758 for a 30 years Rs. 1 Lakh loan at 8.35% (lowest rate, longest time period) to Rs. 2,049 for a 5 years Rs. 1 Lakh loan at 8.45% (highest rate, shortest time period). This is inclusive of principal repayment.
    • Annual Percentage Rate (APR) of charge including all applicable fees: 8.35% to 8.45%
    • Total cost payable over loan tenure: Rs. 32,954 for 5 years loan to Rs. 1.83 Lakh for 30 years loan

    HDFC’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 5 years. Rate of interest depends upon income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of HDFC.

    Frequently Asked Questions

    What is HDFC home loan procedure?

    You can apply for a HDFC home loan by contacting the bank directly or by applying through online marketplaces like myloancare.in. Availing a loan through an online market place improves the chances of getting best loan rates, low processing fees and special offers in the form of cash backs. Once you approach the bank, they will collect your documents and initiate the loan process which includes checking your CIBIL score, property valuation, technical and legal checks on property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results.

    Why should I opt for balance transfer to HDFC?

    HDFC offers competitive home loan rates which best EMI of Rs. 758 per lakh availed at low interest rate of 8.35% for a maximum tenure of 30 years. If you are paying an EMI more than Rs. 758 per lakh, you should consider option for a loan transfer to HDFC from your existing bank.

    What is the maximum loan tenure I can opt under HDFC house loan?

    HDFC offers you a longer tenure of 30 years to repay your loan with a benefit of paying less EMI per month.

    Do I get tax benefit on home loan from HDFC?

    As per Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and interest components of a home loan under the section 24 and section 80C of Income Tax Act.

    Can I foreclosure my home loan? What are the charges applicable?

    Yes, you can foreclose your loan with Nil charges.

    Can I transfer my house loan from another bank to HDFC?

    Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Availing loan transfer to HDFC can allow you to save interest, pay lower EMIs and save money.

    Can I club the income of my spouse with mine and apply for joint home loan?

    You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

    What is the benchmark applicable for housing loan?

    The benchmark applicable for home loan in HDFC is PLR.

    What is the effect of part prepayments on HDFC housing loan EMI ?

    Part prepayments help you in reducing the outstanding amount of loan which in turn will reduce the interest amount due. After making part payments, paying the same EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.

    How to increase my eligibility on HDFC housing loan?

    If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get loan.

    How will interest rate on HDFC housing loan change in future?
    • Floating rate on HDFC housing loan is linked to its PLR Rate, which is currently at 16.15%. When Bank offers a home loan at 8.35%, it applies a discount of 7.8% to its PLR Rate to arrive at this home loan rate.
    • When RBI increases rates, the bank may increase its PLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the PLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.
    How much margin would I have to pay on loan?
    S. NO. Loan Amount Margin
    1Up to Rs. 30 Lacs10%
    2Above Rs. 30 Lacs to upto Rs. 75 Lacs20%
    3Above Rs. 75 Lacs25%
    Do I need a co-applicant to apply for a house loan? If yes, who can be a co-applicant for my loan?

    You can apply for a home loan individually or jointly. Co-owner of your property needs to be co-applicant for your home loan. Co-applicant should be a close family member.

    Can I convert my home loan rate from fixed rate to adjustable rate or vice-versa? What are the charges applicable?

    Yes, you can convert your home loan rates from fixed rate to adjustable rate and vice- versa. The charges applicable are as following:

    • On conversion of loan from fixed rate to adjustable rate, charges are 0.50% of the principal outstanding plus undisbursed loan amount or Rs. 50,000 if the loan in partly disbursed. If the loan is fully disbursed, then the charges are 0.50% of the principal outstanding or Rs.50,000
    • On adjustable rate to fixed rate loan conversion, you will be charged 1.75% on the outstanding principal plus undisbursed loan amount
    Am I eligible for top up on my existing home loan?

    HDFC allows you to top up your existing home loan up to an amount of Rs. 35 lakhs.

    HDFC Home Loan News - Feb 2018
    *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.