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HDFC Home Loan Interest Rate - Sep 2017

Last Updated 21st Sep 2017

HDFC Home Loan Interest Rates

Interest Rate 8.35% - 11.55%
Check Best Offers
Lowest EMI Rs. 858 per lakh
Max Tenure 20 years
Processing Fee Upto 0.50%
Minimum Rs. 3,000 Maximum Rs. 10,000
Prepayment, Foreclosure Charges Allowed with Nil charges for floating rate loans
Age Min 24 and Max 60 years for Salaried
Min 24 and Max 65 years for Self Employed
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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
  • Counselling by legal and technical experts to help you in making the right choice

HDFC Home Loan Interest Rates

In addition to its regular loan products, bank also offers customized loans for special categories of borrowers. Bank offers lower rates to ladies borrowers. Click on the details to get slabwise interest rates.

HDFC Floating Rate Home Loans

HDFC Home Loan Interest Rates
HDFC Home Loan Floating 8.35% - 8.55%
Details+
Plot Loan Floating 8.60% - 8.80%
Details+
Rural Housing Finance Floating 8.65% - 8.75%
Details+
HDFC Reach Home Loan 10.55%
Details+
HDFC Home Improvement Loan 8.35% - 8.55%
Details+
HDFC Home Extension Loan 8.35% - 8.55%
Details+
HDFC Short Term Bridging Loan 8.35% - 8.55%
Details+

HDFC Fixed Rate Home Loans

Product Interest Rates
HDFC Home Loan TruFixed 8.35% - 8.55%
Details+
Plot Loan TruFixed 8.60% - 8.80%
Details+
Rural Housing Finance TruFixed 8.65% - 8.75%
Details+

HDFC home loan interest rate 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.

Interest Rate and its impact on HDFC Home Loan Eligibility

HDFC has detailed criteria to determine a potential borrower’s eligibility for housing loans. These eligibility criteria determine the loan amount you can avail. Interest rate offered by HDFC also impacts the amount of loan you can avail from HDFC.
Some of the key eligibility criteria are summarized in the table below:

HDFC Home Loan Eligibility Criteria
Interest Rate 8.35% - 11.55%
Age 24 - 60 years
Minimum Income Rs. 10,000
Job Stability in case of Salaried (in years) 1 years
Minimum Credit Score 650 and above
Loan Amount Rs. 1,500,000 to Rs. 100,000,000
Loan to Value Ratio Upto 90%
FOIR (Fixed Obligations to Income Ratio) Up to 0.50

Home Loan Charges Applicable (Other than Interest)

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

  • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. HDFC allows prepayment of house loan with Nil prepayment charges
  • Processing Fee - HDFC charges a processing fee of 0.50% of loan amount Minimum Rs. 3,000 Maximum Rs. 10,000 with applicable tax
  • Other Charges - Bank also charges technical and legal charges which are explained to the customer during the loan process.

Home Loan Products and Rates

HDFC offers customized products 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

Description:
    • Loan for individuals who wish to upgrade/renovate their existing home as per their requirement.
    Who is Eligible?
      • 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 - 65 years
      • Loan amount that you can borrow ranges from Rs. 1,500,000 to Rs. 100,000,000
      • 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

      Description:
        • Loan for expanding or making improvements to your existing house property.
        Who is Eligible?
          • 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 - 65 years
          • Loan amount that you can borrow ranges from Rs. 1,500,000 to Rs. 100,000,000
          • 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

          Description:
            • Loan for those individuals for the purpose of buying land or constructing a house on the acquired land.
            Who is Eligible?
              • 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 - 65 years
              • Loan amount that you can borrow ranges from Rs. 1,500,000 to Rs. 100,000,000
              • Option to apply for a maximum ltv of 90% of value of the property
              • Housing loan for a maximum period of 20 years

              HDFC Short Term Bridging Loan

              Description:
                • 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.
                Who is Eligible?
                  • 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 - 65 years
                  • Loan amount that you can borrow ranges from Rs. 1,500,000 to Rs. 100,000,000
                  • 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

                  Description:
                    • Loans for purchasing under construction or existing residential property in the rural and urban areas.
                    Who is Eligible?
                      • 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. 1,500,000 to Rs. 100,000,000
                      • Option to apply for a maximum ltv of 75% of value of the property
                      • Housing loan for a maximum period of 20 years

                      HDFC Reach Home Loans

                      Description:
                        • Loan for buying a flat/ house or constructing a new house on a plot allocated by any development authority.
                        Who is Eligible?
                          • 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. 1,500,000 to Rs. 10,000,000
                          • 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 Eligibility Calculator

                          HDFC Home Loan Eligibility is the amount of loan you can avail based on an assessment of your repayment capacity as well as the value of property. It is important to calculate eligibility for housing loan from HDFC. You can use eligibility calculator to get a fairly accurate estimate of your potential eligibility subject to the information provided by you.

                          SBI Home Loan EMI and Interest Calculator

                          Further, you can also use the HDFC Home Loan EMI Calculator online to calculate your house loan EMI. EMI is a fixed amount that you pay each month towards the repayment of yourloan till the end of tenure

                          • EMI calculator of HDFC helps you to calculate your monthly EMI at different rate of interest and also check and compare lowest EMI per lakh on home loan
                          • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
                          • Rate of interest is an important factor which affects your EMI. Higher the rate, higher will be the EMI. You can also estimate the interest amount you pay over the tenure of the loan at various loan tenure as well as interest rates
                          • Loan tenure matters equally as higher tenure reduces your EMI

                          What are the benefits of calculating HDFC Housing Loan EMI?

                          • EMI calculator helps you to calculate your monthly EMI at different rate of interest
                          • HDFC Housing Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
                          • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

                          Housing Loan HDFC documents required

                          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

                          Frequently Asked Questions

                          Why to take home loan from HDFC?

                          HDFC offers housing loan at 8.35% rate with the lowest EMI of Rs. 858 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to HDFC.

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

                          HDFC offers you a longer tenure of 20 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. Loan balance transfer to HDFC offers you to 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 payments on HDFC housing loan EMI ?

                          Part payments 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
                          1 Up to Rs. 30 Lacs 10%
                          2 Above Rs. 30 Lacs to upto Rs. 75 Lacs 20%
                          3 Above Rs. 75 Lacs 25%
                          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 in India

                          HDFC Home Loan Interest Rate Customer Care Number, Email, Application Status, Branches

                          City Customer Care Number
                          Agra 0562-66307000
                          Ahmedabad 079-66307000
                          Ambala 0172-3989123
                          Anand 02692-66307000
                          Aurangabad 022- 66636000
                          Bangalore 080-41183000
                          Bhilai 0771-4243100
                          Bhilwara 987-508-8888
                          Bhiwadi 022- 66636000
                          Bhopal 0731-4433333
                          Bhubaneswar Cuttack 0674-2395060
                          Bikaner 987-508-8888
                          Chandigarh 0172-3989123
                          Chennai 0422-4301100
                          Cochin 938-776-6666
                          Coimbatore 0422-4301100
                          Dehradun 1860-420-4222
                          Delhi 011-41115111
                          Durg 0771-4243100
                          Faridabad 011-41115111
                          Gandhinagar 02712-2308400
                          Ghaziabad 0120-3989123
                          Goa 1800-22-7227
                          Greater Noida 0120-3989123
                          Gurgaon 011-41115111
                          Guwahati 1800-22-7227
                          Gwalior 0731-4433333
                          Hyderabad 040-66475001
                          Indore 0731-4433333
                          Jabalpur 0731-4433333
                          Jaipur 987-508-8888
                          Jalandhar 0172-3989123
                          Jodhpur 987-508-8888
                          Kanpur 0512-3989123
                          Karnal 0172-3989123
                          Kolhapur 022- 66636000
                          Kolkata 033-66556655
                          Kota 987-508-8888
                          Kozhikode 999-599-8000
                          Lucknow 0522-3989123
                          Ludhiana 0172-3989123
                          Madurai 0422-4301100
                          Meerut 0121-3989123
                          Mehsana 1800-22-7227
                          Mohali Sas Nagar 0172-3989123
                          Mumbai 022- 66636000
                          Mussoorie 1860-420-4222
                          Nagpur 0712-2566000
                          Nashik 0253-6606000
                          Noida 01191-3989123
                          Noida Extn 01191-3989123
                          Panipat 011-41115111
                          Patna 0612-2502522/ 0612-2502523
                          Pondicherry 1800-22-7227
                          Pune 020-25505000
                          Raipur 0771-4243100
                          Rajkot 0281-4433333
                          Ranchi 1800-22-7227
                          Rohtak 0172-3989123
                          Roorkee 1860-420-4222
                          Salem 0422-4301100
                          Shimla 1800-22-7227
                          Sonepat 011-41115111
                          Surat 0731-4433333
                          Trichy 0422-4301100
                          Udaipur 987-508-8888
                          Vadodara 0265-2308400
                          Varanasi 0542-3989123
                          Vijaywada 0866-6633131
                          Vizag 0866-6633131
                          Hdfc Home Loan Interest Rate
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