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HDFC Ltd Home Loan Interest Rates 2020

HDFC Housing Loan Interest Rate

Last Updated 30th Jul 2020

Current HDFC Home loan interest rates for Sep 2020 starts at 7.00% p.a. for a maximum tenure of 30 years. Processing fee on its housing loans is Upto 0.25%, Minimum ₹ 3,000 and Maximum ₹ 10,000. HDFC offers a special discount of 0.05% on interest rates for women borrowers.

Loan AmountHDFC Home Loan Floating RateRate for Female Borrower
Upto ₹ 30 Lakh7.05%7.00%
₹ 30 Lakh - ₹ 75 Lakh7.05%7.00%
₹ 75 Lakh - ₹ 2 Cr7.05%7.00%
Above ₹ 2 Cr7.05%7.00%

Online sanction facility in lockdown

HDFC Home Loan Interest Rates

HDFC offers various products on home loan. HDFC home loan can be used for the purchase of a flat, home construction loan, extension or improvement loan.

Features

  • HDFC Home Loan Interest Rate starts from 7.00%.
  • HDFC charges a processing fees of Upto 0.25%, Minimum ₹ 3,000 and Maximum ₹ 10,000.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from HDFC is ₹ 665 per lakh offered at the lowest interest rate of 7.00% at the longest loan tenure of 30 years.
  • HDFC allows prepayment of home loans with Nil charges on floating rate loans.
  • HDFC has an average customer rating of 4.4/5.0 from customers who have taken a home loan from the bank.

HDFC Home Loan Rate

Current HDFC home loan interest rates are in the range of 7.00% to 8.20%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 7.00%. The table below gives the interest rates on various housing finance schemes of HDFC.

HDFC Home Loan Scheme Interest Rates
HDFC Home Extension Loan6.95% - 7.85%
HDFC Home Improvement Loan6.95% - 7.85%
HDFC Home Loan Floating7.00% - 7.65%
Plot Loan Floating7.05% - 7.75%
HDFC Home Loan Top Up7.35% - 8.30%
Rural Housing Finance Floating7.35% - 9.10%
HDFC Short Term Bridging Loan8.75% - 10.40%

HDFC Bank Home Loan Charges

HDFC Home Loan Processing Fee

HDFC home loan processing charges are upto 0.25% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. The bank charges a minimum processing of ₹ 3,000 and has capped the maximum processing fees at ₹ 10,000. The processing fees is typically non-refundable and has to be paid at the time of loan application. In addition to HDFC housing loan processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

HDFC Home Loan Prepayment

HDFC charges Nil fees on prepayment of floating rate loans, as per RBI prepayment rules which prohibit banks from charging prepayment penalty on loans with floating rate of interest. Hence, it becomes extremely easy to balance transfer your loan from bank to another. If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to HDFC for a foreclosure while processing your new home loan application with the new bank. However, if you have taken a fixed rate home loan from HDFC, you will need to pay a foreclosure fees to close your account or transferring it another bank as per your loan agreement with HDFC.

HDFC Ltd Home Loan Documents

Documents for Salaried employees

  • 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
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Documents 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
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Home Loan HDFC Ltd 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:

Plot loan TruFixed

  • Loan for an individual for the purpose of buying land or constructing a house on the acquired land.
  • Customized repayment options. Loan up to 90 percent of the property value. Attractive and affordable interest rate.
Key Loan Terms
  • Home loan available at the age of 24 - 60 years
  • Loan amount that you can borrow ranges from ₹ 5 Lakh to ₹ 1 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 Improvement Loans

  • Loan for individuals who wish to upgrade or renovate their existing home as per their requirement.
    Key Loan Terms
    • Home loan available at the age of 24 to 65 years
    • Loan amount that you can borrow ranges from ₹ 5 Lakh to ₹ 5 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.
    Key Loan Terms
    • Home loan available at the age of 24 to 65 years
    • Loan amount that you can borrow ranges from ₹ 5 Lakh to ₹ 5 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.
      Key Loan Terms
      • Home loan available at the age of 24 to 65 years
      • Loan amount that you can borrow ranges from ₹ 5 Lakh to ₹ 1 Cr
      • Option to apply for a maximum ltv of 80% of value of the property
      • Housing loan for a maximum period of 15 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 fund requirement 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.
      Key Loan Terms
      • Home loan available at the age of 24 to 65 years
      • Loan amount that you can borrow ranges from ₹ 5 Lakh to ₹ 5 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.
      • HDFC rural housing finance is a home loan product designed for agriculturalist, planters, dairy farmers, etc., who are looking for a home in rural and urban areas. The loan is customized as per the agricultural land owned by the applicant and crops cultivated by him. The loan can also be taken by salaried and self-employed individuals who wish to own a home in their home town or village. With HDFC rural finance scheme, one can purchase an under construction or existential residential property in rural and urban areas. The loan amount as per this product can range up to 90 per cent of the property value.
      Key Loan Terms
      • Home loan available at the age of 24 to 65 years
      • Loan amount that you can borrow ranges from ₹ 5 Lakh to ₹ 5 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

      • With HDFC reach home loans one can borrow home loan up to Rs. 1 crore with minimal documentation and quick turnaround for buying a new home, constructing a house on the plot allocated by any development authority or to transfer your home loan balance to HDFC.
      • HDFC reach home helps people fulfil their long-awaited housing dream. The product offers specially designed loans for purchasing a new or existing home. One can get a loan up to 80 per cent of the property value. This loan can also be used to renovate your current home or for house extension purpose. Further, one can also avail this loan for extension or improvement of a non-residential property.
      Key Loan Terms
      • Home loan available at the age of 24 to 65 years
      • Loan amount that you can borrow ranges from ₹ 15 Lakh to ₹ 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.
      • HDFC home loan top-up is an additional loan provided to the existing home loan customers over their home loan. The loan can also be opted by new home loan customers availing the balance transfer facility. This loan facility involves minimal documentation and can help home loan customers fulfil their personal or business needs. HDFC Home Loan Top Up allows a maximum borrowing of upto Rs. 50 Lakhs. One can apply for a top-up home loan after 12 months of the final disbursement of the existing home loan.
      Key Loan Terms
      • Home loan available at the age of 24 to 65 years
      • Loan amount that you can borrow ranges from ₹ 5 Lakh to ₹ 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

      HDFC Pradhan Mantri Awas Yojana

      The government of India has launched many affordable housing loan schemes to facilitate availing home loan at concessional rates to lower and middle-income groups. Some of the popular schemes are:

      a) PMAY or Home Loan Subsidy Scheme: Launched in 2015 to provide houses to the homeless. You can apply for PMAY at HDFC if you fulfil the eligibility criteria. Know more about PMAY Scheme

      b) Pradhan Mantri Gramin Awas Yojana:  It focuses on homeless families and offers pucca houses with basic amenities.

      c) DDA Housing Scheme: It aims to provide houses to low, middle, and high-income groups.

      d) Tamil Nadu Housing Board Scheme: It started in 1961 to provide houses to varied income groups.

      e) Mhada Lottery Scheme: It's a lottery scheme launched every year for buyers of varied income groups.

      f) Rajiv Awas Yojana: Launched in 2009 with the aim of bringing illegal construction under the formal system and encouraging slum-free India.

      Each of these schemes has its conditions with respect to eligibility, the amount of loan that can be borrowed, and the rate of interest.

      Illustration on HDFC Home Loan Interest Rate
      Maximum Annual Percentage Rate (APR)7% to 8.2%
      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: ₹ 1 Lakh
      • Time period: 5 years to 30 years
      • HDFC Home Loan Interest Rate: 7.00% to 8.20%
      • Processing Fee payable to HDFC: Upto ₹ 10,000. Current offer for processing fee is Upto 0.25%
      • Fee payable to MyLoanCare: NIL
      • Total Monthly Cost – From ₹ 665 for a 30 years ₹ 1 Lakh loan at 7.00% (lowest rate, longest time period) to ₹ 2,037 for a 5 years ₹ 1 Lakh loan at 8.20% (highest rate, shortest time period). This is inclusive of principal repayment.
      • Total cost payable over loan tenure: ₹ 32,233 for 5 years loan to ₹ 1.49 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.

      FAQs

      What is HDFC Ltd Home Loan interest rate?

      HDFC Ltd Home Loan interest rate ranges between 7.00% to 8.20%.

      Why should I opt for balance transfer to HDFC?

      HDFC offers competitive Home Loan rates with the best EMI of ₹ 665 per lakh availed at a low-interest rate of 7.00% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 665 per lakh, you should consider the option for a loan transfer to HDFC from your existing bank. EMIs can be calculated through HDFC Home Loan EMI calculators.

      Which is better for Home Loan HDFC or SBI?

      Lowest SBI Home Loan rate is 6.95%, while that of HDFC is 7.00%, which makes SBI Home Loan a better choice as per current rates. However, apart from interest rates, one must take into account other factors as well to decide the best choice of bank. If you are looking for a quick loan with convenient service, HDFC will score better. If you are looking for a loan from a government bank, then SBI is a better option.

      Do I get tax benefits on a Home Loan from HDFC?

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

      What is the effect of part prepayments on HDFC housing finance 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 Home Loan 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 a loan.

      How will HDFC housing loan rate of interest change in the future?

      • On conversion of loan from fixed rate to adjustable rate, charges are 0.50% of the principal outstanding plus undisbursed loan amount or ₹ 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 ₹50,000
      • On adjustable rate to fixed rate loan conversion, you will be charged 1.75% on the outstanding principal plus undisbursed loan amount

      How much margin would I have to pay on loan?

      S. NO. Loan Amount Margin
      1Up to ₹ 30 Lacs10%
      2Above ₹ 30 Lacs to upto ₹ 75 Lacs20%
      3Above ₹ 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:

      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 ₹ 35 lakhs.

      What is the current HDFC Home Loan rate?

      The current HDFC Ltd Home Loan rate starts from 7.00% with a processing fee of Upto 0.25%, Minimum ₹ 3,000 and Maximum ₹ 10,000

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      HDFC Home Loan News - Sep 2020
      • 2020-07-30 : HDFC posted a net profit of Rs. 3613.60 crore
        HDFC posted a net profit aided by retails loans like home, personal, gold, car and two-wheeler loans along with the Business and mudra loans of Rs. 3613.60 crore. Further, Net interest income (NII) for the June quarter came at Rs 3,392 crore, up 10.17% YoY against Rs 3,079 crore in Q1FY20.
      • 2020-07-08 : HDFC revised its Home loan rates
        HDFC changed its home loan rates. The new home loan rates start from 7%.
      • 2020-06-15 : HDFC revised its home loans rates
        With effect from 12 June 2020, HDFC revised its home loan rates. The lowest rate stands at 7.35%
      • 2020-04-23 : HDFC revised its home loan rates
        HDFC changed its home loan rates with effect from 23 April 2020. The revised rates for women stands at 7.85%, and for men it is 7.90%.
      • 2020-04-22 : HDFC reduced prime lending interest rate by 15 bps
        HDFC cut its lending rate by 15 basis points, with effect from 22 April, in the wake of a gradual decline in cost of borrowing across the banking system. The reduction in interest rate will benefit all HDFC retail home loan customers.
      *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. Read More
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