HDFC Home Loan Interest Rate 2020

Last Updated 09th Mar 2020

HDFC Housing Loan Apr 2020

27th March 2020 – RBI cuts Repo Rate by 75 bps to 4.4%

Notice: MyLoanCare team is fully functional. You can apply for Home Loan, check eligibility and submit documents online.

HDFC's home loan interest rate starts from 8.00%, which is one of the best home loan rates in India. Check Best Offers

Loan AmountHDFC Home Loan Floating RateRate for Female BorrowerRateRepo Rate
Upto ₹ 30 Lakh8.00%8.00%N/A
₹ 30 Lakh - ₹ 75 Lakh8.25%8.25%N/A
₹ 75 Lakh - ₹ 2 Cr8.30%8.30%N/A
Above ₹ 2 Cr8.30%8.30%N/A

Special rates for women borrowers

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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. HDFC Housing loan rate of interest is best in the market. Taking a loan from HDFC has the following benefits:

  • Special rates for women borrowers
  • Loan up to 90% of property value
  • Flexible repayment options
  • Nil prepay charges for floating rates
  • Pan India presence

HDFC Home Loan Rate

HDFC home loan interest rates are in the range of 8.00% to 9.60%, with special discounted rates for specific category of borrowers such as ladies borrowers for whom the bank offers the lowest interest rate of 8.00%.

ProductsInterest Rates
HDFC Home Loan Floating8.00% - 8.80%
Plot Loan Floating8.15% - 9.05%
HDFC Home Improvement Loan8.25% - 9.20%
HDFC Home Extension Loan8.25% - 9.20%
Rural Housing Finance Floating8.30% - 8.65%
HDFC Home Loan Top Up8.70%
HDFC Short Term Bridging Loan8.90% - 9.15%

HDFC Housing Loan

Lowest HDFC Home Loan Rate8.00% Compare Offers
Interest Rate Linked toPLR
Processing Fee Minimum ₹ 10,000 Maximum ₹ 10,000
Max Tenure30 years
Lowest EMI₹ 734 per lakh
Prepayment ChargesAllowed with Nil charges for floating rate loans
Check Prepayment Rules
AgeMin 24 and Max 60 years for Salaried
Min 24 and Max 65 years for Self Employed
HDFC Fixed Rate Home Loans
Home Loan HDFC Interest Rates
HDFC Home Loan TruFixed8.70% - 9.60%
Plot Loan TruFixed8.90% - 9.80%
Rural Housing Finance TruFixed8.75% - 10.15%
HDFC Reach Home Loan9.25% - 14.25%

HDFC Bank Home Loan Interest Rate

Latest HDFC home loan rate starts from 8.00% , as applicable based on the PLR, which is 16.55%, last announced on 09th Mar 20. Any change in PLR will translate into a similar change in the bank’s home finance rate. HDFC housing finance interest rate depend upon the loan amount, salary and occupation of the borrower, nature of property and type of home loan scheme.

  • 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 in identifying the amount of loan that you can be eligible for. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate as higher will be the loan amount.
  • Type of loan opted for: HDFC also offers discounted or special rates for women borrowers to ensure that women own a house and become financially independent. If you are planning to take loan, adding a women co-applicant can help you get the lowest rates from HDFC.
  • Existing bank customers: HDFC offers lower home loan rates to its existing bank account customers as compared to new bank customers, as it understands the past banking history of the customer and hence, is comfortable in sanctioning loan.

HDFC Home Loan Processing Fee

HDFC charges processing fees of upto 0.00% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. The processing fees has to be paid at the time of loan application and is generally non refundable. In addition to 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 rules which prohibit banks from charging prepayment penalty on loans with floating rate of interest. If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to HDFC. 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 Home Loan Procedure

If you want to get a housing loan from HDFC, the process of getting 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 finance. You will also be assisted by MyLoanCare’s 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 make a comparison of HDFC’s Home Loan Interest rates and other charges using the 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.

HDFC 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 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.
Who is Eligible?
  • Salaried and self-employed individuals.
  • Joint owners can apply for the loan as co-applicants.
  • Borrowers aged between 24 to 65 years
  • This loan is taken by salaried and self-employed people.
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/renovate their existing home as per their requirement.
  • Easy processing of loan with minimal documentation criteria.
  • 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 ₹ 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.
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 ₹ 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.
  • Customized 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.
  • Borrowers aged between 24 to 65 years
  • This loan is taken by salaried and self employed people.
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 90% 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.
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 ₹ 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.
  • 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 ₹ 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

  • 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 ₹ 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.
  • 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 ₹ 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 Manti 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: Its 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 encourage 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)8% to 9.6%
    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: 8.00% to 9.60%
    • Processing Fee payable to HDFC: Upto Rs. 10,000. Current offer for processing fee is Minimum Rs. 10,000
    • Fee payable to MyLoanCare: NIL
    • Total Monthly Cost – From Rs. 734 for a 30 years Rs. 1 Lakh loan at 8.00% (lowest rate, longest time period) to Rs. 2,105 for a 5 years Rs. 1 Lakh loan at 9.60% (highest rate, shortest time period). This is inclusive of principal repayment.
    • Total cost payable over loan tenure: Rs. 36,305 for 5 years loan to Rs. 1.74 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.

    HDFC Home Loan during Coronavirus

    HDFC has not changed its Home Loan Interest Rate during the Coronavirus period with lowest rate continues to be at 8.00%. However, interest rate can be expected to come down post the RBI repo rate cut of 75 bps announced on 27th March 2020. You may expect some delay in getting a loan from HDFC during the COVID-19 outbreak due to social distancing norms.

    Frequently Asked Questions

    What is HDFC home loan procedure?

    You can apply for a HDFC home finance 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 the 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 the property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results. You can also check your HDFC home loan status by logging into your customer account with MyLoanCare.

    Why should I opt for balance transfer to HDFC?

    HDFC offers competitive home loan rates with the best EMI of ₹ 734 per lakh availed at a low-interest rate of 8.00% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 734 per lakh, you should consider the option for a loan transfer to HDFC from your existing bank.

    Which is better for home loan HDFC or SBI?

    Lowest SBI home loan rate is 7.15%, while that of HDFC is 8.00%, 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 quick loan with convenient service, HDFC will score better. If you are looking for a loan from government bank, then SBI is a better option.

    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 the benefit of paying less EMI per month.

    Do I get tax benefit on 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.

    Can I foreclose 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 home 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 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 loan.

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

    • Floating rate on HDFC housing loan is linked to its PLR Rate, which is currently at 16.55%. When Bank offers a home loan at 8.00%, it applies a discount of 8.55% 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.

    What is the current HDFC home loan rate?

    The current HDFC home loan rate starts from 7.15%

    HDFC Home Loan News - Apr 2020
    *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