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HDFC Home Loan

HDFC Housing Loan 2021

Last Updated 18th Oct 2021

  • HDFC is one of the leading housing finance corporations in the country and the most popular home loan lenders.
  • HDFC home loans are linked to the PLR or the prime lending rate, at 16.05%.
  • Preplan your Home Loan EMI online using HDFC Home Loan EMI Calculator.
  • HDFC offers customised home loans for different borrowers, including a special HDFC home loan for women borrowers.
  • As per the current rates, HDFC home loan interest rates start at 6.95%.
  • HDFC home loan also charges a processing fee of Upto 1.50% of the loan amount. Check Best Offers
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HDFC Home Loan Details

Get HDFC home loan to purchase a house of your dream or for the home construction or renovation at competitive rates. The Interest Rate on HDFC home loans ranges from 6.70% to 14.00% with a processing fee on a home loan Upto 1.50%, with a minimum of ₹ 3,000 and a maximum of ₹ 10,000. The lowest EMI as per the lowest rate and longest tenure of 30 years will be ₹ 645. To avail the loan, you should be within the age group of 24 to 60 years. You can avail of loan amounts ranging from ₹ 5,00,000 to ₹ 5,00,00,000 within the limit of 80% of property’s value.

Also, HDFC offers customised home loan schemes for different segments of customers, as listed below:

Features & Benefits of HDFC Home Loans

You can avail of the following features and benefits on HDFC home loans:

  • Multiple home loan options
  • HDFC offers various options on home loans for different purposes, such as loans for purchase or to construct a new or resale house, loan for adding space to your existing house, loans for renovating your house, etc.

  • Customised home loans for different borrowers
  • HDFC also offers specially designed Home Loans for different borrowers, including agriculturists, planters,horticulturists and dairy Farmers.

  • Automated repayment of EMIs
  • You can make HDFC home loan repayment online directly from HDFC Savings Account through automated deductions,thus, saving yourself the trouble of procuring, signing and tracking post-dated cheques.

  • Additional benefits
  • Other benefits include HDFC home loan top-up facility, counselling and advisory services for acquiring a property,loan approval even before choosing a property, free & safe document storage etc.

HDFC Home Loan Documents Required

You need to submit the following documents to avail of the home loan from HDFC:

  • HDFC housing loan application form attached with passport size photographs
  • Identity and Residence Proofs
  • Last 6 months bank statements
  • Latest Salary Slip
  • Form 16
  • Processing Fee Cheque

In the case of self-employed, the additional documents for income proof include Business Profile and last 3 years Income Tax returns, last 3 years Profit/Loss and Balance Sheet, Educational Qualifications Certificate, and Proof of Business.

HDFC Home Loan Processing Fee

HDFC Home Loan Schemes Processing Fees
HDFC Home Improvement Loans Upto 0.50%, Minimum ₹ 3,000 and Maximum ₹ 10,000
Rural Housing Finance Upto 1.25%, Minimum ₹ 3,000 and Maximum ₹ 10,000
HDFC Plot Loans Upto 0.50%, Minimum ₹ 3,000 and Maximum ₹ 10,000
HDFC Reach Home Loans Upto 1.50%

HDFC Home Loan Schemes

HDFC offers various customized home loan offers for different types of home loan borrowers. The home loan offers vary across different loan segments such as home loans for NRI, salaried, government employees, defence and army personnel, pre-approved home loans for existing customers, home loans for construction and upgradation of home, amongst others. Some of the popular HDFC home loan products and their specifications are listed as follows:

HDFC Home Improvement Loans

  • HDFC offers home improvement loans to upgrade and renovate your existing home and fulfil expenses related to tiling, flooring, plaster, painting etc. You can avail of this loan if you are either are a new or existing home loan customers, both individually or as a joint owner. In case you apply for a home loan jointly, all owners of the property will have to be co-applicants.

HDFC Plot Loans

  • You can avail HDFC Plot loan to purchase land or plot to make your dream house a reality for upto 80% of the cost of the property for upto 15 years.
  • Both salaried and self-employed individuals can avail of HDFC Plot Loan at low rates and no hidden charges.
  • You can apply for an HDFC Plot loan individually or with co-applicants for a maximum repayment tenure of 15 years.

Rural Housing Finance

  • 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.

HDFC Reach Home Loans

  • HDFC reach home loan is a special home loan designed for MSME and salaried individuals who may have insufficient income documents. You can thus avail of this home loan product to purchase a new or existing home, home renovation or extension with less documentation for up to 80% of the property value.

HDFC Home Loan Eligibility Calculator

HDFC home loan eligibility calculator is a helpful tool for HDFC home loan borrowers, as it helps you determine your eligibility. The calculator takes into consideration factors such as income, age, work experience, employment record and credit score.

Eligibility Criteria For HDFC Home Loan

The eligibility to get an HDFC home loan primarily depends on your income and repayment capacity. Other factors that determine HDFC housing loan eligibility are age, financial position, credit score, the reputation of the organisation you work with, etc.

HDFC Home Loan Eligibility For Self Employed

If you are a self-employed individual or professional, you need to fulfil the following eligibility criteria:

  • Age: 24 to 65 years
  • Minimum Business Income: ₹ 2 Lakh per annum
  • Maximum Loan Tenure: 30 Years years
  • CIBIL Score: 650 and above with a clean repayment record
  • Other Financial Obligations: Existing obligations on other loans and credit cards.

HDFC Home Loan Eligibility For Salaried

The eligibility criteria for salaried employees for HDFC home loan is provided below:

  • Age: 24 to 60 years
  • Minimum Salary: ₹ 10,000 per month
  • Maximum Loan Tenure: 30 Years years
  • CIBIL Score: 650 and above with a clean repayment record
  • Other Financial Obligations: Existing obligations on other loans and credit cards

How to Get the Best Offer on HDFC Home Loan?

You must consider comparing the HDFC home loan with other banks to get the best offer on HDFC home loan based on parameters as mentioned below:

  • Interest Rates: Firstly, compare HDFC home loan rates for different schemes based on your requirement. If you have a good repayment history, debt-income ratio, and CIBIL, you can avail of home loans at low rates. Further, to get the best rates, you must repay your existing dues, provide all sources of income, and add a co-applicant.
  • Processing Fees & Other Charges: Along with interest rates, various other fees may impact the total cost of borrowing. These include processing fees, prepayment and foreclosure charges, stamp duty, and legal fees. You can always negotiate with HDFC if you have a good relationship and repayment history.
  • Bank Process: If you are an existing customer of HDFC and have paid all your dues on time, you can get quick approval on your home loan. HDFC home loan application online process is more instant and paperless if you apply either through the bank or an online marketplace like MyLoanCare.

How To Apply For Online HDFC Home Loan?

The HDFC home loan application can be made online or offline through the bank or a marketplace like MyLoanCare. To know about the best offers on applying for a home loan, you can avail of a loan from MyLoanCare. Here is a step-by-step procedure to avail of a loan.

  • Step 1: Fill the Home Loan Application Form.
  • Step 2: Enter necessary details like name, pin code, phone number, loan amount and other occupational details.
  • Step 3: Click on 'Get Quote' and enter the OTP received on your mobile phone.
  • Step 4: Click on 'Submit.
  • Step 5: Enter details regarding your property and the existing financial situation like an ongoing loan, existing EMI, property area, type of property, etc.
  • Step 6: You will get the offers as per your eligibility.
  • Step 7: Finally, MyLoanCare's executive will contact you and help you with the further process.

HDFC Home Loan EMI Calculator

HDFC home loan EMI calculator can help you in pre-planning your home loan EMI based on the basic components of the principal amount, loan tenure, and interest rate. HDFC home loan calculator works on a mathematical algorithm, and gives accurate results in no-time.

HDFC home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. HDFC Home loan calculator helps the loan borrower pre-plan their home loan in advance.

Why Should I Take A Home Loan From HDFC?

You should consider opting for a home loan from HDFC firstly because the bank offers affordable Interest rate home loans as low as 6.70%. Further, the loan process of HDFC is very transparent and relaible with the online sanction facility in COVID. Finally, availing of a home loan from HDFC offers various other benefits such as extended repayment tenure of 30 Years years, nil prepayment charges for floating rate home loans, and much more. HDFC has an average customer rating of 4.5/5.

FAQs

Can I apply for an HDFC home loan online?

Yes, you can apply for a HDFC home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best HDFC home loan scheme?

Choosing the best HDFC home loan scheme is subjective to your loan requirement and your purpose of borrowing the loan. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Further, the bank offers customized schemes for various borrowers, you should choose the loan based on the category you fit to, to avail the home loan at best rates.

Is HDFC good for a home loan?

HDFC is one of the best home loan lenders in the country. Currently, HDFC home loan interest rate 2021 starts at 6.50%.

How many types of HDFC home loans are there?

HDFC offers various home loan products for the convenience of the home loan borrowers. Some of the popular home loan products offered by HDFC are listed as follows: HDFC Home Improvement Loans, Rural Housing Finance, HDFC Plot Loans, HDFC Reach Home Loans.

How can I check my HDFC home loan status?

You can check your HDFC home loan status on HDFC’s home loan portal under the option. ‘Application tracker’. Apart from that, home loan status can also be checked on the HDFC mobile app

What is HDFC Home Loan procedure?

There are two methods to complete the application for HDFC Home Loan Process online:

  • Apply online at HDFC official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your chances of getting the best loan rates, low processing fees and special offers in the form of cashback.

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. The loan tenure may however, vary across various home loan schemes.

Does HDFC check CIBIL for home loan?

Yes, to avail home loan from HDFC, you must fulfill HDFC Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

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 a 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 a housing loan?

The benchmark applicable for Home Loan in HDFC is PLR . PLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In PLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.

How will HDFC decide the home loan amount I am eligible for?

HDFC will determine the eligibility for a home loan amount based on various factors, including your Income, property’s value, CIBIL score, age and reputation of the organisation etc.

Does HDFC give a 90% home loan?

No, the bank provides a maximum loan amount of upto 80% of the property’s value. However, the eligibility for maximum loan amount will depend on various factors, including your repaying capacity, debt-income ratio, organisation type, etc.

What’s the difference between an HDFC Home Improvement Loan and a home loan?

HDFC provides home improvement loans for the upgradation and renovation of an existing home to fulfil expenses related to tiling, flooring, plaster, painting, etc. On the other hand, you can avail HDFC home loan to purchase property or construct or renovate a house.

When do I have to start paying off the EMIs for my HDFC Ltd Home Loan?

You can pay the EMIs for HDFC Ltd home Loans from the next month the loan was disbursed to your account.


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HDFC Home Loan News - Oct 2021
  • 2021-10-18 : HDFC Bank Posts 17.2 Percent Profits In Q2
    Private sector bank, HDFC Bank has posted a 17.6 percent rise in net profit at Rs 8,834.3 crore in the second quarter ended September 30, 2021. The lender had posted a net profit of Rs 7,513.1 crore in Q2 of 2020.
  • 2021-09-21 : HDFC Bank Introduce Festival Bonanza Offer
    HDFC Bank has come up with a festival bonanza offer which is valid till October 31, 2021. The lender has cut home loan interest rate to 6.70%, the special rate is linked to borrowers credit score.
  • 2021-07-12 : HDFC Ltd. retail disbursements allowed a 14% rise in advances for HDFC Bank
    HDFC Bank registered a 14.4% growth in its advances to over ₹11.47 lakh crore as of June 30 this year. Retail deposits grew by around 16.5% year-on-year, and wholesale deposits remained stable as compared to June last year. These retail disbursements included the home loans sourced from parent company HDFC Ltd. During the quarter, the bank purchased loans aggregating ₹5,489 crores through direct assignment under the home loan arrangement with Housing Development Finance Corporation Limited (HDFC Ltd.)
  • 2021-05-04 : HDFC cut its home loan rates to 6.75%
    HDFC reduced its home loan rates to 6.75%. The new home loan rates will be effective from 3 March 2021.
  • 2021-03-08 : HDFC cut its PLR to 16.05%
    HDFC reduced its Prime lending rate to 16.05%. The revised rates are effective from March 2021.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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