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HDFC Home Loan

HDFC Housing Loan 2020

Last Updated 02nd Nov 2020

HDFC is one of the leading housing finance corporations in the country and also the most popular home loan lenders. HDFC home loans are linked to the PLR or the prime lending rate, which currently stands at 16.20%. Currently, HDFC home loans interest rates begin from 6.95%. In addition, HDFC offers special discounted rates to women borrowers. HDFC offers home loan at a minimum processing fee of Upto 1.50%. HDFC housing loans are designed to meet the needs of all types of home loan buyers who require home loans for a different purpose. Some of the popular HDFC home loan products are HDFC home loan top up, HDFC plot loans, HDFC home improvement loans, HDFC Reach home loan and HDFC rural housing finance.

  • HDFC Plot loans - HDFC plot loans are ideal for individuals who wish to buy a plot for the construction of their house. The loan can be taken by both salaried and self-employed people for up to 90% of the property value.
  • HDFC Home Improvement Loans - HDFC provides home improvement loans for the upgradation and renovation of an existing home and can be borrowed by both new and existing home loan customers for fulfilling expenses related to tiling, flooring, plaster, painting etc.
Apply for Home Loan @ 6.75%* Get upto ₹ 1,000* Cashback And Free Corona Health Insurance Cover of ₹ 1 lakh Get Online Sanction in Lockdown Period

HDFC Home Loan Details

Age Min 24 and Max 60 years for Salaried
Min 24 and Max 65 years for Self Employed
Repayment Tenure 30 years
Interest Rate 8.75%
Interest Rate Linked To PLR
Processing Fee Upto 1.50%

Features & Benefits of HDFC Home Loans

HDFC offers home loans at affordable rates and transparent terms. One can apply for a home loan in HDFC, for various purposes such as the purchase of a house or a flat, for home construction loan, home renovation loan or home extension. Some of the benefits and features that HDFC home loans offer to the home loan borrowers are listed as follows:

  • HDFC provides home loans to women borrower at discounted interest rates.
  • HDFC home loans can be availed for a longer tenure of up to 30 years.
  • HDFC home loan borrowers are guided with expert legal and technical guidance to make the right home loan decision.
  • With HDFC home loan, one can purchase a house from private developers and development authorities such as DDA, MHADA.
  • HDFC home loans also allow buying of properties in co-operative housing societies, and freehold and leased properties.

HDFC Home Loan Offers

HDFC offers home loans to both salaried and self-employed home loan applicants. However, the interest rates vary by occupation, type of property and loan amount. Currently, the lowest HDFC home loan rate for salaried is 6.95%, and for self-employed home loan borrowers, the lowest home loan rate offered is 6.95%. Different interest rates for salaried and self-employed individuals across popular HDFC home loan schemes are listed below:

HDFC Home loan schemes Interest rate for salaried HDFC Interest rate of self-employed
HDFC Home Improvement Loans 6.95% 6.95%
HDFC Plot Loans 7.05% 7.45%
Rural Housing Finance 7.35% 7.35%
HDFC Reach Home Loans 8.75% 8.75%

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, for salaried, for Government employees, for 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

  • Loan for individuals who wish to upgrade or renovate their existing home as per their requirement.
    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.
    Interest Rate 6.95%
    Processing Fee Upto 0.50%, Minimum ₹ 3,000 and Maximum ₹ 10,000
    Eligible Age 24 to 65 years
    Loan Amount ₹ 5 Lakh to ₹ 5 Cr
    Maximum Tenure 15 years

    HDFC Plot Loans

    • Loan for those individuals for the purpose of buying land or constructing a house on the acquired land.
      Who is Eligible?
      • Individuals with financial stability whether salaried or self employed can apply for this loan.
      • Joint owners can apply for the loan as co applicants.
      • This loan is taken by salaried and self employed people.
      Interest Rate 7.05%
      Processing Fee Upto 0.50%, Minimum ₹ 3,000 and Maximum ₹ 10,000
      Eligible Age 24 to 65 years
      Loan Amount ₹ 5 Lakh to ₹ 1 Cr
      Maximum Tenure 15 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.
      Who is Eligible?
      • The loan can be availed by salaried, self employed, agriculturists, farmers, planters, horticulturists, or Dairy Farmers.
      • Customers who wants to own a space of their own in their home town or villages.
      Interest Rate 7.35%
      Processing Fee Upto 1.25%, Minimum ₹ 3,000 and Maximum ₹ 10,000
      Eligible Age 24 to 65 years
      Loan Amount ₹ 5 Lakh to ₹ 5 Cr
      Maximum Tenure 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.
      Who is Eligible?
      • The loan can be taken by salaried, self employed professionals and non-professionals.
      • An individual can 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.
      Interest Rate 8.75%
      Processing Fee Upto 1.50%
      Eligible Age 24 to 65 years
      Loan Amount ₹ 15 Lakh to ₹ 1 Cr
      Maximum Tenure 20 years

      HDFC Home Loan Procedure

      Getting a home loan from HDFC is fairly easy with an online application process. A home loan can be availed from HDFC in five simple steps:

      Step 1: Visit the website, branch, or website of authorised online channel partner of HDFC and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
      Step 2: An official of HDFC or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
      Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a HDFC’s representative will visit your home or office to collect your documents.
      Step 4: HDFC will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
      Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from HDFC and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

      HDFC Home Loan Process

      Getting a home loan from HDFC is fairly easy with an online application process. A home loan can be availed from HDFC in five simple steps:

      Step 1: Visit the website, branch, or website of authorised online channel partner of HDFC and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.

      Step 2: If you apply online at MyLoanCare, a loan advisor will call you to confirm details discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.

      Step 3: Once you agree to proceed with the loan application, your application will be forwarded to the bank. After that you have to submit your income and property documents online, or an HDFC’s representative will visit your home or office to collect your documents.

      Step 4: HDFC will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do a technical evaluation of your property.

      Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from HDFC and will need to sign a loan agreement with the bank. Post this; the loan will get disbursed to your account.

      HDFC Home Loan EMI Calculator

      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. Apart, the results of home loan calculations that HDFC Home Loan EMI calculator offers is accurate and reliable.

      HDFC Home Loan Eligibility Calculator

      HDFC Home loan eligibility calculator is an online tool that helps the HDFC home loan borrowers get an estimate of their home loan eligibility. The eligibility calculator takes into consideration various factors such as the income of the applicant, age, work experience, employment and credit score. The eligibility calculator helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

      Documents Required for HDFC Home Loan

      To apply for a home loan in , one is required to submit the following documents:

      • Home loan application form with three attested photographs.
      • Identity proofs: Anyone amongst PAN, passport, Voter ID card or driving license.
      • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
      • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or HDFC bank account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
      • Bank account statements for the last six months of all bank account held by the applicant.
      • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
      • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
      • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
      • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

      HDFC Pradhan Mantri Awas Yojana Subsidy 2020

      Pradhan Mantri Awas Yojana is a home loan subsidy initiated by the Government of India to promote housing for all. The scheme offers financial help to the lower-income groups of the society who earn an income below ₹ 18 Lakh, by offering them home loans at subsidised interest rates. These income groups are EWS or the economically weaker section, LIG or the lower-income group, MIG-1 or the Middle-income group-1 and the MIG-2 or the middle-income group. A maximum subsidy of approximately ₹ 2.67 Lakh can be availed with PMAY on HDFC home loans. The repayment tenure of HDFC PMAY Home loan is up to 15 years. Home loan applicants who are eligible to avail the PMAY subsidy can borrow a home loan with HDFC.

      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 the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best HDFC home loan scheme is based on one’s needs.

      Is HDFC good for a home loan?

      HDFC is one of the best home loan lenders in the country. Currently, HDFC lowest home loan interest rate is 6.75%.

      How many types of HDFC home loans are there?

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

      How can I check my HDFC home loan status?

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

      What is the eligibility for a Home Loan of HDFC?

      The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

      Does HDFC Home Loan include registration fees?

      Various charges charged by banks on Home Loans include processing fee, registration fee, legal and technical fee, or MODT charges. These may vary across lenders.

      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 marketplace 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 apply by visiting HDFC Home Loan apply online portal and can check your HDFC online Home Loan status by logging into your customer account with MyLoanCare.

      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.

      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 a housing loan?

      The benchmark applicable for Home Loan in HDFC is PLR

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      HDFC Home Loan News - Dec 2020
      • 2020-11-02 : HDFC Q2 net Profit reduced to 28% and NII rises 21%
        HDFC reported that the bank second-quarter net profit fell 28% to ₹2,870 crores, from ₹3,962 crores in the year-earlier period. Net gains on loans backed by retail loans like home, personal, gold, two-wheeler and car loans along with mudra and business loans stood at ₹159 crores. Further, net interest income rose 21% to ₹3,647 crore and net interest margin stood at 3.3%.
      • 2020-10-01 : HDFC Bank launches festive season benefits
        HDFC Bank has launched ‘Festive Treats’. Customers can avail of special deals on all banking products from loans to bank accounts. The Bank is offering 50% off on the processing fees on auto loans, personal loans and business growth loans and zero processing fee on two-wheeler loans. Further, It is also offering special deals on various brands with credit and debit card purchases.
      • 2020-09-21 : HDFC sanctions Rs 47K cr home loans to over 2 lakh homebuyers under govt’s CLSS
        Affordable home loans and loans linked credit subsidy scheme of the government targeted at lower and middle income segments have been growing steadily for HDFC. It has dissbursed more than 47k home loans under the government’s Pradhan Mantri Awas Yojana (PMAY) scheme in the past six months, including five months of lockdown period.
      • 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%.
      *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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