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HDFC Housing Finance LTd Home Loan
Max Tenure
30 yrs
Best Rate
8.40%
Processing Fee
1.5%
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Overview HDFC Housing Finance LTd Home Loan
HDFC Housing finance Ltd. offers home loans to individuals who are salaried or self-employed. The bank offers very competitive interest rates and longer repayment tenure on home loans. HDFC is a preferred bank for home loans since it allows affordable home loan EMI starting at only Rs. 646 per Rs. 1 lakh of loan. The loan provider also extends legal and technical counselling for home loan borrowers. Read on to find out the details of home loan offerings by HDFC housing finance ltd.
HDFC Housing Finance Ltd – Types of home loans offered
Mentioned below are the details of the different home loan offerings by HDFC Housing Finance Ltd:
Home Loan
- Financial assistance for the purchase of flat, villa, or any property offered by Development Authorities
- Home loans of up to 90% of the net property value
- Women applicants can avail interest rate concessions
HDFC Rural Housing Loan
- Competitive interest rates starting at 6.95% p.a.
- Customized loans for individuals involved in agriculture including, agriculturists, horticulturists, dairy Farmers, planters, etc
- Loans available for the purchase of residential property in rural and urban areas
- Agriculturists availing of this loan need not provide IT Returns in documentation
- Repayment tenures offered are up to 20 years
Plot Loan
- These loans are provided for purchasing a plot
- No hidden charges involved
- Flexible repayment options
- Also available for the purchase of plots through resale
HDFC Reach Home Loan
- These are loans extended for purchasing a new or existing property
- Salaried applicants should have a monthly salary of at least Rs. 10,000 and self-employed applicants should have a minimum income of Rs. 2 lakh p.a.
- This loan can be used for purchasing a plot or constructing a home on a free-hold plot
- This can be meant for covering expenses towards home renovation
- It is provided to both new and existing bank customers
- Interest rates are the same as home loan rates
- It involves an easy process and minimal documentation process
HDFC Balance Transfer Loans
- This facility allows borrowers to easily transfer an existing home loan to HDFC
- Borrowers can avail of a top-up loan of a maximum of Rs. 50 lakhs
- The bank has an exclusive tie-up with AGIF for home loans to be offered to employees of the Indian Army
- Flexible repayment options
HDFC Top Up Loans
- Top-up loans help meet the personal and also professional requirements of individuals
- The maximum loan amount offered is Rs. 50 lakhs
- An existing home loan borrower can apply for this loan only after completion of 12 months of the final loan disbursement and after possession of the existing property for which the home loan was sought
HDFC NRI Home Loans
- These are home loans that specifically cater to NRI needs.
- These can be availed for purchasing a flat, villa, in approved projects
- The loan can be availed for the purchase of a property anywhere in India
- The bank also offers home loan advisory services
HDFC Home Extension Loan
- These loans can be availed for adding or extending an existing house or property
- The maximum repayment tenure offered is 20 years
- Women applicants can avail of concession on interest rates
HDFC PMAY
- This government-sponsored financing facility helps borrowers save up to Rs. 2.67 lakhs
- It is designed to allow affordable housing for
- Economical Weaker Section (EWS),
- Lower Income Group (LIG), and
- Middle Income Group (MIG)
- The loan provides an interest rate subsidy of up to 6.50% p.a. for a loan tenure of up to 20 years
HDFC Housing Finance Ltd – Interest rate details
Here are the interest rate and other important details surrounding HDFC Housing Finance Ltd home loans:
- Interest rate - 6.70% - 8.00%
- HDFC housing finance Ltd offers maximum loan tenures of 30 years
- Customized home loan amount
- Processing fees –
- Salaried & self-employed professionals – Rs. 3,000 + GST
- Self Employed non-professionals – Rs. 5,000 + GST
- Zero prepayment penalty
Conclusion
HDFC Bank and HDFC Ltd. come under the umbrella of HDFC Group. However, both these are separate entities. While HDFC Ltd. mainly provides housing finance, HDFC bank looks after the banking operations and financial product offerings of the financial establishment. On behalf of HDFC Ltd. HDFC bank offers home loans to residents of India. Customers can feel free to approach either of these lending institutions to apply for a home loan.
FAQs
1. How can I repay my HDFC home loan?
HDFC home loans can be repaid through different payment modes including, standing instructions to the bank for making loan instalment payments via ECS (Electronic Clearing System). A borrower can also opt for direct debit of monthly instalments from salary by contacting his/her employer. Alternatively, one can issue post-dated cheques towards EMI.
2. How can I pay my HDFC home loan payment online?
HDFC home loan EMI can be paid online by providing standard instructions (SI) to the bank such that the loan instalments are deducted in a timely manner from the borrower’s bank account via ECS (Electronic Clearing System).
3. How can I close my home loan online?
To close an HDFC home loan online, one can get in touch with the loan officer to know the exact process. Alternatively, one can go through the process stated on the bank’s website.
4. Can I close the HDFC home loan early?
Yes, an HDFC home loan can be prepaid early after one has paid at least 12 months of home loan EMIs. HDFC also provides an ‘Accelerated Repayment Scheme’ to prepone the loan repayment for free. This allows borrowers the flexibility to increase their loan EMIs to repay the home loan faster.
5. When can I apply for an HDFC top-up loan?
One can apply for an HDFC top-up loan after the existing home loan has been disbursed and the applicant is in possession of the property or the property construction is complete.
6. What is the minimum salary for a home loan in HDFC?
The home loan amount offered by HDFC bank for salaried employees depends on their repayment capability. This is determined basis their age, total dependants, educational qualification, existing liabilities, credit track record, etc.
Hdfc Housing Finance Ltd Home Loan - Customer Reviews
Shrirang
V.good with free credit score