HDFC Housing Finance LTd Home Loan

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

HDFC Home Improvement Loan

• 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.

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