HDFC Bank Home Loans

HDFC Home Loan

8.35% - 8.80% p.a.

Fixed/Floating

Processing Fee
0.50

Loan Amount
₹ -
Tenure
1 - 30 Years

Description:

HDFC Bank Home Loan –

 

HDFC Home Loan is by far a behemoth when it comes to housing finance in India. With its low interest rates and customized solutions, you can be rest assured that your home loan requirements will be aptly sufficed. So, make the most of this guide to acquire holistic information about HDFC Home Loan.

 

Why HDFC Bank

 

HDFC Bank Home Loan has all the elements that a home loan borrower looks for in a bank such as – affordable interest rates, ease of application, flexible tenure, expansive set of features, and prompt customer support. The home loan offered by HDFC Bank is 5 bps lower than the standard home loan rate as per their ‘Women Power’ scheme. As per this scheme, the rate of interest offered will be 9.85% pa.

 

Whether you are a salaried individual or self-employed, HDFC Bank has a loan for you. Let us discuss in detail –

 

 

Eligibilty

 

 

Salaried Individuals

 

 

 

 Irrespective of being a government employee or a private employee, you can apply for HDFC Bank Home Loan. As a home loan seeker, you can apply for a home loan either jointly or individually. It is important that the proposed property owners are co-applicants. Generally, co-applicants are family members. Having said that, it is not mandatory that the co-applicants should be co-owners. The maximum repayment term of the loan is 20 years.   

 

Features and Benefits

 

 

 

 

 

 

 

 

Interest rate

 

For salaried individuals

 

Borrowers

Home Loan Amount

Rate of Interest

Women

Upto 30 Lacs

8.35%

Others

Upto 30 Lacs

8.40%

All Categories

Above 30 lacs to 75 lacs

8.50%

All Categories

Above 75 lacs

8.55%

           

Types of Home Loans for salaried individuals –

 

 

 

Eligibility

 

In order to be eligible for HDFC Bank Home Loan, you should have repayment capacity for the loan on the basis of following criteria –

 

Age – Your age plays a pivotal role in deciding the eligibility for a home loan. Lower your age, higher will be the term available for you to repay the loan and therefore higher home loan amount eligibility. At the onset of home loan, your minimum age should be 24. HDFC Bank offers home loans for a maximum period of 60 years for the salaried individuals.

 

Monthly Income – Your monthly income (after all the deductions including – gratuity, PF, and ESI) will make out your home loan servicing capacity. It helps in determining how much home loan EMI you will be able to pay once you have met your day to day expenses.

 

Nature of employment – HDFC Bank will check whether you are a salaried individual or self-employed, your company and the sector in which you are working will also be taken into consideration. Then your job experience will also be checked in order to measure your job & income stability. If you are a salaried individual, then you need to have a minimum income history and job stability of one year.

 

Value of Property – HDFC Bank will not be financing the complete value of the property. The maximum home loan eligibility will depend on the value of the property as shown below –

 

Property Value

LTV

Less than 30 Lakhs

90%

Between 30 lakh and 75 lakh

80%

Above 75 lakh

75%

 

 

 

CIBIL Score – Your credit behavior and track record from your past lenders and credit card providers gets registered in your CIBIL score. Bank usually use this to measure your past credit behavior and therefore, your CIBIL score is of great importance when it comes to defining your eligibility to get a home loan.

 

While checking the eligibility of your home loan, HDFC Bank will have a thorough look at your CIBIL report, which also includes your past running loans and the payment track of the loans along with credit cards. With high credit score, you get to increase the odds of getting an approval for your loan application. You need to have a minimum credit score of 650 in order to be eligible for a home loan.

 

FOIR (Fixed Obligation to Income Ratio) – This is a key parameter used by the bank to make out your home loan eligibility. While making an estimation of your eligibility, the bank considers all your fixed obligations such as EMIs or rent. In order to be eligible for HDFC home loan, the minimum FOIR you should have is 0.50.

 

After knowing the eligibility of your home loan, you can also calculate your home loan eligibility with the help of an eligibility calculator. But, before you go ahead and calculate your eligibility, it pays to know how you can enhance your eligibility for a home loan. Here is how –

 

 

 

 

 

 

 

Gross Monthly Income                              Loan Term                           ROI

 

         Rs – ?                                                      Years – ?                             % - ?

 

 

Other EMIs

                                                   Rs – ?

 

Products of HDFC Bank House Loan

 

HDFC Bank offers a wide variety of home loans to suit the needs and requirements of all. This really gives you the flexibility of choosing a home loan as per your purpose. Let us get to know them in detail –

 

HDFC Bank home loan – This loan is offered to all those individuals who are looking to purchase or construct a house. If you are buying a house, then it can both a newly constructed one or preoccupied one. You, as a customer, can avail the home solely on your name or under the name of two people jointly.

 

Pre-approved Home Loan – This loan is offered by HDFC Bank to all those individuals who have not finalized a property but they need a home loan approval letter in order to evaluate their budget and also to negotiate better.

 

Key Factors –

 

 

 

 

Benefits –

 

 

 

 

NRI Home Loan – Irrespective of where you live in the world, owning a home in India is made simpler with HDFC Bank NRI Home Loan. You can get your dream house at lucrative prices, flexible payment options, and minimal documentation.

 

Types –

 

 

 

 

Eligibility – You can avail this loan if you are a citizen of India but you are residing overseas. You might stay abroad for varied reasons namely – education, business, vocation, employment, etc. The eligibility criteria for NRI Home Loans comprise of – income per annum, your age, and the time period for which you have stayed abroad. On the basis of loan tenure, the annual income criteria will also differ.

 

Documentation – The documents required tend to differ as per your income source, country of residence, and employment. During the application process, you will be asked to submit the following documents –

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rates – For salaried individuals, the interest rates are as follows –

 

RPLR is 16.15%

 

Loan Slab

Interest Rate (% p.a.)

For women (upto 75 Lakhs)

8.35 to 8.85

For others (up to 75 Lakhs)

8.40 to 8.90

For women (above 75 Lakhs)

8.40 to 8.90

For others (above 75 Lakhs)

8.45 to 8.90

 

The above-discussed rate of interest is applicable for the loans under Adjustable Rate Home Loan Scheme of HDFC Bank and it may undergo a change at the time of payment. The rates are associated with HDFC’s RPLR (Retail Prime Lending Rate) and are fluctuating in nature.

 

TruFixed Loan – 2 Year Fixed Rate Variant

 

RPLR is 16.15%

 

Loan Slab

Interest Rates during the 2 year fixed year term (% p.a.)

For women (upto 75 Lakhs)

8.35 to 8.85

For others (up to 75 Lakhs)

8.40 to 8.90

For women (above 75 Lakhs)

8.40 to 8.90

For others (above 75 Lakhs)

8.45 to 8.90

 

Repayment Options –

 

Tranche based EMI

 

In case you buy an under-construction property, you will only have to pay just the interest on the loan amount drawn till the time final disbursement of the loan has been made and pay the EMIs thereafter. If you wish to make the principal payment immediately, you may choose to tranche the loan and pay the EMIs on the aggregate amounts disbursed.

 

Documentation –

 

In order to acquire HDFC Bank House Loan, you need to submit following documents that will confirm your identity, address, location, occupation, salary and various other important details.

 

 

 

 

 

Home Improvement Loan– HDFC Bank sanctions loan for home improvement reasons. If you want to refurbish your home or make improvements as per your changing tastes and trends, then home improvement loans offered by HDFC Bank will suffice your needs.  

 

Key Features –

 

 

 

 

 

 

Eligibility –

 

 

 

 

Interest Rates –

 

Adjustable rate of interest

 

Loan Quantum

Interest Rate

RPLR minus spread

For women (any loan amount)

9.10 to 9.60 p.a.

RPLR – (6.70 – 7.20)

 

Any Loan Amount

9.15 to 9.65 p.a.

RPLR – (6.65 – 7.15)

 

 

TruFixed Loan Rate of 2/3 years fixed rate variants

 

Loan Quantum

Interest rates for first 2&3 year fixed rate term

Floating rates

For women (any loan amount)

9.15 to 9.75 p.a.

RPLR – (6.70 – 7.20)

 

Any Loan Amount

9.20 to 9.80 p.a.

RPLR – (6.50 – 7.10)

 

 

TruFixed Loan -10 years fixed rate variants

Loan Quantum

Interest Rates for first 2& 3 year fixed rate

Floating rate after fixed rate term

For women (any loan amount)

9.70 to 10.20 p.a.

RPLR – (6.10 – 6.60)

 

Any Loan Amount

9.75 to 10.25 p.a.

RPLR – (6.05 – 6.55)

 

 

Documents – In order to acquire a HDFC Bank home improvement loan, you will have to submit the following documents –

 

 

 

 

 

Home Extension Loan – This type of loan helps in funding your needs to expand your dream house. When it comes to expansion, it may include – new rooms, making changes to the existing balcony, aesthetic improvements, etc.

 

Key Features –

 

 

 

 

 

 

Types –

 

Here are different types of HDFC home extension loans –

 

 

 

  

Eligibility –

 

 

 

 

 

Interest Rates –

 

Loan Rates

Loan Slab

Interest Rate

RPLR minus Spread

Adjustable Loan rates

Any loan amount

9.50-10

RPLR- 6.80 to 6.30

TruFixed Loan for 2& 3 years

Any loan amount

9.50-10

RPLR- 6.80 to 6.30

TruFixed Loan for 10 years

Any loan amount

9.70-10.25

RPLR- 6.60 to 6.10

           

Documents –

 

 

 

 

Home Loan Balance Transfer – Are you fed up of paying high monthly instalments for your existing home loan? Well, you can easily avail a higher loan amount and also make significant savings on interest, all you need is to transfer your existing home loan to HDFC Bank. This will help you in saving more by reducing both your EMIs and interest rates.

Key Features –

 

 

 

 

 

Loan Amount –

 

Loan Amount

Maximum Funding

Up to and including Rs. 30 Lakhs

90% of the property cost

Rs 30 Lakhs to Rs. 75 Lakhs

80% of the property cost

Above Rs. 75 Lakhs

75% of the property cost

 

Salient Features –

 

 

 

 

 

Eligibility –

 

 

 

 

 

Documents –

 

 

 

 

 

Rate of Interest –

 

RPLR – 16.15%

 

Loan Slab

Interest Rates (% p.a.)

For Women (upto 75 Lakhs)

8.35 to 8.85

For Others (upto 75 Lakhs)

8.40 to 8.90

For Women (above 75 Lakhs)

8.40 to 8.90

For Others (above 75 Lakhs)

8.45 to 8.95

 

TruFixed Loan – 2 Year Fixed Variant

 

RPLR – 16.15%

 

Loan Slab

Interest Rates (% p.a.)

For Women (upto 75 Lakhs)

8.35 to 8.85

For Others (upto 75 Lakhs)

8.40 to 8.90

For Women (above 75 Lakhs)

8.40 to 8.90

For Others (above 75 Lakhs)

8.45 to 8.95

 

 

Self-Employed Individuals –

 

If you are a self-employed individual, HDFC Bank aptly caters to your home loan requirement. So, whether you are a doctor, lawyer, architect, chartered accountant, engineer, company secretary, you can still have a home where you get to celebrate your joys and relish the journey called life.

 

Products of HDFC Bank House Loan –

 

Home Loan –

 

The dream of owning your own home stays the same for both salaried and self-employed individuals. Owing to this, HDFC Bank offers a home loan for both the sections.

 

Salient Features –

 

Loan Amount –

 

Loan Amount

Maximum Funding

Up to and including Rs. 30 Lakhs

90% of the property cost

Rs. 30 Lakhs to Rs. 75 Lakhs

80% of the property cost

Above Rs. 75 Lakhs

75% of the property cost

 

Interest Rates –

 

RPLR – 16.15%

 

Loan Slab

Interest Rates (% p.a.)

For Women (upto 75 Lakhs)

8.35 to 8.85

For others (upto 75 Lakhs)

8.40 to 8.90

For women (above 75 Lakhs)

8.40 to 8.90

For others (above 75 Lakhs)

8.45 to 8.95

TruFixed Loan – 2 Year Fixed Rate Variant

 

RPLR – 16.15%

 

Loan Slab

Interest Rates (% p.a.)

For Women (upto 75 Lakhs)

8.25 to 8.85

For others (upto 75 Lakhs)

8.40 to 8.90

For women (above 75 Lakhs)

8.40 to 8.90

For others (above 75 Lakhs)

8.45 to 8.95

 

Eligibility –

 

If you are a self-employed individual, you can either apply individually or jointly for a home loan. It is important that the proposed property owners are co-applicants, generally, co-applicants are family members. Having said that, it is not mandatory that the co-applicants should be co-owners.  

 

Key factors considered by your bank/lender are as follows –

 

Income and repayment capacity – For this purpose, your bank/lender will ask for –

 

 

 

 

Profile – Your bank/lender will evaluate your home loan application on the basis of certain elements such as –

 

 

 

 

Financial Standing – Your financial position also decides your capability to repay the loan amount. Your bank/lender will be evaluating your existing debts such as – personal loans, credit card bills, another home loan, etc. If you are able to lower your existing debts, you will have more chances of securing a home loan.

 

Entrepreneurial proficiencies – Since, you are self-employed, your ability to generate income does play a pivotal role. Your bank/lender will be interested in profitability of your company and the number of years you have been successfully running your company. If you can then provide the documents related to the risk factors of the business will surely come handy. All these factors will be taken into consideration by your bank/lender from your audited financials and income tax returns.  

 

Documents –

 

Following are the documents that you as the main applicant/co-applicant will have to submit along with a duly filled application form –

 

 

 

 

 

 

Types –

 

There are two types of home loans for self-employed individuals –

 

 

 

Pre-approved Home Loan – This loan is offered by HDFC Bank to you if you have not finalized a property but you need a home loan approval letter in order to evaluate your budget and also to negotiate better.

 

Key Benefits –

 

 

 

 

NRI Home Loan – Regardless of where you live in the world, owning a home in India is made simpler with HDFC Bank NRI Home Loan. You can get your dream house at rewarding prices, flexible payment options, and minimal documentation.

 

Eligibility –

 

If you are an Indian, but you are residing abroad, even then you can avail HDFC Bank home loan. The reasons for staying abroad can be different such as – education, business, vocation, employment, etc. The eligibility criteria for NRI Home Loans comprise of – income per annum, your age, and the time period for which you have stayed abroad. On the basis of loan term, the annual income criteria will also differ.

 

Interest Rates –

 

Loan Type

Loan Amount

Interest Rate (% p.a.)

Adjustable Rate Loan for Women

 

Any amount

9.85 to 10.35

Adjustable Rate Loan

Up to and including Rs. 75 Lakhs

9.90 to 10.40

 

More than Rs. 75 Lakhs

9.90 to 10.40

TruFixed Plus Loan – 2&3 year fixed variant

Up to and including Rs. 75 Lakhs

9.95 to 10.45

 

Above Rs. 75 Lakhs to Rs. 5 crores

10.05 to 10.55

 

Above Rs. 5 crores

10.15 to 10.65

TruFixed Plus Loan – 10 year fixed variant

Up to and including Rs. 75 Lakhs

10.05 to 10.55

 

Above Rs. 75 Lakhs to Rs. 5 crores

10.20 to 10.70

 

Above Rs. 5 crores

10.30 to 10.80

 

The rates discussed above is applicable for the purchase of a new home, resale property, buying & constructing a new home in India by you as an NRI residing in The United Kingdom, Singapore, The United States of America, Middle East and other nations.

 

Types –

 

 

 

 

Documents –

 

The documents required will differ as per your income source, country of residence, and employment. During the application process, you need to submit the following documents –

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repayment Options –

 

Following are the options for the home loan repayment –

 

 

 

 

Home Improvement Loan – You can also have a loan for home improvement reasons. If you are looking to refurbish your home or make improvements as per your changing tastes and trends, then home improvement loans offered by HDFC Bank will fulfill all your desires.

 

Salient Features –

 

 

 

 

 

Loan Amount –

 

Existing HDFC customers –

 

Loan Amount

Maximum Funding

Up to Rs. 30 Lakhs

Upto 100% of the improvement approximation, subject to a condition that the loan or total exposure not more than 90% of market value of the property as valued by the bank.  

Rs. 30 Lakhs – Rs. 75 Lakhs

Upto 100% of the improvement approximation, subject to a condition that the loan or total exposure not more than 80% of market value of the property as valued by the bank.   

Above Rs. 75 Lakhs

Upto 100% of the improvement approximation, subject to a condition that the loan or total exposure not more than 75% of market value of the property as valued by the bank.        

 

New Customers –

 

Loan Amount

Maximum Funding

Up to Rs. 30 Lakhs

90% of the improvement estimate

Rs. 30 Lakhs toRs.75 Lakhs

80% of the improvement estimate

Above Rs. 75 Lakhs

75% of the improvement estimate

 

Eligibility –

 

 

 

 

Interest Rates –

 

RPLR – 16.15%

 

Loan Slab

Interest Rate(% p.a.)

For women (upto 75 Lakhs)

8.35 to 8.85

For others (upto 75 Lakhs)

8.40 to 8.90

For women (above 75 Lakhs)

8.40 to 8.90

For others (above 75 Lakhs)

8.45 to 8.95

 

TruFixed Loan – 2 Year Fixed Rate Variant

 

RPLR – 16.15%

 

Loan Slab

Interest (% p.a.)

For women (upto 75 Lakhs)

8.35 to 8.85

For others (upto 75 Lakhs)

8.40 to 8.90

For women (above 75 Lakhs)

8.40 to 8.90

For others (above 75 Lakhs)

8.45 to 8.95

 

Documents –

 

Identity and residence proof – Voter ID Card, driving license, passport, or Adhaar card.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home Extension Loan – HDFC Bank offers home extension loan to fund your need to expand your dream home. The extension may comprise of aesthetic improvements, new rooms, or converting your balcony into an enclosed space.

 

Key Features –

 

 

 

 

 

Loan Amount –

 

Loan Amount

Maximum Funding

Upto and including Rs. 30 Lakhs

90% of the construction estimate

Rs. 30 Lakhs to Rs 75 Lakhs

80% of the construction estimate

Above Rs. 75 Lakhs

75% of the construction estimate

 

Eligibility –

 

 

 

 

Interest Rates –

 

RPLR – 16.15%

 

Loan Slab

Interest Rate (% p.a.)

For women (upto 75 Lakhs)

8.35 to 8.85

For others (upto 75 Lakhs)

8.40 to 8.90

For women (above 75 Lakhs)

8.40 to 8.90

For other (above 75 Lakhs)

8.45 to 8.95

 

TruFixed Loan – 2 Year Fixed Rate Variant

 

Loan Slab

Interest Rate (% p.a.)

For women (upto 75 Lakhs)

8.35 to 8.85

For others (upto 75 Lakhs)

8.40 to 8.90

For women (above 75 Lakhs)

8.40 to 8.90

For other (above 75 Lakhs)

8.45 to 8.95

 

Documents –

 

 

FAQ –

 

What is the interest rate slab for HDFC Home Loan?

The current interest rate for HDFC Home loan is as follows –

 

Can I structure my loan as partly fixed or partly floating?

Yes, you can structure your Home Loan as Partly Fixed or Partly Floating as per your requirements.

Are my property documents safe with HDFC Ltd.?

HDFC offers in-house scrutiny of property documents for complete peace of mind of the customers. So you don’t need to worry about it since your property documents are in safe hands.