HDFC Home Loan Archives - Loanyantra Blog

Inshort about HDFC Home Loan

HDFC housing loan – Check your eligibility now or Calculate your EMI to decide at the fastest.

Key Points to note about HDFC home loan-

If you are applying for home loan from HDFC Bank then you must make a note of the following points :

If you add a co-applicant the you enhance your eligibility for a higher loan amount.

Adding a woman co-applicant will help you get better interest rate.

Details About HDFC Housing Loan:

Rate of Interest	8.80%-9.05%
Loan Tenure	1-30 years
Processing Fee	Up to .50% of the loan amount
Guarantor Requirement	Not Required
Pre-closure charges	Nil
Maximum Loan Amount	It varies from applicant to applicant and other factors decided by the bank.

When it comes to choosing the best option for the home loan, then one factor that instantly lures the borrowers is the interest rates offered by banks. Well, you have a number of banking and financial institutions offering the home loan. However, the right choice would be the one which offers attractive interest rates, expansive set of features, longer loan tenure, nil prepayment charges and great customer support is something that one eyes at. HDFC Bank is one of the leading banks in India that offers myriads of financial products and is known for its housing loan schemes.

Where can you use HDFC Housing Loan?

The bank offers housing loan under the following conditions:

Buying a new home
Buying a resale home
Construction of a new house
Property purchase
Transfer of home loan from one bank onto HDFC

Who can apply for home loan from HDFC Bank:

The following people can apply for home loan from HDFC bank, provided they meet the eligibility criteria specified by the bank:

Salaried and self-employed individuals can apply for HDFC housing loan
Every proposed owner of the property is considered as a co-applicant. But, all co-applicant cannot be co-owners.
The bank offers NRI home loan to non-resident Indians on a condition that the applicant must produce the proof the same.
The bank offers HDFC rural home loan to the farmers, agriculturists, dairy farmers etc.

Features and benefits of HDFC home loan

There are a series of benefits offered by HDFC bank that makes it a popular choice amongst the home loan seekers.

It offers comprehensive loan schemes for buying property, plot, or purchase of the resale property. You can also use the housing loan for construction of the house.
One of the distinctive features of HDFC housing loan is that it offers competitive interest rates when compared to other banks.
People-friendly policies and customer support makes HDFC bank a popular choice.
There are no hidden charges or last-minute costs that come up while you apply for a home loan from HDFC bank.
Innovative products like home extension loan and home improvement loans.
Door-step service with legal assistance.
Special offers for NRIs, defence professionals, farmers etc.
You can apply for home loan individually or have a co-applicant

Eligibility Criteria Specified by HDFC Bank-

The age of the applicant should be between 18- 65 years
Anyone who is salaried or self-employed can apply for home loan for HDFC bank but they must complete all the paperwork.
Any resident Indian can apply for home loan
HDC bank provides home loan to NRIs as well

Documentation-

Prospective borrowers must submit the following documents for their housing loan processing :

Identity Proof- Adhaar Card, Driving License, Passport, Voter ID or PAN card will work well
Address Proof- Utility bills like electricity bill, phone bill, Adhaar card, Voter ID, Passport.
Proof of Income- The salaried individuals need to submit last six-month bank statement showcasing their credited salary.
Additionally, the salaried individuals need to submit employment contract, appointment letter.
The Self-employed individuals need to submit their recent ITR and P/L account attested by a CA.
The bank may also ask you to submit the buyer agreement or allotment letter.

Bird’s Eye View of the documents required for HDFC Home Loan under different categories:

Farmers or Agriculturalists	Salaried Professionals	Self-Employed
Application form with photographs	Application form with photographs	Application form with photographs
ID Proof and Address Proof	ID Proof and Address Proof	ID Proof and Address Proof
Last 6 Months bank statement	Last 6 Months bank statement	Last 6 Months bank statement
Processing Fee Cheque	Processing Fee Cheque	Processing Fee Cheque
A copy of title documents showcasing Land Holding	Latest Salary Slip	Proof of Business and Education certificates
Statement of last 2 years showing the loans availed (in case the borrower had applied)	Form 16	ITR, Last 3 years P/L account, Balance Sheet

HDFC Home Loan Tax Benefit-

If you have bought or constructed a house afresh using a housing loan, these are the tax deduction for home loan that you can avail of:

Section 80C

You can avail of deduction on the principal of the home loan repayment up to a cumulative limit (including provident fund, insurance premium etc.) of Rs.1.50 lakh per financial year.

Section 24

The interest that you pay on your home loan can fetch you a deduction of income up to

a) Rs.2 lakh in case the house is self-occupied
b) Without any limit if the house is rented out.

In case of a joint home loan, these tax deductions available on home loans can be enjoyed by the co-applicants separately, provided they are co-owners of the property and each of them is contributing to the home loan repayment. The actual amount of tax benefit enjoyed by each co-applicant is in proportion to their contribution in repayment of principal and interest, subject to the limits mentioned above.

Different types of Home Loan provided by HDFC Bank-

HDFC is known to cater to the variegated financial needs of the people by offering them different financial products like home loan, car loan etc. When it comes to a home loan, then HDFC bank has bifurcated its home loan products in the following categories:

Home Loan for Salaried and self-employed individuals- This is their primary home loan product for the salaried and self-employed professionals.
HDFC NRI Home Loan- This loan product has been specially developed for the Non-Resident Indians who are willing to invest in property in India.
HDFC Pre-Approved Home Loan– This loan is for those who are looking to negotiate with the sellers.
HDFC Home Improvement Loan – or popularly known as HIL is for those who are willing to make structural improvement in their house like painting, construction etc.
HDFC Home Loan Transfer-It is for those who want to shift their current home loan to HDFC for a better interest rate.
Home Extension Loan- If you are willing to add an extra room to your house or do any kind of modification, then HDFC offers you Home Extension Loan for the same. You might get confused between Home Extension Loan and Home Improvement loan, but an important point that differentiates the two is that the home extensions involves an increase in the total area of the house.
HDFC Home Loan for Agriculturalists- This home loan is for farmers, planters, horticulturists etc. who want to buy or build a home in villages. The bank doesn’t ask them to mortgage their land to get a home loan. The farmers also don’t need the Income Tax Returns to apply for a home loan from HDFC bank.
HDFC Rural Housing Finance-This loan is for the private sector and government employees for buying properties in rural residential.

Extra Charges While you are with HDFC Home Loan –

HDFC Bank doesn’t charges any hidden amount, but you must know the other charges that you might need to pay –

Type of Charges	Amount
Late Payment	Up to 24% per annum
Bounce Cheque charges	Rs. 500
PDC Swapping Charges	Rs.200
Cheque Swapping Charges	Rs. 500
Per statement charge in case of issuance of duplicate statement	NIL
Photocopy of Documents	Rs.500
Increase or Decrease in Loan Term	Up to Rs. 500 plus taxes

Why choose HDFC Home Loan via Loanyantra?

Well trusting a third party website for finalizing your loan provider can be a tough task for you, but at LoanYantra we make it simple. Our portal gives you an access to the whole new world of home loan providers. It’s a place where you can compare the interest rates, loan tenure, calculate EMI and also get to know which loan provider is the best for you. Here is what makes us stand out from the others:

A simple platform with a multitude of benefits– With just one click you can easily create the loan rates provided by different banks across the nation.
Unbiased Reports– We are a third party platform and hence all the data provided by us is not influenced by any of the banks or financial institutions. Be assured that you will get the correct and right information which will be in the best interest of the customer.
Easy to apply– Loanyantra wants to become a channel that can simplify your task of finding right lender and applying for the same. We help you with the complete procedure of home loan application and approval.
Time-Saving- Time is money and if you don’t want to waste time searching for the right bank, then you must long on loanyantra.com. We provide you with complete information and our team will help you complete all the paperwork in time so that you don’t waste your time running around.
No hidden charges– We don’t believe in bringing the cat out of the hat at the last moment. There are no hidden cost or charges that will leave you perplexed.

If you find this interesting and want to apply for home loan, then Loanyantra is the right platform for you. Our unbiased approach has made us carve a discernable niche for ourselves in the market. Moreover, we make sure that none of our customers face the hassle of running around and hence we also help you with door service. Connect with us today for easy home loan approval.

HDFC Home Loan New Interest Rates(January 2017)

Create a Space of your own with HDFC Home Loans. As expected, after SBI reduced the home loan interest rate, HDFC slashed its interest rates too.

Have a look at the HDFC home loan new interest rates.

RPLR – 16.30%

Loan Slab	Interest Rates (% p.a.)	RPLR Minus Spread
For Women (upto 75 lakhs)	8.65 to 9.15	RPLR – (7.65 to 7.15)
For Women (above 75 lakhs)	8.70 to 9.20	RPLR – (7.60 to 7.10)
For Others (upto 75 lakhs)	8.70 to 9.20	RPLR – (7.60 to 7.10)
For Others (above 75 lakhs)	8.75 to 9.25	RPLR – (7.55 to 7.05)

Who Can Apply

You can apply individually or jointly for HDFC Home Loans. All proposed owners of the property will have to be co-applicants. However, all co-applicants need not be co-owners. Generally co-applicants are close family members.

Loan Term

The maximum period of repayment of a loan shall be up to 30 years for the Telescopic Repayment Option under the Adjustable Rate Home Loan. For all other Home Loan products, the maximum repayment period shall be up to 20 years.
The tenure of the loan is also dependent on the customer’s profile, age of customer at maturity of loan, age of property at loan maturity, depending upon the specific repayment scheme as may be opted and any other terms which may be applicable based on prevalent norms of HDFC.

Processing Fees

Up to 1.25% of the loan amount or ₹ 3,000 whichever is higher, plus applicable taxes.

Prepayment Charges

Prepayment charges at a rate of 2% plus Taxes and Statutory levies and charges, as may be applicable from time to time, of the amount being prepaid are payable.

Conversion Fees

The fee payable to avail the conversion shall be 0.50% plus applicable taxes of the principal outstanding plus the undisbursed loan amount or Rs.50,000 plus applicable taxes, whichever is lower.

Property Insurance

Property Insurance is compulsory and the customer shall pay the premium amounts directly to the insurance provider, promptly and regularly so as to keep the policy / policies alive at all times during the pendency of the loan.

HDFC Home Loans Under Pradhan Mantri Awaaz Yojana

Interest subsidy of 6.25% p.a. upto a loan amount of Rs. 6 lakh 15 years or actual term, whichever is lower. And Family Income should not exceed Rs. 6 lakh per annum.

The rate cut comes after a nudge from Prime Minister Narendra Modi in his year-end speech, where he said that massive inflow of deposits spurred by the demonetization of high-value banknotes has led to a significant reduction in the cost of funds.

“Over the past couple of months we have seen a drop in our marginal costs of funds and as always HDFC has ensured that benefit is passed on to its customers,” said Renu Sud Karnad, Managing Director, HDFC.

For further reduction in interest rate, logon to www.loanyantra.com and get 0.10% discount for one year. For those who already logged in, get free loan management till the closure. Enjoy the cash back benefits by referring your friends.

Learn about the HDFC bank RPLR rate!

HDFC’s home loan interest rate is dependent and decided based on Retail Prime Lending Rate (RPLR).

If the base rate changes due to changes in the interest rates in the economy, your rate will be affected. This base rate typically varies from lender to lender, and so does their nomenclature. HDFC calls it the RPLR — Retail Prime Lending Rate. ICICI Bank uses the term FRR — Floating Rate Reference.

HDFC follows a three month reset cycle for its floating rate loans and hence the change in RPLR will impact all the existing customers over the next three month period depending on their date of first disbursement.

The maximum period of repayment of a loan shall be up to 30 years for the Telescopic Repayment Option under the Adjustable Rate Home Loan.

Here is the Historical Data for HDFC Bank’s Base Rate and Benchmark Retail Prime Lending Rate

April 13, 2015 Base Rate: 9.85% Benchmark Prime Lending Rate: 18.35%
November 02, 2013 Base Rate: 10.00% Benchmark Prime Lending Rate: 18.50%
August 03, 2013 Base Rate: 9.80% Benchmark Prime Lending Rate: 18.30%
March 30, 2013 Base Rate: 9.60% Benchmark Prime Lending Rate: 18.10%
December 31, 2012 Base Rate: 9.70% Benchmark Prime Lending Rate: 18.20%
June 30, 2012 Base Rate: 9.80% Benchmark Prime Lending Rate: 18.30%
August 13, 2011 Base Rate: 10.00% Benchmark Prime Lending Rate: 18.50%
July 12, 2011 Base Rate: 9.50% Benchmark Prime Lending Rate: 18.00%
May 12, 2011 Base Rate: 9.25% Benchmark Prime Lending Rate: 17.75%
March 14, 2011 Base Rate: 8.70% Benchmark Prime Lending Rate: 17.25%
February 24, 2011 Base Rate: 8.20% Benchmark Prime Lending Rate: 16.75%
January 01, 2011 Base Rate: 7.75% Benchmark Prime Lending Rate: 16.25%
October 05, 2011 Base Rate: 7.50% Benchmark Prime Lending Rate: 16.00%
July 01, 2010 Base Rate: 7.25% Benchmark Prime Lending Rate: 15.75%

Graphical representation :

Top 8 reasons why you can choose HDFC for your home loan :

*Home Loan for Properties Across India :

Through any of its offices across India and abroad, you can purchase properties from their current location.

*Interest subsidy :

Most PSUs offer interest subsidy facility on loans their employees take from banks or FIs. HDFC considers this interest subsidy as part income and offer high loan amounts to you.

*Tailor-made easy EMI Schemes ;

Besides the regular EMI scheme, they also have step up, FLIP and other payment plans to help you choose repayment scheme which is just right for you.

*Loans on Alternate Securities :

In case, it can’t accept the funded property as security on the loan, it offers loan against an alternate security. Any other immovable property can be taken as alternate security subject to its legal and technical clearance. HDFC will retain the documents of the property as well as of the collateral security.

*ADD-ON Loans on a single property :

You can avail of a Home Loan, Home Extension Loan, Home Improvement Loan, Top up loan or Loan against Property subject to total exposure on the property not exceeding the limit ascertained by HDFC from time to time. No additional security required.

*Subvention and Flexi payment schemes with reputed developers :

These are the two attractive schemes –

In subvention schemes, the interest of the home loan is borne by the developer, for a specific period.

In Flexi-payment schemes, the developer offers you discount in some form.

*Easy Access :

Door Step assistance is available by sales officers who provide complete information on the products.
Can also apply on the mobile site. m.hdfc.com
Complete online access to the home loan, where you can view all the related important information.

*Due-diligence of developer projects by the in house legal and technical team :

Developer projects are approved only after the due-diligence by the expert team, so that you can buy a legally sound property.

Hence, with the trends of rplr and the advantages you can make a wise decision regarding your home loan.