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|
|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
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:
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.
- 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|
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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:
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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.