HDFC Bank Home Loan

Features and Benefits of HDFC Bank Home Loan

Of the many benefits associated with opting for an HDFC Bank Home Loan, the one that definitely stands out is its flexibility with the loan repayment duration. Some of the features and benefits of HDFC Bank home loan are as follows:

• HDFC Bank is one of the most trusted and leading experts in the industry, with over 35 years of experience
• It is easy and quick to avail of an HDFC home loan.
• The bank offers a refundable home loan processing fee. (There will be a small percentage of retention)
• Provides affordable EMI options and flexible repayment terms.      
• Adheres to transparent procedure with no hidden charges.
• Sanctions pre-approved loans for specific customers with good credit scores.
• Offers attractive interest rates
• Option of choosing different types of home loans such as regular home loans, home improvement loans, home extension loans, top-up loans and balance transfers.

HDFC Bank Home Loan Overview

Headquartered in the city of Mumbai, Maharashtra, HDFC Bank is the largest private sector bank in India and the 10th largest in the world (based on 2021 market capitalisation). A reputed and trusted financial organisation, it offers a plethora of products to its customers across diverse sectors. Availing an HDFC Bank home loan is one of the easiest owing to its smooth online application process, quick loan amount disbursal and minimal documentation process. Understanding the various needs of its customers, HDFC not only offers loans for buying properties but also for land purchases and home renovation. 

• Interest rates start at 8.60% p.a.
• Flexible repayment tenures with the maximum being 30 years
• Minimum to maximum loan amount ranges from INR 1 lakh to INR 10 crores

Eligibility Criteria for Getting an HDFC Bank Home Loan

There are a few different layers of analysing the eligibility criteria for availing of an HDFC Bank Home Loan. 

Firstly, consider whether you belong to the following group of people:

• Citizens of India
• Non-Resident Indians with identity documents
• Salaried
• Self-employed
• Farmers
• Planters
• Horticulture workers
• Dairy farmers

The other layer of eligibility will totally depend on your loan repayment capacity and your earnings. It has also been noted that HDFC Bank considers the age of the individual seriously. Other than that, some of the factors affecting the HDFC home loan eligibility are educational background, the income of your spouse, dependent children, parents or other family members, collateral advantage, credit history, savings history, employment status (permanent/temporary), etc.

HDFC Home Loan Fees and Charges

For a home loan, HDFC Bank charges an individual INR 3000 as a processing fee. It is either that or 0.50 % of the loan principal. The amount that is higher in value will be considered out of the two options. Also, taxes are separately added to the processing fee. There will also be a retention charge that is half of the processing fee or INR 3000, whichever is higher. 

The other kinds of charges are:

• Fees are paid to an expert advisor for their tips on loan assessment. The payment is made to the consultant directly for their contributions.
• A recurring payment is to be made to the insurance policy applied over the property.
• There could be potential charges on delayed loan payments.

Documents Required for HDFC Bank Home Loan

It is indeed a huge relief to own a house. For many, bank loans are a tool to avail tax benefits, but to others, it's a necessity. With HDFC Bank home loans, customers are getting numerous benefits. However, to complete the process smoothly, the borrower needs to submit some documents essential to establish the borrower's identity and repayment capability. 

• Interest form along with passport size photographs.
• Identity Proof
• Residence Proof
• Bank statement from the period of the past 6 months
• Processing fee payment

There are some other documents that will differ depending upon the type of borrower. 

How Does the EMI Calculation Work for HDFC Bank Home Loan?

An EMI calculator is an essential self-help tool that assists in calculating the monthly recurring payments once the loan is sanctioned. It not only helps foresee the tentative payment structure through the repayment term but also acts as a financial planning visualiser for the loan applicants. 

The HDFC EMI Calculator needs three types of data to calculate the home loan EMI amount. These include the loan amount, loan tenure and the interest rate. The users have to adjust as per their requirements, and the EMI will be automatically calculated in real-time. Users can make a note of the amount shown therein.

How is HDFC Bank Different from Other Lenders?

There are multiple reasons why HDFC Bank is a top pick for customers to buy a financial product over its counterpart lenders. The bank has a huge funding base, especially from foreign investors. A report even showed that the share of foreign institutional investors for HDFC Bank was larger than their Indian counterparts. Moreover, HDFC Bank is considered to be a one-stop shop for all kinds of financial products. It is also one of the first banks to invest in the National Stock Exchange and Goods and Services Tax Network.

HDFC Bank Home Loan Customer Care Number

The HDFC Bank is accessible to the customers via their Customer Care Helpline Number, 1800-2100018. The bank also has regional customer care numbers in 33 cities across India. These numbers can be accessed through their official website.