HDFC Bank Home Loan

HDFC Bank
4.5

HDFC Bank Home Loan offers the lowest interest rates in the current market. After applying, the home loan gets sanctioned within a few days. The Home Loan has been specially designed for salaried and self-employed persons. The loan has a low-interest facility to transfer the balance and top-up loans. In addition, you can consolidate your existing high-interest loans to repay them at better interest rates and flexible tenures.

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HDFC Bank

HDFC Bank Home Loan

  • Interest Rate

    8.35% - 9.4%

  • Loan Amount

    ₹1L - ₹10Cr

  • EMI Per Lakh

    ₹2,044 - ₹2,095

  • Processing Fees

    ₹4,999 One time fee
  • Pre-Payment Charges

    • 4% of the outstanding principal (loan tenure between 13 - 24 months)
    • 3% of the outstanding principal (loan tenure between 25 - 36 months)
    • 2% of the outstanding principal (loan tenure if over 36 months)
    ... more

Plan Offered

Term Loan

Showing Data for CIBIL Score 780 - 1000

HDFC Home Loan

  • CIBIL: 780 - 1000

  • CIBIL: 750 - 779

  • CIBIL: 700 - 749

HDFC Home Loan

CIBIL: 780 - 1000

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CIBIL Score range

  • CIBIL: 780 - 1000

  • CIBIL: 750 - 779

  • CIBIL: 700 - 749

  • CIBIL: 0 - 700

Showing Data for CIBIL Score 780 - 1000

  • Self-Employed (Non-Professional)
  • Self-Employed
  • Salaried
Loan AmountLoan TypeMen (ROI)Women (ROI)
Any Loan AmountNew8.40%8.40%
  • Self-Employed (Non-Professional)
  • Self-Employed
  • Salaried
CityLoan AmountLoan TypeMen (ROI)Women (ROI)
MumbaiAny Loan AmountNew8.40%8.40%
PuneAny Loan AmountNew8.40%8.40%
Kalyan-DombivaliAny Loan AmountNew8.40%8.40%
Pimpri-ChinchwadAny Loan AmountNew8.40%8.40%
ThaneAny Loan AmountNew8.40%8.40%
Vasai-VirarAny Loan AmountNew8.40%8.40%

Last updated on: 28, Feb 2024

StepUp Loan

Showing Data for CIBIL Score 780 - 1000

HDFC Step Up Home Loan

  • CIBIL: 780 - 1000

  • CIBIL: 750 - 779

  • CIBIL: 700 - 749

HDFC Step Up Home Loan

CIBIL: 780 - 1000

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CIBIL Score range

  • CIBIL: 780 - 1000

  • CIBIL: 750 - 779

  • CIBIL: 700 - 749

  • CIBIL: 0 - 700

Showing Data for CIBIL Score 780 - 1000

  • Salaried
Loan AmountLoan TypeMen (ROI)Women (ROI)
Any Loan AmountNew8.50%8.50%
  • Salaried
CityLoan AmountLoan TypeMen (ROI)Women (ROI)
MumbaiAny Loan AmountNew8.50%8.50%

Last updated on: 28, Feb 2024

ABB

Showing Data for CIBIL Score 780 - 1000

HDFC ABB Home Loan

  • CIBIL: 780 - 1000

HDFC ABB Home Loan

CIBIL: 780 - 1000

CIBIL Score range

  • CIBIL: 780 - 1000

Showing Data for CIBIL Score 780 - 1000

  • Self-Employed (Non-Professional)
  • Self-Employed
Loan AmountLoan TypeMen (ROI)Women (ROI)
Any Loan AmountNew8.40%8.40%
  • Self-Employed (Non-Professional)
  • Self-Employed
CityLoan AmountLoan TypeMen (ROI)Women (ROI)
MumbaiAny Loan AmountNew8.40%8.40%
PuneAny Loan AmountNew8.40%8.40%
Kalyan-DombivaliAny Loan AmountNew8.40%8.40%
Navi MumbaiAny Loan AmountNew8.40%8.40%
Pimpri-ChinchwadAny Loan AmountNew8.40%8.40%
ThaneAny Loan AmountNew8.40%8.40%
Vasai-VirarAny Loan AmountNew8.40%8.40%

Last updated on: 28, Feb 2024

Gross Professional Receipt

Showing Data for CIBIL Score 780 - 1000

HDFC GPR Home Loan

  • CIBIL: 780 - 1000

HDFC GPR Home Loan

CIBIL: 780 - 1000

CIBIL Score range

  • CIBIL: 780 - 1000

Showing Data for CIBIL Score 780 - 1000

  • Self-Employed (Non-Professional)
  • Self-Employed
Loan AmountLoan TypeMen (ROI)Women (ROI)
Any Loan AmountNew8.70%8.70%
  • Self-Employed (Non-Professional)
  • Self-Employed
CityLoan AmountLoan TypeMen (ROI)Women (ROI)
MumbaiAny Loan AmountNew8.70%8.70%
All CitiesAny Loan AmountNew8.70%8.70%

Last updated on: 28, Feb 2024

GST Based

Showing Data for CIBIL Score -

HDFC Home Loan - GST Based

  • CIBIL: -

HDFC Home Loan - GST Based

CIBIL: -

CIBIL Score range

  • CIBIL: -

Showing Data for CIBIL Score -

  • Self-Employed (Non-Professional)
Loan AmountLoan TypeMen (ROI)Women (ROI)
Any Loan AmountNew8.70%8.70%
  • Self-Employed (Non-Professional)
CityLoan AmountLoan TypeMen (ROI)Women (ROI)
MumbaiAny Loan AmountNew8.70%8.70%

Last updated on: 28, Feb 2024

Features & Benefits of HDFC Bank Home Loan

HDFC Bank offers the following features and benefits to the customers:

  • Low in Interest Rates: HDFC offers one of the most competitive interest rates for home loans, starting at just 8.40 % per annum. This rate ranks among the best in the market, offering you the opportunity to make significant long-term savings and effectively reduce the overall cost of your loan. Hence, you can confidently proceed to purchase your dream house without worrying about hefty EMIs.
  • High in Loan Tenure: HDFC Bank grand you the freedom to tenure your home loan based on your repayment capability. I.e., with a range of 5 to 30 years, you can adjust your home loan EMIs that align with your monthly budget and effectively minimise the chances of default. Moreover, you have the flexibility to begin with lower EMIs and gradually increase them as your income grows, ensuring a comfortable repayment journey.
  • Generous Loan Amount: If you are looking for a home loan with a substantial loan amount, HDFC Bank may be the ideal choice for you. As Apply for HDFC Bank home loan, you can avail of 90 per cent of the property cost or loan amount above Rs. 75 lahks. However, it is crucial to recognise that the ultimate loan quantum is contingent upon several factors. These factors include your CIBIL Score, income level, property demand, and overall creditworthiness.
  • Completely Online Process: Say goodbye to tedious paperwork and time-consuming bank visits and instead embrace the convenience of HDFC Bank home loan online apply. You can apply for a home loan online and avail of the end-to-end digital process and 24x7 assistance. The process would hardly take a few minutes; once your application is approved, the funds will swiftly be transferred to your account.
  • Moderate Eligibility Criteria: When it comes to HDFC Bank home loan eligibility criteria, the Bank won’t demand much; only the requirement is enough. Typically, HDFC Bank home loan requirements include factors such as age, income, credit score, and property value. To check your eligibility, you can utilise the HDFC Bank home loan eligibility calculator. This calculator is conveniently available on the official HDFC Bank website or on the Urban Money website, enabling you to assess your eligibility with ease.
  • Multi-Purpose Loans: HDFC Bank home loans allow you to do much more than just buy a property or house. You can avail of HDFC housing finance to purchase a ready-made or under-construction housing property, buy a plot and construct a house on it, extend or renovate your house, transfer your outstanding house loan balance, and much more.
  • Tax Benefit: By availing of an HDFC Bank home loan, you become eligible to claim tax deductions in accordance with the provisions of Section 24(b) of the Income Tax Act, 1961, or under Section 80C of the same act, subject to specific conditions and limits. It is important to note that this deduction becomes available once the construction of the property is completed and you have obtained the possession certificate. To gain further insights into your tax benefits, you can utilise the Urban Money tax benefit calculator, available on the official Urban Money website.

Don't miss to Check: HDFC Bank Home Loan Interest Rates

HDFC Bank Home Loan - An Overview

Buying a house is a dream for many individuals. However, giving such a dream into life requires a lot of financial planning. And taking a Home Loan may be the only viable option for them to accommodate their dream home within their budget.

A home loan refers to a sum of money borrowed from a financial institution to buy or construct a house. It offers substantial financing for longer tenures at fixed or variable interest rates to assist homebuyers. Typically, a home loan is categorised as a secured loan, and the property being acquired serves as collateral that remains with the lender until the borrower has fully repaid the loan amount.

Applying for an HDFC Bank home loan ultimately simplifies the process of fulfilling your dream of buying or constructing a house. With their offerings of generous loan amounts, competitive interest rates, and flexible repayment options, HDFC Bank offers tailor-made home loans that eliminate any potential hassles. Moreover, the Bank requires minimal documentation and ensures instant approval, providing you with a seamless experience throughout the loan application process.

HDFC Bank Home Loan Fees and Charges

Before you apply for an HDFC Bank home loan, it's essential to be aware of the various fees and charges associated with the loan. And following are the fees and charges of HDFC Bank home loan:

Type of Charge Amount
Interest rates 8.40 % p.a onwards
Loan amount Based on the customer profile
Processing fee Up to 0.50%
Max Tenure 30 Years
Pre-Payment/foreclosure Penalty  Upto 2%
Cheque Bounce Charges Rs 200

Documents Required for HDFC Bank Home Loan

The following are the important documents required for HDFC Bank home loan that all the applicants/co-applicants need to submit along with the signed application form for the loan approval:

Proof of identity 

  • Passport
  • Voter Card 
  • Adhaar Card 

Proof of residence 

  • Ration Card
  • Adhaar Card
  • Bank Account Statements
  • Property Tax Receipts
  • Utility Bills

Proof of income 

  • PAN Card
  • Last 3 months' Salary Slips
  • Last 6 months Bank Statements showing salary credits
  • Latest Form-16 and IT returns
  • Income Tax Returns along with computation of income for the last 3 Assessment Years (Self-employed person)
  • Last 3 years Balance Sheet and Profit & Loss A/c Statements, with Annexures / Schedules (Self-employed person)
  • Last 6 months' Current A/c Statements of the business entity and Savings Account Statements of the individual (Self-employed person)
  • TAN Card (Self-employed person)

Proof of Property 

  • Title Deeds of the Plot 
  • Proof of no encumbrances on the property
  • Copy of the plans, approved by the Local Authorities
  • Copy of the agreement to sell (if already executed)

Other Documents

  • Own Contribution Proof
  • Passport-size photograph of the applicant / co-applicants
  • Cheque for processing fee favouring HDFC Bank Ltd.

For more details about the documents required for HDFC Bank home loan, please contact the nearest branch of HDFC Bank.

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

HDFC Bank adopts the Equated Monthly Instalment (EMI) method for loan repayments. I.e., borrowers make a fixed EMI payment each month, which comprises both the principal amount and the applicable interest. And the calculation is based on a standard formula that takes into account the loan amount, the interest rate, and the loan tenure. The formula is:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where,

  • P = Loan principal amount
  • R = Monthly interest rate
  • N = Loan tenure in months

Notably, by utilising online EMI calculators, individuals can effortlessly determine the Equated Monthly Instalment (EMI) for their HDFC Bank Home Loan. To access this convenient tool, you can visit either the Urban Money website or the official website of HDFC Bank.

Don't miss to Check: HDFC Home Loan EMI Calculator

Balance Transfer HDFC Bank Home Loan

A balance transfer is a process of transferring the outstanding home loan balance from one lender to another in order to avail of lower interest rates, longer tenure, additional top-up loan, or better terms. By opting for a balance transfer with an HDFC Bank home loan, you can effectively reduce your monthly EMI amount and achieve substantial savings on the overall interest cost of your home loan.

The balance transfer process involves the following steps:

  • You need to inform your current lender that you want to transfer your home loan and obtain a no objection certificate (NOC) or consent letter from them.
  • You need to apply for a home loan with the new lender and submit the required documents, such as KYC, property papers, loan statement, NOC, etc.
  • The new lender will verify your documents and eligibility and pay off the outstanding loan amount to your current lender.

You can use the Home loan balance transfer calculator to compare the benefits of transferring your home loan from one lender to another. You just need to enter the details of your existing loan and the new loan offer, and the calculator will show you how much you can save by doing a balance transfer.

FAQs

From refinancing to reducing your interest, we have the answers right here.

Is HDFC Bank Home Loan tax-saving?

HDFC Bank home loans are a valid part of the Income Tax Act of 1961. This means that any person who has purchased a home loan from HDFC Bank can reclaim his/her tax deductions for up to INR 1.5 Lakhs. While filing the ITR, the borrower has to show his recurring loan payment bank statement along with the loan sanction documents.

What is the minimum salary required for HDFC Bank Home Loan?

The lowest monthly salary requirement to avail of an HDFC home loan is INR 10,000. In the case of a business, the least annual revenue turnover should be INR 2 Lakhs.

Can two home loans be taken at the same time?

As far as Indian law is concerned, there are no such constraints in terms of a maximum number of loan sanctions. If an individual is looking to buy x number of properties, they can take x number of loans to cover their expenses. If a particular bank you are looking to get a loan from is satisfied with your repayment capacity, they can immediately sanction your multiple loan applications.

Does HDFC Bank provide home loans at the best rate?

HDFC Banks provide home loans at a minimum of 8.60% interest rate. With such competitive loan interest rates, HDFC Banks also provide easy and affordable EMI options with a repayment period that extends up to 30 years. The interest rate varies with different types of loans along with different types of borrower status.

What is the interest rate of a home loan in HDFC Bank?

The interest rate for a home loan in HDFC Bank is at a minimum of 8.60 % per annum. There is a special offer for women with lower interest rates. The special home loan rates start with a minimum of 8.60 % to a maximum of 9.50 %. 

How to check home loan status in HDFC Bank?

HDFC Bank Home loan applications can be monitored simply by heading to their official website. When you hover over the Existing Customer tab, there will be a dropdown from which you can select the Home Loan option. Locate the customer login option, clicking on which will take you to a new window. Log in with your Loan Account Number and date of birth, or enter your user ID and password. The loan details will be accessible from the dashboard.

What is the maximum and minimum home loan amount I can get from HDFC Bank?

You can get a minimum of up to INR 30 Lakhs for a home loan from HDFC Bank. The interest rate will vary from 8.60 % to 9.50 %. The maximum home loan amount provided by HDFC Bank is INR 10 crores.

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