HDFC Bank Home Loan
Apply for a housing loan with HDFC at low interest rates starting at 6.70% p.a. for up to 30 years. Get your home loan sanctioned in just 5 days. The HDFC home credit loan is specifically designed for salaried and self employed people. The bank not only offers a seamless mortgage loan process, but minimal documentation, easy to match home loan eligibility criteria and flexible repayment options. In addition to lower housing loan interest rates, you get the facility of balance transfer and top up loans.
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 6.70% 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
|1||Bank Name||HDFC Bank|
|2||Loan Type||Home Loan / Housing Loan|
|3||EMI Option Status||Available|
|4||Starting Interest Rate||6.70 % per annum|
|5||Maturity Period available||Up to 30 years|
|6||Loan Sanction Waiting-time||5 days|
|7||Minimum Eligible Credit Score||750 or above|
|8||Age Range||21 years to 65 years|
|9||Mode of Application||Available both online and offline|
|10||Available for||Both Salaried and Self-Employed|
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
- 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.
HDFC Bank Home Loan Interest Rates
HDFC Banks have the policy of a minimum interest rate of 6.70% per annum. Other than that, they also have the provision of Trufixed loans, in which the rate of interest remains the same for a fixed period of time, and after that, it is changed into an adjustable interest rate. There are a few different variations within the HDFC Bank Home loan Products. These are Home Loans, Home Improvement Loans, Home Extension Loans, Top Up Loans and Balance Transfer Loans. The interest rates vary depending on these types of loans.
Take a closer look at the home loan interest rates below:
|S. No.||Loan Slab||Salaried Person||Self-Employed Person|
|1||Individual with 750 or more credit score||6.70 %||6.70 %|
|2||Loan slab up to 30 Lakhs for Women||6.75 % to 7.25 %||6.75 % to 7.25 %|
|3||Loan slab up to 30 Lakhs for Others||6.80 % to 7.30 %||6.80 % to 7.30 %|
|4||Loan slab of 30 Lakhs to 75 Lakhs for Women||7.00 % to 7.50 %||7.00 % to 7.50 %|
|5||Loan slab of 30 Lakhs to 75 Lakhs for Others||7.05 % to 7.55 %||7.05 % to 7.55 %|
|6||Loan slab of 75 Lakhs or more for Women||7.10 % to 7.60 %||7.10 % to 7.60 %|
|7||Loan slab of 75 Lakhs or more for Others||7.15 % to 7.65 %||7.15 % to 7.65 %|
These are the adjustable home loan interest rates offered by HDFC Bank:
|S. No.||Loan Slab||Salaried Person||Self-Employed Person|
|1||Loan slab up to 30 Lakhs for Women||6.95 % to 7.45 %||6.95 % to 7.45 %|
|2||Loan slab up to 30 Lakhs for Others||7.00 % to 7.50 %||7.00 % to 7.50 %|
|3||Loan slab of 30 Lakhs to 75 Lakhs for Women||7.20 % to 7.70 %||7.20 % to 7.70 %|
|4||Loan slab of 30 Lakhs to 75 Lakhs for Others||7.25 % to 7.75 %||7.25 % to 7.75 %|
|5||Loan slab of 75 Lakhs or more for Women||7.30 % to 7.80 %||7.30 % to 7.80 %|
|6||Loan slab of 75 Lakhs or more for Others||7.35 % to 7.85 %||7.35 % to 7.85 %|
Here are the trufixed loan rates provided by the HDFC Bank:
|S. No.||Loan Slab||Salaried Person||Self-Employed Person|
|1||Loan slab up to 30 Lakhs for Women||7.40 % to 7.90 %||7.40 % to 7.90 %|
|2||Loan slab up to 30 Lakhs for Others||7.45 % to 7.95 %||7.45 % to 7.95 %|
|3||Loan slab of 30 Lakhs to 75 Lakhs for Women||7.55 % to 8.05 %||7.55 % to 8.05 %|
|4||Loan slab of 30 Lakhs to 75 Lakhs for Others||7.60 % to 8.10 %||7.60 % to 8.10 %|
|5||Loan slab of 75 Lakhs or more for Women||7.65 % to 8.15 %||7.65 % to 8.15 %|
|6||Loan slab of 75 Lakhs or more for Others||7.70 % to 8.20 %||7.70 % to 8.20 %|
Note: When opting for an HDFC Bank Home Loan, a processing fee, which is 0.50 % of the loan amount or INR 3,000, is involved, excluding all taxes.
Factors Affecting HDFC Bank Home Loan Interest Rates
The factors affecting HDFC Bank Home Loan interest rates are of dynamic nature.
- The major aspect affecting the interest rate is the type of interest that is being availed. The three types of interest offered by HDFC are special home loan rates, adjustable home loan rates, and Trufixed home loan rates.
- The rate at which RBI lends to banks also affects the rate at which banks sell their loans. This is known as the Benchmark Lending Rate. A common example of BLR is the repo rate.
- While giving out loans, the lender usually makes thorough calculations based on the risk involved. The higher the risk assessed, the higher the interest rate.
- The profile of the borrower significantly impacts the interest rates as well. This is why the creditworthiness of the borrower is carefully analysed by the lender company.
- Another important factor affecting the interest rate is the maturity period. The longer the tenure, the higher the interest rate.
- A variable factor is the location of the property.
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.
|S. No.||Type of Borrower||Specifications|
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.
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 6.70% 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 6.70 % per annum. There is a special offer for women with lower interest rates. The special home loan rates start with a minimum of 6.70 % to a maximum of 7.65 %. The adjustable-rate begins with 6.95 % to a maximum of 7.85 %. Tru-fixed loan rates begin with a rate of interest of 7.40 % to 8.20 %.
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 6.70 % to 7.65 %. The maximum home loan amount provided by HDFC Bank is INR 10 crores.
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