Urban Money

Hero FinCorp Home Loan

Hero FinCorp
4.5

You can conveniently apply for Shriram home loan and enjoy the benefits of a competitive Shriram home loan interest rate. You also get the benefit of a highly convenient Shriram home loan online application procedure. Shriram offers home loans for borrowers with flexible terms and conditions.

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Check Hero FinCorp Home Loan Eligibility

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Urban Money

Home Loan Banks

Interest Rate

Processing Fee

Loan Amount/Tenure

Hero FinCorp Home Loan Interest Rate

9.5%

Up to 3%

₹10L - ₹5Cr

Tenure(Up to 30 Years)

Details

Features & Benefits of Hero FinCorp Home Loan

  • A home loan with quick documentation. 
  • Up to 50% higher amounts. 
  • Options for lowering EMIs by 20%. 
  • 30-year loan tenures for both self-employed and salaried applicants. 
  • The higher age limits up to 75 for self-employed borrowers and pensioners with 70 years for salaried applicants. 

Hero Fincorp Home Loan Overview

Hero Housing Finance is a subsidiary entity of Hero Fincorp and offers home loans at attractive interest rates to customers with several other benefits. You can readily apply for Hero FinCorp home loans throughout the country to buy under-construction or ready to move residential properties or even for constructing, improving or expanding a house. You can choose Hero FinCorp home loan online application options with maximum amounts going up to Rs. 5 crores.

Hero FinCorp Home Loan Eligibility Criteria

Here are some of the Hero Fincorp home loan requirements:

  • Age limit (at time of loan maturity) - Up to 70% or retirement for salaried applicants and up to 75 years for self-employed applicants. 
  • The minimum age of the applicant should be 18 years. 
  • Maximum loan amount- Rs. 5 crore. 
  • Thirty years is the highest loan tenure. 
  • Monthly income commensurate with the amount applied.  
  • Credit score and repayment track record as deemed fit.

Factors Affecting Eligibility

  • Gross monthly income
  • Loan tenure
  • Co-applicant or not
  • Profession 
  • Purpose of home loan
  • Debt to Income Ratio (existing debts against income) 

Hero FinCorp Home Loan Fees & Charges

When you apply online for Hero FinCorp home loans, you will find the applicable charges. They include the following:

Hero FinCorp Home Loan Interest Rates

The bank charges competitive interest rates from 9.50% onwards. The minimum loan amount is Rs. 10 lakh. The loan tenures are up to 30 years for salaried applicants and 20 years for self-employed applicants. The LTV (loan-to-value) ratio is up to 90% of the property value.

Factors Affecting Hero FinCorp Home Loan Interest Rates

There are many factors impacting home loan interest rates at Hero FinCorp. They include the following:

Your age Loan Tenure
Nature of employment Whether co-applicant or not
Monthly income Credit score and loan track record
Existing Debts

Documents Required for Hero FinCorp Home Loan

The following documents required for Hero FinCorp home loans are a must:

Identity, residence, and age proof. Proof of income for salaried applicants.
Property documents (if you have chosen your property). Current loan details if applicable.

How does the EMI Calculation Work for Hero FinCorp Home Loans?

The EMI calculation is a simple procedure for availing Hero FinCorp home loans. Just enter the rate of interest, tenure and home loan amount. It will give you the EMI results that you require.

How Hero FinCorp Compares With Other Lenders?

As you have seen, Hero FinCorp offers interest rates from 9.50% onwards with processing charges of 1-3%. 

Here is a list of other lenders with their starting interest rates and processing charges: 

Name of the Financial Institution  Interest Rates from (per annum) Processing Charges 
Citibank 6.75% Rs. 10,000
Kotak Mahindra Bank 6.55% 0.50%
Central Bank of India 6.85% Rs. 20,000
Bank of Baroda 6.50% Rs. 8,500 - Rs. 25,000
Bank of India 6.85% Rs. 1,500 - Rs. 20,000
Union Bank of India 6.40% -
Axis Bank 6.90% Rs. 10,000
LIC Housing Finance 6.90% Rs. 10,000 -Rs. 15,000
HDFC LTD 6.70%* Rs. 3,000 - Rs. 5,000(plus taxes)*
State Bank of India 6.75% 0% - 0.35%
Punjab and Sind Bank 6.85% Full Waiver
Canara Bank 6.90% Rs. 1,500 - Rs. 10,000
Bank of Maharashtra 6.40% Rs. 10,000
IDFC First Bank 6.50% Rs. 5,000 - Rs. 5,000
Punjab National Bank 6.50% 0.35% (Max Rs. 15,000)
Indian Overseas Bank 7.05% 0.50% (Max Rs. 20,000)
UCO Bank 6.90% 0.15% (Rs. 1,500 - Rs. 15,000)
United Bank of India 8.00% 0.59% (Rs. 1,180 - Rs. 11,800)
IDBI Bank 6.75% 0.50% (Rs. 2,500 - Rs.5,000)
DBS Bank 7.30% 0.25% (Rs. 10,000)
Karur Vysya Bank 7.20% Rs. 5,000
HSBC Bank 6.45% 1% (Rs. 10,000)
Jammu and Kashmir Bank 7.20% Rs. 500 - Rs. 10,000
Saraswat Bank Home Loan 6.70% Nil
PNB Housing Finance 6.99% 0.25% - 0.50% (Rs. 10,000)
South Indian Bank 7.85% 0.50% (Rs. 5,000 - Rs. 10,000)
Standard Chartered Bank 7.99% 1%
Federal Bank 7.65% Rs. 3,000 - Rs. 7,500
Karnataka Bank 7.50% Rs. 250
Aavas Financiers 8.00% 1.00%
Dhanlaxmi Bank 7.85% Rs. 10,000
Sundaram Home Finance 6.95% Rs.3,000 (for salaried)
Tamilnad Mercantile Bank 8.25% Rs. 15,000
Tata Capital 6.90% 0.50%
DHFL Housing Finance 8.75% Rs. 2500
IIFL 10.50% 1.25%
Bandhan Bank 8.50% 1% (Rs.5,000)
Yes Bank 8.95% 1% (Rs. 10,000)
Indiabulls 8.65% 2%
GIC Housing Finance 7.45% Rs. 2,500
Aditya Birla 9.00% 1%
Reliance Home Finance 9.75% Rs. 3,000 - Rs. 6,500
India Shelter Finance 12.00% 2.00%
Shriram Housing 8.90% NA

Balance Transfer Hero FinCorp Home Loan

There are three balance transfer or home loan top-up programs at Hero FinCorp. Government employees can get 30-year (maximum tenure) home loans with a maximum age limit of 60 years. The LTV is 90% for loans up to Rs. 30 lakh, while it is 80% for loans between Rs. 30-75 lakh and 75% for loans higher than Rs. 75 lakh. The same applies to other borrowers and pensioners as well. There are several attractive balance transfer offers available at Hero FinCorp.

Hero FinCorp Home Loan Customer Care Number

You can contact this number- 1800 212 8800. It is the customer care number at Hero FinCorp

FAQs

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

Is a home loan a tax-saving deduction?

Yes, a home loan is a tax saving instrument. You can get up to Rs. 1,50,000 as deductions on principal amount repayment under Section 80C and also up to Rs. 2,00,000 as a deduction on interest repayment under Section 24. There are sops up to Rs. 50,000 for first-time homebuyers as well, subject to certain conditions. 

What is the minimum salary for a home loan?

The minimum salary for availing of a home loan is usually Rs. 25,000.

Can I take two home loans at a time?

Yes, you can obtain two home loans simultaneously provided you have the repayment ability in terms of your monthly income and financial position. There is no official limit on the number of home loans that you can take. 

When does the loan repayment period start?

The loan is repaid in EMIs containing both interest and principal components. Repayment begins from the month after the month in which you take the total disbursement of the home loan amount.

When do home loan EMIs start?

Home loan EMIs usually start after the completion of the property and after possession has been taken by the borrower. This is called the subvention scheme. In other cases, the full EMI starts after the completion of the property while borrowers may pay the pre-EMI in the initial stages after the moratorium period.

Does Hero FinCorp provide home loans at the best rate?

Hero FinCorp provides home loans at competitive rates starting from 9.50% onwards. 

What is the interest rate of home loans in Hero FinCorp?

Hero FinCorp offers home loans to customers from 9.50% onwards. 

What are the benefits Hero FinCorp provides on a home loan?

Hero FinCorp offers home loans with seamless documentation along with higher loan amounts of up to 50%. It also offers options to lower your EMI by 20% along with maximum loan tenures of 30 years for all categories of applicants. The age limit is also enhanced up to 70 years and 75 years for salaried and self-employed applicants respectively.

Does Hero FinCorp have a fixed rate of interest on a home loan?

Hero FinCorp offers options to customers for choosing between floating and fixed rates of interest. It will directly affect the EMI. With the floating interest rate, the EMI will change periodically, while it will stay fixed with the fixed interest rate.

What are the documents required in Hero FinCorp for a home loan?

The documents required are the present loan details, residence, age and identity proof, proof of income and property documents in case the property has already been identified by the borrower.

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