HDFC Home Loan is the pioneer in housing loans in India with over 35 years of lending experience. HDFC bank does not provide a loan. It is HDFC Ltd that offers loans. HDFC has always contributed to the economic development and social upliftment of the weaker segment of society.
Since housing loan is a long-term relationship, the lender should have numerous factors like transparency right through the loan process, quality of the service offered trust, integrity, and professional service. HDFC has all of these qualities and already won the trust of million customers by satisfying their needs.
HDFC home loan India offers a range of loan products like purchase and construction of housing property, improvement loan or addition loan, loans to professional for offices or clinic, property loan, loan for land, rural loan and short bridging loan, etc.
HDFC offers housing loans for up to 80% of the agreement value of the property with easy repayment options that will match individual needs. Lenders no longer finance the stamp duty and registration charges. Loans are repaid by way of Equated Monthly Installments (EMI) within the applicable tenure.
Home loans are offered with both fixed and floating rates of interest.
HDFC Home Loan Purpose:
- Balance transfer (refinance) of an existing loan from another lender
- Property in existing or planned co-operative housing society
- Flat, bungalow, and chain house
- Existing properties
- The first power of attorney purchases in Delhi for DDA flats allotted before 1992
HDFC Home Loan Features & Eligibility:
Age: Entry age is 21 to 60 years
Co-applicants allowed: Parents, spouse, children, brother
Rate of Interest: HDFC home loan interest rate can be fixed or floating rate of interest as decided by the borrower.
EMI: Lower EMI from Rs.659/Lac onwards
Loan amount: The loan amount is calculated subject to the eligibility of the borrower.
Eligibility Criteria: HDFC Home loan eligibility criteria for loan include age, income, occupation, past repayment record, and credit report as per CIBIL.
Tenure: Loans are offered up to the tenure of 30 years but under pure fixed rate, loan tenure is 20 years. Loans are offered up to age till you are employed or 70 years of age whichever is earlier.
Processing fees: 0.50% of the loan amount plus applicable service tax and cess
Prepayment penalty: No prepayment penalty is charged.
Advantages of taking housing loan through HDFC Ltd
- Choice of Fixed and floating rate of interest
- Lower rate of interest
- Online loan application form availability and instant approval
- Online and fast processing of loan application
- Flexibility in repayment of the loan
- Most empowered and experienced workforce to ensure smooth processing of a loan
- Get a loan approved even before selecting the property
- Safe storage of documentation
HDFC brings convenient repayment like:
- Step up Repayment
- Flexible loan installments plan
- Trache based EMI
- Accelerated Repayment scheme
- Telescopic Repayment option
Interest rate under HDFC Ltd:
Floating Home Loan
Upto Rs 30 Lakhs – 6.95% to 7.50%
From 30 Lakhs to 75 Lakhs – 7.20% to 7.75%
75 lakhs to Above – 7.30% to 7.85%
Source – https://www.hdfc.com/housing-loans/home-loan-interest-rates
HDFC also offers home loan to NRI’s and special scheme for rural areas. Individuals, who want to buy a new house property and are waiting for sale of their existing house, can avail Short Term Bridging loan. Maximum Term of the loan is 2 years during which lender will provide interim finance till the property.