HDFC has become a household name that every Indian proudly reckon with. Having fulfilled the dreams of over 5.4 million customers, HDFC Housing Finance Ltd. continues to enjoy the space in the home loan segment with its varied availability of customized solutions.
CIBIL Scores are used by banks or lenders to check the creditworthiness of loan applicants or borrowers. A CIBIL Score for HDFC Home Loan is 750 and above is considered to be very good.
HDFC, just like any other lender, checks applicants’ scores from the Credit Information Report (CIR) developed by CIBIL. Based on the credit score they decide if the applicant should be granted a loan. If the credit score is low, the bank can still grant you loan at a higher rate of interest depending on the information available in the applicant’s credit information. The more creditworthy you are, the less a negative score affects your chances of being approved for a loan.
HDFC Bank is one of the leading banking and financial institutions in India. HDFC Bank besides offering numerous banking products and services to its customer is also considered as one of the principal providers of loan products in the market. Thousands of satisfied customers affirm the expertise of the bank in the loan sector. The personnel engaged in the loan sanction process are highly experienced with the bank empowering them to deliver great service so that the loan process becomes smooth and hassle-free for the bank’s customer.
The HDFC Bank home loan is one of the most prominent products offered by the bank and the application process is quick, competent and transparent. Personal loans are one of the many types of loans offered by the bank. They are typically categorised as general purpose loans which you can avail from the bank at the time of an emergency for anything such as consolidation of debt or paying for an unexpected expense. These are unsecured loans, as borrowers do not need to offer anything as collateral to the lender bank.
There are no hidden charges with the HDFC Bank home loan and the bank provides the list of charges upfront whenever anyone seeks to apply for a loan. The payment options for the repayment of the loan are flexible in nature so that the customer does not have to worry about such factors while applying for the loan. Moreover, the documents required while applying for the loan are stored with the bank in a safe and secure manner.
HDFC Home Loan Interest Rate & Other Details:
The applicable interest rates offered by HDFC Home Loan are as under:
- For General Customers(up to Rs. 75 lakhs) – 9.20%-9.70% p.a.
- For General Customers(above Rs. 75 lakhs) – 9.25% -9.75% p.a.
- For Women (upto Rs. 75 lakhs) – 9.15% -9.65% p.a.
- For Women(above Rs. 75 lakhs) – 9.25%-9.75% p.a.
- HDFC Housing Finance charges processing fee up to 0.50% of the loan amount or Rs.11,500 whichever is minimum.
- The maximum loan tenure of HDFC Home loan is 30 years.
- Loan to Property cost applicable on this loan is chargeable for different amounts of loan as:
- 90% of the property cost for loans up to and including ₹ 30 lakhs.
- 80 % of the property cost for loans starting from ₹ 30.01 lakhs to ₹ 75 lakhs.
- 75% of the property cost for loans starting above ₹ 75 lakhs.
Features of HDFC Home Loan:
- Home loans are available for the purchase of either a new home or a resale home, construction of a new home or purchase of a property, transfer of home loan from your lender to HDFC.
- HDFC Home loans are provided at a reasonable rate of interest that makes your Home loan affordable and lighter on your pocket.
- No hidden charges.
- Customized repayment options to accommodate your needs.
- Integrated branch network for obtaining and servicing the loan anywhere in India.
- Special arrangement facility with AGIF for Home Loans for the applicants employed in the Indian Army.
HDFC Home Loan Eligibility:
- HDFC Home loans can be applied either individually or jointly with a co-applicant.
- All proposed owners of the property will have to be taken as co-applicants. Ideally, co-applicants need to be immediate family members.
- HDFC Home Loans are offered to salaried and self-employed individuals. The proposed borrower must have all the requisite documents for validating his/her status.
- The maximum tenure for repayment of HDFC Home loan shall be up to 30 years for the Telescopic Repayment Option which is applied only on the Salaried/Self-employed individuals under the Adjustable Rate Home Loan. For the remaining home loan products, the maximum repayment tenure shall be up to 20 years.
- The tenure of the home loan is dependent upon the customer's risk profile, the age of customer at maturity of the loan, the age of property at loan maturity, subject to the specific repayment scheme as may be opted and any other terms applicable based on prevalent norms of HDFC.
Documents Required for HDFC Home Loan:
The following documents are required by applicants of HDFC Home Loan:
Identity and Residence Proof:
- Valid Passport
- Voter ID Card
- Aadhar Card
- Valid Driving License
Proof of Income:
- Last 3 months' Salary Slips
- Last 6 months' Bank Statements, showing salary credits
- Latest Form-16 and IT return
- Employment Contract / Appointment Letter in case current employment is less than 1- year old.
- Last 6 months' Bank Statements showing repayment of any ongoing loans.
- Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across.
- A cheque for processing fee favoring ‘HDFC Ltd.’.
Property related documents:
- Copy of the Allotment Letter / Buyer Agreement
- Receipt of the payment made to the developer