HDFC Bank Home Loan Interest Rate @8.35% Onwards

HDFC Bank Home Loan Interest Rate

HDFC Bank offers home loans at an attractive interest rate starting at 8.50%* p.a which is much lower than other banks in the market. The processing fee is also capped at 3000 rupees for this loan. Salaried individuals and self-employed individuals can apply for HDFC Bank Home Loans if they are looking for a loan with the lowest interest rates. The monthly installments start from Rs 769* per lakh for loans up to a maximum tenure of 30 years with flexible repayment options. Also, the monthly installments can be customized depending on the repayment capacity of the borrower. The Loan Application Form can be filled out online.

Key Highlights of The HDFC Bank Home Loan Scheme

The attractive lowest interest rate starts from 8.50% p.a

• Starting interest rate as low as 8.50% per annum
• The processing fee set at 0.5% of the loan amount
• Affordable Equated Monthly Installments (EMIs) starting at Rs. 769/- per 1 Lakh
• No prepayment charges
• Maximum tenure can stretch up to 30 years
• Eligibility ranges from 21 to 65 years of age
• Flexible repayment options
• Transparent, with no hidden charges
• Minimal documentation

HDFC Bank Home Loan Interest Rates 2023

For the year 2023, HDFC Bank has also introduced specific interest rates for various home loan types. For instance, salaried and self-employed professionals seeking home loans, home renovation loans, home extension loans, or balance transfers can expect interest rates ranging between 8.50% and 9.15% p.a.*. Similarly, self-employed non-professionals can avail of the same interest rate range. Special house loan rates for applications based on their CIBIL score. Let’s say someone has a CIBIL score of 800 and above the interest rate of home loans for the year 2023 would be:

All loans are at the sole discretion of HDFC Bank. For detailed terms and conditions visit www.hdfcbank.com

Comparison of HDFC Bank Home Loan with other lenders

Comparing HDFC Bank's home loan offerings with other lenders showcases its competitive advantage. With an interest rate starting at 8.50%, HDFC Bank stands out amidst other banks like Axis Bank, ICICI, PNB, and SBI.

Charges On Account Of Delayed Payments

• An additional interest of up to 24% pa will be charged for delayed payment of Interest or Equated Monthly Installments.

Check Dishonour Charges

• Check dishonor charges will be Rs. 300 (Rs. Three Hundred)

Pre-payment Charges

• Floating Interest Rate Home Loans: No prepayment charges for Individual Borrowers with or without co-borrower
• Other than Individual Borrowers, 2% + applicable taxes on the amount being prepaid within 6 months; above 6 months, the borrower can prepay up to 25% of the opening principal amount every year without any prepayment (above 25% attracts a prepayment fee of 2% + applicable taxes)

Home Loan Features:

1. For the purchase of Residential property, a flat, row house, and bungalow from private developers in approved projects.
2. For the purchase of properties from Development Authorities such as DDA, MHADA, etc
3. For the purchase of properties in an existing Co-operative Housing Society Apartment Owners' Association Development Authorities settlements or privately built-up homes
4. For construction properties on a freehold/leasehold plot or on a plot allotted by a Development Authority
5. Expert legal and technical counseling to help you make the right home-buying decision
6. Integrated branch network for availing and servicing Home Loans anywhere in India
7. Special arrangement with AGIF for those employed in the Indian Army.

Eligibility Criteria for HDFC Bank Home Loan

In terms of eligibility, the bank takes into account credit scores for determining special home loan rates. Furthermore, the bank provides home loan products to cater to diverse needs, such as the Superfast HomeLoan for one's dream home, renovating or extending an existing home loan, obtaining a loan against property, and exploring affordable housing loan options. Eligibility is generally based on the Credit Score (CIBIL Score) of the primary applicant. Here is an indication of the quality of the CIBIL Score of the applicant:

You should check your CIBIL score before applying for a home loan and try to improve it if the score is below 650. The minimum credit score to avail home loan from HDFC Bank is 700. A good credit score makes the chance of your application getting approved better and faster. It is advisable to keep checking your CIBIL score from time to time.

HDFC Bank Home Loan Eligibility Criteria

Eligibility Criteria for Salaried 

Eligibility based on salary for the loan amount you are looking for is mentioned in the table below. The factors taken into consideration while determining the amount are :

• The repayment tenure is 30 years
• The Loan Interest Rate is 8.50% per annum
• There is no existing EMI
• Repayment Capacity
• Credit History

 How much loan amount can I get on Rs 25,000 per month salary?

What is the minimum age for a home loan in HDFC Bank?

The earlier the better, HDFC Bank home loan for salaried and self-employed is 21 years. The earlier you start longer the repayment tenure you may get and the lower the EMI as well. It should be noted here that the maximum age by which one has to pay back the loan is 65 with a maximum loan tenure of 30 years. This means the tenure will be longer or shorter depending on your age at the time of loan disbursement.

Eligibility based on the Value of Property for HDFC Bank Home Loan

HDFC Bank Home Loan Eligibility for CoApplicant

The co-applicant would also be required to fulfill the eligibility criteria and he will also be required to submit the necessary documents along with the primary applicant.  All loans are at the sole discretion of HDFC Bank Ltd. The eligibility criteria are as follows:

• Age should be between 21 and 65 years of age.
• Must be a resident Indian
• He should be either salaried or self-employed
• Co-applicants should not be co-owners of the property

HDFC Bank Home Loan for Women's Eligibility

There is a 05 bps concession on the loan interest rate for women applicants. The other eligibility criteria for women for availing of HDFC Bank home loans are similar to other applicants.

Main Factors Affecting HDFC Bank Home Loan Eligibility

The main factors affecting HDFC Bank home loan eligibility are as follows:

• Age of the primary applicant
• Good credit score
• Salary / Monthly Income of the applicant
• The annual income of the applicant and c0-applicant
• Repayment Capacity
• A good repayment record
• Existing liabilities / Financial Obligations (any other loan being paid by the applicant)
• Profile of the applicant
• Financial Position of the Applicant
• The nature and specifications of the property such as the age of the property, its size, its location, whether approved by the government or not, etc.
• Whether the applicant is a guarantor of an existing loan

Documents Required for HDFC Bank Home Loan

The documents required for HDFC Bank. A home loan is as follows:

Salaried Individuals

• Loan Application Form
•  3 months' salary slips as income proof (Latest at the time of applying for the house loan)
• Latest 6 months' bank statements (For salary credit proof and to check whether there is an existing loan EMI)
• Latest Form 16 and IT returns (minimum 2 years)
• Applicant's employment details
• Proof of own contribution
• Your and co-applicants (if there is any) passport-size photo with signature
• A cheque for the processing fee is to be paid to HDFC Bank Ltd.

Self Employed Individuals

• Loan Application Form
• Income Tax Returns of the last 3 years duly attested by a chartered accountant along with details of your business.
• Balance sheet and profit & loss account statements for the last 3 years
• Bank account statement of Current Account and savings bank account statements for the last 6 years.
• Profile of the Business
• Financial Position
• Latest Form 26 AS
• Proof of own contribution
• Details of any ongoing loans of you and your businesses.
• Your and co-applicants (if any) passport-size photo with signature
• List of Directors and Shareholders of the company with shareholding details
• A cheque for the processing fee is to be paid to HDFC Bank Ltd.

Documents for Home Loan Balance Transfer

• A letter from the existing lender on his letterhead mentioning the list of property documents held by them
• Photocopy of property documents
• A letter from the existing financial institution on their letterhead showing the latest outstanding balance

Property Related Documents required - for new home

• Allotment letter copy/Buyer Agreement
• Payment receipt made to the developer

For Resale Home:

• Title deeds including the previous chain of property documents
• Agreement to sell copy
• Initial payment receipt made to the seller

For Construction:

• The title deed of the plot
• Copy of the plan approved by Local Authorities
• No encumbrance proof on the property
• The total estimate of construction by a Civil Engineer/Architect

Other Documents:

For Salaried Applicants:

• Proof of own contribution
• Bank Statement for last 6 months with loan repayment record
• Appointment letter/Employment contract if current employment is less than a year old
• Passport-sized photograph with signatures across
• Processing fee cheque in favor of HDFC Bank Ltd.

 Common Documents for Salaried and Self Employed

• Proof of identity and address - Aadhar card, voter ID, passport, or driving license
• For new homes copy of the buyer agreement and receipt of the payment made to the builder
• For resale homes - Title deeds, receipt of the payment made to the builder, and a copy of the agreement to sell
• Title deeds of the plot, proof of no encumbrances on the property, and construction estimate as given by the architect (for home construction) Home Loan Documents Required

Conclusion

In conclusion, HDFC Bank's home loan offerings are designed to meet the varying requirements of potential home buyers, with favorable interest rates, flexible repayment options, and a straightforward application process. All loans are subject to the bank's discretion, and detailed terms and conditions can be found on HDFC Bank's official website.

HDFC Bank Home Loan FAQs

1. How to apply for HDFC Bank Home Loan?

Ans. Applying for HDFC Bank Home Loan is easy and hassle-free. You can apply through one of the following methods:

Apply through investmentcover.com

Click on investmentcover and go to the ‘Home Loan’ section under the ‘Loans’ menu. Choose HDFC Bank Home Loan and fill out the loan application form to easily apply for a loan.

Online application through HDFC Bank Ltd. Portal:

You can fill out the loan application form of loan online. Visit the official portal of HDFC Bank Ltd. and fill up the form by following the instructions. The status of your HDFC Bank home loan application form can also be tracked easily through this portal.

Offline application  through a branch office:

You can also use the offline mode by visiting the nearest HDFC bank branch to apply for a home loan. The officer/executive from the Home Loan department will guide you through the loan process and will assist you as well whenever necessary.

Grievance Redressal 

Name of the Officer: Shantanu Chowdhury

Office Address: 533 Somdutt Chamber 2, Bhikaji Cama Place, New Delhi 110066

Email: info@investmentcover.com

Contact Number: +911140793102

HDFC Bank Important Links: https://hdfcbank.com/personal/useful-links/important-messages/product-features-and-policy