HDFC Bank - 7.40% for Home Loan - Plot + Construction Loan

HDFC Home Loan:

HDFC offers housing loans to people who want money to purchase a house, home renovation home extension, etc.

The house itself acts as a security to the loan.

Taking a loan from HDFC has the following benefits:

1. Special rates for women borrowers.

2. Loan up to 90% of property value.

3. Flexible repayment options.

4. Nil prepayment charges for floating rates.

5. Pan India presence.

 

HDFC Home Loan Details:

Interest Rate	7.40% p.a. onwards
Loan Amount (LTV Ratio)	Up to 90% of property cost
Tenure	Up to 30 years
processing Fee	Salaried - Up to 8 Lac: Rs 3300 8 lac & above: Rs 4000+ GST & up to 2 cr: 0.10 % or Rs 15000, whichever is lower, subject to min fees of Rs 5000 2 Cr to 5 Cr: 0.10% or Rs. 25000 whichever is lower Over 5 Cr: Rs 40000

 

HDFC housing loan interest depends upon:

1. Your Salary:

Income helps you identify your rate of interest.

The bank's rate varies with your monthly income.

The higher the income, the lesser will be the rate

 

2. Type of loan opted for:

HDFC also offers differential rates for women borrowers and also under their fixed and floating rate schemes.

The rate of interest may be higher or lower under their special or popular loan product offers.

 

3. Existing bank customers:

HDFC offers one of the lowest home loan rates to its existing bank account customers given their past relationship with the bank.

 

HDFC Home Loan Processing Fee and Other Charges:

In addition to interest rates, home loans from HDFC also carry some other charges which include:

 

HDFC Housing Loan:

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Apply for an ICICI Bank Home Loan easily on ApnaRupee.com – a channel partner for India’s top banks.
Our loan experts assist you throughout the process – from documentation to disbursal.
You can also compare HDFC Bank rates with other banks before choosing the best deal for your home loan needs.

 

HDFC Home Loan Documents:

For Salaried employees:

1. Fill up the loan application form.

2. Two Passport Size Photo.

3. ITR of last 2 years.

4. Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN.

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

6. Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit.

7. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

For Self-Employed:

1. Filled up the loan application form.

2. Two passport-size photos.

3. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

4. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

5. Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed, and proof of business existence and business profile.

6. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

Home Loan HDFC Schemes:

HDFC offers customized schemes for specific customer segments designed to meet their loan requirement

 

A. HDFC Plot Loan:

1. Loans for the purchase of a plot through direct allotment No hidden charges

2. Customised repayment options

3. Expert legal and technical counseling

4. Loans also available for purchasing a resale plot

 

B. HDFC Rural Housing Loan:

1. Tailored for agriculturists, planters, horticulturists, and dairy Farmers for purchasing a residential property in rural and urban areas

2. Agriculturists applying for loans are not required to provide IT Returns

3. Longer repayment tenure of up to 20 years for agriculturists

 

C. HDFC Reach Home Loan:

1. Loans for purchasing a new or existing home

2. Loans for salaried individuals with a minimum monthly income of Rs.10,000 and self-employed individuals with an income of Rs.2 lakh p.a.

3. Loan can be used to purchase a plot

4. Use this loan to construct your home on a free-hold land or a plot

 

D. HDFC Home Improvement Loan:

1. Loan specifically meant for renovating your home

2. Loans available for both new and existing customers

3. Simple and hassle-free documentation process

4. Interest rates similar to normal home loan rates

 

E. HDFC Home Extension Loan:

1. Loans to add or extend space to your home

2. Maximum tenure of 20 years

3. Interest rate concession for women applicants

 

F. HDFC Top-Up Loans:

1. Loans for both professional and personal needs

2. Maximum loan of R.50 lakh

3. You can apply only after 12 months of the final disbursement of your existing home loan and upon possession or completion of the existing financed property

 

G. HDFC Balance Transfer Loans

1. Transfer your existing loan to HDFC conveniently

2. Additional top up loan of up to Rs.50 lakh

3. Special arrangement with AGIF for Home Loans for those employed in the Indian Army

4. Customised repayment options

 

H. HDFC NRI Home Loans

1. Home loans designed for NRIs for the purchase of a flat, row house, or bungalow from private developers in approved projects in India

2. Loans available for the purchase of a property located anywhere in India

3. Get home loan advisory services in the country you currently reside

4. Loans for purchasing properties from the Development Authorities of India

 

I. HDFC PMAY

1. Save up to Rs.2.67 lakh under PMAY CLSS

2. Affordable housing for Economical Weaker Section (EWS), Lower Income Group (LIG), and Middle Income Group (MIG)

3. Interest subsidy will be available for a maximum loan tenure of 20 years

 

Frequently Asked Questions:

 

Q.What is the maximum loan tenure I can opt under HDFC house loan?

Ans. HDFC offers you a longer tenure of 30 years to repay your loan with a benefit of paying less EMI per month.

 

Q.Do I get tax benefit on home loan from HDFC?

Ans. As per Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and interest components of a home loan under the section 24 and section 80C of Income Tax Act.

 

Q. Can I foreclose my home loan? What are the charges applicable?

Ans. Yes, you can foreclose your loan with Nil charges.*

 

Q. Can I transfer my house loan from another bank to HDFC?

Ans.Yes, Bank gives you the facility to transfer your existing loan with a hassle free process.

Availing loan transfer to HDFC can allow you to save interest, pay lower EMIs and save money.

 

Q.Can I club the income of my spouse with mine and apply for joint home loan?

Ans. You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

 

Q.What is the benchmark applicable for housing loan?

Ans.The benchmark applicable for home loan in HDFC is PLR .

 

Q.What is the effect of part prepayments on HDFC housing loan EMI ?

Ans.Part prepayments help you in reducing the outstanding amount of loan which in turn will reduce the interest amount due.

After making part payments, paying the same EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.

 

Q.How to increase my eligibility on HDFC housing loan?

Ans.If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan.

The combination of both of your income will help you in increasing your eligibility to get loan.

 

Q.How will interest rate on HDFC housing loan change in future?

Ans. Floating rate on HDFC housing loan is linked to its PLR Rate, which is currently at 16.75%. When Bank offers a home loan at 7.85%, it applies a discount of 7.85% to its PLR Rate to arrive at this home loan rate.

When RBI increases rates, the bank may increase its PLR rate and the applicable interest rate for all existing and new home loans would increase.

When RBI cuts interest rates and the bank reduces the PLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.

 

Q.Do I need a co-applicant to apply for a house loan? If yes, who can be a co-applicant for my loan?

Ans.You can apply for a home loan individually or jointly. Co-owner of your property needs to be co-applicant for your home loan. Co-applicant should be a close family member.

 

Q.Can I convert my home loan rate from fixed rate to adjustable rate or vice-versa? What are the charges applicable?

Ans.Yes, you can convert your home loan rates from fixed rate to adjustable rate and vice- versa. 

 

Q.Am I eligible for top up on my existing home loan?

Ans.HDFC allows you to top up your existing home loan up to an amount of Rs. 50 lakhs.