HDFC Home Loan for a Roof of Your Own

Updated on: 18 Jan 2024 // 4 min read // Home Loans
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In our society, the sign of prosperity after you have a family of your own is to purchase a home. However, in a country like ours where real estate is expensive, having a house of your own is not easy if you do not have the required funds. Financial resources are vital in securing a good home of your own and a Home Loan is the most viable option for most of us in today’s world. If you are looking at buying your dream home and Taking a Home Loan is in your plan, this article will give you all the info needed to secure a good Home Loan.

In this article, we are giving you information on HDFC Bank Home Loan, eligibility to get this loan and the various benefits.

HDFC Home Loan Offer

Overview of the HDFC Bank Home Loan

You may be wondering why we are giving you information about HDFC bank loans. To make things simpler, look at the common features that make it a coveted bank for a Home Loan:

Very quick processing

Will you not love it if your loan amount is disbursed hassle-free and quick? HDFC Home Loan process is very quick and you would see the amount in your bank in a very short time.

Attractive Interest Rates

A lower interest rate would mean that you do not have to get financially burdened at the end of the day and HDFC Bank Home Loan Interest Rate start very low at just 8.80% per annum.

Special Rates for Women

HDFC bank provides lower interest rates for working women when they apply for the loans. If you are a woman applicant, you can get HDFC Home Loan at 8.80-9.30% interest rate, however, for men applicants, the interest rates vary between 8.85-9.35% per annum.

Different Types of HDFC Bank Home Loans

The good part about HDFC Bank is that they provide a number of Home Loan options depending on the kind of occupation. Therefore, if you are an agriculturist or a farmer, you have special loans financed for you. In case of an agriculturist, the loan amount will depend on your land size and the kind of crops you grow. HDFC Bank also offers separate types of loans for rural areas and those who are self-employed.

You can choose the loan depending on various factors:

Basic Home Loan

This is a Home Loan for buying a new home (or repurchasing). An individual can apply for this loan either individually or jointly.

Home Extension Loan

This loan is when you want to expand your home or construct a new part when your family is growing or you simply want to have a bigger home.

Home Improvement Loan

As the name suggests, in a home improvement loan, you will take money from the loan in order to upgrade or make changes to an already existing house. Internal and external jobs including painting, restructuring, landscaping, and so on, are included in this type of loan.

Plot Loans

If you are planning to purchase a plot of land and then start constructing your dream home, then this is the loan for you. 

Eligibility for HDFC Home Loans

You may be wondering how much money you would be getting in a Home Loan. The simple calculation is based on your salary (income). The HDFC Bank offers you a simple eligibility calculator on their website that will tell you an approximate amount of the loan and based on their lowest interest, you will come to know the amount of money you will have to pay towards the loan every month and the tenure of your loan.

Advantages of HDFC Home Loans

What makes HDFC Bank Home Loans better than other loans in the market? Here are the reasons:

  • They have been in the market since 35 years and hence are reliable and trustworthy.
  • Transparency is paramount and there are no hidden charges. The amount quoted is what you will pay.

They have experienced counsellors who will help you decide what type of loan you should be investing in.

  • Simple and easy documentation
  • Quick disbursement of the loan amount

Attractive interest rates will ensure that your loan is not a financial burden to you and your family.

  • Easy and flexible repayment options of the loan

Documents Needed for a Quick Loan Disbursal

The only important thing needed in order to get your loan amount quickly is to submit all your documentation on time. Here are some of the documents you must submit for the Home Loan:

  • Application form with recent passport size photo
  • ID proof
  • Residence proof
  • Bank statements from the last six months
  • Processing fee cheque

Salary Slip andForm 16 (for salaried individuals) or Income Report with Form 16 (for business owners and self-employed professionals).

We hope you now have all the required information to get your HDFC Home Loan quickly approved and disbursed. Submitting all the right documents to the bank is a sure shot way to get your loan processed at the earliest possible. That being said, make sure to read the fine print of the loan agreement, and only then make the final decision of taking this significant credit.

Also Read: How Should You Go About When Seeking an HDFC Home Loan?

To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 70+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.