HDFC Home Loan Rates, Fees & Charges for New & Top-Up Customers

HDFC Home Loan Rates, Fees & Charges for New & Top-Up Customers

Housing Development Finance Corporation, popularly known as HDFC Bank, is the largest private sector bank in India. Not surprisingly, the bank offers a host of loan alternatives for its extensive customer base, with Home Loans being the banking giant’s forte. Not only are the Home Loans offered by HDFC largely hassle-free, but also available at highly competitive rates with incredible ease.

Let us take a quick look at the various aspects of HDFC Home Loans so that you can contemplate whether this loan will suit your needs and preferences.

Top 10 Best Home Loan Interest Rates in India Have You Booked Your Home Under PMAY Yojana Yet?

HDFC Home Loan – Types

  • Classic Home Loan

    Whether you wish to purchase a new or used house or build one from scratch, the good old HDFC Home Loan can come in rather handy for these purposes. You can apply for this loan individually or jointly with a member of your family.
      

  • Home Improvement Loan

    As the name suggests, HDFC Home Improvement Loan is intended to help you make internal and external repairs to the home. You can also use this loan to make structural improvements to your home through painting, plumbing, and electrical works, waterproofing and roofing, grills, aluminum windows, compound walls, tiling and flooring amongst other required changes.

  • Home Extension Loan

    This loan type is intended to help you expand or extend your existing home structure in accordance with your changing needs. Whether you wish to add a room or two or construct a new floor, with the HDFC Home Extension Loan, you can easily execute your plans.

  • Plot Loan

    HDFC Bank offers dedicated Plot Loans to facilitate the purchase of a plot through direct allotment, as well as the purchase of a resale plot. The bank offers financial assistance of up to 80% if the cost of the plot is up to Rs 75 lakhs. For plots costing more than Rs. 75 lakhs, the bank offers loans of up to 75% of the actual price.

  • Top-Up Loan

    The HDFC Top-Up Loan is essentially a credit that you can avail above and beyond your existing Home Loan, in a bid to fulfil your personal or professional obligations. The bank offers a Top-Up Loan of up to Rs 50 lakhs, at fairly competitive interest rates ranging from 8.30 to 8.80% for existing customers.

Best Home Loan Interest Rates in India

HDFC Home Loan – Beneficiaries

HDFC Bank has earned a reputation of offering specially designed Home Loans to people belonging from different walks of life. Let’s check out top features and Interest Rates of HDFC Home Loans

  • HDFC Reach Home Loan

    This Home Loan is specially designed for salaried individuals with a minimum income of Rs. 10,000 per month, and self-employed individuals with a minimum annual income of Rs. 2 lakhs.

    The HDFC Reach Home Loan can be availed for:

  • Purchasing a new or an existing home
  • Constructing a home on a freehold or leasehold plot
  • Constructing a house on a plot allotted by a Development Authority

This Home Loan can be conveniently availed at a competitive rate of 8.75% to 14.00% per annum.

  • Special Home Loan Scheme for Agriculturists

    As the name suggests, HDFC Home Loan for Agriculturists is designed to facilitate the purchase or construction of houses or apartments of farmers, in residential areas of villages or a city or town of their choice.In this case, the eligibility of the loan is decided on the basis of the agricultural-land owned by the applicant. The type of crop grown on the land also holds importance. That being said, the farmer does not need to mortgage the agricultural land for procuring the Home Loan. Besides, there is no mandatory requirement of Income Tax Returns for applicants.

  • Rural Housing Finance for Salaried and Self Employed

    This home loan is specially designed to meet the requirements of Government & Private Sector Employees who wish to purchase or construct residential properties in the rural areas of the nation. This Home Loan is also available for Business Owners as well as NRIs, who have been filing Income Tax Returns for the last 3 years from rural areas.

  • Home Loan for NRIs

    This Home Loan can be availed of by Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs) as well as people holding Overseas Citizenship of India (OCI). You can avail HDFC NRI Home Loan to purchase a property from Development Authorities such as DDA, MHADA, etc. or for constructing a residential building on a freehold/ leasehold plot or a plot allotted by any of the Development Authorities in India.

  • Affordable Home Loans under PMAY

    HDFC Bank also offers affordable Home Loans to applicants belonging to Economically Weaker Sections, Lower Income Group and Middle Income Group I and II, under the Pradhan Mantri Awas Yojana – Housing for All, launched in the year 2015. This Credit Linked Subsidy scheme facilitates the purchase, construction, improvement, or extension of pucca houses while helping the applicant to save up to Rs. 2.67 lakhs, thanks to the interest subsidy of up to 6.5% per annum. 

HDFC Home Loans – Documents Required

Any Home Loan Applicant is required to submit the following documents, to procure the HDFC Home Loan:

  • A dully-filled application form with photograph
  • Proof of Identity
  • Proof of Residence
  • Bank Statements of the last 6 months
  • Processing Fee Cheque
  • In addition to these, the applicant must also submit proof of income, which usually varies depending on the source.

As proof of income, agriculturists need to submit:

  • Title documents of agricultural land depicting landholding
  • (copy)
  • Title documents of agricultural land depicting crops cultivated (copy)
  • Statement of loans availed in past 2 years 

As proof of income, salaried individuals need to submit:

  • Latest Salary Slip
  • Form 16

As proof of income, self-employed professionals and business owners need to submit:

  • Educational qualifications, certificate, and proof of business
  • Business profile and previous 3 years income tax returns (self and business)
  • Profit & loss account and balance sheet for past 3 years

HDFC Bank Home Loan Interest Rates (with effect from April 23th, 2020)

 

 

RPLR-16.40%

Adjustable-Rate Home Loans

 

Salaried / SEP 

Self Employed

Home/HIL/HEL/Refinance/Plot Loans

Applicable Interest Rates

Up to 30 Lacs

   

Women

6.95 to 7.45

6.95 to 7.45

Others

7.00 to 7.50

7.00 to 7.50

 

   

            30.01 – 75 Lacs

   

Women

7.20 to 7.70

7.20 to 7.70

zOthers

7.25 to 7.75

7.25 to 7.75

75.01 Lacs and Above

   

Women

7.30 to 7.80

7.30 to 7.80

Others

7.35 to 7.85

7.35 to 7.85

TRU-FIXED LOANS – 2 YEARS

 

Salaried / SEP 

Self Employed

Home/HIL/HEL/Refinance /Plot Loans

Applicable Interest Rates

Up to 30 Lacs

   

Women

7.40 to 7.90

7.40 to 7.90

Others

7.45 to 7.95

7.45 to 7.95

            30.01 – 75 Lacs

   

Women

7.55 to 8.05

7.55 to 8.05

Others

7.60 to 8.10

7.60 to 8.10

75.01 Lacs and Above

   

Women

7.65 to 8.15

7.65 to 8.15

Others

7.70 to 8.20

7.70 to 8.20

HDFC Bank Home Loan – Processing Fees

The bank levies a loan processing fee of up to 0.50% of the loan amount or Rs. 3,000 whichever is higher. In addition, applicable taxes are also levied on the processing fee.

HDFC Bank Home Loan – Other Charges

  • Fees On Account Of External Opinion (Advocate/ Technical Valuer) – On an actual basis
  • Property Insurance – The bank mandates regular payment of policy premiums.
  • Charges On Account Of Delayed Payments – Additional interest of up to 24% per annum
  • Incidental Charges – On an actual basis, as incurred by the bank with respect to recovery of dues in case of a default.
  • Statutory / Regulatory Charges – Stamp Duty / MOD / MOE / Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), on an actual basis.
  • Check Dishonour Charges – Rs. 200
  • Checklist Of Documents – Up to Rs. 500
  • Photo Copy Of Documents – Up to Rs. 500
  • Post Dated Cheque Swap – Up to Rs. 200
  • Cancellation Charge for Disbursement Cheque (Post Disbursement) – Up to Rs. 200
  • Re-Appraisal Of Loan (post 6 months from the date of sanction) -Up to Rs. 2,000+Taxes
  • Change in Loan Term  – Up to Rs. 500+Taxes

HDFC Bank Home Loan – Prepayment Charges

The prepayment applicable on Adjustable Rate Loan borrowers (during the period of variable rates) are as follows:

  • For Individual Borrowers – No charges levied, on full or part prepayment of the loan
  • For Other than Individual Borrowers (Company/ Sole Proprietorship Concern/Firm or an HUF as co-applicants) –
    • 2% of the amount being prepaid+ taxes + statutory levies and charges, if the prepayment is made within the first 6 months from the day of loan disbursement.
    • No charges, if the prepayment is made from the 7th up until the 36th month from the day of loan disbursement, provided that the amount is up to 25% of the opening principal amount of the given financial year, and the prepayment is made from borrower’s own sources.
    • 2% of the amount that is being prepaid in excess of the 25% threshold.
    • No prepayment charges if the payment is made after the expiry of the first 36 months of the loan disbursal.

HDFC is a leading lender in the country. The product range is wide enough to find a customised product for your needs. It is recommended to use professional advice to pick the right product at the best possible price.

 

Also Read: HDFC Personal Loan: Features, Eligibility, and Charges

 

To apply online for Home Loan, Personal Loan, Credit Card, Business Loan & LAP visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served 4 million+ happy customers since 1989.

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Category: Home Loan