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

Updated on: 29 Dec 2023 // 3 min read // #mmm news // Home Loans
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Do you have an existing home loan? Or are you a new loan seeker? On the latter note, you can plan for a bigger home purchase. Lower interest rates are ruling the market at present! With the introduction of the Real Estate Regulation and Development Act, you benefit doubly. Do check your Credit Score so that you conduct a comparative analysis carefully and avail the best deal. Many a property buyer is benefitting from HDFC Home Loan. If you have an existing loan, you may opt for pre-payment or transfer to avail full benefits depending on what your present bank is offering.

It is to be noted here that it is HDFC Ltd. that provides housing finance. HDFC Bank Home Loan would only mean financial services from the former not the latter. When you seek a housing loan, there are numerous factors that you may look for like attractive rate of interest, longer payment tenure, no hidden charges, fast processing, hassle-free disbursement, and related paraphernalia. You may prefer seeking legal and technical counseling so that you take the right buying decision. If you are a salaried individual, worry not about the loan amount or the EMI. With HDFC Housing Loan, you avail all of these and more irrespective of where you are located in India. This bank has an integrated branch network, facilitating customers avail home loans anywhere across the country. These features apply with self employed individuals too with little difference.

Best Home Loan Provider in India

What type of home are you geared up to buy? All banks do offer finances for approved projects. Hence, when you search or choose a property, do also take into account whether it is approved by the particular bank you are going to approach. If you wish to buy a flat, row house or bungalow from private developers in approved projects, then HDFC Home Loan is preferable. Alternatively you can also opt for buying properties from Development Authorities such as DDA, MHADA, by availing finance from this bank.

Tenure for the HDFC Housing Loan varies under different products. For the Telescopic Repayment Option under the Adjustable Rate type, the upper limit period of repayment of finance is up to 30 years. For other related products, it is 20 years. Calculation of the upper limit again depends on factors like age of the customer and property at maturity of the loan, customer profile, etc.

HDFC Bank Home Loan or housing finance from HDFC Ltd. are of two types:

Adjustable Rate Home Loan linked to HDFC’s Retail Prime Lending Rate (RPLR).

TruFixed Home Loan – 2 / 3 Year Fixed Rate Variant, which is partly fixed and partly adjustable.

The loan slab on the aforementioned types is categorized into three kinds, viz. below 30 Lakhs, between 30-70 Lakhs, and above 70 Lakhs. The HDFC bank interest rates vary according to the slab. Women gain a competitive advantage of availing .05% less compared to the opposite gender in interest rates. Do understand the types of loans and terms and conditions carefully before you apply for an HDFC Housing Loan. The bank representatives are just a call, mail, or click away!

Also Read: How to preclose your HDFC home loan?

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