HDFC Home Loan Interest Rates
Interest Rate

Starting @ 8.35%

Check Best Offers
Processing Fee

Upto 11500

Loan Tenure

5-30 years

Lowest EMI Per Lakh

₹ 758 for 30 years

Prepayment Charges

Nil charges for floating rates loans

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About HDFC Home Loan

Buying a home of their own is a dream of many. It is one of the biggest financial decisions of a lifetime. However, purchasing a home is not an easy and instant decision to be made. It requires careful planning and consideration. You will have to assess your requirement and then apply for the most suitable Home Loan.

HDFC offers a huge range of Home Loan offers to cater to the varied needs of home buyers and homeowners. Their housing loan products portfolio includes loans for purchase of a new or resale house/ flat, loans for the construction of your own house, loans for plot purchase, home improvement or home renovation loans, home extension loans, home loan balance transfer,and top-up Loan, Pradhan Mantri Awas Yojana (PMAY).

HDFC also offers rural housing loans to agriculturists, farmers, horticulturists, and planters for purchasing a residential property in rural/urban areas, constructing a house and home improvement/ extension loans.

HDFC Home Loan Interest Rates

The HDFC Home Loan interest rates are based on Retail Prime Lending Rate (RPLR) and currently vary from 8.60% to 10.15%. The current RPLR is 16.85% as on 04.04.2019.

Below are the current interest rates for HDFC Home Loan variants:

Special Adjustable Rate Offer

Type of Borrower Loan Amount Interest Rates

Women

Up to 30 Lakhs

8.60% - 9.10%

Others

Up to 30 Lakhs

8.65% - 9.15%

Women

Above 30 Lakhs to up to 75 Lakhs

8.85% - 9.35%

Others

Above 30 Lakhs to up to 75 Lakhs

8.90% - 9.40%

Women

Above 75 Lakhs

8.90% - 9.40%

Others

Above 75 Lakhs

8.95% - 9.45%

HDFC Home Loans Adjustable Interest Rates 
Type of Borrower Loan Amount Interest Rates

Women

Up to 30 Lakhs

8.70% - 9.30%

Others

Up to 30 Lakhs

8.75% - 9.35%

Women

Above 30 Lakhs to up to 75 Lakhs

8.85% - 9.45%

Others

Above 30 Lakhs to up to 75 Lakhs

8.90% - 9.50%

Women

Above 75 Lakhs

8.90% - 9.50%

Others

Above 75 Lakhs

8.95% - 9.55%

Interest Rates for TruFixed Loan (2 year fixed rate variant)

Type of Borrower Loan Amount Interest Rates

Women

Up to 30 Lakhs

9.40% - 9.90%

Others

Up to 30 Lakhs

9.45% - 9.95%

Women

Above 30 Lakhs to up to 75 Lakhs

9.55% - 10.05%

Others

Above 30 Lakhs to up to 75 Lakhs

9.60% - 10.10%

Women

Above 75 Lakhs

9.60% - 10.10%

Others

Above 75 Lakhs

9.65% - 10.15%

Interest Rates for HDFC Reach Home Loans

Loan Amount Type of Loan Interest Rates

All Loan Amounts

For Reach Home Loans, Home Extension Loan, Home Improvement Loan, Top Up Loans (Trufixed - 3 Years)

10.05% to 14.85%

All Loan Amounts

For non-residential premises (built-up) & residential plot loans (Trufixed - 3 Years)

11.05% to 15.85%

Interest Rates for Rural Housing Loans

Type of Borrower Loan Amount Interest Rates

Women

Up to 30 Lakhs

8.65% - 9.65%

Others

Up to 30 Lakhs

8.75% - 9.65%

Women

Above 30 Lakhs to up to 75 Lakhs

8.90% - 9.90%

Others

Above 30 Lakhs to up to 75 Lakhs

8.95% - 9.90%

Women

Above 75 Lakhs

8.95% - 9.95%

Others

Above 75 Lakhs

9.00% - 9.95%

Interest Rates for Plot Loans

Type of Borrower Loan Amount Interest Rates

Women

Up to 30 Lakhs

8.60% - 9.10%

Others

Up to 30 Lakhs

8.65% - 9.15%

Women

Above 30 Lakhs to up to 75 Lakhs

8.85% - 9.35%

Others

Above 30 Lakhs to up to 75 Lakhs

8.90% - 9.40%

Women

Above 75 Lakhs

8.90% - 9.40%

Others

Above 75 Lakhs

8.95% - 9.45%


Interest Rates for Top Up Loans

Type of Borrower Loan Amount Interest Rates

Existing customers

 

9.20% - 9.70%

Women

Up to 30 Lakhs

8.80% - 9.30%

Others

Up to 30 Lakhs

8.85% - 9.35%

Women

Above 30 Lakhs to up to 50 Lakhs

8.95% - 9.45%

Others

Above 30 Lakhs to up to 50 Lakhs

9% - 9.50%


Interest Rates for Commercial Property Loans

Type of Loan Loan Amount Interest Rates

Adjustable Rate Loan 

 

Up to 99.99 Lakhs

9.90% - 10.90%

100 Lakhs & Above

9.65% - 10.65%

TruFixed Loan - 2 Year Fixed Interest Rate Variant 

Up to 99.99 Lakhs

10.40% to 11.40%

100 Lakhs & Above

10.15% to 11.15%

Adjustable Rate Loan

Up to 99.99 Lakhs

10% to 11%

100 Lakhs & Above

9.75% to 10.75%

TruFixed Loan - 2 Year Fixed Interest Rate Variant 

Up to 99.99 Lakhs

10.50% to 11.50%

100 Lakhs & Above

10.25% to 11.25%


Interest Rates for Commercial Plot Loans

Type of Loan Loan Amount Interest Rates

Adjustable Rate Loan

 

Up to 99.99 Lakhs

10.40% - 11.40%

100 Lakhs & Above

10.15% - 11.15%

TruFixed Loan - 2 Year Fixed Interest Rate Variant

Up to 99.99 Lakhs

10.90% to 11.90%

100 Lakhs & Above

10.65% to 11.65%

Adjustable Rate Loan

Up to 99.99 Lakhs

10.50% to 11.50%

100 Lakhs & Above

10.25% to 11.25%

TruFixed Loan - 2 Year Fixed Interest Rate Variant 

Up to 99.99 Lakhs

11% to 12%

100 Lakhs & Above

10.75% to 11.75%

Factors Affecting HDFC Home Loan Interest Rate

The Home Loan interest rates vary depending on the bank's internal cost of raising new funds, and borrower's occupation, income levels, type of property and repayment capacity.

  • Loan amount:The interest rates for HDFC Bank Home Loans depend upon the loan amount you apply for. The rate will be higher for a bigger loan amount and lower for the smaller amount. For example, the interest rate for a loan amount of 30 Lakhs starts at 8.80% p.a., whereas for an amount of 80 Lakhs you may have to pay an interest starting at 9% p.a.
  • Type of borrower:The bank offers differential interest rates for women than other applicants. For example, interest rates start at 8.80% for women borrowers and 8.85% for other borrowers.
  • Type of loan opted for:The bank offers differential interest rates for different loan schemes. For example, interest rates for adjustable rates Home Loans are different than interest rates for TruFixed Home Loans.

Apart from the above factors, the bank may also consider other things like the income of the borrower, their relationship with the bank, type of property, and so on.

How to Apply for HDFC Home Loans?

The process to get a Home Loan from HDFC Bank is simple. All you need to do is visit MyMoneyMantra, and fill in the required details under Home Loan section and choose HDFC Home Loan to apply for the loan online. Your application for Home Loan will be processed online and our loan experts will contact you to guide you throughout the entire loan process.

Documents Required for HDFC Home Loans

For Salaried Applicants

  • Identity & Residence Proof (any one): Passport/ Aadhaar Card/ Voter ID/ Driving License
  • Income Proof:
    • Salary Slips for the last 3 months
    • Bank Statements for the last 6 months showing salary credits
    • Latest Form-16 & ITR.
  • Property-related Documents
  • For new homes:
    • Copy of the Buyer Agreement/ Allotment Letter
    • Receipt of payment made to the developer
  • For resale homes:
    • Title Deeds along with the previous chain of the property documents
    • Receipt of initial payment made to the seller
    • Copy of the agreement to sell (if applicable)
  • For Construction:
    • Title Deed of the Plot
    • No encumbrances proof on the property
    • Copy of the plans approved by the local authorities
    • Construction estimate issued by an Architect or Civil engineer
  • Other Documents:
    • Proof of own contribution
    • Appointment Letter/ Employment Contract if current employment is not 1-year old
    • Bank Statements of the last 6 months showing repayment of any existing loans
    • Passport-sized photograph of applicants and co-applicants
    • Duly filled and signed application form
    • Processing fee cheque favouring HDFC Ltd.

For Self-Employed Applicants

  • Identity & Residence Proof (any one): Passport/ Aadhaar Card/ Voter ID/ Driving License
  • Income Proof:
    • Last assessment 3 years' ITR and computation of income (of the individual and the business entity both and attested by a CA).
    • Balance Sheet and Profit & Loss Statements for the last 3 years, with Annexures/ Schedules (of the individual and the business entity both and attested by a CA).
    • Current Account Statements for the last 6 months of the business entity
    • Savings Account Statements of the individual
  • Property-related Documents
  • For new homes:
    • Copy of the Buyer Agreement/ Allotment Letter
    • Receipt of payment made to the developer
  • For resale homes:
    • Title Deeds along with the previous chain of the property documents
    • Receipt of initial payment made to the seller
    • Copy of the agreement to sell (if applicable)
  • For Construction:
    • Title Deed of the Plot
    • No encumbrances proof on the property
    • Copy of the plans approved by the local authorities
    • Construction estimate issued by an Architect or Civil engineer
  • Other Documents:
    • Proof of own contribution
    • Business Profile
    • Latest Form 26 AS
    • List of Directors & Shareholders with their shareholding details certified by a CA or CS (if the business entity is a company).
    • Company's Memorandum & Articles of Association
    • Partnership deed (if the business entity is a partnership firm)
    • Details of existing loans of the individual as well as the business entity
    • Passport-sized photograph of applicants and co-applicants
    • Duly filled and signed application form
    • Processing fee cheque favouring HDFC Ltd.

Processing Fee and Charges Related to HDFC Home Loan

In addition to interest rates, HDFC Bank Home Loan also has some other charges which include:

Type of Charges/ Fees Details

Processing Fees

  • Up to 0.50% of the loan amount or 3,000 whichever is higher + applicable taxes (for salaried individuals and self-employed professionals).
  • Up to 1.50% of the loan amount or 4,500 whichever is higher + applicable taxes (for self-employed non-professionals).

Prepayment Charges

  • Adjustable Rate Home Loans - No prepayment charges for this category of Home Loans, but if a company or firm is a co-applicant, charges of 2% plus GST will apply.
  • Fixed Rate Home Loans - You do not have to pay any prepayment charges if you close the loan from own funds. However, if there is a takeover of the loan, prepayment charges of 2% plus GST is applicable.
  • Fixed and Variable Rate Loans Combination -
    • During the fixed rate period, the prepayment penalty is 2% plus GST.
    • During variable rate period, individual borrowers do not incur any prepayment charges. However, if a company or a firm is a co-applicant, prepayment charges of 2% plus GST is applicable.

Increase/Decrease in loan term

Up to 500 + applicable taxes

Cheque Dishonour Charges

200 per instance

Delayed Payment Charges

Additional interest up to 24% p.a.

Re-Appraisal of Loan (can be done after 6 months of loan sanction)

Up to 2,000 + applicable taxes

Obtaining a List of Documents or Photocopies of Documents

Up to 500

Swapping of PDC

Up to 200

Cancellation of Cheque Post Disbursement

Up to 200

Fees for Conversion of Interest Rate

  • Switch to lower variable rate Loans (Housing/ Improvement/Extension): Up to 0.50% of the principal outstanding & undisbursed amount (if any) at conversion time or up to 50,000 + taxes, whichever is lower.
  • Switch from fixed rate loan to variable rate loan (Housing/ Improvement/Extension): Up to 0.50% of the principal outstanding & undisbursed amount (if any) at conversion time or up to 50,000 + taxes, whichever is lower.
  • Switch to variable rate from Trufixed fixed rate: 1.75% of the principal outstanding & undisbursed amount (if any) + taxes at conversion time.
  • Switch to lower rate Hon-housing Loan: Half of the spread difference of the principal outstanding & undisbursed amount (if any) + taxes (minimum fee of 0.5% and maximum 1.50%).
  • Switch to lower rate Plot Loans: 0.5% of principal outstanding & undisbursed amount (if any) + taxes at conversion time.

Types of HDFC Home Loan Schemes

HDFC offers customised schemes for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Home Improvement Loans

  • Loan for individuals who wish to upgrade or renovate their existing house as per their needs.
  • The borrower also gets Credit Card with this type of loan to make the loan repayment easier.
  • The maximum repayment period is 15 years
  • The loan can be availed at a low rate of interest which is equal to the Home Loan interest rate.
  • The loan process is easy with minimum documentation criteria
  • It provides a loan-to-value (LTV) of up to 100% of the improvement estimate (Not exceeding 90% of the property's market value of as assessed by HDFC).

Who is Eligible?

  • Individuals who are salaried employees or self-employed
  • Residents of India
  • These loans are available for the applicants belonging to the age group of 18 to 65 years

Plot Loans

  • The loan granted for the individuals for the purpose of buying a plot to construct a house on it.
  • The maximum period of the housing loan is 15 years
  • It provides a loan-to-value (LTV) of up to 90% of the cost of the plot

Who is Eligible?

  • Individuals who are salaried employees or self-employed
  • Residents of India
  • These loans are available for the applicants belonging to the age group of 18 to 65 years

Home Extension Loans

  • This loan can be availed for adding more space to your home
  • It provides a loan-to-value (LTV) of up to 90% of the cost of the property
  • This Home Loan can be availed at a low rate of interest which is equivalent to the bank's regular Home Loan rate of interest.
  • The maximum period of the housing loan is 20 years

Who is Eligible?

  • Individuals who are salaried employees or self-employed
  • Residents of India
  • These loans are available for the applicants belonging to the age group of 18 to 65 years

Rural Housing Loans

  • These loans are for agriculturists who wish to purchase a home in the rural or urban areas, and for salaried and self-employed individuals who want to purchase a space in their home town or village.
  • The loan is provided based on the agricultural land owned and the crops cultivated by the borrower.
  • It provides a loan-to-value (LTV) of up to 90% of the cost of the project
  • The maximum period of the housing loan is 20 years
  • ITR from Agriculturists not mandatory when applying for the loan
  • The loan can also be used for enhancing an existing house
  • Agriculturists are not required to mortgage agricultural land to avail the loan

Who is Eligible?

  • Individuals who are salaried employees or self-employed
  • Residents of India
  • These loans are available for the applicants belonging to the age group of 18 to 65 years
  • These loans are offered to Agriculturists, Dairy Farmers, Planters, and Horticulturists for purchasing a new/ under construction/ existing residential property in the rural or urban areas.

HDFC Reach Loans

  • Home Loans for purchasing a new/ resale house/ plot, extension/ improvement/ construction of a non-residential property, and construction of a house.
  • Home Loan Balance Transfer facility available
  • This type of housing loan can also be used to renovate the existing home or for extension purposes.
  • It provides a loan-to-value (LTV) of up to 80% of the cost of the property
  • The maximum period of this housing loan is up to 30 years (for Home Loans, Home Extension Loans, and Refinance) and up to 15 years (for Home Improvement Loans, Plot Loans, Loan Against Property, Non Residential Premises Loans, and Top Up Loans).

Who is Eligible?

  • Individuals who are salaried with a minimum monthly income of 10,000 and for self-employed individuals having a minimum income of 2 Lakhs p.a.
  • Residents of India
  • These loans are available for the applicants belonging to the age group of 18 to 65 years

Top Up Loans

  • A top up loan is a facility which can be availed by existing Home Loan borrowers when they are in need of additional funds in order to meet their professional or personal requirements such as marriage, business expansion, vacation, debt consolidation, and so on.
  • One can apply for a Home Loan top up after 12 months of the final disbursement of the current Home Loan.
  • The individuals can avail an HDFC Home Loan top up which is upto 75 Lakhs

Who is Eligible?

  • Individuals who are salaried or self-employed
  • Residents of India
  • These loans are available for the applicants belonging to the age group of 18 to 65 years
  • Existing customers HDFC Home Loan customers as well as new customers opting for HDFC's Balance Transfer facility.

Balance Transfer

  • This loan facility lets you transfer the outstanding balance of your existing Home Loan from another lender to HDFC.
  • You can get an additional Top Up Loan of up to 50 Lakhs on transferring your outstanding Home Loan from another bank or financial institution to HDFC.
  • It provides a loan-to-value (LTV) of up to 90% of the cost of the property
  • The maximum repayment tenure is up to 30 years (for Telescopic Repayment Option) and 20 years for all other Home Loan products.

Who is Eligible?

  • Individuals who are salaried or self-employed
  • Residents of India
  • These loans are available for the applicants belonging to the age group of 18 to 65 years

Home Loans

  • Loans for purchasing a flat, bungalow, row house in approved projects from private developers.
  • This loan can be availed to purchase a property from Development Authorities such as MHADA, DDA, and so on.
  • Loans for purchasing a property in an existing Co-operative Housing Society/ Apartment Owners Association/ Development Authorities settlements/ privately built up homes.
  • These loans can also be availed for construction on a lease hold plot/ freehold plot/ plot allotted by a Development Authority.
  • It provides a loan-to-value (LTV) of up to 90% of the cost of the property
  • The maximum repayment tenure is up to 30 years (for Telescopic Repayment Option) and 20 years for all other Home Loan products.

Who is Eligible?

  • Individuals who are salaried or self-employed
  • Residents of India
  • These loans are available for the applicants belonging to the age group of 18 to 65 years

Pradhan Mantri Awas Yojana/ CLSS

To know about this CLSS-based product, read our blog Have You Booked Your Home Under Pradhan Mantri Awas Yojana Yet? 

Commercial Property Loans

  • Loans for purchasing a new/existing clinic or office OR loans for the improvement/ extension/ construction of an office or clinic OR for transferring an outstanding loan from another bank/ financial institution to HDFC.
  • The maximum repayment tenure is up to 15 years

Who is Eligible?

  • Self-Employed Professional (SEP): Doctor, Lawyer, Chartered Accountant, Architect, Consultant, Engineer, Company Secretary, etc.
  • Self-Employed Non-Professional (SENP): Trader, Commission Agent, Contractor, etc.
  • Residents of India
  • These loans are available for the applicants belonging to the age group of 18 to 65 years

Commercial Plot Loans

  • Loans for purchasing a new/ existing commercial plot OR for transferring an outstanding loan from another bank or financial institution.
  • The maximum repayment tenure is up to 15 years

Who is Eligible?

  • Self-Employed Professional (SEP): Doctor, Lawyer, Chartered Accountant, Architect, Consultant, Engineer, Company Secretary, etc.
  • Self-Employed Non-Professional (SENP): Trader, Commission Agent, Contractor, etc.
  • Residents of India
  • These loans are available for the applicants belonging to the age group of 18 to 65 years

Loans for NRI/PIO

  • These loans are offered to NRIs, PIOs, and OCIs for purchasing a flat, bungalow, row house, in approved projects in India from private developers.
  • This loan can be availed to purchase a property from Development Authorities such as MHADA, DDA, and so on.
  • Loans for purchasing a property in an existing Co-operative Housing Society/ Apartment Owners Association/ Development Authorities settlements/ privately built up homes.
  • These loans can also be availed for construction on a lease hold plot/ freehold plot/ plot allotted by a Development Authority.
  • It provides a loan-to-value (LTV) of up to 90% of the cost of the property
  • The maximum repayment tenure is up to 30 years (for Telescopic Repayment Option) and 20 years for all other Home Loan products.

Who is Eligible?

  • NRIs, PIOs, and OCIs
  • These loans are available for the applicants belonging to the age group of 18 to 65 years

FAQs on HDFC Home Loans

Why should I opt for a balance transfer to HDFC Home Loan?

When compared to other banks, HDFC Bank offers very affordable and competitive Home Loan interest rates starting at 8.80% for a maximum period of 30 years. In case you are paying an interest rate which is higher than this, then you should opt for a balance transfer to HDFC Bank.

Can I transfer my Home Loan from another bank to HDFC Bank?

Yes, you can transfer your existing housing loan with a hassle-free process to HDFC Bank. By availing a Home Loan transfer to HDFC Bank you can save interest and also pay lower EMIs.

What is the maximum loan repayment tenure one can opt under HDFC house loan?

The maximum tenure for HDFC Bank Home Loan is 30 years with the benefit of paying the lowest EMI per month.

Can I foreclose my housing loan with HDFC Bank? What are the charges or the fees that are applicable?

Yes, you can foreclose the housing loan with HDFC Bank. Charges for the same are:

Prepayment Charges

  • Adjustable Rate Home Loans - No prepayment charges for this category of Home Loans, but if a company or firm is a co-applicant, charges of 2% plus GST will apply.
  • Fixed Rate Home Loans - You do not have to pay any prepayment charges if you close the loan from own funds. However, if there is a takeover of the loan, prepayment charges of 2% plus GST is applicable.
  • Fixed and Variable Rate Loans Combination
    • During the fixed rate period, the prepayment penalty is 2% plus GST.
    • During variable rate period, individual borrowers do not incur any prepayment charges. However, if a company or a firm is a co-applicant, prepayment charges of 2% plus GST is applicable.

Do I get an income tax benefit on Home Loan from HDFC Bank?

Yes, you can get a tax benefit on Home Loan from HDFC Bank as per the Indian Income Tax Act 1961. Under section 24 and section 80C of the act, the residents of India are eligible for a tax benefit on the principal amount (up to 1.5 Lakhs) and also the interest component (up to 2 Lakhs) of the Home Loan.

Can I convert my housing loan rate from a fixed rate to a floating rate or vice-versa? What are the charges applicable?

Yes, you can convert the housing loan rates from fixed to floating rates and vice-versa. The charges or fees applicable are:

Fees for Conversion of Interest Rate

  • Switch to lower variable rate Loans (Housing/ Improvement/Extension): Up to 0.50% of the principal outstanding & undisbursed amount (if any) at conversion time or up to 50,000 + taxes, whichever is lower.
  • Switch from fixed rate loan to variable rate loan (Housing/ Improvement/Extension): Up to 0.50% of the principal outstanding & undisbursed amount (if any) at conversion time or up to 50,000 + taxes, whichever is lower.
  • Switch to variable rate from Trufixed fixed rate: 1.75% of the principal outstanding & undisbursed amount (if any) + taxes at conversion time.
  • Switch to lower rate Hon-housing Loan: Half of the spread difference of the principal outstanding & undisbursed amount (if any) + taxes (minimum fee of 0.5% and maximum 1.50%).
  • Switch to lower rate Plot Loans: 0.5% of principal outstanding & undisbursed amount (if any) + taxes at conversion time.

What is the benchmark applicable for a housing loan with HDFC Bank?

The benchmark which is applicable for a housing loan in HDFC Bank is Prime Lending Rate (PLR)

How to increase my eligibility to avail an HDFC Home Loan?

In case, your spouse or family members are earning well, then you can make them as a co-applicant of the loan and hence the combined earnings will also increase your eligibility.

HDFC Home Loan Latest News

2019-01-02: HDFC Bank raises the Home Loan rates by 10 basis points

Being one of the leading mortgage lenders, the HDFC Bank has increased its housing loan rates by 10 points making Home Loans costlier for the new borrowers. The latest interest rates range from 8.90% to 9.15% on different slabs of loans.

2018-08-31: HDFC Bank cuts home improvement loan rates in Kerala

HDFC Bank has reduced home improvement loan rates for its customers in Kerala by 20-30 basis points and it has also waived the processing fees for such loans which have been adversely affected by the flood. This is available only for those customers whose property is located in Kerala.

2018-11-20: HDFC Ltd disburses over 1100 Crore under PMAY Credit Linked Subsidy Scheme

HDFC Bank Ltd has disbursed an amount of 1100 crore under the PMAY, a Credit Linked Subsidy Scheme to over 51000 customers. The bank has provided a loan to borrowers who belong to EWS (Economically Weaker Section), LIG (Low Income Group) and Middle Income Group (MIG) categories.

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