HDFC Ltd

HDFC Ltd Home Loan

Apply HDFC Ltd Home Loan @ 8.55%
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Interest Rate

8.55%-9.5%

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Processing fee

Upto 11500

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Loan Tenure upto

30 years

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LTV (Loan to value)

75% to 90% of property value

HDFC Home Loan

HDFC(Housing Development Finance Corporation) is the pioneer as far as housing finance in India is concerned. They are in existence since 1977. Trust, Integrity, Transparency, and Professional Service are the pillars of the HDFC brand. In addition to the 474 interconnected offices all over India, HDFC has 3 representative offices in Dubai, London, and Singapore. HDFC has fulfilled the dreams of over 6.3 million dreams with a variety of customised solutions. HDFC has the distinction of disbursing the first Home Loan in India with the foremost beneficiary being Mr. D B Remedios in Mumbai. Since 1978, HDFC has maintained its reputation for being the foremost Home Loan financer in India.

HDFC Home Loan Interest Rates - July 2019

Interest rate

8.55%

Loan tenure

30 Years

Loan turnaround period

8 - 15 days

Loan to value (LTV)

loan up to 90% of the project cost

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Co-applicants

Up to 4 applicants are allowed as co-applicants

Lowest EMI

772 Per Lakh

 

Why HDFC Ltd. Home Loan?

HDFC is in the Home Loan financing business for the past 40 years. HDFC Home Loans are quick and easy to get. You get the most attractive interest rates at HDFC. Some of the critical features of the HDFC Home Loan are the doorstep assistance, easy documentation, and flexible repayment options. HDFC provides you the facility of applying for a Home Loan online. HDFC offers a variety of Home Loans like loans to purchase new houses, home improvement loans, purchase of plots, and so on.

Some of the main reasons why you should apply for HDFC Home Loan are:

  • A range of customised Home Loan products
  • The most competitive rates of interest
  • Professional customer service
  • Interest calculation on the daily reducing balance method

Useful Features and Benefits of HDFC Home Loan

  • You get the advantage of quick application, loan approval, and processing

  • The bank provides doorstep assistance to its customers.

  • HDFC has an easy documentation procedure
  • Attractive interest rates
  • HDFC offers a variety of Home Loan products such as loans for purchasing ready to move or under construction homes/flats, repairs or renovations to the house, and so on.

  • Non-Resident Indians can also apply for HDFC Home Loan
  • There are other mortgage loan options like Loan against Property, Home Loan Balance Transfer, and so on.

  • HDFC provides you with the facility to apply for a Home Loan online

HDFC Home Loan Interest Rates

HDFC does not follow the MCLR concept. It works on the Retail Prime Lending Rate Concept (RPLR).

HDFC has two types of Home Loan interest rates:

1.Adjustable Rate Home Loan - Floating Rate Linked to the HDFC Retail Prime Lending Rate

In the case of a change in the RPLR, HDFC revises the interest rate on loan once in three months depending on the date of the first disbursement. It can involve a change in the EMI or otherwise. If the EMI does not change, the tenure will either increase or decrease depending on the direction of the change in the RPLR.

Interest Rate Table for HDFC Home Loan

Note the present RPLR is 16.85%. The adjustable rates will change as and when HDFC changes the RPLR.

The rates are the same for all the Home Loan products:

Category Salaried Individuals Self-Employed Professionals Self-Employed Non-Professionals

Women (Up to 30 Lakhs)

8.55% to 9.05%

8.55% to 9.05%

8.60% to 9.10%

Others (Up to 30 Lakhs)

8.60% to 9.10%

8.60% to 9.10%

8.65% to 9.15%

Women ( 30.01 Lakhs to 75 Lakhs)

8.80% to 9.30%

8.80% to 9.30%

8.85% to 9.45%

Others ( 30.01 Lakhs to 75 Lakhs)

8.85% to 9.35%

8.85% to 9.35%

8.90% to 9.40%

Women (  75.01  Lakhs & Above)

8.85% to 9.35%

8.85% to 9.35%

8.90% to 9.40%

Others(  75.01  Lakhs & Above)

8.90% to 9.40%

8.90% to 9.40%

8.95% to 9.45%


The interest rates for Top-Up loans for existing customers are different - 9.15% to 9.65% across all categories.

The Top-Up loan interest rates for new customers are as follows:

Loan Slab - New Customer Interest Rates Interest Rates for Self-employed Non-professionals

Women (up to 30 Lakhs)

8.60% to 9.10%

8.60% to 9.10%

Others (Up to 30 Lakhs)

8.65% to 9.15%

8.65% to 9.15%

Women (Over 30 Lakhs to  50 Lakhs)

8.85% to 9.35%

8.85% to 9.35%

Others (Over 30 Lakhs to 50 Lakhs)

8.90% to 9.40%

8.90% to 9.40%

TruFixedHome Loan - 2/3 Year Fixed Rate Variant

This option allows the borrower to choose a fixed rate for either 2 or 3 years after which it will automatically convert to the adjustable rate. The total Home Loan tenure under such circumstances should not exceed 20 years.

Category Salaried Individuals Self-Employed Professionals Self-Employed Non-Professionals

Women (Up to 30 Lakhs)

9.40% to 9.90%

9.40% to 9.90%

9.45% to 9.95%

Others (Up to 30 Lakhs)

9.45% to 9.95%

9.45% to 9.95%

9.50% to 10.00%

Women (Above 30 Lakhs)

9.55% to 10.05%

9.55% to 10.05%

10.00% to 11.00%

Others (Above 30 Lakhs)

9.60% to 10.10%

9.60% to 10.10%

9.65% to 10.15%

HDFC Home Loan Eligibility

Both salaried and self-employed individuals (professionals and non-professionals) are eligible for applying for HDFC Home Loan. The standard eligibility criteria are as follows:

  • Applicants should have a steady and regular source of verifiable income
  • The margin in the range of 10% to 25% depending on the loan amount
  • Usually, Home Loans do not have any ceiling. They are need-based loans.
  • Top-Up loans have a maximum limit of 50 Lakhs

Enhance Your Eligibility:

Applicants can enhance their eligibility limits by bringing in an eligible co-applicant. HDFC Bank considers the income of the co-applicant while determining the overall eligibility. The spouse is the ideal co-applicant for your Home Loan. A joint income can enhance your eligibility. Also, both the co-applicants get the benefit of income tax deductions. Therefore, pool in your collective resources and opt for a higher eligibility level. 

Let us see who is eligible to be a co-applicant to your HDFC Home Loan.

Other Products by HDFC

There are three types of products that do not strictly come under the Home Loans category but have similar characteristics:

Loan Against Property (LAP)

  • All individuals having unencumbered property (residential, commercial) in their names are eligible for a loan against the property.

  • The maximum eligibility is 60% (50% for new customers) of the market value of the property.

  • This facility is a secured Personal Loan. Hence, there is no need to spell out the purpose of the loan. You can use it for meeting family exigencies like weddings, travel, higher education, medical expenses, and so on.

  • The processing fees for such LAP is up to 1.50% of the loan amount subject to a minimum of 4,500.

  • The maximum loan amount under this category is 5 Crores

  • The rate of interest for LAP is different from that of the Home Loan interest. The rates of interest are the same for salaried as well as for self-employed individuals.

Loan Slab Adjustable Rate Loan TruFixed Loan - 2 & 3 Year Fixed rate variant

Self-Occupied Residential Property (Less than 1 Crore)

9.80% to 10.80%

9.95% to 10.95%

Self-Occupied Residential Property ( 1 Crore and above)

9.55% to 10.55%

9.70% to 10.70%

Non Self-Occupied Residential Property (Less than 1 Crore)

10.05% to 11.05%

10.20% to 11.20%

Non-Self-Occupied Residential Property (1 Crore and above)

9.80% to 10.80%

9.95% to 10.95%

Commercial Property (Up to 1 Crore)

10.05% to 11.80%

10.20% to 11.95%

Commercial Property (Above 1 Crore)

9.80% to 11.55%

9.95% to 11.70%

Top-Up Loans

  • Existing and new borrowers can avail top-up Home Loan facility depending on the value of the property and their repayment capacity.

  • There is no need to provide any reason for availing the top-up facility. You can use it for any legitimate purpose like medical expenses, higher education of children, and so on.

  • There is a ceiling on this loan. The maximum loan eligibility is equivalent to your initially sanctioned loan amounts of all Home Loans put together or 50 Lakhs, whichever is lower.

  • This eligibility is subject to an overall cap of 80% for cumulative loan exposure up to 75 Lakhs and 75% if the exposure exceeds 75 Lakhs.

  • The rates of interest on these loans are different from that of the regular Home Loans.

Loan Slab (Outstanding Home Loan plus Top Up Loan Rate of interest

Top Up Loan for existing customers

8.90% to 9.40%

Loan Slab for New Customers

 

For Women (Up to 30 Lakhs)

8.70% to 9.20%

For Others (Up to 30 Lakhs)

8.75% to 9.25%

Women (More than 30 Lakhs and up to 50 Lakhs)

8.80% to 9.30%

Others (More than 30 Lakhs and up to 50 Lakhs)

8.85% to 9.35%

Non-Residential Property Loans

  • Self-employed professionals like doctors, lawyers, chartered accountants and business entrepreneurs can avail non-residential property loan for the purchase of the clinic or office.

  • They can also avail this loan for improvement or renovation of the clinic or office.

  • The Balance Transfer facility is also available for this category.

  • The maximum repayment tenor is 15 years
  • The interest rates are as follows:
Loan Slab Adjustable Rate Loan TruFixed Loan - 2 & 3-Year Variant

Less than 1 Crore

9.80% to 10.80%

9.95% to 10.95%

1 Crore and above

9.55% to 10.55%

9.70% to 10.70%


  • You can also avail this loan for the purchase of non-residential plot. However, you have to commence the construction of your clinic or office on the plot within 5 years from the date of the first

  • This facility is available to purchase plots from Development Authorities and good developers within city limits.

  • The rate of interest for the plot loan is as follows:

Loan Slab Adjustable Rate Loan TruFixed Loan - 2 & 3-year variant

Less than 1 Crore

10.30% to 11.30%

10.45% to 11.45%

1 Crore and above

10.05% to 11.05%

10.20% to 11.20%

HDFC Home Loan Processing Fees Prepayment and Other Charges

Processing Fees - Up to 0.50% of the loan amount or 3,000 whichever is higher

Prepayment Charges

  1. 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.

  2. 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 are applicable.

  3. Fixed and Variable Rate Loans Combination 
  4. During the fixed rate period, the prepayment penalty is 2% plus GST.

  5. 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.

Other charges

Conversion Fees - Customers can opt to switch between specific loan products and avail benefit of interest and loan repayment tenures by paying a nominal fee.

Cheque Dishonour Charges - These charges amount to 200 per instance.

Fees on Account of External Opinion - It is payable on an actual basis to advocates, technical values, and so on.

Property Insurance - Premium is directly payable to the insurance provider.

Delayed Payment charges - Additional interest up to 24% per annum on the delayed instalment.

Obtaining a List of Documents or Photocopies of Documents - Charges up to 500.

Swapping of PDC - Up to 200 for swapping of PDCs.

Cancellation of Cheque Post Disbursement - The charges for cancellation of cheques after disbursement of the loan are up to 200.

Types of Home Loans Offered by HDFC

HDFC offers various kinds of Home Loans to residents and Non-Resident Indians. They are as follows:

For Purchase of New Home

  • Eligible borrowers, both salaried and self-employed individuals can obtain Home Loans from HDFC for the purchase of new house, flat, row house, or bungalow from private developers in approved projects.

  • You can also purchase properties from development authorities like DDA (Delhi Development Authority), MHADA (Maharashtra Housing and Area Development Authority) and so on.

  • The maximum repayment tenure is 30 years for the Telescopic Repayment Option under the Adjustable Rate Home Loan.

  • For other Home Loan products, the maximum tenure for repayment is 20 years.

  • Margin ranges from 10% to 25% depending on the loan amount.

  • Different repayment options are available to you:

  1. Step Up Repayment Facility (SURF) - The loan instalment is low in the initial stages. As your income increases over the years, the loan instalment increases accordingly.

  2. Flexible Loan Instalments Plan (FLIP) - The loan instalment is higher in the initial years and decreases subsequently in proportion to the income.

  3. Tranche Based EMI - You can use this option when you purchase a property under construction. You have the facility to repay the interest amount on the loan amount drawn until the final disbursement. You can start paying your regular EMIs after that.

  4. Accelerated Repayment Scheme - You get the flexibility to increase your EMIs every year in proportion to the increase in your income. It enables you to repay your loan faster.

  5. Telescopic Repayment Option - You get the benefit of extended repayment tenure up to 30 years. Hence, you become eligible for a higher loan amount.

For Purchase of Resale Homes

  • This product enables you to get loans for purchase of resale property in an existing Co-operative Housing Society or Apartment Owners' Association or privately built homes or Development Authority settlements.

  • The repayment tenure and margin requirement are the same as they are for the purchase of new homes.

  • Similarly, salaried and self-employed individuals are eligible to apply for Home Loan in this category.

For Construction of Houses

  • You can avail loan for construction of a dwelling on a freehold plot or plot allotted by a Development Authority.

  • You have the facility to apply with co-applicant(s) to enhance your eligibility amount.

  • The repayment options, eligibility criteria, and margin requirement are similar to the other Home Loan products.

Balance Transfer

  • This product enables you to transfer existing loan balances from other banks and Non-Banking Financial Companies (NBFCs) to HDFC Bank.

  • There is no maximum limit for a balance transfer, but the maximum amount you can avail as a Top-Up loan is 50 Lakhs.

  • The total loan amount of Home Loan Balance Transfer (HLBT) and Top-Up depends on the market value of the property and borrower?s repaying capacity.

  • The margin requirements are the same as they are for other Home Loans.

  • The tenure of the loan depends on the age of the borrower on the date of sanction of the loan. The maximum repayment is 20 years. It can go up to 30 years for the Telescopic Repayment Option under the Adjustable Rate Home Loan.

  • You should have a satisfactory record of repayment with your existing Home Loan institution.

Home Improvement Loans

  • This loan product allows you to avail loans for home improvement, repairs, and renovations.

  • You can utilise the amount for carrying out internal and external maintenance such as flooring, tiling, plastering, and painting, and so on.

  • This facility is available to both existing and new customers.

  • The maximum tenure for the home improvement loans is 15 years depending on the age of the borrower and the age of the property at loan maturity.

  • Existing customers can get 100% of the estimate costs subject to the market value of the property. The LTV ratio should be 75% to 90% depending on the loan amount.

  • New customers have to bring in the margin of 10% to 25% depending on the loan amount and market value of the property.

Home Extension Loans

  • Avail loans for extension of homes such as adding rooms or constructing additional floors (approval from the concerned authority is a must).

  • The loan repayment tenure should not exceed 20 years.

  • The maximum eligibility depends on the construction estimate.

  • There is a margin requirement in the range of 10% to 25% depending on the loan amount and the market value of the property.

Plot Loans

  • This loan product allows you to purchase a plot of residential land through direct allotment or purchase a resale plot.

  • You can also transfer your loan from other banks and Housing Finance Companies (HFCs) to HDFC Bank.

  • The maximum loan tenure is 15 years.

  • Borrowers have to bring the margin of 10% to 25% of the property cost (10% for loans up to 20 Lakhs, 20% for loans more than 20 Lakhs and up to 75 Lakhs, 25% for loans over 75 Lakhs). In case the plot is located outside city limits, HDFC can stipulate a higher margin of 30% of the property cost.

  • The eligibility criteria and repayment options are similar to that of other Home Loan products.

HDFC NRI Home Loan

  • Non-Resident Indians (NRIs) living in the Middle East Countries, Singapore, the United Kingdom, and other places are also eligible for the loans mentioned above.

  • NRIs can take advantage of Home Loan Advisory Services in the country they reside.

  • The term NRI includes Person of Indian Origin (PIO) and Overseas Citizen of India (OCI).

  • HDFC provides Property Search Advisory Services.

  • You can use the loans to purchase property located anywhere in India where HDFC has an office.

  • Merchant Navy personnel can also avail this facility.

  • The maximum repayment tenure is 20 years. You can use the Tranche-Based EMI option.

HDFC Pre-Approved Loan Scheme

  • All eligible borrowers can avail the Pre-Approved Home Loan from HDFC where HDFC provides a letter of provisional sanction to the applicant enabling them to negotiate with builders/sellers.

  • It also serves as a letter of credibility for the borrowers.

Short Term Bridging Loans

  • The Short Term Bridging Loans facility enables you to arrange for immediate funds required to buy a new home while waiting for the sale of your existing home.

  • Repayment is through monthly instalments of simple interest with lump sum repayment at the end of the term.

  • The maximum loan tenure period is 2
  • The margin is 20% of the property cost for loans up to 75 Lakhs and 25% of the property cost for loans above 75 Lakhs. The loan amount depends on the repayment capacity of the borrower.

Rural Housing Finance

  • People residing in villages can avail this loan facility for purchasing, constructing, renovating their house in rural areas.

  • This loan product is a unique one for agriculturists, planters, horticulturists, dairy farmers, and so on.

  • Salaried employees and self-employed individuals can also avail this loan to purchase or construct residential property in their village.

  • Agriculturists need not mortgage their agricultural land for availing Home Loan under this scheme.

  • They need not submit IT returns that are otherwise mandatory for all Home Loans.

  • Maximum loan tenure is 20 years for all agriculturists.

  • The margin requirement is 10% to 25% of the property cost depending on the loan amount.

PradhanMantriAwasYojana

  • This product is designed by the Government of India and is common to all banks.

  • HDFC is also one of the institutions that can lend to beneficiaries under the Credit-Linked Subsidy Scheme of the Government of India.

  • The maximum interest subsidy available in PMAY is 2.67 Lakhs.

  • People from the Economically Weaker Sections (EWS), Lower Income Group (LIG), and Middle Income Group (MIG-I and MIG-II) not owning residential property in their names/names of immediate family members are eligible for finance under PMAY.

In Collaboration with the Army Group Insurance Fund (AGIF)

  • Armed Forces Personnel can avail finance from HDFC in addition to the borrowing from the AGIF for purchase or construction of houses.

HDFC Reach

  • This product is similar to the other Home Loans where you can get loans for purchase of a house, construction of the house, and so on.

  • You can also avail HLBT facility.
  • Salaried individuals should have a minimum salary of 10,000 per month whereas self-employed individuals with a minimum annual income of 2 Lakhs are eligible.

  • Maximum tenure is 30 years for Home Loans, home extension loans, and refinance loans. Otherwise, it is 15 years.

  • The margin requirement is 20% for Home Loans, home extension loans, home improvement loans, and top-up loans. It is 40% for non-residential premises and plot loans and 50% for Loan against Property.

  • This product is a 3-year fixed rate variant under the TruFixed Home Loan category.

  • The rate of interest is different from that of the existing Home Loans.

Type of Loan Loan amount Slabs Rate of Interest

Reach Home Loan, Home Improvement Loan, Home Extension Loan, and Top-Up Loans

Any loan amount

9.55% to 14.55%

For Non-Residential Properties, Loan against Property, and Residential Plot Loans

Any loan amount

10.55% to 15.55%

Documents Required for HDFC Home Loan

1.KYC Documents - Same for salaried and self-employed individuals

Identity Proof

  • PAN Card
  • Passport
  • Aadhaar Card
  • Driving Licence
  • Any other ID card issued by the Government

Address Proof

  • Passport
  • Aadhaar Card
  • Driving Licence
  • Registered Rent Agreement
  • Ration Card
  • Latest Electricity Bill

Income Proof - Salaried Individuals

  • Last 3 months' salary slips
  • Statement of account where the applicant receives the salary credit
  • IT Returns and Form 16 for the previous two years

Income Proof - Self-Employed Individuals

  • Financial statements such as Profit & Loss Statements and Balance Sheets duly certified by a Chartered Accountant

  • Last two years IT returns
  • Statement of Account for the previous 1 year to establish continuity of income

  • GST registration certificate (if applicable)
  • Copy of the Professional degree (Lawyers, Doctors, Chartered Accountants, and so on)

  • Copies of invoices raised on clients (to establish the genuineness of business, if applicable)

Property Documents

  • Photocopies of all property documents including the Mother Deed to establish the chain of ownership.

  • Agreement for sale between buyer and seller

  • Agreement for construction with the builder (if applicable)

  • Copy of allotment letter from the Development authorities (if applicable)

  • Estimate of repairs and renovations/extensions (if applicable)

  • Balance Outstanding letter and List of documents (in case of Balance Transfer cases)

  • Encumbrance certificate for the past 30 years

Options for HDFC Home Loan Co-applicant

  • Co-owners: Co-owners of the property have necessarily to be co-applicants to the Home Loan irrespective of their relationship.

  • Parents - Son: If the house is in the name of the son, he can include the name of either parent as a co-applicant subject to their eligibility (age wise).

  • Parents - Son: If the house is in the name of the parents, it is necessary to obtain the NOC from the other legal heirs before accepting the son as a co-applicant. Otherwise, it is better to include the names of all the legal heirs as co-applicants. It is to avoid succession issues in the future.

  • Parents - Daughter: Married daughters are not acceptable as co-applicants

  • Parents - Unmarried Daughter: HDFC generally avoids accepting unmarried daughters as co-applicants for the simple reason that they can marry in the future and move away to a different home.

  • Siblings: Generally, HDFC does not accept siblings as co-applicants. However, if the property is in joint names, they have to join as co-borrowers.

  • Spouse: HDFC accepts either spouse as a co-applicant irrespective of the fact whether the spouse is earning or not.

  • Unrelated Persons: It is very rare to find such a combination. It is possible that two partners of a firm can join and purchase a house or office for business purposes (non-residential property loan).

Effect of CIBIL Score on HDFC Home Loan

Your Home Loan eligibility depends on your credit score. HDFC gives importance to CIBIL scores of the applicants. Higher the CIBIL score, higher are the chances of getting Home Loans. HDFC considers offering Home Loans to individuals with CIBIL score of 550 or above.

Read MoreHow to Build a Credit Score for Home Loans?

How Much Home Loan Can I Get on My Property (LTV) from HDFC?

Depending on the product you choose, HDFC gives Home Loans from 75% to 90% of the value of the property, also known as Loan to Value (LTV).

Loan Amount

Maximum Funding (subject to the market value of the property and repaying capacity of the borrower)

Up to 30 Lakhs

90% of the cost of the property

Above 30 Lakhs and up to 75 Lakhs

80% of the value of the property

Above 75 Lakhs

75% of the property cost

How to Calculate HDFC Home Loan EMI?

Calculating the HDFC Home Loan EMI is a straightforward process. You have a Home Loan EMI Calculator on websites like MyMoneyMantra where you have to enter a few details like the loan amount, rate of interest, and the loan tenure. You get the EMI table instantly along with the comprehensive amortisation schedule.

HDFC Ltd Home Loan repayment options

SURF (Set Up Repayment Facility):

According to this option, you can relate your home loan to the expected growth of your income. This means you can take a higher amount of a home loan and pay your EMIs at a lower rate during initial years. Eventually, the amount of EMI will grow if there is an increase in your income.

FLIP (Flexible Loan Instalments Plan):

This option of repayment is customised according to your paying capacity which is likely to alter during the loan term. Your home loan is structured in such a way that the EMI will be higher in initial years and eventually gradually decreases in proportion to the income.

Tranche Based EMI:

This option is beneficial in case of home loan taken for the purchase of under constructed property. Generally, you are required to service only interest on loan amount drawn until the final disbursement of the loan is made and after that, you can your EMI. But under this scheme, you can immediately start paying your home loan principal amount along with the interest.

Accelerated Repayment Scheme:

This scheme enables you to increase your EMI amount as per the rise in your income which will help you in repaying your loan faster.

Telescopic Repayment Option:

This scheme helps you in getting the maximum tenure for your loan that is 30 years which means enhanced loan eligibility and lower EMIs.

HDFC Home Loan Latest News

15.05.2019: HDFC partners with IMGC to offer mortgage guarantee-backed home loan

HDFC said on May 15th that it has tied up with IMGC (India Mortgage Guarantee Corporation) for offering mortgage guarantee-backed home loans. Mortgage guarantee is a housing finance product which compensates for losses borne by lending institutions that may arise in case of default by home loan borrower. The risk of the home loan payment gets transferred from the bank or financial institution to the mortgage guarantee company.

With this partnership, HDFC will further penetrate the Indian home loan market and access a large customer base. The partnership will also help HDFC offer more loans to the housing loan customer on an enhanced eligibility.

HDFC Home Loan Interest Rates Increased by 20 Basis Points    3-Aug-2018

As soon as the Reserve Bank of India (RBI) increased the repo rate by 25 basis points on Wednesday, i.e., 1 August 2018 (taking it to 6.50% from 6.25%), the mortgage lender HDFC hiked its Home Loan interest rates by 20 basis points.

As per the revised interest rates of HDFC on Thursday, women borrowers can secure a Home Loan of up to 30 Lakhs at 8.70% while other borrowers can avail Home Loan at an interest rate of 8.75%. For loan amounts of above 30 Lakhs, women can avail Home Loan at 8.80% while for others, the interest rate will be 8.85%. The new rates are effective from 1st August 2018. Read More

Be Ready to Pay Higher EMIs as HDFC Increases Home Loan Interest Rate by 10 BPS     1-Oct-2018

If you have taken HDFC Home Loan, be prepared to shell out extra money for your EMIs as HDFC has hiked its lending rate by 10 basis point on Monday. HDFC has hiked its interest rate before fourth bi-monthly monetary policy review by Reserve Bank of India (RBI) with effect from 1st October 2018. Read More

Home loan rates Increase -

With the RBI increasing repo rates recently, HDFC has announced a 20 basis points (bps) increase in its retail prime lending rate (100 basis points = 1%). Hence, Home Loans have become costlier. With this latest hike, the overall lending rates of HDFC have gone up by 45 bps. It is the third time this year that HDFC has raised its lending rates.

PMAY Increases HDFC Home loan business -

HDFC is an active player under the PMAY scheme. Almost 40% of HDFC Home Loans are under the PMAY segment. On an average, HDFC approves more than 8,200 Home Loan applications under PMAY every month. It is in tune with the national objectives of providing affordable housing to all people by 2020.

Take the Benefit of Telescopic Instalment -

HDFC is one of the few institutions that offer telescopic instalment facility in India. It is also known as Step-Up Instalment. It is beneficial to the young generation who opt for Home Loans early in their career. This facility allows the borrowers to pay low instalments initially with the facility to increase the EMI as their salary increases with time.

HDFC Woos NRIs with Their Attractive Loan Products -

HDFC is quick to tap into the NRI Home Loan market with loan products to suit their profile. NRIs, PIOs, and OCIs can apply for a Home Loan from HDFC. Merchant Navy personnel are also eligible to avail loans under this scheme for NRIs.

HDFC Has Come up with Their Mobile App -

Now, you can apply for the HDFC Home Loan on the go. There is no need to visit any HDFC branch this purpose. HDFC has developed a unique mobile app that allows you to apply for your Home Loan online. It is one of the most convenient options available on the HDFC platform.

Frequently Asked Questions

How does HDFC determine my Home Loan eligibility?

A lot of factors go into determining your Home Loan eligibility. They are as follows:

  1. Your income
  2. Age
  3. Occupation
  4. Co-applicant's income
  5. Number of dependents
  6. Repayment history
  7. CIBIL Score
  8. Value of property
  9. Purpose of loan

Why should I consider moving my existing Home Loan to HDFC?

Transferring your existing Home Loan to HDFC has many benefits:

  1. Attractive and best interest rates that can help you save money

  2. Simple procedure
  3. Opportunity to get additional Top-Up loans
  4. Customised repayment options
  5. An extensive network that ensures quick and efficient service

Can you apply for HDFC Home Loan online?

Yes, you can apply for HDFC Home Loan online. You can also give a missed call to 09289200017. You can also apply for your HDFC Home Loan through reputed loan service providers like MyMoneyMantra.

What is the minimum CIBIL score for a Home Loan?

It is better to have an excellent CIBIL score to get a Home Loan at the lower interest rate. However, HDFC approves Home Loan for borrowers with CIBIL score of 550 and above.

How can I improve my Home Loan eligibility?

You can improve your loan eligibility in the following manner:

  1. Close your existing Personal Loans and improve your net take-home pay.

  2. Maintain an excellent repayment record.
  3. Bring in a co-applicant with sufficient income.

Can I take a Home Loan for purchasing a plot and constructing a house thereon?

The HDFC Plot loan allows you to avail a loan for the purchase of a plot wherein you can construct a house at a later stage. All other conditions of HDFC Home Loan are applicable.

Is loan insurance compulsory when I avail a Home Loan?

No, it is not compulsory, but it is advisable to take an insurance cover to ensure that your near and dear ones do not have to incur the liability of repaying your Home Loan in case of any eventuality.

Does HDFC implement the Pradhan Mantri Awas Yojana?

Yes, HDFC is one of the financial institutions that implement the Pradhan Mantri Awas Yojana.

Can foreign nationals avail HDFC Home Loan?

No. Only NRIs, Persons of Indian Origin, and Overseas Citizen of India are eligible to apply for HDFC Home Loans. Merchant Navy personnel (only Indians) are also eligible to apply for Home Loans under this scheme for NRIs.

What is the telescopic instalment facility?

Usually, young borrowers do not have a high income when they apply for Home Loan. However, their income increases as they continue in their career. Keeping this point in mind, HDFC has come up with a telescopic repayment option wherein the borrower pays a lower EMI initially that increases as the years go by.

Why Apply for HDFC Home Loan on MyMoneyMantra?

MyMoneyMantra is a Home Loan service provider. Applying for a Home Loan on MyMoneyMantra has the following benefits:

  • You can check out the interest rates and other details of all the Home Loan products offered by HDFC on a single webpage.

  • The loan specialists at MyMoneyMantra help you with the entire loan process.

  • You can also check out the prospective Equated Monthly Instalment (EMI) using the MyMoneyMantra's EMI Calculator.

  • Check your credit score on MyMoneyMantra for free. You get the benefit of a lower Home Loan interest rate if you have a good CIBIL score.

The MyMoneyMantra Home Loan specialists help you to:

  • Assess your profile and analyse your repayment record.
  • Understand the terms and conditions of the HDFC Home Loan.
  • Read between the lines, especially where the offers sound attractive.

How to Apply for HDFC Home Loan on MyMoneyMantra?

Applying for the HDFC Home Loan on MyMoneyMantra is simple:

  • Visit MyMoneyMantra's official website
  • Specify your gender
  • Select the city of your residence
  • Provide information about the purpose of the loan. Each loan product has a distinct procedure.

  • Choose the city where you intend to purchase the property

  • Submit information about the approximate value of the property you intend to purchase.

  • Provide details about your employment type, annual income, required loan amount, and so on.

  • Submit personal details like your phone number and email address

  • Accept the terms and conditions and proceed
  • You will get an OTP on your mobile number
  • Enter the OTP at the appropriate place

You can now opt for the loan provider, HDFC Home Loans.

  • Your documents should be ready for verification.
  • MyMoneyMantra loan specialists will contact you and help you understand the loan application process. This service is free of cost.

  • HDFC has a marketing team to verify your documents
  • Provide the necessary documents for the valuation and legal scrutiny.

  • An HDFC official will contact you at your residence or office/business to assess and verify your income, property, credit history, and the source of funds to meet the margin requirements.

  • On completion of the verification process, HDFC would proceed with the processing aspect of your Home Loan.

  • On approval, HDFC would deliver the loan offer letter containing the terms and conditions of the sanction.

  • Go through the loan offer letter and accept the terms and conditions.

  • Return one copy of the letter duly signed.
  • The next step is the execution of the Home Loan documents.

  • The disbursement of the loan is as per the terms of the sanction.

  • Finally, proceed with the creation and registration of the equitable mortgage.

HDFC Home Loan - Customer Care

For information on Home Loan- SMS "HDFCHOME" to 56767

Helpline numbers differ from city to city. You can get this information on the official website of HDFC.

Missed Call Service - Give a missed call to 09289200017 for availing Home Loan facility.

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