HDFC Ltd Home Loan
About HDFC Limited
HDFC is India's leading Housing Finance Ltd Company established in the year 1977. The organization works with an aim of increasing the flow of resources to housing sector by integrating housing sector with financial markets. HDFC Ltd has three overseas offices located in Dubai, London, and Singapore providing Home Loans to NRIs and persons of Indian origin. They have an enhanced distribution network and distribution via HDFC Sales, HDFC Bank, and several channel partners.
About HDFC Home Loan Limited
Purchasing your own home is a celebration that gives you happiness for the lifetime. With HDFC Ltd Home Loan you can purchase your own house easily as this housing finance company offers customised Home Loan that best suits your needs. The key facts about HDFC Ltd Home Loans are:
HDFC Ltd Home Loans
Ranges from 20 Lakhs to 100 Crores (The amount varies depending on the market value of the property, repayment capacity, location of the property amongst other factors)
Flexible loan tenure up to 30 years
HDFC Home Loan can be availed for
Purchase of Flat, a row house, Bungalow from private developers in approved projects and properties from DDAs and MHADA
0.50% of the loan amount or 3,000 (Whichever is higher)
Loan to Value (LTV)
Up to 90% of the property value (However, it may change based on the location of the property and the repayment capacity of the borrower
Features and Benefits of HDFC Limited Home Loan
- You can avail a Home Loan to purchase a flat, bungalow, row house from private developers in approved projects and for properties from govt. authorities like DDA, MHADA etc.
- With HDFC Ltd, get an easy and affordable Home Loan at a low rate of interest.
- You can customise your repayment options and extend your loan tenure up to 30 years.
- The NBFC charges minimal amount as processing fee which could go up to 1.25% of loan amount or 3,000 (whichever is higher plus taxes).
- You can get maximum loan amount up to 90% of property value.
- You don't have to pay any processing fee in case you transfer your Home Loan from other banks to HDFC.
HDFC Limited Home Loans Loan To Value (LTV)
The Loan to Value (LTV) as per the loan amount is mentioned below:
Loan to Value (LTV)
Loan amount up to 30 Lakhs
90% of the market value of the property
Loan amount between 30-75 Lakhs
80% of the market value of the property
Loan amount above 75 Lakhs
75% of the market value of the property
Note: The LTV is subject to the market value of the property, location of the property, and repayment capacity of the borrower.
Types of HDFC Home Loan
Adjustable Rate Home Loan:
Under this, your home loan is linked with RPLR (Retail Prime Lending Rate) and whenever the rate changes, the rate of interest of your loan gets affected depending on the first date of loan disbursement. The rate is revised once in three months, however, the rate may or may not affect your loan EMI. When the interest rate rises, interest component on EMI will increase but the principal component will reduce that shall result in an extension in loan tenure and vice versa in case of a decrease in interest.
TruFixed Home Loan - 2-3 year Fixed Rate Variant:
This type of loan offers you a part fixed rate term and part adjustable rate term. This means you can avail fixed rate on your loan for a minimum term of 2-3 years. After that, your loan will automatically convert into the adjustable rate, adding up to a total term of 20 years.
HDFC Ltd Home Loan for an extension, Balance Transfer, new home, construction etc. :
HDFC Ltd. offers a home loan for several projects such as home extension, Balance Transfer, new home, construction, improvement etc. The eligibility and the required documentation are explained in detail below.
HDFC Rural Housing Finance:
Every person has a dream of having his own house. If you are an agriculturist and looking to buy a house in urban areas, you can fulfill your dream with HDFC Ltd Rural Housing Finance. HDFC Ltd. provides a home loan based on the agricultural land you own and the crops you cultivate. In case you are a salaried or self-employed looking to purchase a house in the village then you can avail a home loan from HDFC Ltd. under this scheme.
HDFC Short Term Bridging Home Loan:
HDFC Ltd takes care of your specific needs and accordingly helps you to fulfil your dream of having your own home. In case you have a space to move but you are facing difficulty in selling your existing home, then you can take an interim loan from HDFC Ltd. that will help you solve your problem.
HDFC Star Home Loan:
Another home loan offered by HDFC Ltd is Star Home Loan. You can avail a home loan under this scheme by furnishing your Aadhar Card only. Under this scheme, you can avail a home loan for an amount up to 15 Lakhs with maximum tenure up to 2 years. The minimum rate of interest on this home loan under this scheme starts at 13% p.a.
HDFC Limited Home Loans for Soldiers with Army Group Insurance Fund (AGIF)
In order to offer special assistance to soldiers of the country, HDFC Limited has partnered with Army Group Insurance Fund to offer hassle-free home loans.
Salient Features HDFC Limited Offers
- Quick home loan disbursement
- Customised repayment options for the borrowers for the easy repayment of a home loan
- Expert and technical counseling to help the borrower in making right house decision.
HDFC Ltd Loan Eligibility Criteria
|Age||21-60 years||21-65 years|
|Credit Score||Minimum 650 or above||Minimum 650 or above|
HDFC Ltd Home Loan Documentation
Along with the filled application form following documents are required for financial loan applicants and co-applicants:
|Type of document||Salaried employee||Self-employed|
|Salary slips/ Income Tax Return|
|Salary proofs/Business statements||Form 16/ PF statement/appointment letter||Balance sheet and P&L statement for last 2 years including schedules and Annexures|
|Identity proof||Passport/Voter ID/PAN/Driving License||Passport/ Voter ID/PAN/Driving License|
|Residential address proof||Registered rent agreement/passport/ utility bill (up to 3 months old)/ leave and license||Registered rent agreement/passport/ utility bill (up to 3 months old)/ leave and license|
|Other documents||Cheque of processing fees in favor of HDFC Ltd|
Note: It is advisable to self-attest all the required documents.
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.
BEST HOME LOAN OFFERS FROM OTHER BANKS
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
Total Interest Payable
Total of Payments
(Principal + Interest)