Question 1

✅ What is charge for HDFC home loan interest rate conversion?

Accepted Answer

Existing customers can   convert their Home Loans for lower rate to Adjustable Interest Rate, from fixed interest loan to adjustable rate, lower rate in dual rate option, from tru fixed to adjustable rate. The conversion fee will be 0.25% on outstanding or Rs 5000 whichever is lower for fully disbursed loans. However, in partly disbursed loans, and also during the fixed tenor, an upfront conversion fee of 1.75% on principal outstanding + undisbursed amount and taxes will be applicable.

Question 2

✅ Is HDFC home loan processing fee refundable?

Accepted Answer

The processing fee is not refundable after the disbursal. The processing fee for salaried employees is 0.50% of the loan amount or Rs. 3,000 (whichever is higher) and for self-employed it is up to 1.50% of the loan amount or Rs. 4,500 + taxes.

Question 3

✅ How much HDFC home loan can I get on my salary?

Accepted Answer

Take Home Salary is one of the important criteria for assessing loan eligibility. The minimum salary requirement for HDFC Home Loan is Rs 18000. The EMI should be below 50% of the take home salary. Loan eligibility will also be dependent on property value and current liabilities.

Question 4

✅ Who provides Home Loan – HDFC Bank or HDFC Ltd.?

Accepted Answer

HDFC Ltd offers Home Loans and have served more than 8 million customers in India. HDFC Ltd is the Housing Finance Company, a subsidiary of HDFC Bank.

Question 5

✅ What is the current HDFC Home Loan Rate?

Accepted Answer

Currently HDFC offers  Home Loan Interest Rates  starting from 6.75% p.a. for. Basis your income, age, loan requirement, credit history and property value the effective rate will be determined.

Question 6

✅ How to check principal outstanding in HDFC Home Loan?

Accepted Answer

You can check HDFC Home Loan Statement online by visiting HDFC website. Login with your bank account and download Provisional Home Loan Statement to check the outstanding principal.

Question 7

✅ How does HDFC determine my Home Loan eligibility?

Accepted Answer

A lot of factors impact your Home Loan eligibility. They are as follows:   Income  Age  Occupation  Co-applicant's income  Number of dependents  Repayment history  CIBIL Score  Value of property  Purpose of loan

Question 8

✅ What are the benefits of transferring my Home Loan to HDFC?

Accepted Answer

Transferring existing Home Loan to HDFC has many benefits:   You can tap attractive interest rate and save substantially on EMIs each month.  The application can be initiated online without any hassles.  You can also apply for Top-Up loan up to Rs 50 Lakhs.  HDFC offers flexible repayment options. Choose the one according to your repayment capacity.  Excellent customer support online as well as offline.

Question 9

✅ Can you apply for HDFC Home Loan online?

Accepted Answer

Yes, you can apply for HDFC Home Loan online. It is just a few steps process that can be completed in a few minutes. Make sure you are ready with your documents before initiating the online application for HDFC Housing Loan. Loan marketplaces such as MyMoneyMantra allow you to apply directly through bank’s website. A loan officer is always available to guide you for free about documentation, processing and other loan queries.

Question 10

✅ What is the minimum CIBIL score for a HDFC Home Loan?

Accepted Answer

It is always better to have an excellent   CIBIL score   before applying for a Loan as it helps in availing of a lower interest rate. Since Home Loans are secured loans, minimum CIBIL score should be 650.

Question 11

✅ How do I improve my HDFC Home Loan eligibility?

Accepted Answer

To improve Home Loan eligibility, use following tips:   Close your existing Personal Loans and improve your net take-home pay.  Maintain an excellent repayment record.  Add a co-applicant with sufficient income.

Question 12

✅ Is insurance compulsory when I avail of HDFC Home Loan?

Accepted Answer

No, insurance with   Home Loan     is not compulsory. However it is always advisable to take an insurance cover with a high ticket long term loan such as Home Loan. It offers financial protection and peace of mind to your family in case of any eventuality as the loan repayment will be taken over by the insurance company in case of death of the borrower.

Question 13

✅ Does HDFC implement the Pradhan Mantri Awas Yojana?

Accepted Answer

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

Question 14

✅ Can foreign nationals avail HDFC Home Loan?

Accepted Answer

No. Only Non Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizen of India (OCIs) are eligible to apply for HDFC Home Loans. Merchant Navy personnel (only Indians) are also eligible to apply for HDFC Home Loans Schemes for NRIs.

Question 15

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

Accepted Answer

Depending on the product you choose, HDFC Ltd offers Home Loans from 75% to 90% of the property’s market value, also known as Loan to Value (LTV) ratio.       Loan Amount    LTV % - Maximum Sanction Amount    (subject to the market value of the property and repayment capacity of the borrower)      Up to Rs. 30 Lakhs   90% of the market value of the property     Above Rs. 30 Lakhs and up to Rs. 75 Lakhs   80% of the market value of the property     Above Rs. 75 Lakhs   75% of the market value of the property

Question 16

✅ How to Get Lowest Home Loan Rates in India?

Accepted Answer

Use following tips to win the negotiation and get the lowest Home Loan Interest Rate from HDFC Bank:     Credit Score-  A good credit score is the first point check for low rate. So, make sure your credit score is 650+ before you start the home loan application. Also, having a clean credit history will improve lender’s interest rate quote.   Documents-  When everything is in order, it is easier to establish your credibility. Make sure you have proof of identity, address, income, and property ownership ready.   Co-applicant-  Adding a co-applicant improves your eligibility. The lender will offer higher loan amount and lower rate when credit risk reduces.  If a woman is a primary applicant you can further get 5 to 10 bps discount or concession on the home loan rate.  Current debt to income ratio- lower is the debt to income ratio, better rate will you get.  Opting for higher down-payment or lower LTV also makes you more credit worthy.

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