HDFC Home Loan

You can move a step closer in buying your dream home with the help of HDFC Home Loans. HDFC offers home loans that are hassle-free and are tailor-made for both salaried and self-employed individuals. It provides quick processing and attractive interest rates. In addition, women are eligible for lower interest rates.

HDFC Home Loan Interest Rate at 6.80%

HDFC offers Home Loan interest rate of 6.80% for loan amounts up to 30 lakhs for Women Applicants. The offer has been in effect since 11th January, 2021.

This special Housing Loan Scheme is for a limited period only, and can be availed if the loan is disbursed on or before 31st March, 2021. HDFC decides eligibility for the offer based on parameters such as credit scores, segments, details of other loans, etc., and is applicable only for applicants with the credit score of 730 and above.

The offer can be availed on Home Loans including Home Improvement, Home Extension, and even Refinancing/ Balance Transfer from other lenders.

However, as the offer is applicable only for loans under the ‘Adjustable Rate Home Loan Scheme’, it is subject to change at the time of disbursement. The rates are linked to HDFC's BenchMark Rate. Hence, they are variable throughout the loan period as well.

Features & Benefits of HDFC Home Loans

For Salaried Individuals:

• HDFC Home Loans are offered for-

  • Purchase of a bungalow, a flat, a row house from private developers in approved projects.

  • Purchase of properties from the Development Authorities such as MHADA, DDA, etc.

  • Purchase of properties in a Co-operative Housing Society/Apartment Owners' Association/Development Authorities settlements/privately built up homes.

  • Construction on a freehold/leasehold plot or on a plot allotted by a Development Authority.

• You can get expert legal and technical counseling to help you take the right decision in buying a new home.

• You can avail the service of HDFC Home Loans throughout India with Integrated branch network.

• For those employed in the Indian Army, special arrangement with AGIF for Home Loans has been made.

For Self-employed Individuals:

• HDFC Home Loans are offered for -

  • Purchase of a bungalow, a flat, a row house from private developers in approved projects.

  • Construction on a freehold/leasehold plot or on a plot allotted by a Development Authority.

  • Purchase of properties from the Development Authorities such as MHADA, DDA, etc.

  • Purchase of properties in a Co-operative Housing Society/Apartment Owners' Association/Development Authorities settlements/privately built up homes.

• Doorstep assistance and Innovative schemes on your Home Loan.

• You can get expert legal and technical counseling to help you in buying a home.

• You are offered attractive interest rates to make your Home Loan affordable.

• Integrated branch network for availing and servicing the home loan anywhere in India.

Interest Rates and Other Fees

Here is the table for the generalized interest rates

Loan Slab	Home Loan Interest rate (p.a.)
Women (up to 30 Lakhs)	8.60 - 9.10 %
Others (up to 30 Lakhs)	8.65 - 9.15 %
Women (30.01 Lakhs - 75 Lakhs)	8.85 - 9.35 %
Others (30.01 Lakhs - 75 Lakhs)	8.90 - 9.40 %
Women (75.01 Lakhs & Above)	8.90 - 9.40 %
Others (75.01 Lakhs & Above)	8.95 - 9.45 %

Here is the range of interest rates for different types of loans available under HDFC Home Loans:

Product	Home Loan Interest rate (p.a.)
HDFC Home Loan Floating	8.60 - 8.95 %
Plot Loan Floating	8.60 - 8.95 %
HDFC Home Improvement Loan	8.60 - 8.95 %
HDFC Home Extension Loan	8.60 - 8.95 %
HDFC Home Loan Top-up	8.65 - 8.95 %
HDFC Home Loan TruFixed	8.90 - 9.15 %
Plot Loan TruFixed	8.90 - 9.15 %
Rural Housing Finance Floating	8.90 - 9.15 %
Rural Housing Finance TruFixed	8.90 - 9.15 %
HDFC Short Term Bridging Loan	8.90 - 9.15 %
HDFC Reach Home Loan	10.05 - 14.85 %

Processing Fees

Up to 0.50% of the loan amount/Rs.3,000 (whichever is higher) + taxes.

Fees on Account of External Opinion

Fees for advocates/technical valuers is payable directly to the concerned advocate/technical valuer for the assistance so rendered

Property Insurance

The customer must pay the premium amount to the insurance provider, promptly and regularly so as to keep the policy alive during the pendency of the loan.

Charges on Account of Delayed Payments

In case of a Delayed payment of interest/EMI, the customer is liable to pay additional interest of up to 24% per annum.

Incidental Charges

Incidental charges & expenses are levied to cover the costs, charges, and expenses that may have been expended in connection with the recovery of dues from a defaulting customer.

Statutory/Regulatory Charges

All applicable charges on account of MOD/MOE/Stamp Duty/Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) and applicable taxes must be borne by the customer.

Other Charges

Type	Charges
Check Dishonour Charges	Rs. 200
PDC Swap	Up to Rs. 200
Disbursement Cheque cancellation charge post disbursement	Up to Rs. 200
List of Documents	Up to Rs. 500
Photocopy of Documents	Up to Rs. 500
Increase/decrease in Loan term	Up to Rs. 500 + taxes
Re-appraisal of Loan after 6 months from sanction	Up to Rs. 2,000 + taxes

Types of HDFC Home Loans

HDFC offers loans for specific customer segments designed to meet their loan requirements. Let us see a few popular HDFC Home Loans:

HDFC Home Improvement Loans

Home Improvement Loans are specific to those individuals who wish to renovate/upgrade their existing homes.

Eligibility

• Any salaried/self-employed/sole or joint owners/companies can apply for the loan.

• Individual must be between 24 to 65 years.

• A decent Credit Score.

• The loan amount ranges from Rs. 15 Lakh - Rs. 10 Cr.

• Option to apply for a maximum loan to value of 90%.

• The maximum period for the loan is 15 years.

HDFC Home Extension Loan

HDFC Home Extension Loans are offered for expanding/improving your existing home.

Eligibility

• Any salaried/self-employed/Non-Resident Indians/Person of Indian Origin/Overseas Citizen of India can apply for the loan.

• Individual must be between 24 to 65 years.

• The loan amount ranges from Rs. 15 Lakh - Rs. 10 Cr.

• Option to apply for a maximum loan to value of 90%.

• The maximum period for repayment of the loan is 20 years.

HDFC Plot Loans

HDFC Plot Loans is offered to those individuals to buy land/construct a house on the acquired land.

Eligibility

• Any salaried/self-employed/joint owners (as co-applicants) can apply for the loan.

• Individual must be between 24 to 65 years.

• The loan amount ranges from Rs. 15 lakh-Rs. 10 crores.

• Option to apply for a maximum loan to value of 90%.

• The maximum period for repayment of the loan is 30 years.

HDFC Short Term Bridging Loan

HDFC Short term Bridging Loan for the customers who wish to sell their existing home to buy a new home. It helps to reduce the burden during the interim period of sale of your old home by funding.

Eligibility

• Any Salaried/self-employed individual. Also, an individual can apply for this loan either individually/jointly with the other owners (as co-applicants) of the house.

• Individual must be between 24 to 65 years.

• The loan amount ranges from Rs. 15 lakh-Rs. 10 crores.

• Option to apply for a maximum loan to value of 80%.

• The maximum period for repayment of the loan is 2 years.

Rural Housing Finance

Rural Housing Finance helps purchase under construction/existing residential property in the rural and urban areas. Also, you can renovate your current home.

Eligibility

• Individuals who are: Salaried/self-employed/Agriculturists/Farmers/Planters/Horticulturists/Dairy Farmers can apply for this loan.

• Individual must be between 24 to 60 years.

• The loan amount ranges from Rs. 15 lakh-Rs. 10 crores.

• Option to apply for a maximum loan to value of 75%.

• The maximum period for repayment of the loan is 30 years.

HDFC Reach Home Loans

HDFC Reach Home loans can offer loans of upto Rs. 1 crore with minimal documentation to buy a new home/to transfer your home loan balance to HDFC/to construct a house on the plot allocated by any development authority/to renovate your current home/to extend your home.

Eligibility

• An individual who is Salaried/self-employed/Non-Professional. Also, an individual can apply either individually/jointly with the other owners (co-applicants) of the home.

• Individual must be between 24 to 60 years.

• The loan amount ranges from Rs. 15 lakh - Rs. 1 crore.

• Option to apply for a maximum loan to value of 80%.

• The maximum period for repayment of the loan is 20 years.

HDFC Home Loan Top Up

HDFC Home Loan Top Up can be availed if you need additional funds to meet your professional/personal requirements.

Eligibility

• A salaried/self-employed individual who has an existing home loan/home extension loan/home improvement can apply for this loan.

• Individual must be between 24 to 65 years.

• The loan amount ranges from Rs. 15 lakh-Rs. 50 lakhs.

• Option to apply for a maximum loan to value of 80%.

• The maximum period for the loan is 15 years.

How to Apply for HDFC Home Loan

Online Method

For Salaried Individuals:

• Visit HDFC Home Loans Portal.

• Click on Apply Now.

• You will be redirected to the Loan application Form & Co-applicant Consent.

• Fill in the required details such as your information, loan requirement, and property details.

• Now, you need to upload the basic documents.

• Now proceed to the payment of fees by availing limited period Processing Fee offer and pay via payment gateway.

• You can review the complete information and wait for approval.

Online Method (Through mymoneykarma for Balance Transfer and Top-up Loans)

• Visit mymoneykarma Home Loans Portal.

• Fill in your Name, Email address, and Phone number.

• Our customer care executive will get in touch with you and give you the best and the lower interest rate schemes.

• After you select the bank you want to transfer to, an executive will be sent to your home/office to collect the required documents.

• After verification, your loan will be approved.

Offline Method (through Branch)

• Visit the nearest HDFC Bank Branch.

• Fill in the Home Loan Application form.

• Submit the form along with the required documents.

• Your documents will be verified by the bank.

• Generally, it can take up to 30 days for the application to be processed and approved/rejected.

Offline Method (Through Missed Call)

• Give a missed call on +91 9289200017 for a new Home Loan.

• A customer care representative will call you and fill you in the details based on your requirement.

• The representative will guide through the process.

Documents Required for Processing your HDFC Home Loans

For Salaried Employees:

• Proof of Identity and Residence

  • Passport

  • Aadhaar Card

  • Driving License

  • Voter ID

• Proof of Income 

  • 3 months pay slip

  • Latest Form 16 and IT Returns

  • 6 months bank statement showing salary credits

• Property related documents

For New Homes:

• • Receipts of payments made to the developer

  • Copy of the Allotment Letter/Buyer Agreement

For Resale Homes:

• • Receipts of initial payments made to the seller

  • Title Deeds that includes the previous chain of the property documents

  • Copy of the agreement to sell

For Construction:

• • Title Deeds of the Plot  

  • Copy of the plans, approved by the Local Authorities

  • Proof of no encumbrances on the property

  • Construction estimate by an Architect/Civil engineer

• Other documents

  • Own Contribution Proof

  • Employment Contract/Appointment Letter if current employment is less than a year old.

  • Passport-size photograph of the applicants/co-applicants must be affixed on the Application form and signed across.

  • 6 months Bank Statements that show the repayment of any ongoing loans.

  • A cheque for processing fee favoring HDFC Ltd.

For Self-employed Individuals:

• Proof of Identity and Residence

  • Passport

  • Aadhaar Card

  • Driving License

  • Voter ID

• Proof of Income 

  • Income Tax Returns along with computation of income for the last 3 Assessment Years (of the individual and the business entity attested by a CA)

  • Last 3 years’ Balance Sheet and Profit & Loss A/c Statements, with Annexures/Schedules (of the individual and the business entity attested by a CA)

  • 6 months Savings Account Statements of the individual.

  • 6 months Current Account Statements of the business.

• Property related documents

For New Homes:

• • Receipts of payments made to the developer

  • Copy of the Allotment Letter/Buyer Agreement

For Resale Homes:

• • Receipts of initial payments made to the seller

  • Title Deeds that includes the previous chain of the property documents

  • Copy of the agreement to sell

For Construction:

• • Title Deeds of the Plot  

  • Copy of the plans, approved by the Local Authorities

  • Proof of no encumbrances on the property

  • Construction estimate by an Architect/Civil engineer

• Other documents

  • Latest Form 26 AS

  • Own Contribution Proof

  • Business Profile

  • Partnership deed for a business entity that is a partnership firm

  • Memorandum and Articles of Association of the Company

  • List of Directors and Shareholders with their individual shareholding that is certified by a CS/CA in case of the business entity being a company

  • Passport-size photograph of the applicants/co-applicants must be affixed on the Application form and signed across.

  • Details of ongoing loans of the business entity and the individual including the installments, outstanding amount, security, purpose, balance loan term, etc.

  • A cheque for processing fee favoring ‘HDFC Ltd.’

HDFC Home Loan Eligibility Based on the Value of Property

The maximum home loan that can be sanctioned based on the value of the property by HDFC Home Loans is as follows:

• If the value of the property is less than 30 lakhs, 90% of the amount can be sanctioned.

• If the value of the property is greater than 30 Lakhs and less than 75 lakhs, 80% of the amount can be sanctioned.

• If the value of the property is greater than 75 lakhs, 75% of the amount can be sanctioned.

HDFC Home Loan Eligibility Based on the Salary

Eligibility Criteria	HDFC Home Loan
Eligible Age of Borrower	24 - 60 years
Eligible Income	Rs. 25,000
Business Stability for Self Employed	5 years
Work Experience for Salaried	1 year
Maximum loan as a percent of property value	Up to 90%
Maximum EMI as a percent of income	Up to 65%
Loan Amount Eligibility	Rs. 15 Lakh to Rs. 5 Cr

The table given below shows the approximate loan amount that can be sanctioned based on the age, and maximum loan tenure. The EMI amount is between 40-65% of the Net Income or in-hand income. In this table, the EMI is taken as 65% of the Net Income and the rate of interest is taken as 8.65%.

Age	MaximumLoan Tenure	Loan amount (in Lakhs) for Salary (25,000)	Loan amount (in Lakhs) for Salary (50,000)	Loan amount (in Lakhs) for Salary (75,000)	Loan amount (in Lakhs) for Salary (1,00,000)
25 years	30 years	20.84	41.68	62.53	83.37
30 years	30 years	20.84	41.68	62.53	83.37
35 years	25 years	19.92	39.85	59.78	79.71
40 years	20 years	18.52	37.04	55.56	74.08
45 years	15 years	16.35	32.71	49.06	65.42
50 years	10 years	13.02	26.04	39.06	52.08

How to Calculate HDFC Home Loan EMI?

You can calculate the Home Loan EMI here at mymoneykarma.

Top Banks Offering Lowest Home Loan Interest Rate in 2019

Home Loan Provider	Home Loan Interest Rates	Processing Fees	Prepayment Charges
Yes Bank	9.85%	0.5% of loan amt. or Rs.10,000 whichever is higher (+GST)	NIL for floating rate loans
SBI	8.55%	Rs. 0 – 10,000	NIL
HDFC Bank	8.65%	Up to 0.5% of loan amt	NIL
ICICI Bank	8.80%	0.5% – 1.00% of loan amt.	NIL
PNB Housing Finance	9.10%	Up to 1% of loan amt	NIL
Axis Bank	8.90%	Up to 1% of loan amt	NIL
IDBI Bank	8.75%	0.5% of the loan amount	NIL
Punjab National Bank	9.05%	Nil	NIL
Canara Bank	8.70%	Varies based on applicant profile	NIL
Bank of Baroda	8.70% - 9.70%	0.25-0.50%	Nil for floating rate loans
Kotak Bank	8.90% - 8.75%	Maximum 2% of the loan amount + GST( it varies as per the loan amount)	6% of the foreclosure loan amount within one year and 5% plus GST otherwise.
IndusInd Bank	9.50%	Up to 2%	NIL
RBL Bank	10.45-11.80%	Rs. 5000-15000	Nil for floating rate loans
Andhra Bank	8.75%	0.5% of the loan amount	NIL

NEWS

HDFC Limited partnered with India Mortgage Guarantee Corporation (IMGC) to offer mortgage-guaranteed home loan product. This partnership aims to make it possible for HDFC to further get into the home loan market and access the enlarged customer base, helping them to own a home of their choice.

HDFC Bank offers Moratorium period for loans and credit cards 

In HDFC bank’s own words, “These are unprecedented times and it is a time that we need to be together to fight this COVID-19 crisis.”

In view of RBI’s new guidelines of lowering key rates to help lenders and borrowers alike remain financially safe during this time, the HDFC Bank is also helping to make lives easier. The bank is doing this by providing its customers with EMI moratorium as well as credit card outstanding bill moratorium as relief measures.

These relief measures are given in view of the current economic situation caused by the unforeseen pandemic. The Covid-19 has forced the world to go into lockdown to try to contain its spread. This has adversely affected the economies of countries as well as the financial situation of individuals.

Earnings of salaried and self-employed people alike have been affected, many of whom are not able to pay EMIs in these tough times. HDFC Bank understands this, and thus aims to provide this relief package to ensure that its customers can focus on taking care of their family, work and business now. Such a move is hoped to help people tide over this unforeseen situation.

 What is the Moratorium package provided?

The RBI has asked all banks and NBFCs to give their customers up to 3 months moratorium on EMI payments that fall between March 1st 2020 and May 31st 2020.

Who is eligible?

Customers of HDFC Bank who have availed themselves of installment loans of other similar credit facilities before 1st March 2020 are eligible. The bank shall consider those customers who have overdue from before 1st March 2020.

Customers of Agri Loans and Microfinance are eligible, along with SME and corporate customers.

What happens when customers choose the Moratorium?

1. When it is chosen several things happen:

2. You will not be asked for EMIs till May 31st 2020

3. Interest shall continue to accrue on the loan principal outstanding amount for the moratorium period at the loan’s contracted rate

4. The tenure of the loan is extended by the corresponding period for which the moratorium facility is taken

If one does not need this moratorium facility, what should be done?

In this case, nothing needs to be done by the customer. 

Are there any charges to pay for getting this facility?

There is an interest to be paid if one wants the moratorium facility. This interest shall be levied at the contracted loan rate for the period of EMI outstanding. Interest shall be collected by the extension of the loan’s original tenor.

How can one get the moratorium?

One has to consent to the bank by:

1. Calling on 022-50042333 or 022-50042211

2. By submitting request online

Can one have a moratorium for more than one HDFC loan?

Yes. Remember that additional interest for the EMI moratorium will be applicable to each loan separately.

How can one get a credit card moratorium? Will interest be charged?

This can be done by:

1. Deferring payment of outstanding loan voluntarily during this period.

2. By turning off the Auto Pay facility through net banking or mobile banking to get the moratorium benefit and to reactivate it after moratorium.

Interest shall be charged as per the contracted rate on the credit card.