You can maximise the loan amount by adding a co-applicant. Additionally, having a woman co-applicant will help you get better interest rates on your loan.
HDFC Home Loan
HDFC Bank provides home loans starting at 8.60% per annum for tenure up to 30 years and for loan amounts reaching Rs 10 crore. The lender provides a home loan balance transfer option for current home loan borrowers from other banks and HFCs. The Rural Housing Loan program targets agriculturists, planters, horticulturists, dairy producers, and others living in rural and urban regions, as well as self-employed or salaried individuals looking to build or buy homes in their hometowns and villages.
HDFC Home Loan Highlights
| Particulars | Details |
|---|---|
| Interest Rate | 8.60% p.a. onwards |
| LTV Ratio | Up to 90% of property cost |
| Tenure | Up to 30 years |
| Processing Fee |
For Salaried/Self-employed Professionals: Up to 0.50% of loan amount or ₹3,000, whichever is higher. For Self-employed Non-Professionals: Up to 1.50% of loan amount or ₹4,500, whichever is higher. |
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HDFC Home Loan Interest Rates
HDFC Home Loan interest rates begin at 8.60% per annum. The bank provides home loan interest rates based on the credit score and the kinds of loans available to home loan applicants. HDFC Bank offers special and standard home interest rates for salaried and self-employed (Professional and Non-Professional)
Criteria for Availing HDFC Special Home Loan Interest Rate
The exclusive promotion on HDFC home loan interest rates applies to:
- Loans released (partially/fully) on or before 31st March 2023.
- Applicants utilizing Home Loan Balance Transfer or purchasing ready-to-move-in properties.
- Candidates with credit scores of 760 or higher.
Types of HDFC Home Loan
1. HDFC Bank Housing Loans
- The loan program is intended for acquiring a flat, bungalow, or row house in a project approved by a private developer. For obtaining assets from Development Authorities like MHADA, DDA, and others.
- For obtaining property in Co-operative Housing Societies, Apartment Owners’ Associations, Development Authorities Settlements, or private homes. For building on a Development Authority site or a freehold/leasehold site.
- Tenure: For Telescopic Repayment Option under Adjustable Rate Home Loan- Up to 30 years and for all other home loans, up to 20 years.
- Processing Fee: For Salaried/Self-employed Professionals will be up to 0.50% of loan amount or Rs 3000, whichever is higher and for For Self-employed Non-Professional will be up to 1.50% of loan amount or Rs 4,500, whichever is higher.
- LTV Ratio:
| Particulars | Details |
|---|---|
| Up to and including Rs 30 Lakh | Up to 90% of property cost |
| Rs 30 Lakh – Rs 75 Lakh | Up to 80% of property cost |
| Above Rs 75 Lakh | Up to 75% of property cost |
2. HDFC Home Loan Balance Transfer (HLBT)
- This housing loan is for the acquisition/construction of a home, purchase of a parcel of land and purchase of a shop/office to conduct a business for micro-entrepreneurs and salaried individuals with insufficient income documents.
- Tenure: For Telescopic Repayment Option under Adjustable Rate Home Loan- Up to 30 years and for all other home loans, up to 20 years.
- Processing Fee: For Salaried/Self-employed Professionals will be up to 0.50% of loan amount or Rs 3000, whichever is higher and for For Self-employed Non-Professional will be up to 1.50% of loan amount or Rs 4,500, whichever is higher.
- LTV Ratio:
| Particulars | Details |
|---|---|
| Up to and including Rs 30 Lakh | Up to 90% of property cost |
| Rs 30 Lakh – Rs 75 Lakh | Up to 80% of property cost |
| Above Rs 75 Lakh | Up to 75% of property cost |
3. HDFC Bank Rural Housing Loans
- This is a program for farmers, dairy producers, growers, and gardeners interested in purchasing a new or existing home in rural or urban areas. For building a home on a freehold or leasehold property in both city and countryside settings. For renovations like flooring, tiling, painting, interior and exterior plastering, and similar tasks, along with an established residence.
- Tenure: For Telescopic Repayment Option under Adjustable Rate Home Loan- Up to 30 years and for all other home loans, up to 20 years.
- Processing Fee: For Salaried/Self-employed Professionals will be up to 0.50% of loan amount or Rs 3000, whichever is higher and for For Self-employed Non-Professional will be up to 1.50% of loan amount or Rs 4,500, whichever is higher.
- LTV Ratio:
| Particulars | Details |
|---|---|
| Up to and including Rs 30 Lakh | Up to 80% of property cost |
| Rs 30 Lakh – Rs 75 Lakh | Up to 80% of property cost |
| Above Rs 75 Lakh | Up to 75% of property cost |
4. HDFC Bank Plot Loans
- This loan is for the acquisition of a plot by direct allotment. Purchase of a resale plot. Transferring an existing house loan from another bank/NBFC to HDFC at a cheaper HDFC bank home loan interest rates.
- Tenure: Up to 15 years
- Processing Fee: For Salaried/Self-employed Professionals will be up to 0.50% of loan amount or Rs 3000, whichever is higher and for For Self-employed Non-Professional will be up to 1.50% of loan amount or Rs 4,500, whichever is higher.
- LTV Ratio:
| Particulars | Details |
|---|---|
| Up to and including Rs 30 Lakh | Up to 80% of property cost |
| Rs 30 Lakh – Rs 75 Lakh | Up to 80% of property cost |
| Above Rs 75 Lakh | Up to 75% of property cost |
5. HDFC Home Renovation Loans
- This is a scheme for home improvement projects such as tiling, flooring, painting and plastering.
- Tenure: Up to 15 years
- Processing Fee: For Salaried/Self-employed Professionals will be up to 0.50% of loan amount or Rs 3000, whichever is higher and for For Self-employed Non-Professional will be up to 1.50% of loan amount or Rs 4,500, whichever is higher.
- LTV Ratio:
| Particulars | Details |
| Up to and including Rs 30 Lakh | 100% of renovation cost |
| Rs 30 lakh- Rs 75 lakh | 100% of renovation cost |
| Above Rs 75 lakh | 100% of renovation cost |
| Particulars | Details |
| Up to and including Rs 30 Lakh | 90% of renovation cost |
| Rs 30 lakh- Rs 75 lakh | 80% of renovation cost |
| Above Rs 75 lakh | 75% of renovation cost |
6. HDFC Home Extension Loans
- This is a scheme to expand or add space to your existing home.
- Tenure: Up to 20 years
- Processing Fee: For Salaried/Self-employed Professionals will be up to 0.50% of loan amount or Rs 3000, whichever is higher and for For Self-employed Non-Professional will be up to 1.50% of loan amount or Rs 4,500, whichever is higher.
- LTV Ratio:
Particulars | Details |
Up to and including Rs 30 Lakh | Up to 90% of property cost |
Rs 30 lakh- Rs 75 lakh | Up to 80% of property cost |
Above Rs 75 lakh | Up to 75% of property cost |
7. HDFC Bank Top-up Loans
- It is an additional loan granted on top of the existing home loan to satisfy the borrower’s personal and professional needs.
- Tenure: Up to 15 years
- Processing Fee: For Salaried/Self-employed Professionals will be up to 0.50% of loan amount or Rs 3000, whichever is higher and for For Self-employed Non-Professional will be up to 1.50% of loan amount or Rs 4,500, whichever is higher.
- LTV Ratio:
Particulars | Details |
Up to Rs 75 lakh | Up to 80% |
Above Rs 75 lakh | Up to 75% |
Compare Kotak Home Loan Interest rates with Banks/NBFCs
| Banks/NBFCs | Interest Rate (%) | Action |
|---|---|---|
| Aadhar Housing Pvt Ltd | 10.50% onwards | Apply Now |
| Axis Bank | 8.55% onwards | Apply Now |
| Bajaj Housing Finance | 8.50% onwards | Apply Now |
| HSBC | 8.45% onwards | Apply Now |
| Godrej Housing Finance | 8.75% onwards | Apply Now |
| Capri Global Housing Finance Ltd | 10% onwards | Apply Now |
| Bank of Baroda | 8.40% onwards | Apply Now |
| DBS Bank | 8.50% onwards | Apply Now |
| Edelweiss Housing Finance Ltd | 8.70% onwards | Apply Now |
| Indiabulls | 8.80% onwards | Apply Now |
| Federal Bank | 8.60% onwards | Apply Now |
| HDFC Ltd. | 8.60% onwards | Apply Now |
| ICICI Bank | 8.65% onwards | Apply Now |
| ICICI Home Finance | 8.90% onwards | Apply Now |
| Kotak Mahindra Bank | 8.50% onwards | Apply Now |
| PNB Housing Finance | 8.60% onwards | Apply Now |
| State Bank of India | 8.45% onwards | Apply Now |
| IIFL | 8.90% onwards | Apply Now |
| Aditya Birla Housing Limited | 8.75% onwards | Apply Now |
| Tata Capital Housing Finance | 8.70% onwards | Apply Now |
| Piramal Housing Finance Ltd | 10.50% onwards | Apply Now |
Documents Required for HDFC Home Loans
The documents required for the HDFC Home Loans can be summed up as follows:
Common Documents for Salaried and Self-Employed
Proof of Identity and Address
- Aadhaar Card
- Voter ID
- Passport or Driving License
Property-related Documents
- Copy of the buyer agreement and receipt of the payment made to the builder (for new homes)
- Title deeds, receipt of the payment made to the builder and copy of the agreement to sell (for resale homes)
- Title Deeds of the plot, proof of no encumbrances on the property, and construction estimate as given by the architect (for home construction)
For Salaried Individuals
Income Proof
- Latest 3 months salary slips
- Last 6 months bank statements
- Latest Form 16 and IT returns
Other Documents
- Employments Details
- Proof of own contribution
- Last 6 months bank statement to show if there are any other loans
- Your and Co-applicant’s passport-size photo with signature
- A cheque for processing fee to be paid towards HDFC Home Loans
For Self-employed Professionals/Non-Professionals
Income Proof
- Income Tax Returns along with the information about your businesses and income over the past 3 years (certified by a chartered accountant)
- Statements of the balance sheet and profit and loss account for the past 3 years.
- Statements of your business’s current account and your savings account from the past 6 years.
Other Documents
- Business Profile
- Form 26 AS (latest)
- Proof of own contribution
- Partnership Deed (if applicable)
- Details of your and your businesses’ ongoing loans (if any)
- Your and co-applicant’s passport-size photo with signature
- List of Directors and Shareholders of the company with shareholding details.
- A cheque for processing fee to be paid towards HDFC Home Loans.
HDFC Home Loan Eligibility Criteria
- Present Age and Remaining Working Years: The applicant’s age significantly influences their eligibility for a home loan. The maximum duration for a loan is typically limited to 30 years.
- Age Limit for Employed Individuals: 21 to 65 years.
- Age Limit for Self-Employed Individuals: 21 to 65 years.
- Minimum Wage: ₹10,000 per month.
- Minimum annual business income: ₹2 lakh.
- Maximum Loan Duration: 30 years.
- Financial Status: The current and future earnings of the applicant(s) greatly influence the determination of the loan amount.
- Historical and Current Credit Record and Score: A clean repayment record is considered positive.
- Additional Financial Responsibilities: Current debts including an auto loan, credit card balance, etc.
HDFC Bank Home Loan EMI Calculator
Individuals who wish to apply for home loans with HDFC Bank can use the Home Loan EMI Calculator and find out their EMI and total interest paid on that amount with the help of different types of loan and rate types. It will further allow them to choose their appropriate loan tenures based on their repaying capabilities.
How to Apply for HDFC Home Loan?
Candidates can apply to HDFC Home Loan online at the following address:
- visit the official page of HDFC Home Loan site.
- From the homepage select ‘Apply for HDFC Home Loan’.
- Select ‘Check eligibility’ for the qualifying amount of home loans.
- Choose the type of housing loan (home loan, renovation loan, land loan, etc.) in the ‘Basic Information’ section. Click on the link next to the loan type for more details.
- If you have included the property in your shortlist, then click ‘Yes’ and fill in the property details, including city, state, and estimated property cost. If it has not been determined yet, then click ‘No’. In the ‘Applicant’s name’ field, enter your name. To add co-applicants to your home loan, select the number of co-applicants you have (up to 8).
- Fill up the section of ‘Applicant’s’. It includes all details such as residential status, city, state, gender, age, occupation, mobile number, retirement age, email address, total monthly income, and other EMIs running.
- You will get the various options under the ‘Offers’ section of the home loan provided to you. It also tells you about the maximum amount for which you are eligible for a home loan, tenure, EMI amount, and the interest rate that is whether it is floating or fixed.
- Choose the loan you like. The mortgage application form opens with all the information you have already submitted filled in. Fill in the rest of the information (date of birth and password) and click ‘Submit’.
- Submit HDFC home loan documents required.
- Finish your online HDFC Bank Home Loan application by paying the processing fee.
How to Apply for a Home Loan Through OneNDF
When seeking a mortgage loan at OneNDF, you won’t need to navigate a pile of paperwork or endure a tedious process. Here’s the approach to take:
- Visit the official website of OneNDF and register or login.
- Register on the funds using your mobile number and generate a one time password.
- Upload any required financial or identification documents.
- Complete the mortgage application form.
- Through OneNDF, you will get in touch with numerous lenders that are ready to provide you with great rates on their mortgages.
That’s all! Your application has been sent. A member of our team will reach out to you soon to assist you with the upcoming steps.
HDFC Bank Home Loan Customer Care/Grievance Redressal
- Toll Free Number: 1800 1600 / 1800 2600.
- Give a Missed Call on 9289200017 or send an SMS HDFCHOME to 56767
FAQs
The tenure may vary from scheme to scheme. However, there are certain factors that can have an impact on the tenure. They are: Your profile, Your age at the time of loan maturity, Age of the property at the time of loan maturity and The Repayment scheme you have opted for.
You must contribute 10-25% of the overall property cost as your ‘own contribution,’ based on the loan amount. A housing loan can cover 75 to 90% of the property cost. For loans related to construction, home improvement, and home extensions, funding can cover 75 to 90% of the estimate for construction/improvement/extension costs.
A few repayment options for home loans provided by HDFC Home Loans are: Tranche Based EMI, Step Up Repayment Facility, Accelerated Repayment Scheme, Flexible Loan Instalments Plan, and Telescopic Repayment Option.
Some of the factors include, Income and Repayment capacity, Age, Financial Profile, Credit History, Credit Score and Existing Debts/EMIs.
