Benefits of Applying For HDFC Bank Home Loan

A home loan is a long term financial responsibility, and you have to ponder on various aspects like affordability, flexibility in basic loan features like eligibility, loan tenure, interest rates, service charges and prepayment policies.

Enjoy the benefit of choosing from various Home Loan Schemes with attractive interest rates, affordable charges, quick processing and flexible repayment terms by applying for HDFC Bank Home Loan.

You can now build, refurbish or renovate by choosing from the vast range of HDFC Home Loan Schemes. You name your requirement, and HDFC Bank provides you with a suitable scheme.

Key benefits and features of HDFC Bank Home Loan

Here are some benefits and features of HDFC Bank Home Loan.

• Tailor-made home loan schemes to suit the requirements of the customer.
• Flexible eligibility criteria
• Transparency in the charges levied. No hidden charges.
• HDFC Bank Interest Rates are competitive and on par with leading lenders in the market.
• Several repayment options to suit your budget.
• Special arrangement with AGIF to provide home loan to those employed with the Indian Army.
• Pan India presence.
• A pre-approved loan facility is available to help you to choose a property in line with your budget.
• An online loan application facility is available to make the borrowing process convenient.
• Legal and technical guidance from experts to make the right choice of property.

Eligibility

• Both resident and non-resident Indians can apply for the loan.
• The age of the applicant/co-applicant should be between 21 years to 65 years.
• Salaried, as well as self-employed individuals, can apply for the loan.
• If adding a co-applicant, women co-applicant preferable to fetch a better interest rate.
• The loan can be a joint loan taken together by multiple people. The co-applicants need not be the owners of the property. However, if the registration of the property has been done in joint names, all the co-owners should be co-applicants.

Loan Quantum

• For a loan up to Rs. 30.00 lakhs, the maximum loan amount will be 90% of the property value.
• For a loan above Rs. 30.00 lakhs and up to Rs. 75.00 lakhs, the maximum loan amount will be 80% of the property value.
• For a loan above Rs. 75.00 lakhs, the maximum loan amount will be 75% of the property value.

Rate of Interest

Repayment terms

The maximum repayment permitted is 30 years for loans availed with Telescopic.  

Repayment Option under the Adjustable Rate Home Loan. This repayment option suits youngsters who would have just started their career. They are allowed to start repayment for the portion of the loan disbursed that will reduce their repayment term.

For others, the maximum repayment term permitted is 20 years.

Other charges

• Processing fees: 0.50% of the loan amount with a minimum of Rs. 3000/-
• Prepayment charges: No prepayment charges for loans provided to individuals for the prepayment is made out of their own source. 

Others are allowed to make a prepayment of up to 25% of the sanctioned amount in each financial year if such prepayments are from their own source. Else, they will have to pay prepayment charges of 2% of the prepaid amount.

Types of HDFC Home Loans

The following are the various types of loans under HDFC Home Loan depending on the purpose of the loan.

Home Loan

This loan is provided for the purchase of a ready built house/flat or for the repurchase of a house/flat. The loan is also provided for the construction of a house on a preowned plot. 

There is a special scheme for customers employed in the Indian Army.

• Plot Loan

The loan will be provided for the purchase of a plot that you have obtained through direct allotment as well as for the repurchase of a plot from the secondary market.

• Rural Housing Loan

This product caters to the requirement of agriculturists, horticulturists, planters and dairy farmers for the purchase of a ready-built/under-construction house or pre-owned residential property in rural and semi-urban areas

• HDFC Reach Loans

Sometimes not having the required documents for availing of a home loan can be a challenge as the loan appraisal becomes difficult with insufficient documents. HDFC has a solution for this by way of HDFC Reach Loans. With a unique approach for the loan appraisal and with flexible eligibility norms, HDFC makes home loans possible even with insufficient income documents.

• Pradhan Mantri Awas Yojana

Pradhan Mantra Awas Yojana was launched with a mission to provide housing for all. It mainly targets the Economically Weak Section, Lower Income Group and Middle Income Group of the society. PMAY is linked to the Credit Linked Subsidy Scheme, wherein a subsidy of up to Rs. 2.67 lakhs will be provided for loans availed under the scheme. A loan will be provided for the construction/purchase/repurchase of a residential property.

• Home Renovation Loan

The loan will be provided for giving your home a makeover by upgrading the floor tiles and bathroom fixtures, changing the interiors, repainting, etc. You will be able to upgrade your home with modern amenities and make it more comfortable to live in.

• Home Extension Loan

You might want an additional floor for the existing home or would want an extra room, etc. HDFC provides funding for any of these extensions by way of a Home Extension Loan.

• Home Loan Balance Transfer

If you find HDFC Home Loan Interest Rates better than the rate your existing lender has provided, you have the option to transfer the outstanding balance of the existing home loan to HDFC Bank.

• Home Loan Top-up loan

HDFC Bank provides the option of availing of Top-up loans for personal use like marriage, travel, education of your children, etc., in addition to the home loan provided the overall loan amount does not exceed your eligibility.

Conclusion

The benefits of applying for an HDFC Home Loan is exhaustive. With so many options combined with flexible eligibility norms and long repayment terms, HDFC Home Loan will be the best choice to make your dream of owning a home a reality.