Thank you for your interest in Home Loan from HDFC LIMITED. Unfortunately, we do not have a tie-up with HDFC LIMITED currently.
Talk to our experts to apply for a similar offer from our partner banks instead
Thank you for your interest in Home Loan from HDFC LIMITED. Unfortunately, we do not have a tie-up with HDFC LIMITED currently.
Talk to our experts to apply for a similar offer from our partner banks instead
When speaking of India’s biggest and most successful banking organizations, the name of Housing Development Finance Corporation Limited or HDFC Bank, as it is popularly known, is an enduring and famous identity. The 20+ years old organization offers a number of financial products in the Indian market, the HDFC Bank Home Loan being a popular member of this competent arsenal of products. With over 4.4 million loyal and satisfied customers across the country, and the distinction of being a trendsetter when it comes to this competitive sphere of operations, housing loan from HDFC Bank has always been a numero Uno preference amongst the serious seekers of home loans in India.
At least 21 years old
Less than 60 years old
Salaried with regular income
Earn more than the minimum
EMI limited to about 50%
of monthly income
Loan capped @ 90% of property value
EMIs of other loans lower
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 30 years
Alternatively add your parents
|Interest Rate||8.65% to 8.75%|
|Processing Fees||Up to 0.50% of the loan amount or Rs.11,500 whichever is minimum|
|Loan Tenure||1 Year to 30 years|
|Guarantor Requirement||No Guarantor Required|
|Partial PrePayment Charges||Nil|
What makes a good home loan, especially a housing loan in India In the order of severity, competitive interest rate, expansive set of features, ease of application, flexible tenure and expert customer support are the primary factors that define the popularity of any home loan option. HDFC Bank boasts of a home loan offering that attractively includes all these fundamental requirements and further sweetens the deal with a series of additional features and benefits. The bank takes its standing as a customer favorite seriously and is always on the forefront of innovation and simplification of traditional banking practices. No wonder, HDFC bank has emerged as an overwhelming favorite amongst the Indian populace, even though it isn’t as old as some of the other goliaths in the intensely competitive landscape of Indian banking.
HDFC Housing Loans are offered per the following conditions:
Additionally, the bank offers the following types of home loans, based predominantly on the type of audience targeted:
|Home Loan Type||Target Audience|
|Home Loan for Salaried and Self-Employed||Professionals who are self-employed and salaried, non-professional self-employed people.|
|HDFC Pre-Approved Loan Scheme||For those looking to negotiate better with their sellers or mark their own financial credibility.|
|HDFC NRI Home Loan||Non-resident Indians willing to purchase a property in India.|
|HDFC Home Loan Transfer||For those looking to shift from existing exorbitant interest rates and costly EMIs over to HDFC’s advantage in this regard.|
|Home Improvement Loan (HIL)||Looking to upgrade home/property by making structural improvements, painting, and waterproofing, roofing and internal, external repairs.|
|Home Extension Loan||Addition of extra rooms to an existing home, or similar modifications.|
|HDFC Special Home Loan for Agriculturists||For farmers to buy property in residential areas of villages. No mortgage of agricultural land is required.|
|HDFC Rural Housing Finance||This loan is extended to private sector and government employees for properties in rural residential areas.|
Expounded in this document are reasons why you must look out for the HDFC home loan option, its various features and benefits, criteria adding up to the HDFC home loan eligibility, the latest interest rates and other such vital details. Read on…
The following pointers elevate HDFC housing loan to the top of its class:
Prospective borrowers must satisfy the following criteria to be deemed eligible for the home loan from HDFC Bank:
HDFC Bank, in its individual capacity, may require additional proof and qualifications to consider you eligible for a home loan. Kindly consult your nearest HDFC Bank for the same.
When referring to fees and charges attached to the HDFC Bank Housing Loan, their decremented magnitude and transparent nature are highly commended by the borrowers of this enterprising home loan product. Herein, a table of applicable fees and charges gives you a bird’s eye view of the overheads attached to your proposed loan,
|Processing Fee||0.50% of loan amount or Rs.2000 (whichever is higher) plus taxes.|
|Prepayment Charges- Adjustable Rate Home Loans (ARHL)||
|Prepayment Charges- Fixed Rate Home Loans (FRHL)||
HDFC Bank offers a very competitive rate of interest on its housing loans. The bank currently offers a floating rate of interest of 9.45%. The bank offers a discount on home loan interest rates for women customers. As of now the bank offers a discount of 0.05% at 9.40% on its home loans for women borrowers. It is to be noted that this type of interest rate tends to vary depending on the market.
The ongoing interest rate for HDFC Bank home loans is:
|Customer/loan type||Interest rate|
|Floating rate home loan for women||9.4% to 9.9%|
|Floating rate home loan for others||9.45% to 9.95%|
|TruFixed Loan (2-3 year fixed rate) for women||9.5% to 10%|
|TruFixed Loan (2-3 year fixed rate) for others||9.55% to 10.05%|
|TruFixed Loan (10 year fixed rate) for women||9.7% to 10.2%|
|TruFixed Loan (10 year fixed rate) for others||9.75% to 10.25%|
The floating interest rate is reset every year based on the change in the 1-year MCLR. This could increase or decrease your home loan interest rate every year, depending on whether the MCLR is higher or lower. Fixed rate home loans can be converted to floating rates by paying a small conversion fee.
The Marginal Cost of Funds-based Lending Rate (MCLR) announced by HDFC Bank with effect from April 1, 2016, are as given in the table below:
HDFC Bank provides home loans with the 1-year MCLR as the base rate. To this, the bank adds a business margin to arrive at the actual home loan interest rate.
HDFC Bank offers a number of repayment options that are intended to help the borrower customize his/her repayments in line with his/her unique conditions. Flexibility is the key here and the customer is free to choose the option that works best for him/her. Summarily, the following repayment options are available:
Step Up Repayment Facility (SURF): This repayment scheme is based on the expected income growth of the borrower. In the initial years, you can pay substantially lower instalments and still avail a high quantum of loan. Subsequently, the repayment increases proportionally with the assumed growth in the borrower’s income.
Tranche Based EMI: In case you purchase a property that is under construction, you are required to pay the interest amount for the loan till the final disbursement of loan amount and then pay the EMIs thereafter. With tranche based EMI, customers can immediately start on the principal repayment and start paying EMIs on cumulative disbursed amount.
Flexible Loan Instalments Plan (FLIP): FLIP is essentially a customized solution that is linked to the repayment capacity of the borrower which may change through the loan tenure. The repayment schedule is configured in such a way that the instalment is higher during initial years of the term and then decreases proportionally to the income.
Accelerated Repayment Scheme: This is a flexible scheme where you can increase the EMIs every year, proportional to your income growth which will enable you to repay the loan much faster.
Telescopic Repayment Option: Telescopic repayment plan will get the borrower a longer repayment tenure of up to 30 years which means the EMIs will be more affordable and the loan eligibility will also be enhanced.
In order to avail the HDFC Bank Housing Loan, a prospective borrower must supply the following documents that confirm his/her identity, address, occupation, salary and other such vital details. A detailed list of documents are as follows:
|Identity and address proof||Voter’s ID, Aadhaar Card, Passport, Driving Licence, PAN Card.|
|Income proof||Last 6 months bank statement with clear attribution to monthly salary credits, Last 3 months salary slips, Latest Form-16 and IT returns.|
|Additional documents||Employment contract, Appointment letter (applies only if the current employment is less than a year old), Cheque to effect payment of the processing fee, Passport sized photographs of applicant and co-applicants (this must be suitably appended to the application form and said applicant/co-applicants must sign across the same), Bank statement for the last 6 months to ascertain payments for other ongoing loan repayments in this duration.|
|Documents relating to property||Copies of buyer agreement or allotment letter (whatever the case may be), Receipts of payments made to the developer.|
When speaking of the best third party website for comparing banking products in India, BankBazaar.com is the overwhelming favorite. The following lists the express reasons why you should apply for your HDFC Bank Home Loan on BankBazaar.com:
What happens when a popular home loan product meets a disbursal platform that is given top marks for user experience and informational value? You get the blueprint to apply for HDFC housing loan on BankBazaar.com. The steps, as listed below, are simple and quick:
Where there are home loans, there are home loan EMIs. Equated Monthly Installments are a reality of life and calculating them with the precision of a chartered accountant isn’t everybody’s cup of tea. BankBazaar.com simplifies this ardous task with its friendly Home Loan EMI Calculator. The process listed below will help you ascertain the EMIs applicable on your HDFC housing loan in mere minutes:
And that’s it. How does it feel to be a certified master of the Home Loan EMI calculator?
HDFC bases the loan eligibility on the customer’s repayment capacity which is decided by several factors like income, age, occupation, co-applicant’s income, number of dependents, assets & liabilities and savings history. You can check for your own eligibility here.
Yes, HDFC Bank offers you the flexibility to schedule your home loan as part floating or fixed in line with your own convenience and requirements.
The processing fee is up to 0.50% of the total loan amount or Rs.2,000 whichever is higher plus taxes as applicable.
Yes, you can make prepayments on your HDFC Housing Loan. The penalty charges for prepayment are listed here.
When you are applying jointly for HDFC bank housing loan, all proposed owners of the house must be co-applicants. But, all co-applicants need not necessarily be co-owners. Co-applicants are generally immediate family members.
The HDFC Plot Loan is a type of home loan that allows borrowers to purchase a plot of land wherein they can eventually build a house. The advantage with this is that the borrower can decide upon his/her requirements in terms of the design of the house and other such requirements. All the essential conditions associated with the standard HDFC home loan shall apply here as well.
As the name so aptly describes, a Short Term Bridging Loan is a financial ‘bridge’ that takes care of your needs before you move into your brand new home, and are still running through the process of selling your old house. This interim period could result in double the expenditure and compliance with a whole bunch of legal and personal issues- necessitating the need for an all-encompassing Short Term Bridging Loan.
Not all home loan products are created equal. For long, it was inferred that signing up with a particular home loan provider was a commitment that would only end after the loan has been completely repaid. Also, this meant that the lender’s high interest rates had to be complied with, and that better loan options from other lenders that emerged at a later date were to be seen as missed opportunities. Not anymore!!
The following are express reasons why you must move your existing home loan over to HDFC:
Online activity, be it simple net surfing or purchasing products/services through shopping portals, must always be cautiously undertaken. When applying for the HDFC housing loan online, ensure that you pay attention to the following:
Legitimate Source: Online phishing scams are as common as cucumbers in a vegetable salad. Trusted websites like BankBazaar.com offer you the genuinely and security that will help you be confident when sharing your personal and financial information online, in the pursuit of your own HDFC Home Loan.
Keep Your Information Handy: All the vital details that form the crux of a KYC cycle must be kept handy. This will save you the trouble that is usually associated with the supply of wrong information.
Know Your CIBIL Score: When considering your eligibility for the loan, all lenders will seek out your CIBIL score to confirm your reliability as a borrower. Keep your nose clean, clear off existing loans and do not default on repayments. A good CIBIL score is literally money in the bank!!
Seek Help When Needed: When applying for the HDFC Housing Loan online, there will be occasions when concerns and queries will crop up. In such scenarios, dive down to the expert BankBazaar customer support option and get your queries resolved.
As the name clearly mentions, a home improvement loan helps you improve the aesthetic and functional qualities of your home. The HDFC Home Improvement Loan can be used for such varied purposes as painting the house, tiling and flooring, plastering, construction of a sturdy fence or border, etc. The borrower must however sufficiently prove that the disbursed loan will be used for the exact purpose for which it is intended.
|Before you apply for the loan, Check your CIBIL Score for HDFC Home Loan|
Just a few weeks after reducing interest rates for new home loan borrowers, HDFC Bank, one of the leading private banks in India, has cut rates for existing home loan borrowers as well.
The bank has decided to bring down interest rates by 15 basis points, which effectively brings its Retail Prime Lending Rate (RPLR) from 16.30% to 16.15%.
Basically, home loan rates are calculated by minusing the spread, which currently stands at 7.5%, from the RPLR. Also, HDFC Bank is offering home loans for women borrowers at 8.65% as long as they loan amount is less than and equal to Rs.75 lakhs.
While the aforementioned rate remains for women borrowers, other borrowers will have to pay an interest of 8.7%. On the other hand, interest rates change if individuals opt for loans more than Rs.75 lakh. In such cases, women can avail loans at 8.7% while others will have to pay an interest of 8.75%.
On Thursday, the company also released a press release to go with this event wherein it specified that this offer can be availed by Non-Resident Indians (NRIs) and People of Indian Origin (PIO) cardholders as well.
21st January 2017
HDFC has sold the real estate firm Unitech’s outstanding loan amount of Rs.869 crore to JM Financial Asset Reconstruction Company (JMFARC) due to the real estate firm’s default in payments. The real estate firm has seen a drop in the sale of its apartment projects and this has affected the cash flows of the company. The company has not been able to service its loans on time and, therefore, HDFC has decided to sell the outstanding loan amount to JMFARC. JMFARC has paid Rs.155 crore upfront to HDFC and will issue security receipts worth Rs.705 crore to HDFC. The security receipts will be redeemable during the course of construction.
5th December 2016
Housing Development Finance Corporation (HDFC), the largest mortgage finance lenders in the country announced that it will be giving a 15 basis point i.e. 15% cut in the home loan interest rates to its customers. Ms Renu Sud Karnad, Managing Director of HDFC said that the bank had seen a drop in the marginal costs of funds and wanted to pass the benefits on to the end customers. For loans below Rs.25 lakh the interest rate was dropped to 9.20% from 9.35% and for loans over Rs.25 lakh the rates were dropped from 9.45% to 9.30%. This reduction will be applicable to home loans taken by NRIs as well.
21st November 2016
HDFC Bank released their reports with 20.4 percent net profit gain for Q2 that ended in September, at Rs.3455.3 crore. HDFC Bank’s net income at the time was Rs.7,793.6 crore when compared to the last year’s report on the same quarter being Rs.6,680.9 crore.
In this period, the company saw a rise of 18 percent net revenue, at Rs.10,894.5 crore. HDFC mentioned that the deposit portfolio also rose by 16.7 percent, at Rs 5,91,731 crore. However, when it comes to home loans saw a decline in the Q2 with Rs.33,559 crore as against Rs 33,590 in the previous quarter. The decline is expected to continue by experts in the field.
14th November 2016
Weeks after HDFC successfully sold out its first series of rupee-denominated bonds to overseas buyers, it is planning to raise Rs. 2000 crore again for a second issuance. Last month’s masala bond sale was the first of its kind by an Indian company.
The bank is in discussion with investment bankers for bids. The second sale of bonds is likely to occur after Urjit Patel takes over from Raghuram Rajan as the governor of RBI. All policy uncertainties are expected to be cleared post the appointment. This is useful for boosting the confidence of overseas investors.
HDFC had raised Rs. 3000 crore from the first sale of the masala bonds. These rupee-denominated bonds were three-year, 8.33% bonds managed by Axis Bank, Credit Suisse and Nomura. The next set of bonds will be 40-50 bps tighter, due to demand.
The government is being persuaded to remove the 5% withholding tax on rupee-denominated bonds in an attempt to encourage more investors.
25th August 2016
HDFC is expected to record a 33.8 percent rise in its profits to Rs. 1,820.8 crore at the end of the fiscal’s first quarter, as per analysts’ estimates.
The estimates suggest that the housing finance company would register a higher difference between interest earned and interest expended at Rs. 2,253.6 crore, up 10.6 percent compared with the same period last year.
Analysts said that if the company’s loan growth is more than 15 percent, gross non-performing assets are less than 0.8 percent and the net interest margin is more than 3.8 percent, then the company could be said to be moving in a positive direction.
10th August 2016
The Chairman of HDFC Limited addressed the shareholders and the board of directors at the 39th Annual General Meeting. Talking about the financials of the year ending 31st March, 2016, the chairman said the demand for home loans has been growing steadily, with growth majorly routing from Tier 2 and Tier 3 cities. The improvement is seem to be based on increased incomes and other benefits offered on home loans.
HDFC Limited recorded Rs.2,59,224 crores in the loan book as of 31st March, 2016. The increase in the individual loan book after adding sold loans was 24%. The average amount of an individual loan is a maximum of Rs.25 lakhs.
4th August 2016
The real estate advisory arm of the Housing Development Finance Corporation (HDFC), HDFC Realty, has come up with a new strategy aimed at aggregating all services provided by local property brokers. The strategy was formulated against the increasing and long running slowdown prevalent in the real estate markets in India. Chief Executive of HDFC Realty, Vikram Goel, stated that with the setting up of a large distribution network, comprising of brokers in multiple cities around the country, developers can begin to market their housing projects to populations in other cities rather than restricting themselves to their home markets. He also stated that brokers would be able to take advantage of increased opportunities to sell their projects across a range of different cities, and could also get a consistent supply of projects that they could sell far beyond the confines of the smaller markets in their local area. HDFC Realty has shown a growth rate of 50 per cent year on year, with the firm selling properties in excess of Rs 10,000 crore over the previous four years.
21st June 2016
One of the largest private sector banks in the country, HDFC has cut its MCLR based lending rate by 0.05%. The move is set to decrease the monthly installments of existing as well as new loan borrowers. The lending rate for two-year loan tenure has been reduced from 9.25% to 9.00%. Also, HDFC has reduced from 9.95% to 9.00% the Marginal Cost of Funds based lending rate or the MCLR.
MCLR is the new benchmark that needs to be sued by banks in determining lending rate for borrowers. The earlier system of base rate has been replaced by the MCLR to lend more spontaneity to interest rates on loans.
13th June 2016
HDFC Bank has revised its lending rates based on the new methodology of MCLR (Marginal Cost of Funds based Lending Rate). The Reserve Bank of India has asked banks to set fixed rate loans of up to three-year durations including home loans, according to their marginal fund costs. This uniform method has been proposed in order to maintain fair interest rates for borrowers and banks as well.
According to sources, HDFC Bank will offer an interest rate of 9.20% for a one-year loan, 9.3% for a two-year loan and 9.35% for a three-year loan. The bank’s minimum lending rate or the base rate has been set at 9.3%.
7th April 2016