Housing Development Finance Corporation Limited (HDFC Ltd.), India's largest private housing finance company, is renowned for handholding customers right through the home buying process and for a high level of transparency in their loan terms. HDFC offers a variety of financing options including home loans, home improvement loans and home extension loans. Additionally there are many flexible repayment options to suit your stage in life including tranche based EMI and like step-up repayment facility. On BankBazaar, you can apply for a HDFC home loan and get e-approved in minutes.
You’re probably eligible for an HDFC Limited Home Loan if you are
At least 21 years old
Less than 60 years old
Salaried with regular income
Earn more than the minimum
Your HDFC Limited Home Loan amount eligibility is based on these factors
EMI limited to about 50%
of monthly income
Loan capped @ 90% of property value
EMIs of other loans lower
Increase your eligible HDFC Limited Home Loan amount by these steps
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
Documentation needed to apply for an HDFC Limited Home Loan
- 1. Signed application form with photograph
- 2. ID and residence proof
- 3. Processing fee cheque
- 4. Last 6 months bank statements
- 5. Documentation for salaried applicants:
- Latest Salary-slip
- Form 16
- 6. Documentation for self-employed applicants:
- Education qualification certificate & proof of business existence
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years Profit / Loss and Balance Sheet
HDFC Limited Home Loan Interest RatesUpdated on 27 Nov 2015
|Interest Rate (Floating)||9.50% to 9.60%|
|Processing Fees||0.50% of the loan amount or Rs.10,000 whichever is maximum|
|Loan Tenure||Upto 30 years|
|Guarantor Requirement||No Guarantor Required|
|Pre Payment Charges||Nil|
The Housing Development Finance Corporation, popularly known as HDFC Bank, was established in the year 1994 and is one of the first Indian banks to receive an in-principle approval from the RBI. At present, HDFC is one the largest lenders in India and the fifth largest bank in the country by assets. HDFC is also ranked one among the top 50 banks in the world in terms of market capitalization. The bank has also received an array of awards like J.P Morgan Quality Recognition Award and Fab 50 by Forbes Asia that stands as a testimony to its impeccable quality and customer services.
HDFC home loan products are popular in the Indian market because of the customer-centric advantages and the features that it offers.
Home Loan from HDFC Bank Ltd:
In this fast-paced modern world, everyone craves for personal space and is looking forward to spend some quality time with their family at the end of the day. Imagine having an own place for yourself, a peaceful home where you celebrate life and the joys that it brings. A home is more than just a place to stay - it is a solid appreciating investment and a proof of what you have built for yourself. If you are wondering about how to afford a property, HDFC Home loans will be your friend in need and help you buy your dream home without any hassles.
With features like attractive rate of interest, flexible tenure, tailored schemes for different individuals and customized repayment solutions, HDFC Home Loans will delight the borrowers. A pioneer in home loan section who has served over 4.4 million happy home owners, HDFC Home Loans will take away the monetary-constraint factor so you have a happy property financing experience.
Features and Benefits of HDFC Housing Loans:
Read on to find more about the features that make HDFC Home Loans one of the most-sought after product in the Indian financial market.
- Attractive and affordable rate of interest
- Customers can enjoy a flexible repayment tenure of up to 30 years.
- An extensive range of specially crafted home loan products & solutions like home extension loans, automated repayment of EMI and home improvement loan
- Different tailored solutions like pre-approved home loans, home loan transfer and Home loans for Non-resident Indians
- Special offers for horticulturalists, planters, agriculturalists and farmers.
- Quick and efficient loan processing with door-step service
- Absolutely no hidden charges and completely transparent process
- Legal and technical counselling by experts to help the customer make the right decision
- Extensive branch network for loan servicing and availing, anywhere across the country
Who can Apply for HDFC Bank Home Loans?
Below is the eligibility criteria for HDFC bank home loans.
HDFC Home Loan is offered for salaried and self-employed individuals. Joint or individual application can be made.
- HDFC NRI Home Loan
- HDFC Rural Home Loan
This loan is offered for Non-Resident Indians who are of Indian origin or is a citizen of India.
This loan is specially offered for planters, agriculturalists, horticulturalists and dairy farmers.
The income requirements vary depending on the loan amount, tenure, type of housing loan scheme and other conditions. Do enquire with HDFC about your eligibility before applying for a home loan.
New HDFC Home Loans Interest Rate:
One of HDFC Home Loans’ enduring and popular USP is the competitive interest rates starting at 9.60% and maxing out at 9.70%. The loan is offered with both fixed and floating interest rates and caters to a wide demographic of potential applicants, including salaried individuals, self-employed, home loans for women, etc. Alongside a string of customer friendly features, the best home loan interest rates contribute heavily to HDFC Home Loans’ popularity.
Documents required for HDFC Home Loans:
Having all necessary documents in place will ensure a quick and easy loan processing, here is a list of documents that you must have when applying for HDFC Housing Loan.
- Mandatory Documents:
For Agriculturalists, Salaried Customers, Businessmen and Professionals:
- Application form with recent photographs
- Bank statements for the last 6 months
- Identity and Address Proof
|Businessmen and professionals||
- Proof of identity and residence can be any of a valid passport, voter ID card, valid driving license and Aadhar card.
- Applicants might be asked to submit the following documents as income proof - PAN card, last 3 months salary slips, last 6 months bank statements showing salary credit and the latest ITR & Form-16.
- As property documents, the applicant must submit a copy of the allotment letter, buyer agreement and receipt of payment made of the developer.
- If the applicant’s employment is less than 1 year, the employment contract or appointment letter will be asked for.
Different Types of Home Loan Available at HDFC Bank Ltd:
The following types of home loan schemes are offered by HDFC Bank.
- Home Loan for Salaried and Self-Employed
- HDFC Pre-Approved Loan Scheme
- HDFC NRI Home Loan
- HDFC Home Loan Transfer
- Home Improvement Loan (HIL)
- Home Extension Loan
- HDFC Special Home Loan for Agriculturists
- HDFC Rural Housing Finance
This home loan scheme is offered for professionals who are self-employed and salaried and also for non-professional self-employed people.
If you need to negotiate better with your seller or show your credibility, HDFC pre-approved home loan is your best bet.
NRI Home Loan is offered for non-resident Indians willing to purchase a property in India.
Caught up with a home loan with exorbitant interest rates and costly EMIs? You can switch to HDFC Housing Loans with HDFC Home Loan Transfer.
With HDFC Home Improvement Loans, you can upgrade your property by making structural improvements, painting, waterproofing, roofing and internal, external repairs.
Add an extra room to your existing home with HDFC Home Extension Loans and extend your house the way you like.
HDFC Home Loan for Agriculturists is extended to farmers for buying property in residential areas of villages. No mortgage of agricultural land is required.
This loan is extended to private sector and government employees for properties in rural residential areas.
HDFC Home Loan Repayment:
- Step Up Repayment Facility (SURF)
- Tranche Based EMI
- Flexible Loan Instalments Plan (FLIP)
- Accelerated Repayment Scheme
- Telescopic Repayment Option
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.
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.
FLIP is essentially a customized solution which is linked to the repayment capacity of the borrower which may change during the loan tenure. The repayment schedule is in such a way that the instalment is higher during initial years of the term and then decreases proportionally to the income.
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 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.
How to Apply for HDFC Home Loan at BankBazaar.com?
Just follow the simple steps given below to apply for a HDFC home loan through BankBazaar.
- In the BankBazaar.com homepage, choose “Home Loans” under the “Loans” tab on the top menu.
- In the adjacent pane where home loans are grouped by bank, choose “HDFC Home Loans”.
- The HDFC Bank home loan page will provide you all information about HDFC home loans. You can also check your eligibility and the loan quantum that you are eligible for.
- Click on “Apply Now” to initiate your home loan application process. Just answer a simple questionnaire to view all home loan offers.
- Fill in your personal details and click “Submit”. You also have the option to save your application form.
- The application will be forwarded to HDFC for further processing. You can check the status of your application through e-mail notifications and SMS.
FAQs about HDFC Bank Home Loans:
- How is my home loan eligibility determined by HDFC?
- Can I structure my home loan as part fixed or part floating?
What is the processing fee for HDFC Home Loans?
- Am I allowed to prepay my loan? If so, what will be the prepayment penalty?
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.
Yes, HDFC Bank offers you the flexibility to schedule your home loan as part floating or fixed as per your requirements.
The processing fee is up to 0.50% of the total loan amount or Rs.2,000 whichever is higher plus the taxes as applicable.
Yes, you can make prepayments. The penalty charges for prepayment will be as follows.
- For home loans sanctioned to individual customers
- For other loans
On account of full or part prepayments, no prepayment charges will be levied.
For any amount up to & including 25% of the principal balance, no prepayment charges will be levied. For part prepayment exceeding 25% of full prepayment amount will attract a prepayment charge of 2% plus taxes if the prepayment is made within 3 years from the date of loan disbursement. For part prepayment made after 3 years, there is no prepayment penalty. However, full pre payment after 3 years of loan disbursement, 2% charges will be levied.
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.Other Products from HDFC Group
- HDFC Car Loan
- HDFC Bank Credit Card
- HDFC Personal Loan
- HDFC Ergo Health Insurance
- HDFC Car Insurance
- HDFC Life Insurance
- HDFC Fixed Deposit Rates
- HDFC Bank Debit Card
- HDFC Ergo Home Insurance
- HDFC Bank Education Loan
- HDFC Bank Used Car Loan
|Before you apply for the loan, Check your CIBIL Score for HDFC Home Loan|
News About HDFC Limited Home Loan
Home Loan Rates slashed by HDFC
We already know that most of the big banks in India were quick to bring down base rates for home loans after RBI’s announcement of .50 percent repo rate cut. Now prominent housing finance company HDFC (Housing Development Finance Corporation) too has joined the bandwagon by dropping its rates by 25 bps and their rate now stands at 9.65 percent. This is not all, but they have reduced a further 5 bps for women customers. Currently SBI has managed to offer the lowest base rate of 9.30 percent compared to other banks. But the actual house loan rate is 9.50 percent. It is good news for customers as well as stakeholders that ICICI bank and HDFC bank’s, country’s top two private banks, offer the base rate of 9.35.
12th October 2015
HDFC Bank continues its Splendid Run
HDFC bank’s growth profile has seen a tremendous increase with the stocks gaining over 35% over the last year. HDFC Bank’s stocks currently trade at twice the multiple as that of its competitors like ICICI and Axis Bank. Given that a majority of the public sector banks are burdened with bad loans, private banks are a better option because they have a good exposure to retail segment and have a good asset quality.
HDFC also witnessed a steady growth of 20-22% throughout the FY 2015 and its loan growth stood at 22.4% compared to the same value a year ago. In June quarter, the loan growth was mainly because of retail loans (24.6%) and also corporate loans (18.5). In retail, the majority of the growth was fueled by home, personal and auto loans. It is also important to note that HDFC offers one of the lowest base rate, along with ICICI and SBI, at 9.7% against which all rates are pegged.
It might just be the right time to apply for a HDFC loan – be it a home loan, car or personal loan. Check out for interesting loan offers at BankBazaar, compare, shortlist and instantly apply for a loan.
7th October 2015
HDFC Bank has reduced its base rate to 9.35%
The base rate at HDFC Bank has been reduced to 9.35% from 9.7% which is 35 basis points. This cut is the steepest by any bank in the current year and will put pressure on other lenders to reduce their rates. Among private banks, HDFC is now the cheapest lender for blue chip companies.
The deposit rates also saw a reduction previously and as of now offers a return of 8.2% under its regular term deposits. Deposit rates are likely to be reduced if other banks continue the trend of cutting deposit rates. This move by HDFC may prove to be a dilemma for State Bank of India (SBI) which is the largest lender in the country. Most of SBI’s outstanding loans are linked to base rates and hence will not be easy for them to cut rates, however, due to the competition they may have to revise their rates.
Most of the retail loans in HDFC Bank are at a fixed rate and home loans are not directly extended by them. HDFC Bank markets home loans on behalf of the parent HDFC and the interest rates are determined by the it. Two other large lenders - Canara Bank and Axis Bank reduced their deposit rates. This is seen as a precursor to reducing lending rates.
24th September 2015
HDFC’s ‘India Home Fair’ to be presented in September
HDFC, the biggest housing loan provider in the country, is conducting an ‘India Home Fair’ at Al Falaj Hotel in Muscat in the first week of September. This event will last for 2 days (4 & 5 September 2015) and will display details of plots, price trends and other real estate inclinations in various cities and towns in India, as reiterated by over 40 reliable and renowned builders. The presentation of properties peppered across the country is to reassure the NRIs that there is something in the offing for every one of them, residing in the Sultanate.
The exhibition, which is the first of its kind conducted by HDFC in Oman, is expected to be huge hit and will succeed in bridging the gap between builders and potential home buyers by amalgamating their resources. They can also get firsthand information about different and tailor-made home loan schemes offered by HDFC.
1st September 2015
HDFC Bank Announces its Standalone and Consolidated Financial Results for Q1
The unaudited Standalone and Consolidated Financial Results for Q1 of the financial year 2015-16, has been released by HDFC Ltd. The standalone profit reported by the company during this period is Rs. 1,361 crore and the Net Interest Margin is 3.8%, which is spread across loans at 2.31%. The individual loan book has witnessed a growth of 23% and Gross non-performing loans occupy 0.69% of the loan portfolio. The company boasts of an astounding growth in consolidated profit after tax, which stands at Rs. 2,204 crore as compared to Rs. 1,873 crore in Q1 of the last financial year.
6th August 2015
HDFC Bank looks to raise 85,000 crore
On Friday, July 17th 2015, Housing Development Finance Corporation (HDFC) looked for shareholders’ approval to raise up to Rs. 85,000 crore. HDFC will hold its annual general meeting on July 28th. It has set its target to raise funds via private placements within one year from this meeting.
HDFC, a big player in the home loan market, plans on raising funds through redeemable, secured and unsecured, non-convertible debentures, or through hybrid instruments which could be classified as tier II capital. HDFC has also separately sought a nod from the shareholders to raise up to Rs. 5,000 crore through warrants to qualified institutional buyers.
In the last fiscal year 2015, HDFC had raised Rs 26,170 crore through secured NCDs and Rs 3,000 crore through unsecured NCDs. For this fiscal year 2016, the home loan lender has increased its borrowing limit by Rs. 75,000 crore.
24th July 2015
HDFC Bank Reduces Lending Rate By 0.15%
HDFC Bank, one of the largest private sector lenders in the country, has reduced its lending rate by 0.15%. Earlier, HDFC’s lending rate, i.e. the base rate, was 9.85% and now it has been reduced to 9.70%. In the last couple of months, many public and private sector banks in India have reduced their lending rate after a reduction of policy rates by the RBI.
Raghuram Rajan, the governor of RBI, has also urged the bank to revise their lending rates after the policy rates were revised by the RBI and the Finance Minister, Arun Jaitley, also supported this revision and advised the same.
Within a short duration of 3 months, HDFC bank has reduced its base twice. Thus, this is an ideal time for the customers of the bank to avail home loans, personal loans and other loans at very attractive interest rates.
23rd June 2015
HDFC to offer lowered rates to women borrowers
HDFC, one of India’s leading home loan provider, has recently announced revised lending rates for women borrowers. The lender lowered its home loan rate by 5 basis points and now offers a new rate of 9.85%. ‘Women Power’ is a loan product launched by HDFC which will be applicable to women borrowers, residents and non-residents, who are either sole / joint owners or first applicants of a property.
Following the recent directive issued by the RBI to reduce lending rates, banks like SBI, ICICI and HDFC have been some of the first few to lower their interest rates. While SBI was the first to reduce its base rate down to 9.85%, HDFC took the lead in the home loan category to reduce its lending rate down to 9.90%.
07th May 2015
Great Offer on HDFC’s Trufixed Fixed Interest Rate Home Loans.
One of India’s largest home finance lender, HDFC, has introduced a pioneering new offer. According to this, home loans that were sanctioned between December 22, 2014 and January 31, 2015 are liable to attract a fixed interest rate. This condition applies to loans with tenures of 10 years, with prospective loans that will be disbursed before March 21, 2015 earning the eligibility to also comply with this rule. HDFC’s fixed interest rate home loan option, aptly called Trufixed, allows customers to avail home loans at a fixed interest rate for a tenure ranging from two to ten years. However, after the initial period, the loan will automatically switch to HDFC’s ‘Adjustable Rate Home Loan’ (ARHL) structure without any applicable conversion charges.
13th January 2014