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HDFC Bank offers eligible Non-Resident Indian borrowers affordable housing loans at attractive interest rates starting at 6.75% p.a. with flexible repayment options on extended tenures up to 20 years. The processing fee ranges from Rs.3,000 to Rs.4,000 or up to 1.25% of loan amount.
The floating rate NRI home loans offer the benefit of zero prepayment charges in case of partial or full repayments for individual borrowers. Women borrowers are also eligible for an interest rate concession of 0.05%.
|Description||Salaried||Self-Employed Professionals||Self-Employed Non-Professionals|
|NRI Home Loan Interest Rates||6.75% p.a. - 7.85% p.a.||6.75% p.a. - 7.85% p.a.||6.90% p.a. - 8.00% p.a.|
|Loan Tenure||Up to 20 years||Up to 20 years||Up to 20 years|
|Processing Fee||Up to 1.25% of the loans amount or Rs.3,000||Up to 1.25% of the loans amount or Rs.3,000||Up to 1.25% of the loans amount or Rs.4,500|
*All loans at the sole discretion of HDFC Ltd.
|Check Dishonour Charges||Rs.200|
|Photocopy of Documents||Up to Rs.500|
|Disbursement Cheque Cancellation Charge (after disbursement)||Up to Rs.200|
|List of Documents||Up to Rs.500|
|Post Dated Cheque (PDC) Swap||Up to Rs.200|
|Change in Loan Term||Up to Rs.500 plus applicable taxes|
|Re-Appraisal of Loan after 6 Months (after sanction)||Up to Rs.2,000 plus applicable taxes|
|Employment Type||Salaried Self-employed professional Self-employed non-professional|
|Resident Type||Non-Resident Indian (NRI) Person of Indian Origin (PIO) Overseas Citizen of India (OCI)|
Documents Required for Salaried Applicants/Co-Applicants
|Identity Proof (any one)||
|Address Proof (any one)||
Documents Required for Self-employed Applicants/Co-Applicants
|Identity Proof (any one)||
|Address Proof (any one)||
HDFC's home loans for NRIs can be availed by Non-Resident Indians (NRIs), those who have an Overseas Citizenship of India (OCIs), those who are a Person of Indian Origin (PIOs), as well as those employed in the Merchant Navy. The loan can be availed to purchase a house or a flat in approved projects in India. It can also be used for construction of a residential unit or to purchase already constructed homes. The interest rates offered are attractive.
Advisory services for the loans are available in the country where the NRI is residing. The minimum age for availing the loan is 18 while the maximum age is 65. Both salaried and self-employed individuals can apply for the loan. The maximum funding is up to 90% of the property value. The maximum repayment term is 20 years although this can be on the discretion of the bank based on the customer's profile.
HDFC's Home Extension Loans can be availed by both new and existing NRI customers of the bank. This can be used to extend the house or add additional rooms to a house. It can be applied for individually or jointly. The maximum funding that will be disbursed is 90% of the construction estimate. The maximum loan repayment term is 20 years or till retirement, whichever is lower. Tax benefits are also available for both the principal and interest component of the home extension loan under the Income Tax Act, 1961.
The HDFC House Renovation Loan can be availed by improving or renovating homes situated in India that belong to new and existing NRI customers of the bank. This can include home improvement work such as painting, flooring, tiling, plastering, etc.
The loan can be applied for jointly or individually with all the home owners being listed as co-applicants on the home loan. Up to 100% of the renovation estimate will be offered as funding. The renovation can be done in a house, row house, or apartment. The principal component of the house renovation loan is eligible for tax benefits under the Income Tax Act, 1961.
HDFC Plot Loans for NRIs can be availed by NRIs to purchase a plot through direct allotment or to purchase a resale plot in India. This is available for both self-employed and salaried individuals. The maximum loan repayment tenure for this plot loan is 15 years.
HDFC's Balance Transfer for home loans for NRIs can be availed to transfer an outstanding home loan amount from another financial institution to HDFC for lower interest rates. It is available for those who have a minimum 12 months of regular repayment of their home loan. The maximum repayment tenure is 30 years or till the retirement age, whichever is sooner.
Tax benefits are also available for both the interest and principal components of the loan under the Income Tax Act, 1961. A top-up loan of up to Rs.50 lakh can also be availed along with the balance transfer loan. Those who have an under-construction property can also avail a balance transfer loan.
‘Agreement to Sell’ is an important legal document in property transactions. It records the understanding between the seller and buyer during the transaction of the concerned property. The document also includes all property-related information such as the price of the property, date of possession, area, etc.
In order to help home loan borrowers save on the Pre-EMI interest, HDFC Bank offers Tranche Based EMI option on home loans availed for under-construction properties. The option allows borrowers to decide the instalments to be made until the time of possession of the property. In case the customer wishes to pay more than the interest, the additional amount shall be directed towards the principal repayments. The Tranche Based EMI option allows you to clear your home loan debt sooner by starting your EMIs before the possession of the property.
Yes, the bank required the property in question to be insured properly against hazards such as fire, floods, etc. during the loan tenure. While insuring the property, you will be required to make HDFC the beneficiary of the policy. You will all be required to provide the bank with evidence on an annual basis or as requested.
The bank will reassess your repayment capacity based on your residential status and provide you with a revised schedule for repayments in case you relocate back to India. The revised interest rates will be based on the prevailing rates applicable to the residents in India depending on the type of loan you have availed. The new rates shall be applicable only on the outstanding principal amount after relocation. You would be issued a letter confirming the same.
No, it is not mandatory to be physically present during submission of your loan application or disbursal of your loan. You can consider appointing a Power of Attorney acceptable by HDFC. Your Power of Attorney can apply and avail the housing loan on your behalf.
The bank considers various aspects such as your monthly income, repayment capacity, credit score, creditworthiness, etc. before deciding on the maximum home loan amount you are eligible for. Other factors that banks investigate are your loan repayment track record in case you have other ongoing loans, the number of dependants, income of the co-applicants, assets, liabilities, savings history, and occupational stability.
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