The Housing Development Finance Corporation, popularly known as the HDFC Bank, was established in 1994. One of India’s most trusted brands, HDFC is also ranked among the top 50 World Banks in terms of market capitalization. HDFC caters to the ever increasing banking needs of Indians by offering a wide array of financial services including loans, deposits, investments and insurance products for corporates, individuals and SME’s. HDFC Home Loans are very popular among the Indians for the sheer convenience and customer-centric benefits that it offers.
HDFC Pre-Approved Home Loans are offered to customers who have not yet zeroed-in a property but require the home loan approval letter to assess their budget and also to negotiate better.
HDFC Pre-Qualified home loan works in a way similar to that of a normal home loan. The following points will provide you more insights on how in-principle approval for home loan works.
The most important benefit of getting an in-principle approval for your home loan is that HDFC will notify you about the loan quantum that you are eligible for. This will not only help you assess your affordability clearly but will also help you plan on the down payment.
With HDFC, you can be guaranteed of a quick and transparent processing when it comes to pre-approved home loans.
With a loan-approval letter in your hand, you will be able to strike better deals with your builder because you have established your reliability with the loan offer letter.
HDFC charges a very nominal processing fee for home loans.
You will have to submit the application form, ID proof, proof of address and property related documents.
The loan eligibility and amount is decided based factors like on the applicant’s income, age, qualifications, assets & liabilities, savings history and occupation.
Yes, if you have no accepted the offer and the validity has expired, you will have to apply again. Depending on when your offer has expired, you can extend the validity by contacting HDFC. Generally, the offer is valid for 3 months and can be extended by another 3 months.
The home loan will be disbursed only after the property is scrutinized by the bank.
Sanction of home loan depends on the successful verification of all documents. If the bank’s eligibility criteria is satisfied, your loan will be sanctioned.