HDFC Pre-Approved Home Loan
The bank offers numerous home loan products at competitive interest rates and low processing fees. The pre-approved home loan offered by HDFC is one such product that can be used by individuals to buy a home or plot or to construct a residential property.
Pre-approved home loans offered by HDFC can be obtained before selecting a property unlike conventional home loans where the applicant has to provide property documents to obtain a loan.
Interest rate table
Description | Variable | Fixed |
Salaried | Women: 6.95% p.a. to 7.80% p.a.Others: 7.00% p.a. to 7.85% p.a. | Women: 7.40% p.a. to 8.15% p.a.Others: 7.45% p.a. to 8.20% p.a. |
Self-employed Professionals | Women: 6.95% p.a. to 7.80% p.a.Others: 7.00% p.a. to 7.85% p.a. | Women: 7.40% p.a. to 8.15% p.a.Others: 7.45% p.a. to 8.20% p.a. |
Self-employed Non-Professionals | Women: 7.10% p.a. to 7.95% p.a.Others: 7.15% p.a. to 8.00% p.a. | Women: 7.55% p.a. to 8.30% p.a.Others: 7.60% p.a. to 8.35% p.a. |
Other Loan Details
Mentioned below are some of the details of HDFC Bank pre-approved home loans:
- Loan amount:
- 90% of property cost for loans up to Rs.30 lakh
- 80% of property cost for loans more than Rs.30 lakh and less than Rs.75 lakh
- 75% of the property cost for loans above Rs.75 lakh
- Loan tenure: Up to 30 years
- Processing fee: 0.50% to 1.50% or up to Rs.4,500 (Whichever is higher)
Other charges & fees
HDFC Bank charges numerous fees for providing their home loan services. Apart from the processing fees ranging between 0.50% to 1.50% of the loan amount, the bank also levies a pre-payment charge on the following basis:
Description | Individual borrowers | Non-individual borrowers |
Variable interest rate loans | NIL | 2% pre-payment charges plus taxes* |
Fixed interest rate loans | 2% of the outstanding loan amount |
* The pre-payment charges for non-individual borrowers are subject to conditions.
There are numerous other charges also involved in the process of obtaining a home loan from HDFC bank, some of those miscellaneous charges are mentioned below:
Types of charge | Fees |
List of documents | Up to Rs.500 |
Photo copy of documents | Up to Rs.500 |
Check dishonour charges | Rs.200 |
Increase or decrease in loan term | Up to Rs.500 plus taxes |
Re-appraisal of loan 6 months after loan sanction | Up to Rs.2,000 plus taxes |
PDC swap | Up to Rs.200 |
Disbursement cheque cancellation charge | Up to Rs.200 |
Eligibility
The eligibility criteria of obtaining a HDFC home loan is mentioned below:
- Age: 18 years to 65 years old
- Both salaried and self-employed individuals can apply for this loan.
- The applicants must be Indian nationals.
The pre-approved loan amounts are calculated on the following parameters:
- Income
- Credit-worthiness
- Financial position
HDFC Bank offers home loans to self-employed professionals and self-employed non-professionals. Self-employed applicants are classified into the aforementioned categories in the following manner:
Self-employed professionals | Self-employed non-professionals |
Doctor | Trader |
Chartered Accountant | Contractor |
Lawyer | Commission agent etc. |
Architect | Commission agent etc. |
Engineer etc. | Commission agent etc. |
Documents required
Mentioned below is a list of the documents required for HDFC home loans:
Description | Salaried | Self-employed |
Proof of identity and residence |
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Proof of income |
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Property related documents (Required after selecting the property) |
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Other documents |
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Key highlights about HDFC Bank Pre-Approved Home Loan
Some of the major highlights and benefits of HDFC Bank's pre-approved home loan offer are mentioned below:
- Quick processing: When applying for a pre-approved loan, lenders only assess your income documents and KYC documents. Unlike the normal home loans, property documents are not required at the initial stages of pre-approved home loans. Due to the lesser number of documents required, the processing is much quicker.
- Clarity on loan amount: Unlike conventional home loans which are calculated on the basis of the property value, pre-approved home loans are calculated based on your repayment capacity. With such loans you have a clear idea of the loan you are eligible for.
- Property search: Knowing the loan amount beforehand can prove to be an advantage when looking for properties as you can focus solely on finding the right house.
- Better negotiations with seller: Since pre-approved home loans give you a clear picture of the loan amount, you can negotiate with sellers in a better manner and find a property or house that fits in your budget.
- Low processing fees: HDFC Bank offers home loans with comparatively lower processing fees. Due to this, you do not have to fret about the extra charges and fees weighing down your loan amount. Though processing fees can seem like a small fee, the charges may get higher with a higher loan amount.
FAQ's
- How can I apply for a HDFC pre-approved home loan?
You can apply for a HDFC pre-approved home loan by visiting the HDFC branch or by getting in touch with their customer care executive.
- Does HDFC Bank have a home loan hotline?
HDFC Bank provides two special channels for customers to apply for home loans or to get more details about their home loan offers. You can give a missed call on +91 9289200017 or send the SMS HDFCHOME to 56767.
- What is the validity of HDFC Bank's pre-approved home loan ?
After getting the loan, you will have a period of 6 months to finalize the property. Failing to finalize a house or property within that time period will result in the lapse of the loan.
- Is it mandatory to have a co-applicant to take a home loan?
No, it is not mandatory to have a co-applicant. You can apply for the home loan individually. However, having a co-applicant will help you increase the loan amount. Additionally, having a female co-applicant will help you borrow the loan at lower interest rates as HDFC Bank offers special interest rates for women.
- Who can be a co-applicant?
Generally, close family members can be signed as co-applicants.
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