HDFC Bank (Housing Development Finance Corporation Bank) is one of the leading private sector banks in India. The bank is a popular choice among customers for housing finance and has helped 6.3 million applicants afford their dream home. HDFC Bank has 474 offices in the country and 3 offices in Dubai, Singapore, and London.
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.
Some of the major highlights and benefits of HDFC Bank’s pre-approved home loan offer are mentioned below:
|Salaried||Women: 8.65% - 9.45% Others: 8.70% - 9.50%||Women:9.40% - 10.10% Others:9.45% - 10.15%|
|Self-employed||Women: 8.65% - 9.45% Others: 8.70% - 9.50%||Women: 9.40% - 10.10% Others: 9.45% - 10.15%|
Mentioned below are some of the details of HDFC Bank pre-approved home loans:
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|
The eligibility criteria of obtaining a HDFC home loan is mentioned below:
The pre-approved loan amounts are calculated on the following parameters:
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|
|Lawyer||Commission agent etc.|
Mentioned below is a list of the documents required for HDFC home loans:
|Proof of identity and residence||
|Proof of income||
|Property related documents (Required after selecting the property)||
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.
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.
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.
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.
Generally, close family members can be signed as co-applicants.
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