A "low interest" loan shouldn't mean you have very little interest in paying it back!
If you are a working individual and wish to have a home of your own, you can do so by availing the HDFC Reach Home Loan. If your annual income is Rs.2 lakh and above, you can avail this home loan at attractive rates of interest starting at 8.75% p.a. and going up to 15% p.a. The processing fee charged is 2% of the loan amount.
Coming to home improvement loans, plot loans, loans against property, non residential premises loans or top up loans, the maximum tenure is 15 years.
You may apply separately or jointly for any of the Home and Plot Loan products. All future owners of the home will be expected to be co-applicants. But there is requirement for all co-applicants to be co-owners. Usually co-applicants are close family members (like spouse, parent or child).
| Product | Funding |
|---|---|
| Home Extension Loans/Top Up Loans/Home Improvement loans/ Home Loans | 80% of total cost of property |
| Plot Loans and Non Resident Premises Loans | 60% of total cost of property |
| Loans against property | 50% of total cost of property |
HDFC TruFixed Home Loan - This type of home loan offers you with a part term with a fixed rate interest and another part term with an adjustable rate of interest. Under this variant, you are able to avail a fixed rate for a maximum term of 3 years. Once the 3 years are done, the loan will turn to an adjustable rate automatically.
Interest Rates for HDFC Reach Home Loan - TruFixed Home Loan
For Reach Home Loans, Home Extension Loans, Home Improvement Loans
TruFixed – 3 Years
| Loan Amount | Interest Per Annum |
|---|---|
| Any Loan Amount | 8.75% p.a. to 14% p.a. |
For Top-Up Loans and Residential Plot Loans
| Loan Amount | Interest Per Annum |
|---|---|
| Any Loan Amount | 9.25% p.a. to 14.50% p.a. |
For Non-Residential Premises (Built-Up) And Loan Against Property
TruFixed – 3 Years
| Loan Amount | Interest Per Annum |
|---|---|
| Any Loan Amount | 9.75% p.a. to 15% p.a. |
Processing Fees -
Prepayment Charges -
| Adjustable Rate Loans (ARHL) |
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| Fixed Rate Loans(FRHL) |
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| Fixed and Variable Rate Loans (Combination rate) |
Fixed Rate period
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Fees for Conversion
HDFC also offers an option to switch between schemes with the help of the Conversion Facility in order to reduce the applicable rate of interest on the Reach Home Loan/Plot Loan/NRP Loan/Loan against property. Customers can take this option by paying a nominal fee and choose between, either reducing your monthly instalment (EMI) or loan tenure. Terms and conditions will be applicable.
Fees On Account Of External Opinion
Fees payable to technical/advocate valuers for external opinion, whenever applicable, are paid on an actual basis as referred to a given case. The fees are directly payable to the advocate or technical valuer.
Charges for Dishonor of Cheque
These charges can amount up to Rs. 200.
Charges for Delayed Payments
In the case of delayed payments, the customer will required to pay an additional interest up to 24% p.a.
Incidental Charges
Any kind of incidental expenses will be paid to cover the charges, costs and expenses that might have been spent to recover dues from a customer. The concerned branch, on request can give you a copy of the policy.
Property Insurance
The customer will be required to pay the premium amounts directly to the insurance provider, regularly on order to keep the policy/policies updated, during the tenure of the loan.
Statutory / Regulatory Charges
Any kind of charges which are applicable for Stamp Duty/MOE/MOD/Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) or similar regulatory institutions will need to be paid (or refunded) by the customer. To view such charges, you can visit the website of CERSAI at www.cersai.org.in.
Other Charges-
| List Of Documents | Up to Rs.500 |
| PDC Swap | Up to Rs.200 |
| Increase / Decrease In Loan Term | Up to Rs.500 plus applicable taxes |
| Re-Appraisal Of Loan After 6 Months From Sanction | Rs.3,000 plus taxes for customers who are employed. For self employed customers, Rs.4500 plus taxes. |
| Disbursement Cheque Cancellation Charge Post Disbursement | Up to Rs.200 |
| Photocopy of Documents | Up to Rs.500 |
The following documents (self-attested) have to be submitted to take your HDFC Reach Home Loan application forward:
| Purpose | Salaried Employees | Entrepreneurial or freelance professionals |
|---|---|---|
| Identity & Residence Proofs (Only one required) |
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| Income proofs/ certificates |
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| Other papers and documents | Employment Contract Appointment Letter if your present job is less than one year old Bank statements of the last six months to show that other ongoing loans are paid back regularly. Your passport size photograph (and that of co-applicant if any) to be attached on the Loan Application Form, which has to be signed across. Cheque towards processing charges favoring the HDFC Bank |
Business profile Most recent Form 26 AS Memorandum and Articles of Association of the Company List of Directors and stakeholders certified by a Chartered Accountant or CS if the business unit is an organization. Partnership deed if your registered company is a partnership firm. Every information regarding ongoing mortgages of the applicant or his/ her own business unit including the due amount, repayments, security, objective, balance loan tenure among others. Your passport size photograph (and that of co-applicant if any) to be attached on the Loan Application Form, which has to be signed across. Cheque towards processing charges favoring HDFC Bank. |
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