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  • HDFC Rural Home Loan

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    HDFC Rural Home Loan

    HDFC Rural Home Loan

    Nothing can match the ecstasy of finally being able to live in your own home. There is a misconception that it is difficult to get a home loan (that too a whopping sum) for agriculturalists or those working in similar field. Perhaps it is believed that banks are wary about the unpredictability of the whole scenario. HDFC busts this myth to smithereens with its HDFC Rural Housing Loan Products, customized and categorized to suit agrarians with diverse income background. Yes, it is all based on how much land you own (or leased), what are the crops you cultivate among others. Now, this makes it sound like a farmers-only loan option. It is not. Even salaried people and entrepreneurs can apply for this. Please check out what makes HDFC Rural Home Loans stand out so spectacularly.

    Features & Benefits of HDFC Rural Home Loan:

    • HDFC Rural Housing Loans take an inclusive approach as they have products that are exclusively designed loans to Farmers, Planters, Horticulturists, and Dairy Farmers.
    • You can buy an under construction, new or a used residential property up for sale in the rural and city areas.
    • You can avail it for building your house on a freehold or leasehold housing plot in the rural and urban regions.
    • You may use this loan to renovate or enhance your current home in numerous ways including tiling and flooring, internal and external plaster and painting etc.
    • For agriculturists, no hypothecation of their agricultural land is needed to get a house loan.
    • No compulsory requirement of Income Tax Returns from farmers applying for the HDFC Home Loan.
    • Make use of this loan for extending your current dwelling (i.e. adding rooms etc.).
    • Salaried individuals and self-employed can also apply for the same.
    • Longer loan terms of up to 20 years are available agriculturists.
    • Attractive and competitive interest rates.
    • Loan application at HDFC is pretty straightforward with no veiled charges.
    • Customized loan settlement options to suit your requirements.

    HDFC Rural Home Loan Essentials:

    Who Can Apply?

    You may apply on your own or together with one or more close family members for a HDFC Rural House Loan. Every prospective owner of the property must be named as co-applicants. But there is no need for all co-applicants to be co-owners.

    Housing Loan Tenure:

    The maximum time period given by HDFC to pay off the house loan is up to 30 years.

    There is the Telescopic Repayment Option, which is applicable for applicants under the salaried and self-employed category under the Adjustable Rate Home Loan. For all other Home Loan products, the maximum tenure allowed is no more than 20 years.

    The loan term is also based on the client’s profile, age at the time of loan maturity and other such norms listed by the bank.

    Maximum Loan Amount Availed Under HDFC Rural Housing Loan Schemes:

    Loan Sum Maximum Finance
    Up to and including Rs.30 lakh 90% of the property cost
    Above Rs.30.01 lakh and up to Rs.75 lakh 80% of the property cost
    Above Rs.75 lakh 75% of the property cost

    Note: The above estimates can vary depending on the repayment capacity of the applicant/co-applicant, as assessed by HDFC.

    Types of Home Loans under HDFC Rural Housing Loans:

    Adjustable Rate Home Loan:

    A Home Loan under the Adjustable Rate is connected to HDFC's Retail Prime Lending Rate (RPLR). If there is a slight variation in the bank’s RPLR, the interest rate on your housing loan will be automatically revised every quarter based on the day of your first EMI payment.

    If the interest rate escalates, the interest constituent in the EMI will also shoot up and the principal part will come down. This will normally result in an extension of loan tenure and vice versa.

    TruFixed Plus Home Loan – 2 Year Fixed Rate Variant:

    A TruFixed Plus Home Loan gives you a partially fixed rate term and a partly adjustable rate term. As per this variation of the TruFixed Plus Home Loan, you can enjoy a fixed rate for a up to two years, after which the home loan will by design change to an adjustable rate, adding up to a tenure of 20 years.

    TruFixed Plus Home Loan – 3 Year Fixed Rate Variant:

    This version of TruFixed Plus Home Loan gives you a partially fixed rate term and a partly adjustable rate term. As per this variation of the TruFixed Plus Home Loan, you can enjoy a fixed rate for a up to three years, after which the home loan will by design change to an adjustable rate, adding up to a tenure of 20 years.

    HDFC Rural Housing Loan Interest Rates

    HDFC’s Retail Prime Lending Rate presently stands at 16.75%

    Category HDFC Home Loan Adjustable Interest Rate for New Homes HDFC TruFixed Loan - 2 Year Fixed Rate Variant for New Homes
    Interest Rate p.a. for Women (Loan amount up to Rs.30 lakh) 8.80% to 9.50% 9.30% to 10.00%
    Interest Rate p.a. for Women (Loan amount from Rs.30.01 lakh to Rs.75 lakh) 8.95% to 9.65% 9.45% to 10.15%
    Interest Rate p.a. for Women (Loan amount above Rs.75 lakh 9.00% to 9.70% 9.50% to 10.20%
    Interest Rate p.a. for Others (Loan amount up to Rs.30 lakh) 8.85% to 9.50% 9.35% to 10.00%
    Interest Rate p.a. for Others (Loan amount from Rs.30.01 lakh to Rs.75 lakh) 9.00% to 9.65% 9.50% to 10.15%
    Interest Rate p.a. for Others (Loan amount above Rs.75 lakh) 9.05% to 9.70% 9.55% to 10.20%

    Documentation Required for Agriculturists:

    Purpose Documents
    Proof of identity and residence (Any 1)
    1. Voter ID Card
    2. Valid Passport
    3. Valid Driving Licence
    4. Aadhaar Card
    Proof of income
    1. Copy of Title Documents of the applicant’s Agricultural Land indicating that crops are being cultivated
    2. Copy of Title Documents of the applicant’s Agricultural Land showing Land holding
    3. Bank Statements for the previous six months
    Other documents
    1. Proof of Own Contribution
    2. A cheque for processing fee in favour of HDFC Ltd.
    3. Passport size photograph of all the co-applicants’/applicants’ to be attached to the Application Form and signed over the photograph and the form
    4. Bank Statements for the previous six months to be submitted indicating repayment of ongoing loans, if any
    5. Bank Statement for the last two years to be submitted if the applicant has availed any loans

    Documentation Required for Salaried Individuals:

    Purpose Documents
    Proof of identity and residence (Any 1)
    1. Voter ID Card
    2. Aadhaar Card
    3. Valid Driving Licence
    4. Valid Passport
    Proof of income
    1. Salary slips for the last three months
    2. Latest Form-16 and Income Tax Returns
    3. Bank Statements indicating salary credits for the last six months
    Other documents
    1. Proof of Own Contribution
    2. A cheque for processing fee in favour of HDFC Ltd.
    3. Passport size photograph of all the co-applicants’/applicants’ to be attached to the Application Form and signed over the photograph and the form
    4. Bank Statements for the previous six months to be submitted indicating repayment of ongoing loans, if any
    5. If the current employment period is less than a year, employment contract/appointment letter to be submitted
    6. Memorandum and Articles of Association of the Company

    Documentation Required for Self Employed Individuals:

    Purpose Documents
    Proof of identity and residence (Any 1)
    1. Voter ID Card
    2. Valid Passport
    3. Valid Driving Licence
    4. Aadhaar Card
    Proof of income
    1. IT Returns (ITR) along with calculation of income for the previous three assessment years.
    2. Savings account statements and current account statements of the business entity for the previous six months
    3. Previous three years’ Balance Sheet and Profit and Loss account statements along with all schedules/annexures
    (Documents of both the individual and the business entity should be attested by attested by a CA for points 2 and 3)
    Other documents
    1. Latest Form 26AS
    2. Business profile
    3. Memorandum and Articles of Association of the company
    4. The list of directors and shareholders with their individual shareholding certified by a CS/CA in case of the business entity being a company
    5. Partnership deed if the business entity is a partnership firm
    6. Details of ongoing loans of the individual and the business entity with the outstanding amount, instalments, security, purpose, balance loan term, etc.
    7. Own contribution proof
    8. Cheque for processing fee in favour of HDFC Ltd.
    9. Applicants’/co-applicants’ passport size photograph on the application form and signed across the photograph

    HDFC Rural Home Loan Fees and Charges:

    Given below is an indicative list of charges/fees/other outgoings that might be charged depending on the nature of loan applied for.

    • Processing fees:

    Rs.3,000 or up to 0.50% of the loan amount whichever is higher, and other additional applicable taxes.

    • Prepayment charges:
    Adjustable Rate Home Loans (ARHL) Adjustable Rate Loans (ARHL):
    • No prepayment charges shall be owed on full or part payments for loans approved to individual borrowers.
    • Prepayment charged at 2% plus additional taxes and statutory fees of the amount being prepaid will be payable for loans sanctioned to individuals borrowers with a firm or company.
    • The customer will have to submit documents that HDFC deems fit and proper to confirm the source of funds at the time of prepayment of the loan.
    Fixed Rate Home Loans (FRHL) Fixed Rate Loans (FRHL)
    • Zero prepayment charges for full or partial payments made from the individuals own sources i.e., sources other than a bank or financial institution.
    • The customer will have to submit documents that HDFC deems fit and proper to confirm the source of funds at the time of prepayment of the loan.
    • 2% plus applicable taxes and statutory charges will be payable if the outstanding amount is prepaid through refinancing from any bank or financial institution. The prepayment charges will be applicable to all full/partial prepayments made by the customer.
    Fixed and Variable Rate Loans (Combination rate) Fixed and Variable Rate Loans (Combination rate)
    • During the Fixed Rate period:
      • 2% plus applicable taxes and statutory charges will be payable if the outstanding amount is prepaid through refinancing from any bank or financial institution. The prepayment charges will be applicable to all full/ partial prepayments made by the customer.
      • The customer will have to submit documents that HDFC deems fit and proper to confirm the source of funds at the time of prepayment of the loan.
    • During Variable Rate period:
      • No prepayment charges shall be owed on full or part payments for loans approved to individual borrowers.
      • Prepayment charged at 2% plus additional taxes and statutory fees of the amount being prepaid will be payable for loans sanctioned to individuals borrowers with a firm or company.
    The prepayment charges mentioned will be applicable from the date of execution of the loan agreement. However, the charges are subject to change from time to time depending on the prevailing policies of HDFC. Customers can refer www.hdfc.com for the current charges applicable on prepayments.
    • Conversion fees:

    HDFC bank offers its existing customers the privilege of conversion to enable customers to bring down applicable interest rates on their loans by providing the facility to switch between schemes. Existing HDFC home extension loan borrowers will be required to pay a nominal fee and choose to either reduce the Equated Monthly Installments (EMIs) or the loan term. Given below is the list of conversion options available to existing HDFC customers.

    Name of the service/product Name of the charge/fee levied When payable Frequency Amount in rupees
    Switch to Lower Rate in Variable Rate Loans (Extension/Housing/Improvement) Conversion Fees On conversion On every spread change An amount of Rs.50,000 plus applicable taxes or up to 50% of the principal outstanding and undisbursed amount at the time of conversion, whichever is lower
    Switching to Variable Rate Loan from Fixed Rate Loan (Extension/Housing/Improvement) Conversion Fees On conversion Once An amount of Rs.50,000 plus applicable taxes or up to 50% of the principal outstanding and undisbursed amount at the time of conversion, whichever is lower
    Switching from Trufixed Fixed Rate to Variable Rate Loan Conversion Fees On conversion Once 1.75% of the principal outstanding and undisbursed amount and applicable taxes at the time of conversion.
    Switch to Lower Rate (Non-Housing Loans) Conversion Fees On conversion On every spread change Half of the spread difference on the principal outstanding and undisbursed amount plus applicable taxes, with a maximum fee of 1.50% and a minimum fee of 0.5%.
    Switch to Lower Rate (Plot Loans) Conversion Fees On conversion On every spread change 0.50% of principal outstanding and undisbursed amount plus applicable taxes at the time of conversion.
    • Cheque dishonour charges:

    Rs.200 (conditions apply)

    • Fees on account of external opinion:

    The external opinion can either be from technical valuers or advocates. The fee is to be paid directly to the concerned person considering the type of assistance rendered.

    • Property insurance:

    The premium amount is to be paid regularly to the insurance provider by the customer directly to ensure that his/her policy is kept alive during the term of the loan.

    • Charges on account of delayed payments:

    In cases where the payment of EMI or interest has been delayed, the customer is liable to pay additional interests up to 24% p.a.

    • Incidental charges:

    Incidental charges and expenses are imposed to cover for the charges, costs and other expenses expended to recover dues from a customer who has defaulted on his EMI payments.

    • Statutory/regulatory charges:

    The customer will be solely responsible for all charges applicable on stamp duty/Memorandum Of Deposit/Memorandum Of Entry/Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI). One can refer to www.cersai.org.in for all such charges.

    • Photocopy of documents:

    Up to Rs.500

    • List of documents:

    Up to Rs.500

    • Change in loan term:

    Up to Rs.500 plus applicable taxes

    • Disbursement cheque cancellation charge post disbursement:

    Up to Rs.200

    • PDC swap:

    Up to Rs.200

    • Re-appraisal of Loan after 6 months from the date of approval:

    Up to Rs.2,000 plus applicable taxes

    HDFC Rural Home Loan Reviews

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