A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • HDFC MCLR

    HDFC is one the leading banks in the country that offers great financial products and services. Like the other banks in India, HDFC has also revised its MCLR (marginal cost of fund based lending rate) which makes home loans cheaper for the customers.

    Current HDFC MCLR Rates

    Effective Date: March 7, 2019

    Tenure HDFC MCLR Rates
    3 years 9.00%
    2 years 8.85%
    1 year 8.75%
    6 months 8.55%
    3 months 8.45%
    1 month 8.40%
    Overnight 8.35%

    Steps to Switching from Base Rate to MCLR Rate:

    Step – 1:

    • Give a written request to your bank so that they link your HDFC Home Loan that you borrowed to MCLR or marginal cost of funds based lending rate.

    Step – 2:

    • After the MCLR is linked to your loan, send a request to your bank asking them to bring down the quantum of spread. The processing fee will be required to carry out this step, after which your home loan interest rate will be revised as per the marginal cost of funds based lending rate.

    What Should Existing Borrowers Do?

    The benefit of marginal cost of funds based lending rate will not reflect immediately on the current regime. Most home loan contracts associated with MCLR reset only after twelve months. The existing borrowers will have to wait till the time the interest rate is reset. In case of an existing borrower, the marginal cost of funds based lending rate cuts in the last six or twelve months matter as it will be determining the new rate on the date of reset.

    HDFC Home Loan Rate and MCLR Base Rate:

    • All the floating rates sanctioned by HDFC to the marginal cost of funds based lending rate for a specific tenure.
    • Loans with shorter durations (overnight loans, cash credit, etc.) are linked to shorter duration marginal cost of funds based lending rate whereas loans with longer durations (vehicle loans, loan against property, etc.) are linked to longer duration marginal cost of funds based lending rate.
    • Applicable interest rate on floating rate home loans will have two parts – the margin on spread above benchmark and the applicable benchmark rate.
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    HDFC Bank MCLR Base Rate Reviews

    • HDFC Limited Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have done balance transfer from other bank to HDFC limited, i have taken home loan with them recently, the reason for doing balance transfer because of the less rate of interest they are charging, they have charged me up to 9.2% previously was 8.5% it is not fixed, Still this loan is running.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 22, 2019
    • HDFC Limited Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I took one home loan from HDFC LTD , and their allover service is good , my loan amount is 30L but this time only disbursement amount is 3L and rate of interest is 8.95% IS nominal , and EMI is 3400K rest amount after some days I take it , I am satisfied with all thing their service.
      Was this review helpful? 0
      , kolkata
      Reviewed on Apr 22, 2019
    • HDFC Limited Home Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had taken a Home Loan from HDFC LTD a long time back where the process in getting the loan was good and the disbursement was on time. The interest rate and charges which they had made has been nominal and there has not been any sort of extra charges which they had made and the loan is still running.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 21, 2019
    • HDFC Limited Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      HDFC LIMITED is the bank where i have taken the housing loan the loan amount they have offered was good and satisfactory added on that the documentation process was simple and pretty simple documents. I got the loan within one day, the rate of interest was nominal.
      Was this review helpful? 1
      , bangalore
      Reviewed on Apr 20, 2019
    • HDFC Limited Home Loan
      "Interest rate should be reduced"
      0.5 4.0/5 "Great!"
      My housing loan process was simple with HDFC Ltd, they took only 3 working days to verify and sanction the amount, they didn't ask any guarantor for my loan, but I feel the interest is bit higher, I took the amount of Rs. 5 lakhs for the duration of five years.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Apr 20, 2019
    • HDFC Limited Home Loan
      "Very good"
      0.5 4.0/5 "Great!"
      Last 4month back I took one home loan from HDFC Limited , but I am not satisfied with their rate of interest since it is little high , and loan amount is 30L I am satisfied with loan amount and and EMI amount is 25K and tenure is 25years , but their customer service is not much good ,and response not at a time.
      Was this review helpful? 1
      , chennai
      Reviewed on Apr 19, 2019
    • HDFC Limited Home Loan
      "Best service"
      0.5 4.5/5 "Excellent!"
      I hold my housing loan with HDFC LIMITED for an while, their service is good, but not sure about the rate of interest like every 2-3 months they are increasing my limit up to 0.05% i need to check with the customer care regarding this, the loan amount was sufficient, they have not charged me processing fee.
      Was this review helpful? 1
      , bangalore
      Reviewed on Apr 19, 2019
    • HDFC Limited Home Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      The documentation process was easy and simple with the HDFC LIMITED and housing loan was taken before few days. The rate of interest was lesser so transfered the loan with this bank. The duration is for 30 years to repay the loan. There is a pre closure option with this loan.
      Was this review helpful? 2
      , mumbai
      Reviewed on Apr 19, 2019
    • HDFC Limited Home Loan
      "Very good"
      0.5 4.0/5 "Great!"
      I am satisfied with loan amount of 8L with the rate of interest is 8.65% , EMI amount is 6769 rupees and tenure is 20years. It was taken last two years back from HDFC LIMITED and their overall service is good but I would like close this loan after 3 to 4 months.
      Was this review helpful? 2
      , new delhi
      Reviewed on Apr 17, 2019
    • HDFC Limited Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      The documentation process was easy and quick and HDFC LIMITED have given the good loan amount which was satisfactory. The rate of interest was nominal and it is floating, duration is for 2-3 years for repaying the loan, it has been closed before nearly 10 years.
      Was this review helpful? 2
      , vadodara
      Reviewed on Apr 16, 2019
    • HDFC Limited Home Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I am using the housing loan with the HDFC LIMITED from last 3 years. The documentation process was simple and fast with this institute. The loan amount was good and also the rate of interest was nominal. The duration for repaying the loan is for10 years.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Apr 15, 2019
    • HDFC Limited Home Loan
      "Best service "
      0.5 5.0/5 "Blown Away!"
      I have taken home loan through HDFC LIMITED . I am happy with their services considering the loan experience. The tenure period is fair enough . The Application process was smooth and the loan amount was credited to my account with in few days. Rate of interest is nominal .
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Apr 15, 2019
    • HDFC Limited Home Loan
      "Good customer services "
      0.5 5.0/5 "Blown Away!"
      In HDFC , I took 45 lakh as a housing loan . Very good customer service when I purchasing the loan . They themselves call the customer for negotiation of interest . But they are very strict in Preclosure charge . No one has informed me about the pre closure charge while taking the loan .
      Was this review helpful? 1
      , kochi
      Reviewed on Apr 09, 2019
    • HDFC Limited Home Loan
      "AVERAGE"
      0.5 4.0/5 "Great!"
      I have taken the home loan with the HDFC LIMITED they have given the loan amount which was satisfactory also the duration for repaying the loan is for 15 years, more 5 years to close this loan. the rate of interest was higher which was 11% and it is floating.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 08, 2019
    • HDFC Limited Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      This HDFC LTD home loan i have taken on the year of 2013 .The loan amount was sanctioned on time as well and it was nice experience .The service was good and the agent clearly explained the process . The rate of interest was second lowest and the processiong fee was nominal as well.The documentation was more compare to other bank .I have just uploaded the documents and not submitted the documents on hand it helped on time saving .The Overall Service is Excellent .
      Was this review helpful? 3
      , hyderabad
      Reviewed on Apr 06, 2019
    • HDFC Limited Home Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      The home loan has been applied with the HDFC LIMITED and i have done the balance transfer with this bank from another bank because it is the better bank when compared to the other banks in the market. The documentation process was simple and it was easy.
      Was this review helpful? 2
      , mumbai
      Reviewed on Apr 06, 2019
    • HDFC Limited Home Loan
      "Interest can do better"
      0.5 3.0/5 "Satisfactory"
      My home loan interest rate is more than 10.85% in HDFC Limited, where others are giving less interest in the market. The documentation was good, I just submitted normal documents on time I got the amount. The do have balance transfer, part payment. option. I am not okay with them because for the loan revised, they charged me more.
      Was this review helpful? 2
      , bangalore
      Reviewed on Apr 05, 2019
    • HDFC Limited Home Loan
      "Good Experirence"
      0.5 4.5/5 "Excellent!"
      HDFC Limited quoted 9.5% of interest on my home loan, the process was easy but they have taken some time to sanction the amount. The documents was easy the builder have taken care, I purchased apartment with their help. Everything was satisfied with them.
      Was this review helpful? 2
      , bhopal
      Reviewed on Apr 05, 2019
    • HDFC Limited Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      I took one home loan with HDFC LTD. I got sufficient loan amount , and rate of interest is nominal , my tenure is 15years almost 1.6years complete and experience is good with HDFC bank , their customer service is good and response is also good , and processing fee is also very much nominal.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Apr 04, 2019
    • HDFC Limited Home Loan
      "Very good Housing loan"
      0.5 4.0/5 "Great!"
      Without any problem , I taken a housing loan in HDFC limited . The expected amount I got with in 1 month of time . They sent a customer executive who taken care all our formalities in accurate manner . Now I am waiting for the Top up amount and Interest rate is within our range .
      Was this review helpful? 0
      , dehradun
      Reviewed on Apr 03, 2019
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