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  • HDFC MCLR

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  • 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: April 8, 2019

    Tenure HDFC MCLR Rates
    3 years 8.85%
    2 years 8.70%
    1 year 8.60%
    6 months 8.40%
    3 months 8.30%
    1 month 8.20%
    Overnight 8.20%

    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
      "Hassle Free Loan"
      0.5 5.0/5 "Blown Away!"
      HDFC is a hassle free and quick loan services. Everything was done through online so no paper work required. I had applied the loan amount of Rs. 30 lakhs. They have sanctioned the loan in 5 days. Its floating interest rates and there was no hidden charges. I have chosen the tenure period of 15 years. If the RBI is reducing the interest rate but they decreased the same after 1 year but increment is happening immediately.
      Was this review helpful? 1
      , thane
      Reviewed on Oct 17, 2019
    • HDFC Limited
      HDFC Limited Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I had applied for home loan with HDFC limited on few months before, they have sanctioned a loan for 22 lakhs but due to some problem of my builder from my end I kept on hold for the loan process. They have detected for the processing fee of 11 thousands but they refunded 9 thousands rupees. The tenure of 15 years. Interest rate was nominal of 8.55%.
      Was this review helpful? 0
      , kanchipuram
      Reviewed on Oct 15, 2019
    • HDFC Limited Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      With HDFC limited I have taken home loan on 8 months before which was processed through them directly. They have approved for 8 lakhs but as of now I have taken only for 5 lakhs remaining 3 lakhs I will get later from their end. Due to shop will come in commercial loan so I have split the loan amount to get it. For the tenure of 15 years. The processing fee for 5000 rupees. The rate of interest 8.8%, they have sanctioned the loan within one month.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Oct 15, 2019
    • HDFC Limited Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have balance transfer for a home loan with existing finance to HDFC LIMITED. One month before only I have a transfer of a loan. They have outstanding amount of 10 lakhs for the tenure period of 10 years. The rate of interest is 8.6% only for mortgage charges for 8 thousands need to pay for it.
      Was this review helpful? 1
      , goa
      Reviewed on Oct 04, 2019
    • HDFC Limited Home Loan
      "Customer friendly loan service"
      0.5 4.5/5 "Excellent!"
      HDFC was the only bank which is offering for the home loan in the area where i have purchased the house so i opted with HDFC LIMITED. I had applied the loan amount of Rs. 28 lakhs and the given interest rate is 8.5% and they charged me a processing fee of nominal one. I took the loan 3 years ago and they took 40 to 50 days to sanctioned the loan.
      Was this review helpful? 2
      , ambala
      Reviewed on Oct 01, 2019
    • HDFC Limited Home Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      I have completed my home loan with HDFC BANK before 3 years ago. I did foreclosure and that time the interest rate is not much. I bought a residential property and the loan procedure is very easy because my papers are strong and clear to proceed faster.
      Was this review helpful? 1
      , madurai
      Reviewed on Sep 29, 2019
    • HDFC Limited Home Loan
      "Easy process Loan"
      0.5 5.0/5 "Blown Away!"
      Took my home loan from HDFC and i got it 5 years back. My sister has referred me about the loan once i had applied, i got it immediately. I bought a loan amount of Rs. 8 lakhs for the tenure period of 15 years. Monthly i'm paying the EMI of Rs. 8200. They have sanctioned the loan in 1 week.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 18, 2019
    • HDFC Limited Home Loan
      "Good & Best"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan with HDFC BANK because the branch is very near to my place and the responsiveness was good. The rate of interest is okay and they have charged me a processing fee. The loan tenure is 240 months and its ongoing. The documents are submitted to the executive.
      Was this review helpful? 3
      , bangalore
      Reviewed on Sep 16, 2019
    • HDFC Limited Home Loan
      "Charges are nominal"
      0.5 4.0/5 "Great!"
      Its very quick service and processing time is minimal so i have taken the home loan from HDFC and the interest rate also nominal and charges are also. They have approved the loan in 10 days. I have chosen the tenure period of 10 years for the loan amount of Rs. 40 lakhs. The website should be improved in HDFC.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 14, 2019
    • HDFC Limited Home Loan
      "Rate of interest should change proactively"
      0.5 5.0/5 "Blown Away!"
      As per the demonstration policy HDFC limited is charging 9.20% of interest but SBI have already decreased the floating interest rate for housing loan. My principal amount is Rs. 16 lakhs for the duration of 20 years, there was no processing fee or insurance fee taken from the loan. But only concern about the interest, they should provide the best rate as per the market, and the process should happen proactively.
      Was this review helpful? 2
      , new delhi
      Reviewed on Sep 14, 2019
    • HDFC Limited Home Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I got my home loan from HDFC LIMITED because the builder has processed the loan. I have purchased a residential property before 4 years. The rate of interest is nominal and they have scheduled for floater plan. The processing fee is charged. The loan duration is 15years. The customer service is good.
      Was this review helpful? 2
      , mumbai
      Reviewed on Sep 14, 2019
    • HDFC Limited Home Loan
      "Need affordable interest"
      0.5 3.0/5 "Satisfactory"
      I arranged the money from other source hence I didn't take the home loan from HDFC Ltd but the drawback is they have higher rate of interest. However my expectation is upto 8 of interest hence I didn't go head for further procedure. It would be great if they reduce the rate of interest, that would be more convenient for the customer.
      Was this review helpful? 2
      , jaipur
      Reviewed on Sep 13, 2019
    • HDFC Limited Home Loan
      "Wonderful Experience"
      0.5 5.0/5 "Blown Away!"
      My home loan process was hassle free, I took Rs. 30 lakhs for the duration of 30 years. I submitted general documents like KYC, property documents, form 16 within a weeks time the amount credited in my account. At the time Hdfc branch manager was my friend they took care of everything.
      Was this review helpful? 0
      , lucknow
      Reviewed on Sep 12, 2019
    • HDFC Limited Home Loan
      "People friendly loan"
      0.5 3.0/5 "Satisfactory"
      HDFC Home loan service is not that much good. Comparing to Government sector, interest rates are in a higher part. At the time of process, HDFC people helped me a lot and they came to my place and they have collected all my documents hence i don't need to bother about the process. Whenever I'm sending mails, they are giving reply immediately.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Sep 07, 2019
    • HDFC Limited Home Loan
      "Interest rate should be affordable"
      0.5 4.0/5 "Great!"
      The loan process was easier for getting home loan from HDFC Limited, within expected time they sanctioned the amount. I submitted the KYC documents, property papers to them I took the loan around Rs. 35 lakhs with 10 years of loan period. They gave higher interest rate its far when compared to market.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 06, 2019
    • HDFC Limited Home Loan
      "Good to go with HDFC Limited"
      0.5 4.5/5 "Excellent!"
      From HDFC limited I took the home loan, the documentation was simpler with required documents. More over they supported well to get it on time. The follow up was prompt, the field executive gave me door step service multiple times. Only one or two time I went to the bank. I took the loan amount Rs. 17 lakhs for the duration of 15 years. They taken processing fee around Rs. 9000 from the disbursement.
      Was this review helpful? 3
      , bangalore
      Reviewed on Sep 06, 2019
    • HDFC Limited Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for HDFC Ltd Home loan through Online and got all the required information about the loan process through the agent .I am unable to avail this loan since my Mother passed away due to this reason cancelled the plan.I have submitted required documents as well.I have received proper follow up and response form HDFC Ltd.
      Was this review helpful? 2
      , jaipur
      Reviewed on Sep 05, 2019
    • HDFC Limited Home Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      My salary account belongs to HDFC, when I applied for the housing loan the process was smooth. My dedicated relationship manager from the bank, they done the entire process, I applied for the loan amount of Rs.40 lakhs, overall I am fine with them.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 03, 2019
    • HDFC Limited Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken a home loan from HDFC LIMITED on 4 years before which was processed directly to bank. The loan amount which was given for a sufficient amount for the tenure period of 20 years. But I have done down payment at earlier and now decreased to tenure of 10 years. The interest charges for this loan of 8.55%.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 03, 2019
    • HDFC Limited Home Loan
      "Service is Good"
      0.5 5.0/5 "Blown Away!"
      Chosen my home loan from HDFC its because of the easy accessibility and there is no lengthy process. I bought the loan amount of Rs. 12 lakhs for the tenure period of 15 years. They took 2 months to sanctioned the loan. There was some documents which i need to submit from my end thats the reason it got delayed. They have offered me a interest rate of 8.35%.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 30, 2019
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