A "low interest" loan shouldn't mean you have very little interest in paying it back!
HDFC home construction loans are loans offered to applicants who desire to construct their own home, plan its architecture and design the interiors. Individuals can make their dream home a reality well-matched to your family needs without having to compromise with any aspects with the help of home construction loans.
The HDFC home construction loan can either be applied individually or jointly. All proposed owners of the property should be co-applicants. However, co-applicants are usually close family member and need not be co-owners.
Loan term| Loan Amount | Maximum Funding* |
|---|---|
| Up to Rs.30 lakh | 90% of the property cost |
| Rs.30.01 lakh to Rs.75 lakh | 80% of the property cost |
| Over Rs.75 lakh | 75% of the property cost |
* dependant on the customer’s repayment capacity, as assessed by HDFC
This loan provides customers a part adjustable rate term and a part fixed rate term. Under the TruFixed Home Loan, the applicant can avail fixed rate up to 2/3 years, after which the loan will change to an adjustable rate loan automatically, adding up to a total of a 20 year as loan term.
The Retail Prime Lending Rate for salaried individuals stands at 16.20%
| Loan Slab | Loan Amount | HDFC Home Loan Interest Rates (% p.a.) |
|---|---|---|
| For Women | Up to Rs.30 lakh | 6.95% to 7.45% |
| From Rs.30.01 lakh to Rs.75 lakh | 7.20% to 7.70% | |
| Above Rs.75 lakh | 7.30% to 7.80% | |
| For Others | Up to Rs.30 lakh | 7.00% to 7.50% |
| From Rs.30.01 lakh to Rs.75 lakh | 7.25% to 7.75% | |
| Above Rs.75 lakh | 7.35% to 7.85% |
*The interest rates are applicable only for loans under the Adjustable Rate Home Loan Scheme of HDFC and can be revised at the time of disbursement.
The Retail Prime Lending Rate (RPLR) stands at 16.20%
| Loan Slab | Loan Amount | HDFC Home Loan Interest Rates (% p.a.) |
|---|---|---|
| For Women | Up to Rs.30 lakh | 7.40% to 7.90% |
| From Rs.30.01 lakh to Rs.75 lakh | 7.55% to 8.05% | |
| Above Rs.75 lakh | 7.65% to 8.15% | |
| For Others | Up to Rs.30 lakh | 7.45% to 7.95% |
| From Rs.30.01 lakh to Rs.75 lakh | 7.60% to 8.10% | |
| Above Rs.75 lakh | 7.70% to 8.20% |
Here are the documents you will have to submit for all applicants and co-applicants along with the signed application form for the approval of your loan:
| Purpose | Documents |
|---|---|
| Proof of identity and residence (Any 1) |
|
| Proof of income |
|
| Other documents |
|
| Property related documents |
|
The applicant who chose this repayment option will be offered a longer repayment term up to 30 years meaning smaller EMIs and an increase in the loan amount eligibility.
This option provides individuals the flexibility to increase EMIs every year in proportion to their increase in his/her income so that they can repay the loan at a much faster rate.
This option might be the choice for individuals who wish to start repayment on the principal immediately after the initial disbursement instead of paying EMIs only after servicing only the interest on the loan amount drawn until the final disbursement.
FLIP provides individuals a customised solution based on your repayment capacity which is likely to changed during the loan tenure. The home loan is structured in such a way that the EMIs are higher during the initial years and decreases eventually in proportion to the customer’s income.
This option offers individuals the choice of linking the repayment schedule to his/her expected growth in income. One can avail a higher loan amount and pay lower EMIs during the initial years. The repayment will be accelerated proportionately with the expected increase in your income.
Given below is the list of fees/charges/other outgoings that can be payable depending on the type of loan applied for.
| Adjustable Rate Home Loans (ARHL) |
Adjustable Rate Loans (ARHL):
|
| Fixed Rate Home Loans (FRHL) |
Fixed Rate Loans (FRHL)
|
| Fixed and Variable Rate Loans (Combination rate) |
Fixed and Variable Rate Loans (Combination rate)
|
HDFC bank offers its existing customers the privilege of conversion facility to bring down applicable interest rates on the loan by switching between schemes. One can utilise this facility by paying a fee and choose to either reduce the loan tenure or the EMI. Here are the options of conversions available for the 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 (Housing/improvement/extension) | Conversion fees | On conversion | On every spread change | Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap Rs.50,000 plus taxes whichever is lower. |
| Switching to Variable Rate Loan from Fixed Rate Loan (Housing/improvement/extension) | Conversion fees | On conversion | Once | Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap Rs.50,000 plus taxes 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 plus 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 taxes, with a minimum fee of 0.5% and a maximum fee of 1.50%. |
| Switch to Lower Rate (Non-Housing Loans) | Conversion fees | On conversion | On every spread change | 0.5% of principal outstanding and undisbursed amount plus taxes at the time of conversion. |
Rs.200 (conditions apply)
The external opinion can be either from technical valuers or advocates and the fees can be paid directly to the concerned person depending on the kind of assistance rendered.
The customer should regularly pay the premium amounts directly to the insurance provider to keep the policy active during the loan tenure.
The customer is liable to pay additional interests up to 24% p.a in case the payment of interest or EMI has been delayed.
Incidental charges and expenses are imposed to cover for the charges, cost and other expenses that may have been utilised to recover dues from a defaulting customer.
The customer will be solely responsible for all charges applicable on stamp duty/MOD/MOE/Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI). One can refer to www.cersai.org.in for all such charges.
Up to Rs.500
Up to Rs.500
Up to Rs.500 plus applicable loan term
Up to Rs.200
Up to Rs.200
Up to Rs.2000 plus applicable taxes
Loan Essentials
| Self-Employed Professional (SEP) | Self-Employed Non-Professional (SENP) |
|---|---|
| Doctor | Trader |
| Lawyer | Contractor |
| Architect | Commision Agent etc. |
| Engineer | |
| Company Secretary | |
| Consultant | |
| Chartered Accountant etc. |
The HDFC home construction loan can either be applied individually or jointly. All proposed owners of the property should be co-applicants. However, co-applicants are usually close family member and need not be co-owners.
Loan term| Loan Amount | Maximum Funding* |
|---|---|
| Up to Rs.30 lakh | 90% of the property cost |
| Rs.30.01 lakh to Rs.75 lakh | 80% of the property cost |
| Over Rs.75 lakh | 75% of the property cost |
* dependant on the customer’s repayment capacity, as assessed by HDFC
The home loan is linked to HDFC’s Retail Prime Lending Rate (RPLR). The rate of interest on your loan will be revised once in three months if there is a change in the RPLR. The revised interest rate shall be decided based on the date of the first disbursement irrespective of a change in the EMI. An increase in the interest rate raises the EMI component while reducing the principal component of your repayment. This shall result an extension in the loan tenure, and vice versa when the rate of interest drops.
This loan provides customers a part adjustable rate term and a part fixed rate term. Under the TruFixed Home Loan, the applicant can avail fixed rate up to 2/3 years, after which the loan will change to an adjustable rate loan automatically, adding up to a total of a 20 year as loan term.
The Retail Prime Lending Rate for self-employed professionals stands at 16.20%
| Loan Slab | Loan Amount | HDFC Home Loan Interest Rates (% p.a.) |
|---|---|---|
| For Women | Up to Rs.30 lakh | 6.95% to 7.45% |
| From Rs.30.01 lakh to Rs.75 lakh | 7.20% to 7.70% | |
| Above Rs.75 lakh | 7.30% to 7.80% | |
| For Others | Up to Rs.30 lakh | 7.00% to 7.50% |
| From Rs.30.01 lakh to Rs.75 lakh | 7.25% to 7.75% | |
| Above Rs.75 lakh | 7.35% to 7.85% |
*The interest rates are applicable only for loans under the Adjustable Rate Home Loan Scheme of HDFC and can be revised at the time of disbursement.
The Retail Prime Lending Rate (RPLR) stands at 16.20%
| Loan Slab | Loan Amount | HDFC Home Loan Interest Rates (% p.a.) |
|---|---|---|
| For Women | Up to Rs.30 lakh | 7.40% to 7.90% |
| From Rs.30.01 lakh to Rs.75 lakh | 7.55% to 8.05% | |
| Above Rs.75 lakh | 7.65% to 8.15% | |
| For Others | Up to Rs.30 lakh | 7.45% to 7.95% |
| From Rs.30.01 lakh to Rs.75 lakh | 7.60% to 8.10% | |
| Above Rs.75 lakh | 7.70% to 8.20% |
The Retail Prime Lending Rate for self-employed non-professionals holds at 16.20%
| Loan Slab | Loan Amount | HDFC Home Loan Interest Rates (% p.a.) |
|---|---|---|
| For Women | Up to Rs.30 lakh | 7.40% to 7.90% |
| From Rs.30.01 lakh to Rs.75 lakh | 7.55% to 8.05% | |
| Above Rs.75 lakh | 7.65% to 8.15% | |
| For Others | Up to Rs.30 lakh | 7.45% to 7.95% |
| From Rs.30.01 lakh to Rs.75 lakh | 7.60% to 8.10% | |
| Above Rs.75 lakh | 7.70% to 8.20% |
*The above mentioned interest rates are applicable for home loans under the Adjustable Rate Home Loan Scheme of HDFC and may be revised at the time of disbursement.
The Retail Prime Lending Rate (RPLR) stands at 16.20%
| Loan Slab | Loan Amount | HDFC Home Loan Interest Rates (% p.a.) |
|---|---|---|
| For Women | Up to Rs.30 lakh | 7.40% to 7.90% |
| From Rs.30.01 lakh to Rs.75 lakh | 7.55% to 8.05% | |
| Above Rs.75 lakh | 7.65% to 8.15% | |
| For Others | Up to Rs.30 lakh | 7.45% to 7.95% |
| From Rs.30.01 lakh to Rs.75 lakh | 7.60% to 8.10% | |
| Above Rs.75 lakh | 7.70% to 8.20% |
Here are the documents you will have to submit for all the applicants and co-applicants along with the signed application form for the approval of your loan:
| Purpose | Documents |
|---|---|
| Proof of identity and residence (Any 1) |
|
| Proof of income |
|
| Other documents |
|
| Property related documents |
|
The applicant who chose this repayment option will be offered a longer repayment term up to 30 years meaning smaller EMIs and an increase in the loan amount eligibility.
This option provides individuals the flexibility to increase EMIs every year in proportion to their increase in his/her income so that they can repay the loan at a much faster rate.
This option might be the choice for individuals who wish to start repayment on the principal immediately after the initial disbursement instead of paying EMIs only after servicing only the interest on the loan amount drawn until the final disbursement.
Given below is the list of fees/charges/other outgoings that can be payable depending on the type of loan applied for.
Rs.3,000 or up to 0.50% of the loan amount whichever is higher, and other additional applicable taxes.
Rs.4,500 or up to 1.50% of the loan amount whichever is higher, and other additional applicable taxes.
| Adjustable Rate Home Loans (ARHL) |
Adjustable Rate Loans (ARHL):
|
| Fixed Rate Home Loans (FRHL) |
Fixed Rate Loans (FRHL)
|
| Fixed and Variable Rate Loans (Combination rate) |
Fixed and Variable Rate Loans (Combination rate)
|
HDFC bank offers its existing customers the privilege of conversion facility to bring down applicable interest rates on the loan by switching between schemes. One can utilise this facility by paying a fee and choose to either reduce the loan tenure or the EMI. Here are the options of conversions available for the 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 (Housing/improvement/extension) | Conversion fees | On conversion | On every spread change | Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap Rs.50,000 plus taxes whichever is lower. |
| Switching to Variable Rate Loan from Fixed Rate Loan (Housing/improvement/extension) | Conversion fees | On conversion | Once | Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap Rs.50,000 plus taxes 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 plus 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 taxes, with a minimum fee of 0.5% and a maximum fee of 1.50%. |
| Switch to Lower Rate (Non-Housing Loans) | Conversion fees | On conversion | On every spread change | 0.5% of principal outstanding and undisbursed amount plus taxes at the time of conversion. |
Rs.200 (conditions apply)
The external opinion can be either from technical valuers or advocates and the fees can be paid directly to the concerned person depending on the kind of assistance rendered.
The customer should regularly pay the premium amounts directly to the insurance provider to keep the policy active during the loan tenure.
The customer is liable to pay additional interests up to 24% p.a in case the payment of interest or EMI has been delayed.
Incidental charges and expenses are imposed to cover for the charges, cost and other expenses that may have been utilised to recover dues from a defaulting customer.
The customer will be solely responsible for all charges applicable on stamp duty/MOD/MOE/Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI). One can refer to www.cersai.org.in for all such charges.
Up to Rs.500
Up to Rs.500
Up to Rs.500 plus applicable loan term
Up to Rs.200
Up to Rs.200
Up to Rs.2000 plus applicable taxes
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