HDFC Ltd. is one of the leading financial institutions in India, known for its comprehensive range of home loan products. They have helped millions of people in India achieve their lifelong dream of owning a house. The interest rates offered by HDFC Ltd. vary between 8.60% - 8.95%, which happen to be highly competitive in today’s market.
|Rates and Charges||Specification|
|Interest Rate||8.60% to 8.95%|
|Partial Prepayment Charges||Nil|
|Tenure||1 year to 30 years|
|Guarantor Requirement||No guarantor is needed|
|Processing Fee||Up to 0.50% of the total loan amount or Rs.11,800, whichever is lower|
HDFC Ltd. has 6 different home loan schemes. These are:
HDFC Ltd. Home Loan interest rates can be availed by either salaried professionals or self-employed people.
The amount you end up paying each month to repay the amount you have borrowed is known as the EMI or equated monthly instalment. The longer the tenure of your loan, the lower the EMI payments you will have to make each month.
Using HDFC’s Home Loan Calculator, you can determine how much you will have to pay each month for your home loan. All you have to do is enter the required details and the calculator does the rest. Along with the EMI payable, the calculator also shows you the amortisation table for your loan. This table details out your repayment schedule with a breakup of the principal and the interest amount payable.
HDFC’s EMI Calculator also helps you make the right decision when it comes to determining how much of a loan you should consider taking. Keep in mind that whatever the loan amount, you should be able to make payments comfortably and on time.
The following table illustrates additional fees and charges that you may incur with your HDFC Ltd. home loan. Do understand these charges carefully in order to avoid any confusion down the road.
|Processing fee for any of the home loan products like extension loan, improvement loan, for salaried and self-employed professionals||Rs.2000/- or 0.50% of the loan amount; whichever is higher plus taxes as applicable|
|Processing fee for any of the home loan products, for self-employed non-professionals||Rs.3000/- or 1.50% of the loan amount; whichever is higher plus taxes as applicable|
|Top Up Loan fee||Rs.2000/- or 0.50% of the loan amount; whichever is higher plus taxes as applicable|
|Switching fee for shifting to a lower rate under variable rate loans||Up to 0.50% of the outstanding principal amount at the time of switch or Rs.50,000; whichever is lower|
|Switching fee for shifting to a variable rate from a fixed rate loan|
|Switching fee for moving from TruFixed rate to a variable rate||1.75% of the outstanding principal amount at the time of conversion|
|Prepayment charges for variable rate loans||No charges|
|Prepayment charges for TruFixed loans/Fixed rate loans||2% of the amount that is being paid plus applicable taxes|
|Prepayment charges for fixed and variable rate plot loans|
|Change in loan term||Rs.500/- plus taxes as applicable|
The aforementioned charges and interest rates are subject to change from time to time. It is advisable to visit the official website of HDFC Ltd. and go through the same before applying for a home loan.
1. Who is eligible for a home loan?
You can apply for a home loan if you’re an Indian Citizen or a Non-Resident Indian (NRI) or a Person of Indian Origin (PIO). HDFC Ltd. offers home loans if you’re looking to:
2. Can I claim tax deductions on my home loan?
Under Section 80C, 80EEE and 24 of the Income Tax Act, you can claim tax deductions or rebate on both the principal amount and the interest amount if you’re a resident of India.
3. Can I include a co-applicant to my home loan?
You can include a co-applicant to avail a home loan which enables you to increase the loan amount as well as share the repayment cost. However, it may be noted that a co-applicant cannot avail tax benefits if he/ she is not a co-owner of the property. That said, they can still be a co-applicant of your home loan.
4. What are the documents required to apply for a home loan?
List of documents required from applicants and co-applicants to avail a home loan:
5. How is my EMI calculated?
Your EMI, which includes principal and interest amount, is calculated based on several factors such as the home loan amount, lending rates and the loan repayment tenure. While a portion of your EMI will be directed to recovering the principal amount, the other portion is the interest amount levied on the home loan.
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