On behalf of HDFC Ltd, HDFC Bank provides Best home loans. The interest rate on an HDFC Home loan starts at 6.75 percent per annum, with EMIs starting at Rs. 649 per lakh. The bank will finance up to 90% of the property's worth, which you can return over a flexible 30-year period. Read on (Afinoz) to learn more about HDFC home loans.
Features and Benefits of an HDFC Home Loan
- Low-interest rates, starting at 6.75 percent per annum, including a 0.05 percent interest rate reduction for women borrowers on specialized lending programs.
- Employees of the Indian Army have a special arrangement with the Army Group Insurance Fund (AGIF).
- Up to 30 years of flexible tenure
- Different sorts of house loans are available to meet the needs of customers.
- Customers can choose from a variety of payment alternatives to suit their needs.
HDFC Home Loan Schemes
HDFC Plot Loan
- Loans for the acquisition of a plot through direct allotment from HDFC. There are no hidden fees.
- Repayment options that are tailored to you
- Legal and technical advice from experts
- Loans are also available to buy a resale plot.
HDFC Rural Housing Loan
- Rates start at 6.95 percent p.a. and go up from there.
- Designed for agriculturists, planters, horticulturists, and dairy farmers looking to buy a home in the country or city.
- IT returns are not necessary for agriculturists asking for a loan.
- Agriculturists get a longer payback period of up to 20 years.
HDFC Reach home Loan
- Loans for salaried people with a monthly salary of Rs.10,000 and self-employed people with a yearly income of Rs.2 lakhs.
- A loan can be utilized to buy a parcel of land.
- Use this loan to build your home on a parcel of land or freehold land.
HDFC Home Improvement Loan
- This loan is designed to help you renovate your home.
- New and existing customers can apply for loans.
- The process of documentation is simple and painless.
- Interest rates are comparable to those of a typical house loan.
HDFC Home Extension Loan
- Loans to help you build or expand your house
- A maximum of 20 years can be served.
- Women's applications are eligible for a lower interest rate.
HDFC Top-Up Loans
- Loans for both professional and personal purposes are available.
- A maximum loan of R.50 lakhs is available.
- HDFC Top-up Loan only available after 12 months from the final disbursement of your existing house loan and upon possession or completion of the previously funded property.
HDFC Balance Transfer loans
- Conveniently transfer your existing loan to HDFC.
- An additional top-up loan of up to Rs.50 lakh is available.
- For persons in the Indian Army, there is a special arrangement with AGIF for home loans.
- Repayment options that are tailored to you
HDFC NRI Home Loans
- NRI home loans are available for the purchase of an apartment, row house, or bungalow from private developers in India's approved projects.
- Loans are available for the purchase of a property in any part of India.
- Get home loan advice in the country where you now live.
- Loans to purchase of the real estate from the Development Authorities of India.
HDFC PMAY (Pradhan MantriAwasYojana)
- Up to 6.50 percent p.a. interest subsidy
- PMAY CLSS allows you to save up to Rs.2.67 lakh.
- Interest subsidies will be given for a maximum loan tenure of 20 years for the Economically Weaker Section (EWS), Lower Income Group (LIG), and Middle Income Group (MIG).
How to apply for an HDFC Home Loan online?
Afinoz.com is a website where customers can apply for an HDFC Home Loan. The following is the procedure for applying for an HDFC home loan.
- Step 1:To begin the home loan application process, click here.
- Step 2:Fill in the essential information, such as the loan amount, the type of home loan, and so on.
- Step 3:More information about your house loan needs and personal information, such as the property's cost, your complete name, date of birth, and so on.
- Step 4:To agree to the terms and conditions, check the box.
- Step 5:To continue, click the ‘View Best Offers' button.
The best home loan offers will show based on the applicant's eligibility.
- Step 6:Compare home loan offers and apply for the best one.
Customers will receive an acknowledgment message after the procedure is completed, which will include a reference number that they can use to follow their HDFC Ltd. home loan application. Customers will also be contacted by Afinoz's home loan professionals to continue the house loan procedure.
For further information, customers can check the status of their HDFC house loan and view their home loan summary online.
Different platforms, such as HDFC Netbanking and HDFC Bank's or HDFC Ltd.'s website, provide another option for applying for an HDFC Ltd. home loan online.
Documents for HDFC Home Loans
All salaried and self-employed applicants/co-applicants must provide the following HDFC home loan documents:
- Completed and signed HDFC Home Loan Application Form
- KYC Documents –A copy of your Aadhaar, PAN, Passport, Voter ID, Driving License, or other proof of identity and residence.
- For salaried workers, a copy of the following documents is required.
- The previous three months Salary Statements
- The previous six months Salary credits are shown on bank statements.
- The most recent Form-16 and IT returns
- If the present job is less than a year old, the employment contract/appointment letter is required.
- Proof of self-employment income – Copies of the following documents are required:
- Income Tax Returns (ITR) with CA attestation and income calculation for the previous three assessment years.
- Balance Sheet and Profit & Loss Account Statements, including Annexures / Schedules, attested by a CA for the last three years.
- Current Account Statements of the corporate entity for the last six months, as well as Savings Account Statements of the person.
- Property related papers - A copy of the documents listed below:
For New Homes:
- A copy of the Allotment Letter / Buyer Agreement Receipt/(s) of payment/(s) paid to the delegated authority
- For resale homes, title deeds with the prior chain of property documents are required.
- A copy of the agreement to sell Receipt/(s) of initial payment/(s) made to the seller (if already executed).
To Resale Home:
- The Plot's Title Deeds
- Proof that the property is free of encumbrances
- A copy of the plans that have been approved by the local governments
- An architect or civil engineer provides a construction estimate.
Other relevant documents - a copy or original of the following:
- If applicable, your contribution proof business profile
- Form 26 AS, the most recent version, is only for self-employed people.
- If the corporate entity is a company, a list of directors and shareholders with their holdings validated by a CA / CS is required.
- The Company's Memorandum and Articles of Association
- If the business is a partnership, the partnership deed must be provided. Current loans of the individual and/or the company entity must also be provided.
- A passport-sized photo of the applicant and any co-applicant (if any) is affixed to the HDFC home loan application form and signed by the applicant across
- A cheque to pay the processing fee to HDFC Ltd.
Ques. How do I check the status of my HDFC Home Loan?
Follow these procedures to track the status of your HDFC home loan application: To apply for a loan with HDFC, go to this page. User ID and Password are required to access your HDFC home loan account. When you click the Submit button, you will be able to see the status of your home loan.
Ques. What are my options for repaying my HDFC house loan?
You can repay your HDFC home loan in a variety of ways, including: Giving your bank Standing Instructions (SI) to pay your loan installments via ECS (Electronic Clearing System) Having your employer collect monthly installments directly from your paycheck Using your salary account to write post-dated checks
Ques. can I make an online payment on my HDFC home loan?
You do not need to pay your HDFC home loan EMI online because the installments will be collected from your bank account through ECS as soon as you issue the Standard Instructions (SI) to your bank (Electronic Clearing System).
Ques. Is it possible to close my HDFC house loan online?
Yes, you can pay off your HDFC house loan using the internet. Contact your loan officer whenever you want to close your HDFC home loan account, and they will guide you through the procedure.
Ques. Can we pay off our HDFC home loan early?
Yes, after paying 12 months of your HDFC home loan EMIs, you can prepay your HDFC home loan. HDFC also offers a free service called the ‘Accelerated Repayment Scheme' to help you pay off your loan faster. This option allows you to increase your EMIs every year in proportion to your income increase, allowing you to pay off your loan faster.
Ques. Is the processing cost for an HDFC house loan refundable?
Even if the home loan is not sanctioned or disbursed, the HDFC processing fee is non-refundable.
Ques. When will I be able to apply for an HDFC top-up loan?
You can apply for an HDFC top-up loan a year after the original loan is paid off and you have ownership or completion of the funded property. If the top-up loan is refinanced from another lender, HDFC will review the payments history for the previous 12 months.
Ques. How much of a home loan can I get based on my income?
The amount of a loan a customer can acquire based on his or her wage is determined by their repayment ability, which is decided by factors such as age, number of dependents, education, current liabilities, credit history, and so on.
Ques. What is the current RPLR of HDFC?
The HDFC Retail Prime Lending Rate (RPLR) is currently 16.20%.
Ques. What is the current interest rate on an HDFC home loan?
The current HDFC home loan interest rate starts at 6.75 percent per annum and goes up from there.
Ques. What are the eligibility requirements for an HDFC home loan?
The eligibility conditions for HDFC housing loans differ from one scheme to the next. HDFC Ltd. determines a customer's eligibility for a home loan by evaluating their repayment capacity based on their income, age, educational qualifications, credit history, number of dependents, spouse's income (if any), assets, current liabilities, job/business stability, business or job continuity, and other factors.
Ques. What documents are required for an HDFC Home Loan application?
The following are some of the HDFC Home Loan documents that are required at the time of loan application: Aadhaar, Passport, Voter ID Card, and other forms of identification are acceptable. Income documentation, such as pay stubs or ITRs for the last three years, is required. Property documents such as allocation letters, site title deeds (for building), and so on can be used as proof of residence. Other documents, as well as evidence of the information supplied on the house loan application form, may be requested by the bank. As a result, an applicant should always give accurate information in the house loan application form and keep all supporting documents on hand.
Ques. Is it HDFC Bank or HDFC Ltd. that provides house loans?
HDFC Bank and HDFC Ltd. are both members of the HDFC Group, however, they are separate businesses. HDFC Ltd. is a major housing finance company. HDFC Bank, on the other hand, is in charge of all banking activities and financial products. On behalf of HDFC Ltd, it provides house loans. Neither of these institutions offers advantageous home loan interest rates or conditions.Customers can therefore apply for a home loan from any of the leading companies.
Ques. What are the advantages of an HDFC Home Loan?
Customers can choose from a range of lending choices. It offers a 0.05 percent interest rate reduction to female homeowners. It offers house loans tailored to the needs of a variety of consumers, including salaried individuals, self-employed professionals, dairy farmers, agriculturists, and planters, among others. There are no additional fees. It ensures that a house loan is processed quickly and easily. It provides counseling and advice to those interested in purchasing a home. Even before a property is chosen, it provides financing approval. It provides its client with a variety of loan repayment options.
Ques. Which is better fixed or fluctuating interest rates on a home loan?
There are advantages and disadvantages to both fixed and adjustable home loan interest rates. Which of the two is preferable depending on the needs of the customer. Fixed home loan interest rates: Theserates are slightly higher than variable interest rates since they remain constant throughout the loan term. It is best suited for consumers who are satisfied with their current home loan EMIs or anticipate future increases in home loan interest rates. Prepayment penalties are commonly imposed by lending institutions on fixed-rate house loans. Floating home loan interest rate: Floating interest rates do not remain constant over the life of the loan. It could fluctuate if the lender's benchmark rate changes. It is slightly less expensive than fixed house loan interest rates, and clients who anticipate lower home loan interest rates in the future should choose it. On most floating rate home loans, there is no prepayment penalty. Customers who can't select between fixed and variable rate home loans might choose between partly fixed and partly floating rates, depending on their circumstances.