Applying for a home loan seems to be obvious when the family is expanding or when the income rises by the year. In the long term, home loans, being secured loans, will be a good mix of debt portfolio.
The HDFC Bank Home loans are processed quickly and with necessary documentation with no hidden charges and that with attractive and competitive interest rates. Bank staff is adequately trained to handle the quick TAT. The Comeptitiative interest rate offered by HDFC will be a boon to the families, which in turn helps in whole tenure.
Criteria for availing the Home Loans:-
- Above the age of 21 years.
- Regular source of Income with appropriate documentation.
There are certain ways of raising the eligibility of the Home Loans.
- The rate of interest for Woman is reduced by 40%. And HDFC Bank is the foremost bank in India to disburse the Home Loans to Women
- Joint holders can avail more loans, like Sisters / Brothers or Spouse.
- Co-Owerns are necessarily be Co-applicants.
- Good Track record of the CIBIL.
HDFC Housing loan advantages:-
- To ease the loan process , HDFC has come up with the option of collecting the documents and giving personalized service at the doorsteps.
- There will be a decade of networking and bonding with the Bank.
- Time to time HDFCcome out with numerous re-payment options and offers.
- There are options to choose from fixed rate and reducing balance/Floating rate for loans , EMIs can be opted accordingly.
- The Loan can be applied online / nearest branch or call back option and the same can be tracked in HDFC weblink.
- The Home loan can be availed for purchase of new house / repair / renovation of the existing house/Pre-owned house/plot of land.
Home Loan Eligibility Criteria :
HDFC Home Loan is the easiest option for buying a dream home , but the getting the same depends on many factors which are listed below.
- Monthly Income of the Applicant : The loan amount in precisely depends on the monthly income of the applicant and the Co-applicant. HDFC provides up to 60 times the applicant’s income.
- Available Income is calculated after deducting the existing EMI,The EMI here is referred as loans taken other Banks & for other purposes.
- HDFC Bank provides up to 90% of the loan against property. Suppose if the property is 60 lacs and the maximum amount that 54 lacs.Banks will consider other important norms before loaning, like minimum area requirements for an apartment carpet area. Age of the property/location of the property/reputation of the builder. The property should be free from any legal disputes and free encumbrances among other points which the Bank Consider.
- Another important component of the home loan is it tenure of the loan. The longer the duration higher will be interest and the lesser the tenure higher will be the EMI.
- Another paramount factor in deciding the eligibility of the loan is m credit history and credit score of the borrower,data is provided by the CIBIL.
- Age of the borrower should be above 21 years and upto 58 or 60 years depending upon the earning capacity and the disposable income , people who are nearer to the retirement age will get lesser tenure as against he younger age borrower.
- The Loan eligibility can be increased by adding the co-applicant or spouse. Only certain relationship are considered as co-applicants.
- HDFC offers fixed rates for 20 years tenure and over and above that adjustable rate will be considered , considering the factors like inflation, price value for money etc.,
Documents Required for HDFC Home Loan:
- Application Form with 2 photographs.
- Proof of Residence and Identity.
- Last 3 months Salary Slip ( Salaried Individual)
- Form 16 / ITR ( Salaried Individual)
- Processing Fee.( Processing Fee upto 1.25% of the loan amount or Rs.3,000/- whichever is higher& taxes as applicable)
- Bank Statement for the Last 6 months.
- Last 3 years Income Tax Return( Self Employed – Professional/ Business Person)
- HDFC Ltd Home Loan
Key Highlights of HDFC Ltd Home Loan
Maximum Loan Amount to buy a Home
|Loan Amount||Maximum Funding or avail loan amount|
|Up to INR 75 Lacs||90% of the Property Value|
|Above INR 75 Lacs||80% of the Property Value|
The above threshold is subject the Market Value of the property and the replacement capacity fo the property.
There are lot many factors which are considered in determining the loan amount apart from regular income, age , credit history, there are other factors like qualification, number of dependants,spouse’s income , assets and liabilities of the family , stability in the occupation etc.,
Dream Home also gives an added advantage in terms of tax savings , the principal and interest component which are re-paid are eligible for the tax deductions under Income Tax Act of 1961.
HDFC Bank gives an added option of converting existing loans to the new loan under the ‘Home Converstion Loan’with he additional funds for the new house. This option helps one to move to the new house without pre-paying the old home loan.
HDFC offers premature re-payment of the loan subject to the meager pre-payment charges by paying the outstanding the lump sum amount.
|Repayment Period||5 – 30 Yrs|
|Min. Income for Salried Professioanal||Rs.12,000 per month|
|Processing Fees||1.25% of the loan amount or Rs.3,000- whichever is higher.|
|Max Loan amount above 30 Lac||75 – 80%|
|Min. Income for the Self Employed||Rs.16,500/- per month|
RPLR – Retail Prime Lending Rate
HDFC Home Loan EMI Calculator:
- HDFC offers lowest EMI per lac, the loan EMI can be as low as Rs.816 per lac, with loan tenure upto 30 years.
- Lowest home loan interest rate currently offered by HDFC is 9.15% for women and please refer to the link for HDFC EMI calculator