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HDFC Home Loan


Loan Name Interest Rate Processing Fee Loan Amount Tenure
HDFC Bank Home Loans 8.90% -10.30%, Floating Up to 0.5% of loan amount or Rs 3,000 (whichever is higher) + applicable taxes 30,00,000 1-30 Years
Details
Documents Required

For Salaried Individuals

  • Proof of Identity and Residence: Aadhaar Card, Passport, Driving License, Election ID Card
  • Duly filled in application form along with recent passport size photographs
  • Proof of Income: Last 6 months Bank statement showing salary credits, latest Form 16 and Income Tax Returns, Recent 3 months Salary Slips
  • Bank statements for the last 6 months showing repayment of any ongoing loans
  • Employment Contract / Appointment Letter in case if the individual is employed for less than a year in the current organization.
  • A cheque for processing fee favouring HDFC Ltd

    Property Related Documents For New Homes
  • Copy of Buyer Agreement / Allotment Letter
  • Receipts of payments made to the developer/builder

For Resale Homes

  • Copy of the agreement to sell (if it is already executed)
  • Receipts of initial payments made to the seller

For Construction

  • Proof of No Encumbrances on the property
  • Construction estimate prepared by Civil Engineer or an Architect
  • Copy of the plan approved by the Local Authorities

For Self – Employed Individuals

  • Proof of Identity and Residence: Aadhaar Card, Passport, Driving License, Election ID Card
  • Duly filled in application form along with recent passport size photographs
  • Proof of Income: Income Tax Returns along with computation of income for the last 3 Assessment Years, Last 3 years Profit and Loss A/C,
  • Balance Sheet with Annexures/Schedules, Last 6 months Current A/C statements of the business and Savings account statement of the individual
  • Bank statements for the last 6 months showing repayment of any ongoing loans

Property Related Documents For New Homes

  • Copy of Buyer Agreement / Allotment Letter
  • Receipts of payments made to the developer/builder

For Resale Homes

  • Copy of the agreement to sell (if it is already executed)
  • Receipts of initial payments made to the seller

For Construction

  • Proof of No Encumbrances on the property
  • Construction estimate prepared by Civil Engineer or an Architect
  • Copy of the plan approved by the Local Authorities

Other Documents

  • Latest Form 26AS
  • Business Profile
  • Memorandum and Articles of Association of the Company
  • List of Directors and Shareholders with their individual shareholding certificate by a Company Secretariat / Chartered Accountant in case if the business entity is a company.
  • Partnership deed in case if the business entity is a partnership firm.
Benefits

  • The applicant gets 30 years to repay the loan
  • Attractive Interest Rates
  • Affordable and easier equated monthly instalments over the tenure of the loan
  • Doorstep assistance on a home loan is available
  • The applicant can get expert legal and technical counselling to make a better home buying decision
Eligibility

  • The minimum age of the applicant should be 24 years.
  • The maximum age of the applicant should be 60 years.
  • The applicant should be an Indian resident.
  • An applicant will get a maximum tenure of 30 years to repay the loan.
Other Details

  • If the applicant is a woman, then the interest rates on home loans will be less compared to their male counterparts.
  • If the co-applicant is a woman, then the interest rates will reduce by some basis points.
  • An applicant can either apply individually or jointly for home loans in HDFC Bank
  • Pre payment charges will not be levied for the individual borrowers
  • Processing Fee for individuals – Up to 0.5% of loan amount or Rs 3,000 (whichever is higher) + applicable taxes.
  • Processing Fee for Self employed individuals – Up to 1.50% of loan amount or Rs 4,500 (whichever is higher) + applicable taxes.

FAQs

Q: What are the conditions on which an applicant can borrow a Home Loan from HDFC Bank?

A: HDFC offers the housing loan on the following conditions:

1.For constructing new homes or for the purchase of a property.

2.For purchase of a new house

3.For purchase of resale homes

4.Takeover the home loan from one lender to HDFC.

 

Q: To whom can I assign as co-applicant for a home loan?

A: When you are applying for HDFC home loan jointly, All the proposed owners of the house must be co-applicants.

The first preference for co-applicant can go to family members.

 

Q: What are the benefits of HDFC housing loan?

A: HDFC offers the following benefits who avail housing loan

  • HDFC offers competitive, attractive and affordable interest rates.
  • HDFC offering innovative customized product including home extension loans, home improvement loans e.t.c.
  • Customer friendly repayment options including flexible repayment tenure up to 30 years.
  • There are no hidden charges for application, approval and repayment stages.
  • A simplified loan processing with complete door-step services.
  • HDFC provides special offers for people employed with the Indian Army, NRI, farmers, agriculturalists, horticulturalists, etc.

Q: How much is the processing fees in HDFC home loan?

A: The processing fee is up to 0.50% of loan amount or Rs.2000/-whichever is higher plus taxes as applicable.

 

Q: Are there any tax benefits in HDFC home loan?

A: Yes, Both the principal amount and interest paid towards loan repayments are eligible for tax rebates under Section 80C and Section 24 of the Income Tax Act.

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