HDFC Home Loans

Creating a space of your own has always been a dream, and a home loan is perhaps one of the best ways to achieve this milestone. HDFC is a leading provider of Housing Finance in India.Pioneered Housing Finance in 1977 and now have over 5.8 million cumulative units financed.Extensive distribution network of 427 interconnected offices and 3 representative offices in Dubai, London and Singapore offering Home Loan products to Non-Resident Indians and Persons of Indian Origin.

HDFC’s Home Loans are popular for the following reasons:

  • Processing is really quick and easy
  • Loans are available at attractive interest rate.
  • Easy documentation
  • Door step assistance
  • Flexible repayment options to suit your needs
  • No hidden charges

HDFC Home Loans can be availed for :

  • Purchase of a new home from a developer
  • Purchase of a home in resale
  • Constructing new homes on a plot owned by you
  • Transfer of home loan from another lender
  • Buying a plot

Features and Benefits of HDFC Home Loan

HDFC Home Loans have been in demand for the following reasons:

  • Loans for purchase of a flat, row house, bungalow from private developers in pre-approved projects, properties from local development authorities like DDA (Delhi Development Authority) etc.
  • Competitive, and affordable interest rates to lessen the burden of EMI.
  • Customised repayment options with repayment tenure of upto 30 years.
  • No hidden charges and complete transparency with regards to the application, approval and repayment.
  • Legal and technical assistance available to help you make the correct choice.
  • Vast network of 427 interconnected branches in India.
  • Special customised offers for NRI, farmers, horticulturalists, people employed with the Indian Army etc.

HDFC Home Loan Eligibility

Following is the criteria laid out by HDFC for home loan applicants

  • Housing loans can be applied for individually or with a co-applicant(s) to enhance the loan amount.
  • Ideally, co-applicants are immediate family members like father, mother, spouse, son.
  • HDFC home loans can be applied by salaried and self-employed applicants.
  • HDFC NRI Home Loans , can be availed by Non-Resident Indians(NRIs), Persons of India Origin(PIO) and Overseas Citizen of India(OCI).
  • HDFC offers home loans even to those employed with the Merchant Navy.
  • HDFC Rural Home Loans can be availed by agriculturalists, horticulturalists, dairy farmers, Planters, etc.
  • HDFC, may require additional proof of qualifications to consider you eligible for a home loan.
    Income Tax return is not required for agriculturists applying for home loan.

Documents Required for HDFC Home Loan

An applicant must furnish the following documents that confirm his/her identity, address, occupation, and income. A comprehensive list of documents is given below:

For Salaried Individuals

Home loans offered by HDFC can be availed either individually or jointly. All proposed property owners have to be the co-applicants compulsorily. But all co-applicants need not be co-owners. Co-applicants in the loan would generally be close family members. The maximum period for repayment of Home Loan (Telescopic Repayment Option) is 30 years.

Purpose Documents
Proof of both identity and residence (any 1)
  1. Valid Passport
  2. Voter ID Card
  3. Aadhaar Card
  4. Valid Driving Licence
Proof of income
  1. Last 3 months' Salary Slips
  2. Last 6 months' Bank Statements, showing salary credits
  3. Latest Form-16 and IT returns
Other documents
  1. Employment Contract / Appointment Letter in case current employment is less than 1 year old
  2. Last 6 months' Bank Statements showing repayment of any ongoing loans
  3. Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across
  4. Cheque for processing fee favouring ‘HDFC Ltd.’
All documents have to be self attested. The list of documents given above is indicative in nature and additional documents may be required.

For Self-Employed Persons

Home loan can be availed individually or jointly. The co-applicants can be usually blood relatives. All property owners have to be co-applicant but all co-applicants need not be co-owners of property. Loans can be availed by self-employed professionals and non-professionals as well.

Self-employed professional can be:

Engineer
Consultant
Chartered Accountant
Lawyer
Doctor
Architect
Company Secretary

Self-employed non-professionals can be:

Commission Agent
Contractor
Trader
Manufacturer
Service Provider
Importer/Exporter

Purpose Documents
Proof of both identity and residence (any 1)
  1. Valid Passport
  2. Voter ID Card
  3. Aadhaar Card
  4. Valid Driving Licence
Proof of income
  1. Income Tax Returns along with computation of income for the last 3 Assessment Years
  2. Last 3 years’ Balance Sheet and Profit & Loss A/c Statements, with Annexures/Schedules (Points 2 & 3 should be of both the individual and the business entity and attested by a CA)
  3. Last 6 months' Current A/c Statements of the business entity and Savings Account Statements of the individual
Other documents
  1. Business Profile
  2. Latest Form 26 AS
  3. List of Directors and Shareholders with their individual shareholding certified by a CA / CS in case of the business entity being a company
  4. Memorandum and Articles of Association of the Company
  5. Partnership Deed in case of the business entity being a partnership firm
  6. Details of ongoing loans of the individual and the business entity including the outstanding amount, instalments, security, purpose, balance loan term, etc.
  7. Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across
  8. Cheque for processing fee favouring ‘HDFC Ltd.’
All documents have to be self attested. The list of documents given above is indicative in nature and additional documents may be required.

HDFC Home Loan Repayment Options

HDFC Ltd. offers a number of repayment options to customize the repayments in line with borrower’s unique conditions. The following repayment options are available:

Step Up Repayment Facility (SURF): This repayment method is based on the expected future growth on income of the borrower. It is good for young borrowers who have just started the career and are looking for a home loan. In the initial years, you can pay significantly lower EMIs and avail a high amount of loan. Subsequently, the EMIs increase proportionally with the growth in borrower’s income.

Tranche Based EMI: It is a good option for borrowers buying property in under-construction builder projects. Usually you are required to pay the interest amount on the loan disbursed till the final disbursement of loan amount and pay the EMIs thereafter. With tranche based EMI, you can immediately start paying EMIs on cumulative disbursed amount.

Flexible Loan Instalments Plan (FLIP): FLIP is good for borrowers wherein the repayment capacity of the borrowers is likely to reduce during the loan tenure. The repayment schedule is made in such a way that the instalment is higher during initial years of the loan and then decreases proportionally to the income. If you wish to add your father who is due for retirement before the expiry of your loan, this feature will help you in getting higher eligibility so that you can buy your dream home easily.

Accelerated Repayment Scheme: This is a flexible repayment scheme where you can increase the EMIs every year proportionally to your income growth which will enable you to repay the loan much faster.

Telescopic Repayment Option: Telescopic repayment option will give you a longer repayment tenure of up to 30 years which means the EMIs will be more affordable and the loan eligibility will also be enhanced.

Home Loan Interest Rates

Adjustable Rate Home Loan

Under the Adjustable Rate scheme, a home loan is linked to HDFC’s Retail Prime Lending Rate (RPLR). If there is a change in the RPLR, the interest rate of your home loan will be revised once in three months. Usually your loan tenure is adjusted due to change in rate of interest but on request even EMI can be changed.

TruFixed Home Loan – 2 / 3 Year Fixed Rate Variant

A TruFixed Home Loan offers you a partially fixed rate term and a remaining adjustable rate term. Under this scheme of the TruFixed Home Loan, you can get a fixed rate for a maximum term of 2 / 3 years. On expiry of 2/3 years, your home loan will automatically convert to an adjustable rate, adding up to a total term of 20 years.

Adjustable Rate Home Loan- For Salaried borrowers

Loan Amount Interest Rates (% p.a.)
For Women* (upto 75 lakhs) 8.35 to 8.85
For Others* (upto 75 Lakhs) 8.40 to 8.90
For Women* (Above 75 lakhs) 8.40 to 8.90
For Others* (Above 75 lakhs) 8.45 to 8.95

TruFixed Home Loan – 2 Year Fixed Rate Variant for Salaried borrowers

Loan Amount Interest Rates During The 2 Year Fixed Rate Term (% p.a.)
For Women* (upto 75 lakhs) 8.35 to 8.85
For Others* (upto 75 lakhs) 8.40 to 8.90
For Women* (Above 75 Lakhs) 8.40 to 8.90
For Others* (Above 75 lakhs) 8.45 to 8.95

Adjustable Rate Home Loan - For Self-employed Professionals

Loan Amount Interest Rates (% p.a.)
For Women* (upto 75 Lakhs) 8.35 to 8.85
For Others* (upto 75 lakhs) 8.40 to 8.90
For Women* (Above 75 Lakhs) 8.40 to 8.90
For Others* (Above 75 lakhs) 8.45 to 8.95

TruFixed Home Loan – 2 Year Fixed Rate Variant for Self-employed professional borrowers

Loan Amount Interest Rates During The 2 Year Fixed Rate Term (% p.a.)
For Women* (upto 75 Lakhs) 8.35 to 8.85
For Others* (upto 75 lakhs) 8.40 to 8.90
For Women* (Above 75 Lakhs) 8.40 to 8.90
For Others* (Above 75 lakhs) 8.45 to 8.95

Adjustable Rate Home Loan - For Self-employed Non-Professionals

Loan Slab Interest Rates (% p.a.)
For Women* (upto 75 Lakhs) 8.45 to 8.95
For Others* (upto 75 lakhs) 8.50 to 9.00
For Women* (Above 75 Lakhs) 8.55 to 9.05
For Others* (Above 75 lakhs) 8.60 to 9.10

TruFixed Home Loan – 2 Year Fixed Rate Variant for Self-employed Non-Professionals

Loan Slab Interest Rates During The 2 Year Fixed Rate Term (% p.a.)
For Women* (upto 75 Lakhs) 8.45 to 8.95
For Others* (upto 75 lakhs) 8.50 to 9.00
For Women* (Above 75 Lakhs) 8.55 to 9.05
For Others* (Above 75 lakhs) 8.60 to 9.10