Try Applying for a higher Loan Amount as most bank reduce interest rates as loan amount increases
Try Adding the income of a co-applicant like a working spouse
Financebuddha can help you consolidate all your loans into one to increase your eligibility
HDFC bank is a multinational bank which has headquarters in Mumbai. The bank has been ranked in the top 100 Most Valuable Global Brands, and so, it is trusted by its customers. The bank is known for its quick loan disbursal with features like 15-minute vehicle loan and 30-minute auto loan. HDFC is a well-known brand where you can avail all the services online. HDFC Home loans are one of the best services provided by the bank. The bank also has two real estate entities called HDFC RED and HDFC Realty to help its customers have a better option to choose the property in different cities.
Various types of home loans are provided by the bank to the customers to cater to one and all!
Through HDFC Bank home loan, a customer can buy the home of his dreams. HDFC Bank provides affordable loans with premium features under four categories:
These are the home loans provided to salaried and self-employed professionals and non-professionals. The home should be a first-hand buy. It can be a house, flat or bungalow in an approved society by private seller or by government approved authorities like DDA, MHADA, PUDA, HUDA, etc.
One might want to invest in an already built house and shift as soon as possible. In that case, he does not have to go by the same conditions and rates of a new home loan. Under HDFC's Resale Home loans, one has the option to get immediate possession of the house in a location of choice.
HDFC gives opportunity to growing families to construct the homes of their choice without any extra burden. The HDFC Home construction loan is a boon for family who which to own a house specially designed according to their taste and style.
HDFC Bank gives a special chance to customers to transfer their existing home loans from other banks to HDFC Home Banks. The borrowers get a chance lower the loan EMIs and opt for HDFC's unique plans. Cut short the EMI amounts and keep those savings to invest somewhere productive!
With home improvement loans, one can transform their already built or purchased loan into a new home. Make your home a reflection of your lifestyle by improving your home to whatever you like. HDFC Bank takes care of the expenses. This improvement loan can be availed by existing and non-existing customers. Get a lucrative tiling done or paint your house this season or even better, get your wooden closets reconstructed. With easy and quick documentation, the bank makes sure that you do not have to shred out enough time from your busy schedule.
A need of the growing family - HDFC Bank's home extension loans are for all those families who desire to dream big and grow more. Add more space to your house, create more storeys and don't worry about the money- HDFC is here to help you. With HDFC Home extension loans, get best ever loan conditions with minimal documentation. The home is open to customers who have already availed the loan from the bank and to all new customers.
As a token of gift to all HDFC bank has launched its new loan types called the “HDFC Reach Home Loans”. This loan specifically designed to help all Indian to get a personalized space for you in this world. It’s time to create memories in your sweet own place with the help of HDFC bank. Be a part of HDFC and start enjoying the benefits right away. This type of loan can be used for various housing purposes such as:
HDFC bank has always stood unique in what it is offering to its customers. This is very reason why many choose HDFC bank over other banks. Quick processing, great service, less documentation and great customer care support are some of the well-known reasons why HDFC bank one of the top banks in India for any banking requirements. Some of the other features and benefits specific to HDFC Reach Home Loans are:
According to the market value and repayment capacity of the applicant, HDFC bank will offer loan against property upto 35 lakhs.
Loan Amount |
Maximum Funding |
Up to Rs.35 lakhs |
Salaried Individuals, for Reach Home loans - 80% of the property cost |
|
Non Residential Premises Loans and Plot Loans - 60% of the property cost |
Up to Rs.35 lakhs |
Self-Employed Professionals & Non Professionals, for Reach Home Loans - 80% of the property cost |
|
Non Residential Premises Loans and Plot Loans - 60% of the property cost |
Buy a land now and invest for the future. It is good to invest in property even if you do not have current plans of building a new house. You can use the property to rent out, to invest for some time and sell later, or you can build a home on it later. In any case, buying a plot is never a decision that you will regret. With HDFC Bank plot loans, you get the chance of investing in the property without troubling yourself about the money. Get your loan approved now and buy a plot if you are still awaiting the payment from your old house.
As the name suggests, these loans are used to bridge the gap between your sold house and the new bought house. You might have sold your old house but not received the payment yet. In such a case, you will need money to clear off the dues of the new house and that is when short term bridging loans help a person. These loans help the immediate need with quick disbursal.
HDFC believes that the agricultural sector and our farmers deserve more than they have. Going forward in the same direction, the bank has tailored scheme for loans to the agriculturalists under which they can buy houses in rural or urban areas. The factors that will be seen are the value of agricultural land and the crops grown. Every farmer can now fulfill his dream of having his own house. One can construct own house or purchase an under-construction house or building. Salaried and self-employed individuals can also apply for loans in their home town or village. One can construct own house, extend the homes or improve them, or buy own plot. Agriculturalists do not need to give any security for the loan.
HDFC bank through its two subsidiaries HDFC REALTY and HDFC RED is trying to rise up the ladder in the field of real estate. It is building a strong empire where the bank aims to be the first and last stop destination of its customers for all their real estate needs. From choosing the property to funding the loans, the bank aims to master in al the niche. On the top, it is a very trusted brand internationally and is known for its customer service. Therefore, opting for the HDFC bank for your home loan is a smart choice.
Applying for home loans was never so easy before. With Finance Buddha, you get to choose the home loan from a bank whose features you can compare online and see the results sitting at your home. Compare the prices and do self-evaluation. With a good team spread across 12 cities, you can be assured of dealing with a company which brings specific information to you. Apply straight away through the website with no trouble of finding the correct bank pages and risking your security.
For existing customers:
For new customers
Irrespective of how well-known or famous the applicant is; below eligibility criteria has to be met in order to get a home loan from HDFC bank. However, bank manager does have the right to levy of some of the below criteria based on applicant’s credit score and past payment history.
Eligible Criteria |
Salaried |
Self-employed Professionals |
Age (Min-Max) |
24-60 |
24-65 |
Income |
1,80,000 |
1,50,000 |
Preference |
Bank account holders preferred |
Current or saving account with the bank from where loan is applied is preferred. |
Co-applicant |
Not mandatory – but should be family members |
Not mandatory – but should be family members |
Employment |
Fulltime job with at least 2 years of experience |
At least 45 years of experience with good turnover |
Documentation |
Bank Account Statement/ Latest Telephone Bill/ Latest Credit Card Bill/ Latest Electricity Bill/ Employers letter certifying current mailing address/Passport(Valid)- provided the passport address is present address mentioned in application form/ Government I-card with photo / Existing Registered House Lease |
Bank Account Statement/ Latest Telephone Bill/ Latest Electricity Bill/ Latest Credit Card Bill/ Passport(Valid)/ Employers letter certifying current mailing address |
CIBIL |
Required 750 or above |
Required 750 or above |
HDFC has updated its MCLR which in turn has affected the home loan rates. Current MCLR rate is from 7.85% to 8.30% for HDFC bank. However, it depends on the reset frequency of each loan. Revised rates of HDFC banks are listed below:
Current MCLR: 7.85% - 8.30%
Tenure |
MCLR, Base Rate |
Overnight |
7.85% |
1 Month |
7.90% |
3 Month |
7.90% |
6 Month |
8.00% |
1 Year |
8.15% |
2 Year |
8.20% |
3 Year |
8.30% |
According to the home loan products the rate of interest and charges vary. The below table will assist you with latest details for comparison:
Home Loan Products |
RPLR rate |
Loan Slab |
Interest Rates (% p.a.) |
RPLR Minus Spread |
Reach Home Loans And Plot Loans |
16.30% |
Up to Rs. 35 lakhs |
11.55 or 12.55 |
RPLR - (4.75 or 3.75) |
Home loan for Self-Employed Professionals & Non Professionals |
16.30% |
Up to Rs. 35 lakhs |
11.55 or 12.55 |
RPLR - (4.75 or 3.75) |
Non Residential Premises Loans for salaried and self-employed |
16.30% |
Up to Rs. 35 lakhs |
14.5 |
RPLR - (1.80) |
Home loans interest rates are determined by decreasing the spread amount from the Retail Prime Lending Rate. The interest rates for a home loan are calculated by reducing the spread from the RPLR.
HDFC Bank has reduced the interest for the existing customers, whereas earlier the reduction was only for the new customers. It has decreased the RPLR by 15 basis points to 16.15 % from 16.30 %.
The interest rate for Women borrowers is calculated by the present amount RPLR minus 7.5 percent. The amount depends upon the case application of the woman and the loan amount.
In the initial days of the year, HDFC decreased the home loan rates for the new loan seekers by 45 basis points. This month, the rate cut is applicable to existing borrowers.
For the new rate cut, there are two cases:
One, when the Principal amount is up to INR 7.5 Million. In this case, if the borrower is a woman, the rate of interest will be 8.65 per cent. For male borrowers or joint applicants, the rate of interest is 8.70 per cent. The other case is when the loan amount is more than INR 7.5 Million. For this, the rate of interest is 8.7 percent for women and 8.75 percent for others (male or joint applicants).
The decline in the RPLR would be applied on the loans to NRIs and POI card owners also, read the press announcement by the HDFC.
Earlier on Jan 03, 2017, HDFC reduced its interest rate from 9.1 to 8.7 percent for loan amount up to INR 7.5 Million. For higher loan amounts, the rate of interest was 8.75 percent. A woman applicant was eligible to get a discount of 0.05 per cent in the interest rate.
According to Renu Sud Karnad, Managing Director, HDFC, from the past couple of months the marginal cost of funds has been dropped and hence, HDFC has transferred this benefit to the loan seekers.
Bank of Baroda is offering 8.35 percent which is the lowest interest rate for home loans. But the customer with only high credit score is eligible to enjoy this interest rate. State Bank of India offers 8.6 percent while ICICI bank levies 8.65 percent.
The demand for fresh loan is less than the balance transfer cases in the market. The competition among the lenders to offer better rates is thus evident.
Some lenders are offering marginally lower rate than card rates. To compete, banks are bringing down their prepayment penalty, and reducing the charges like processing fee, legal and professional fee.
However, customers must keep some important points like tenure left, hidden charges and similar other before availing a loan or transferring it.
According to different types of home loan products the fee and charges will vary. The different types of home loans with HDFC bank and generic fee and charges are:
Fee and charges |
Processing Fees up to 1.50% of loan amount for salaried applicant |
Processing Fees Up to 2% of loan amount for Self-employed applicant |
Prepayment Charges as per loan type ranging between 0-4% of the outstanding loan amount |
Conversion fee will be 0.25% of the loan amount plus taxes |
Cheque Dishonor Charges Rs. 200 |
Fees On Account Of External Opinion- case by case basis |
Property Insurance |
Incidental Charges- depends on the loss amount |
Rate of interest (For salaried individuals, self-employed professionals and self-employed non-professionals)
Floating Interest Rate:
Fixed interest rate (TruFixed Loan) for 2 and 3 years:
(a)During the fixed rate period
(b)After the fixed rate period
Fixed interest rate (TruFixed Loan) for 10 years:
(a) During the fixed rate period
(c)After the fixed rate period
Processing Fees for salaried individuals and self-employed professionals: 1.25% of the loan amount or INR 3,000 (the one that is higher)
Processing fees for self-employed non-professionals: 1.25% of the loan amount or INR 4,500 (the one that is higher)
Pre-payment charges-
Fees for top-up loan: 0.50% of the loan amount or INR 3,000 (the one that is higher)
Check bounce charges: INR 200
Insurance charges: Subject to the insurance company (mandatory to get the property insured)
Late payment charges: Additional interest up to 24% per annum
Charges to avail set of documents: up to INR 500
Charges to avail photocopy of set of documents: up to INR 500
Post dated cheque-swapping charges: Up to INR 200
Charges for re-appraisal of loan: Up to INR 2,000 + taxes
Change of loan tenor: Up to INR 500
Step Up Repayment Facility (SURF): Under this plan, you can opt for lower EMIs in the initial months or years of loan payment. After that, if your income gets stipulated you can opt for higher EMI.
Flexible Loan Installments Plan (FLIP): In case you are expecting a decrease in your income, go for this plan. Under this plan, the borrower can opt for higher EMIs during the initial years which is proportional to the income. Gradually, as income descends, he/she can pay lower EMIs.
Tranche Based EMI: If it is an under-construction loan, the borrower might want to pay the interest of the loan for the amount already disbursed. This is so because in case of a construction loan, the amount in disbursed in installments by the bank. After final disbursement, the borrower would pay monthly EMIs. If you want to pay the principal amount along with the interest from the very beginning, that is, the first installment, go for this plan.
Accelerated Repayment Scheme: As the name suggests, under this scheme one can pay higher amounts of income with every subsequent year proportional to the increasing income. With this, one has the autonomy to pay back the loan quicker.
Telescopic Repayment Option: One must consider this option for enhanced eligibility of a bigger amount of loan and lower EMIs. The plan increases the loan tenor to up to 30 years.
Lending rates and charges of HDFC Reach Home Loans are listed here for quick information of the loan:
Special offers at HDFC Bank |
|
Interest Rates for Women |
8.65% - 8.70% |
Interest Rates for Others |
8.70% - 8.75% |
Lowest EMI per 1 Lakh |
Rs.779 |
These details are specific to HDFC Reach home loans and the rate of interest and charges are subject to change without prior notice.
Retail Prime Lending Rate |
16.30% |
Repayment period |
5 - 30 Years |
Maximum Loan amount upto 30 Lakh property value |
27 Lakh |
Minimum Income for Salaried |
12000 per month |
Base Rate |
9.30% |
Processing Fees |
1.25% or Max. Rs.3000 |
Maximum loan amount above 30 lakh |
75 - 80% |
Minimum Income for Self Employed |
16500 per month |
Revised rate of interest as of 04th January 2017:
With effect to demonetization, HDFC bank has revised its rate of interest on various types of loans according to applicant category. The below is the latest list updated as of 04th January 2017.
Loan amount |
Interest Rates |
Loan amount upto 75 Lakhs for women |
8.65% |
Loan amount above 75 lakhs for women |
8.70% |
Loan amount upto 75 lakhs for others |
8.70% |
Loan amount above 75 lakhs for others |
8.75% |
Rate of interest (For salaried individuals, self-employed professionals and self-employed non-professionals)
Floating Interest rate up to 3 Million:
For women - 9.30% to 9.80%
For men - 9.35% to 9.85%
Floating Interest rate above 3 Million:
For women - 9.55% to 10.05%
For men - 9.60% to 10.10%
Fixed interest rate (TruFixed Loan) for 2 and 3 years:
For women - 9.30% to 9.80%
For men - 9.35% to 9.85%
For women - RPLR minus (7.00% to 6.50%)
For men - RPLR minus (6.95% to 6.45%)
Fixed interest rate (TruFixed Loan) for 10 years:
For women - 9.55% to 10.05%
For men - 9.60% to 10.10%
For women - RPLR minus (6.75% to 6.25%)
For men - RPLR minus (6.70% to 6.20%)
Pre-payment charges:
Check bounce charges: INR 200
Insurance charges: Subject to the insurance company (mandatory to get the property insured)
Late payment charges: Additional interest up to 24% per annum
Charges to avail set of documents: up to INR 500
Charges to avail photocopy of set of documents: up to INR 500
Post dated cheque-swapping charges: Up to INR 200
Charges for re-appraisal of loan: Up to INR 2,000 + taxes
Change of loan tenor: Up to INR 500
Loan for a Residential Property: 12.30%: RPLR - 4%
Loan for a commercial Property: 13.15: RPLR – 3.15%
Processing fees: 0.50% + taxes
Pre-payment charges:
Check bounce charges: INR 200
Insurance charges: Subject to the insurance company (mandatory to get the property insured)
Late payment charges: Additional interest up to 24% per annum
Charges to avail set of documents: up to INR 500
Charges to avail photocopy of set of documents: up to INR 500
Post dated cheque-swapping charges: Up to INR 200
Charges for re-appraisal of loan: Up to INR 2,000 + taxes
Change of loan tenor: Up to INR 500
Some of essential documents to process HDFC Reach Home Loans are listed below. HDFC bank has least documentation process and will help in getting loan approved faster as compared to other banks in India.
Purpose |
Salaried Employees |
Self-Employed |
Identity and Residence Proofs (Any one) |
Valid Passport |
Valid Passport |
Valid Driving License |
Aadhaar Card |
|
Aadhaar Card |
Valid Driving License |
|
Voters ID Card |
Voters ID Card |
|
Income proofs and certificates |
PAN Card |
PAN, or TAN Card |
Most recent salary slips ( last three months) |
Income Tax Returns as well as compilation of income for the previous three Assessment Years |
|
Bank Statements from the previous six months |
Balance Sheet of the previous three years |
|
Updated passbook (with salary credited details) |
Profit & Loss A/c Statements, with Annexures / Schedules |
|
Your most recent Form 16 |
PAN, Income tax and company balance sheet has to be verified by a Chartered Accountant |
|
NA |
Current A/c Statements for the last 6 months of the business unit and info about your own Savings Account Statements |
|
Other papers and documents |
Employment Contract |
Business profile |
Appointment Letter if your present job is less than one year old |
Most recent Form 26 AS |
|
Bank statements of the last six months to show that other ongoing loans are paid back regularly. |
Memorandum and Articles of Association of the Company |
|
Applicant’s passport size photograph and that of co-applicant (if any) to be attached on the Loan Application Form, which has to be signed across. |
List of Directors and stakeholders certified by a Chartered Accountant or CS if the business unit is an organization. |
|
Cheque towards processing charges favoring the HDFC Bank |
Partnership deed if your registered company is a partnership firm. |
|
|
All information regarding ongoing mortgages of the applicant. Details of own business unit including the repayments, security, due amount, objective, balance loan tenure. |
|
|
Applicant’s passport size photograph and that of co-applicant (if any) to be attached on the Loan Application Form, which has to be signed across. |
|
|
Cheque towards processing charges favoring HDFC Bank. |
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