How to Change Housing Loan From One Bank to Another
- I am
- Salaried
- Self Employed
What is Home Loan?
Home loan is a form of secured loan that is availed by a customer to purchase a house. The property can be an under-construction or a ready property from a developer, purchase of a resale property, to construct a housing unit on a plot of land, to make improvements and extensions to an already existing house and to transfer your existing home loan availed from another financial institution to HDFC. A housing loan is repaid through equated monthly installments (EMI) which consists of a portion of the principal borrowed and the interest accrued on the same.
About HDFC Home Loan
HDFC offers home loans with EMIs starting from ₹646 per lac and interest rates starting from 6.70%* p.a.. Create a space of your own with HDFC Home Loans. Our housing loan is tailor made for salaried individuals as they offer an attractive rate of interest and a longer tenure. We also provide you with legal and technical counselling to help you make the right home buying decision. HDFC Housing Loan offers you all online Home Loan solutions if you want to buy, construct or renovate your house. Turn your dream home into reality with HDFC Home Loans With benefits such as a low-interest rate, longer tenure, comfortable home loan EMI and doorstep service, apply online for an HDFC Home Loan today.
Home Loan Key Features
- Home Loans for purchase of a flat, row house, bungalow from private developers in approved projects
- Home Loans for purchase of properties from Development Authorities such as DDA, MHADA etc
- Loans for purchase of properties in an existing Co-operative Housing Society or Apartment Owners' Association or Development Authorities settlements or privately built up homes
- Loans for construction on a freehold / lease hold plot or on a plot allotted by a Development Authority
- Expert legal and technical counselling to help you make the right home buying decision
- Integrated branch network for availing and servicing the Home Loans anywhere in India
- Special arrangement with AGIF for Home Loans for those employed in the Indian Army. To know more, click here
- The Pradhan Mantri Awas Yojana (PMAY) (URBAN)-Housing for All was a mission that was launched by the Government of India with the aim of boosting home ownership. It aimed at achieving 'Housing for All' by the year 2022
HDFC Home Loan Benefits
End to End Digital Process
HDFC's online home loans provide you the facility to apply for a home loan online from the safety and convenience of your home or office.
Customized Repayment Options
HDFC offers tailor-made home loans to suit your requirements
Easy & Hassle free documentation
With minimal documentation, applying for a HDFC home loan is quick and hassle free. Our home loan experts are available to help you in your loan application process and offer you assistance every step of the way.
24X7 Assistance
Our chat service on our website and WhatsApp are available 24X7 to assist you with your housing loan related queries.
Manage home loans digitally
Once you avail a HDFC home loan, you can access your home loan account online on our website. You can download account statements, interest certificates, request for disbursement and do much more.
Home Loans Interest Rate
SPECIAL HOME LOAN RATES
BLOCKBUSTER FESTIVE OFFER
Adjustable Rate Home Loans
| Loan Slab / Credit Score | Home Loan Interest Rates (% p.a.) |
|---|---|
| For Credit Scores 750 & above | 6.70 |
Retail Prime Lending Rate: 16.05%
| Loan Slab | Home Loan Interest Rates (% p.a.) |
|---|---|
| For Women* (upto 30 Lakhs) | 6.75 to 7.25 |
| For Others* (upto 30 Lakhs) | 6.80 to 7.30 |
| For Women* (30.01 Lakhs to 75 Lakhs) | 7.00 to 7.50 |
| For Others* (30.01 Lakhs to 75 Lakhs) | 7.05 to 7.55 |
| For Women* (75.01 Lakhs & Above) | 7.10 to 7.60 |
| For Others*(75.01 Lakhs & Above) | 7.15 to 7.65 |
STANDARD HOME LOAN RATES
Adjustable Rate Home Loans
Retail Prime Lending Rate: 16.05%
| Loan Slab | Home Loan Interest Rates (% p.a.) |
|---|---|
| For Women* (upto 30 Lakhs) | 6.95 to 7.45 |
| For Others* (upto 30 Lakhs) | 7.00 to 7.50 |
| For Women* (30.01 Lakhs to 75 Lakhs) | 7.20 to 7.70 |
| For Others* (30.01 Lakhs to 75 Lakhs) | 7.25 to 7.75 |
| For Women* (75.01 Lakhs & Above) | 7.30 to 7.80 |
| For Others*(75.01 Lakhs & Above) | 7.35 to 7.85 |
*The above Home Loan interest rates/ EMI are applicable for loans under the Adjustable Rate Home Loan Scheme of Housing Development Finance Corporation Limited (HDFC) and are subject to change at the time of disbursement. The Home Loan interest rates above are linked to HDFC's Bench Mark Rate ("RPLR") and are variable through out the tenor of the loan. All loans are at the sole discretion of HDFC Ltd. For further details regarding the loan slabs and interest rates above Click Here
TruFixed Loan – 2 Year Fixed Rate Variant
Retail Prime Lending Rate: 16.05%
| Loan Slab | Home Loan Interest Rates (% p.a.) |
|---|---|
| For Women* (upto 30 Lakhs) | 7.40 to 7.90 |
| For Others* (upto 30 Lakhs) | 7.45 to 7.95 |
| For Women* (30.01 Lakhs to 75 Lakhs) | 7.55 to 8.05 |
| For Others* (30.01 Lakhs to 75 Lakhs) | 7.60 to 8.10 |
| For Women* (75.01 Lakhs & Above) | 7.65 to 8.15 |
| For Others*(75.01 Lakhs & Above) | 7.70 to 8.20 |
Apply Online for a Home Loan
Step by Step Process of How to Apply for a Home Loan
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Step 1: Visit the website of the online home loan provider – https://www.hdfc.com
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Step 2: Click on 'Apply for Home Loan'
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Step 3: To find out the home loan amount you are eligible for, click on 'Check Eligibility'.
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Step 4: Under the 'Basic information' tab, select the type of housing loan you are looking for (home loan, house renovation loans, plot loans, etc.). You can click on the link beside the loan type for more information.
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Step 5: If you have shortlisted a property, click on 'yes' in the next question and provide the property details (state, city and estimated cost of property); if you haven't yet decided on the property, select 'no'. Fill in your name under 'Applicant's Name'. If you want to add a co-applicant to your home loan application, select the number of co-applicants (you can have a maximum of 8 co-applicants).
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Step 6: Under the 'Applicants' tab, select your residential status (Indian / NRI), provide the state and city you are currently residing in, provide your gender, age, occupation, retirement age, email ID and mobile number, gross/total monthly income, and EMI paid each month for all existing outstanding loans.
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Step 7: You will then be taken to the 'Offers' tab where you will see home loan products that you can avail of, the maximum loan amount you are eligible for, the EMI payable and the loan tenure, interest rate and whether the interest is fixed or floating.
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Step 8: Select the loan product you would like to apply for. You will be taken to the home loan application form where the details you have already provided (such as your name, email ID, etc) will be prefilled. Fill in the balance details – your date of birth and password and click on 'Submit'.
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Step 9: You will then be required to upload all the documents.
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Step 10: Now all you have to do is pay the processing fees and your online housing loan application is complete.
Why Apply for a home loan with HDFC
HDFC is India's premier housing finance company offering a wide range of home loan products that are customized to your needs and can be comfortably repaid over a longer tenure. HDFC's end to end online home loan solutions, integrated branch network across the county and 24X7 online assistance can make your home owning journey, a memorable one.
You can now apply for a home loan online in 4 simple steps with HDFC's quick and easy apply online module.
Things to check/do before you apply for a home loan online
The following points need to be kept in mind before applying for a home loan online
- Check your loan eligibility before starting your home loan application.
- Go through the list of documents required and keep them ready before starting your online home loan application process.
- Be clear about the type of home loan you need (home loan, home improvement loan, plot loan, etc.)
- Read the FAQs before starting your home loan application process.
- Make sure you provide all the details that the home loan provider will need to process your application.
- You could use the online chat facility if you have any queries on applying for a home loan online
Benefits of Applying for a Home Loan
- Longer loan repayment tenure- Benefit of a longer home loan repayment tenure of up to 30 years is possible
- Reduction in GST rates on home purchase - GST rates on home purchase have been reduced significantly
- Low Home Loan Interest Rates- Home loans have become very affordable today with low interest rates
- Easy Home Loan Application Process- It is super easy and convenient to apply for a home loan online
- Multiple Options- Multiple options for homebuyers in the affordable home segment
How do I improve my chances of getting a home loan
Steps to Improve the Chances of Approval of Your Home Loan Application
- Improve your credit score by creating a reasonable track record of timely repayments so that you achieve a high credit score which would improve your prospects of getting a home loan.
- Obtain your credit report periodically, say once or twice in a year, verify the same for errors and get them rectified as and when required.
- Ensure that the documentation of your home loan application is in order as per the requirement of the lender.
- Avoid frequent job changes as this presents a picture of instability.
- Check with the lender if the property that you have shortlisted will be considered for a home loan. At the same time, do an independent due diligence.
- You can take the following steps to improve your chances of getting a home loan
Do's and Don'ts while Applying for a Home Loan Online
| Do's | Don'ts |
|---|---|
| Check your loan eligibility before starting your home loan application | Avoid making an application for an adhoc loan amount without checking your eligibility |
| Go through the list of documents required and keep them ready before starting your online application process | It's preferable to complete the loan application process in one go and not in stages. |
| Be clear about the type of loan you need (home loan, home improvement loan, plot loan, etc.) | Don't leave out submitting important documents. |
| Read the FAQs before starting your loan application process | Don't ignore you CIBIL score while making your loan application (your score has an impact on your loan application) |
| You could use the online chat facility if you have any queries. | |
| Make sure you provide all the details that the loan provider will need to process your application. |
Home Loan Eligibility Details
You can apply individually or jointly for Home Loans. All proposed owners of the property will have to be co-applicants.
Who can apply for Home Loans?
Primary Applicant
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AGE
21-65 years
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PROFESSION
Salaried / Self Employed
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NATIONALITY
Resident Indian
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GENDER
All Genders
PLAN YOUR HOME
Co-Applicant(s)
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Adding Co-Applicant helps in maximizing the loan amount.
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Adding Women Co-Owner helps in getting better interest rate.
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All co-applicants need not be co-owners. Generally co-applicants are close family members.
What is the maximum home loan funding and repayment tenure?
| Home Loan Amount | Maximum Funding* |
|---|---|
| Up to and including ₹30 lacs | 90% of the property cost |
| ₹30.01 lacs to ₹75 lacs | 80% of the property cost |
| Above ₹75 lacs | 75% of the property cost |
*Subject to market value of the property and repayment capacity of the customer, as assessed by HDFC.
The maximum period of repayment of a loan shall be up to 30 years for the Telescopic Repayment Option under the Adjustable Rate Home Loan. For all other Home Loan products, the maximum repayment period shall be up to 20 years.
The tenure of the loan is also dependent on the customer's profile, age of customer at maturity of loan, age of property at loan maturity, depending upon the specific repayment scheme as may be opted and any other terms which may be applicable based on prevalent norms of HDFC.
Home Loan Documents and Charges
Home Loan Documents
for Salaried individuals
For home loan approval, you need to submit the following documents for all applicants / co-applicants along with the completed and signed home loan application form.
Proof of both Identity and Residence (KYC)
Proof of income
- Last 3 months' Salary Slips
- Last 6 months' Bank Statements, showing salary credits
- Latest Form-16 and IT returns
Property related documents
For New Homes:
- Copy of the Allotment Letter / Buyer Agreement
- Receipt/(s) of payment/(s) made to the developer
For Resale Homes:
- Title Deeds including previous chain of the property documents
- Receipt/(s) of initial payment/(s) made to the seller
- Copy of the agreement to sell (if already executed)
For Construction:
- Title Deeds of the Plot
- Proof of no encumbrances on the property
- Copy of the plans, approved by the Local Authorities
- Construction estimate by an Architect / Civil engineer
Other Documents for Home Loan
- Own Contribution Proof
- Employment Contract / Appointment Letter in case current employment is less than year old
- Last 6 months' Bank Statements showing repayment of any ongoing loans
- Passport size photograph of all the applicants / co-applicants to be affixed on the Application form and signed across.
- Cheque for processing fee favouring HDFC Ltd.
Home Loan Charges and Fees
for Salaried individuals
Here is an indicative list of the home loan fees and charges/ outgoings that are payable depending on the nature of the loan availed (*):
Home Loan Processing Fees & Charges
Processing Fees
Up to 0.50% of the loan amount or ₹3,000 whichever is higher, plus applicable taxes.
Minimum Retention Amount: 50% of applicable fees or ₹3,000 + applicable taxes whichever is higher.
Fees On Account Of External Opinion
Fees on account of external opinion from advocates/technical valuers, as the case may be, is payable on an actual basis as applicable to a given case. Such fees is payable directly to the concerned advocate / technical valuer for the nature of assistance so rendered.
Property Insurance
The customer shall pay the premium amounts directly to the insurance provider, promptly and regularly so as to keep the policy / policies alive at all times during the pendency of the loan.
Charges On Account Of Delayed Payments
Delayed payment of interest or EMI shall render the customer liable to pay additional interest up to 24% per annum.
Incidental Charges
Incidental charges & expenses are levied to cover the costs, charges, expenses and other monies that may have been expended in connection with recovery of dues from a defaulting customer. A copy of the policy can be obtained by customers from the concerned branch on request.
Statutory / Regulatory Charges
All applicable charges on account of Stamp Duty / MOD / MOE / Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) or such other statutory / regulatory bodies and applicable taxes shall be borne and paid (or refunded as the case may be) solely by the customer. You may visit the website of CERSAI for all such charges at www.cersai.org.in
Other Charges
| Type | Charges |
|---|---|
| Check Dishonour Charges | ₹300** |
| List Of Documents | Up to ₹500 |
| Photo Copy Of Documents | Up to ₹500 |
| PDC Swap | Up to ₹500 |
| Disbursement Cheque Cancellation Charge Post Disbursement | Up to ₹500 |
| Re-Appraisal Of Loan After 6 Months From Sanction | Up to ₹2,000 plus applicable taxes |
| Reversal of Provisional Prepayment under HDFC Maxvantage Scheme | Rs. 250/- plus applicable taxes/statutory levies at the time of reversal |
Home Loan Prepayment Charges
Housing Loans
| A. Adjustable Rate Loans (ARHL) and Combination Rate Home Loan ("CRHL") during the period of applicability of the Variable Rate of interest | For loans sanctioned to individual borrowers with or without co-obligants, no prepayment charges shall be payable on account of part or full prepayments made through any sources* except when the loan is sanctioned for business purposes**. |
| B. Fixed Rate Loans ("FRHL") and Combination Rate Home Loan ("CRHL") during the period of applicability of the Fixed Rate of interest | For all loans sanctioned with or without co-obligants, the prepayment charge shall be levied at the rate of 2%, plus applicable taxes/statutory levies of the amounts being so prepaid on account of part or full prepayments except when part or full prepayment is being made through own sources*. |
Non Housing Loans and loans classified as business loans**
| A. Adjustable Rate Loans (ARHL) and Combination Rate Home Loan ("CRHL") during the period of applicability of the Variable Rate of interest | For all loans sanctioned with or without co-obligants, the prepayment charge shall be levied at a rate of 2% plus applicable taxes/statutory levies of the amounts being so repaid on account of part or full prepayment. |
| B. Fixed Rate Loans ("FRHL") and Combination Rate Home Loan ("CRHL") during the period of applicability of the Fixed Rate of interest | For all loans sanctioned with or without co-obligants, the prepayment charge shall be levied at a rate of 2% plus applicable taxes/statutory levies of the amounts being so repaid on account of part or full prepayments. |
OWN SOURCES: *the expression "own sources" for this purpose means any source other than borrowing from a Bank/HFC/NBFC or Financial Institution.
BUSINESS LOANS: **The following loans shall be classified as business loans:
- LRD loans
- Loans against property / Home Equity Loan for Business Purpose i.e. Working Capital, Debt Consolidation, Repayment of Business Loan, Expansion of business, Acquisition of Business asset or any similar end usage of funds.
- Non Residential properties
- Non Residential Equity Loan
- Top up loans for Business Purpose i.e. Working Capital, Debt Consolidation, Repayment of Business Loan, Expansion of business, Acquisition of Business asset or any similar end usage of funds.
The Borrower will be required to submit such documents that HDFC may deem fit & proper to ascertain the source of funds at the time of prepayment of the loan.
The prepayment charges are subject to change as per prevailing policies of HDFC and accordingly may vary from time to time which shall be notified on www.hdfc.com .
Home Loan Conversion Fees
We offer our existing customer the option to reduce the applicable interest rates on the Home Loan (by changing the spread or switching between schemes) through our Conversion Facility. You can take advantage of this facility by paying a nominal fee and opt for either reducing your monthly instalment (EMI) or loan tenure. Terms and conditions apply. To avail of our Conversion Facility and to discuss the various available options either click here to allow us to call you back or log on to our Online Access for Existing Customers, to get your Home Loan account information 24x7. The following options of conversion are available to an existing customer of HDFC:
| Name of the Product/Service | Name of Fee/Charge levied | When Payable | Frequency | Amount in Rupees |
|---|---|---|---|---|
Switch to Lower Rate in Variable rate Loans (Housing / Extension / Renovation) | Conversion Fees | On Conversion | On every Spread change | Upto 0.50% of the Principal Outstanding and undisbursed amount (if any) at the time of Conversion or a cap ₹50000 plus taxes whichever is lower. |
Switching to Variable Rate Loan from Fixed Rate Loan (Housing / Extension / Renovation) | Conversion Fees | On Conversion | Once | Upto 0.50% of the Principal Outstanding and undisbursed amount (if any) at the time of Conversion or a cap ₹50000 plus taxes whichever is lower. |
Switch from Combination Rate Home Loan fixed rate to Variable rate | Conversion Fees | On Conversion | Once | 1.75% of the Principal Outstanding and undisbursed amount (if any) plus taxes at the time of Conversion. |
Switch to Lower Rate (Non–Housing Loans) | Conversion Fees | On Conversion | On every Spread change | Half of the spread difference on the principal outstanding and undisbursed amount (if any) plus taxes, with a minimum fee of 0.5% and Max. 1.50%. |
Switch to Lower Rate (Plot Loans) | Conversion Fees | On Conversion | On every Spread change | 0.5% of principal outstanding and undisbursed amount (if any) plus taxes at the time of Conversion. |
Switch to a RPLR-NH Benchmark Rate (Non–Housing Loans) and corresponding spread | Conversion Fees | On conversion where the resultant rate of interest remains the same | On change of bench- mark rate and/or change of Spread Change | NIL |
Switch to a RPLR-NH Benchmark Rate (Non–Housing Loans) and corresponding spread | Conversion Fees | On conversion where the resultant rate of interest is lowered | On change of benchmark rate and/ or change of Spread Change | Half of the spread difference on the principal outstanding and undisbursed amount (if any) plus taxes, with a minimum fee of 0.5% and Max. 1.50% |
Switch to Lower Rate (Loans under HDFC Reach)- Variable Rate | Conversion Fees | On Conversion | On every Spread change | Upto 1.50% of the principal outstanding and undisbursed amount (if any) + applicable taxes/statutory levies at the time of conversion. |
Switch to HDFC Maxvantage Scheme | Processing Fee | At the time of Conversion | Once | 0.25% of the outstanding loan amount + applicable taxes/statutory levies at the time of conversion |
Home Loan Repayment Options
for Salaried individuals
Step Up Repayment Facility (SURF)
SURF offers an option where the repayment schedule is linked to the expected growth in your income. You can avail a higher amount of loan and pay lower EMIs in the initial years. Subsequently, the repayment is accelerated proportionately with the assumed increase in your income.
Flexible Loan Installments Plan (FLIP)
FLIP offers a customized solution to suit your repayment capacity which is likely to alter during the term of the loan. The loan is structured in such a way that the EMI is higher during the initial years and subsequently decreases in proportion to the income.
Tranche Based EMI
If you purchase an under construction property you are generally required to service only the interest on the loan amount drawn till the final disbursement of the loan and pay EMIs thereafter. In case you wish to start principal repayment immediately you may opt to tranche the loan and start paying EMIs on the cumulative amounts disbursed.
Accelerated Repayment Scheme
This option provides you the flexibility to increase the EMIs every year in proportion to the increase in your income which will result in you repaying the loan much faster.
Telescopic Repayment Option
With this option you get a longer repayment tenure of up to 30 years. This means an enhanced loan amount eligibility and smaller EMIs.
How to Choose the Best Home Loan?
To choose the right home loan for one's self, the following points should be kept in mind.
Rate of Interest
Home loans have one of the lowest interest rates as compared to other loan products such as auto loans and personal loans. Opt for a home loan provider who offers longer tenure loans, flexible repayment options etc. Interest rates may differ depending upon the loan amount, profession (salaried or self- employed) and your credit score among other factors.
Processing Fee & Other Charges
Home loan providers usually charge a processing fee around 0.5% of the loan amount to be availed. Choose a home loan provider who is transparent w.r.t. processing fee and other related charges.
Documentation Process
Choose a home loan provider who offers doorstep assistance or gives you the facility to apply online for a home loan by uploading the required documents from the comfort and safety of your home or office.
Reputation of a Home Loan Provider
The reputation and experience of the home loan provider in the industry are important factors to be considered before choosing a home loan. A seasoned home loan provider can provide you legal & technical counseling, valuable insights on the housing markets and tailor make loans that suit your requirements
Online Facilities
The availability of a host of online facilities such as 24X7 chat assistance through bots on website and WhatsApp to get your home loan queries answered and the convenience of managing your home loan account online post disbursement are some of the important facilities you should consider while choosing a home loan provider.
Calculators
Get the peace of mind by knowing all the details about your loan
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EMI CALCULATOR
What Would Be My Monthly Repayment?
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ELIGIBILITY CALCULATOR
How Much Loan Could I Borrow?
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AFFORDABILITY CALCULATOR
What Is The Maximum Purchase Price I Can Afford?
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REFINANCE CALCULATOR
Find out the savings in EMI
HomeLoan: Home Loan EMI Calculator - HDFC Home Loans
HDFC's home loan calculator helps you calculate your Home Loan Emi with ease. HDFC's EMI calculator for a home loan can help you make an informed decision about buying a new house. The EMI calculator is useful in planning your cashflows for servicing your home loan. HDFC offers home loans with EMIs starting from ₹646 per lac and interest rates starting from 6.70%* p.a. with additional features such as flexible repayment options and top-up loan. With a low-interest rate and long repayment tenure, HDFC ensures a comfortable home loan EMI for you. With our reasonable EMIs, HDFC Home loan is lighter on your pocket. Calculate the EMI that you will be required to pay for your home loan with our easy to understand home loan EMI calculator.
Calculate Home Loan EMI
0 15
₹ 25,00,000
₹ 20,44,367
Home Loan Amortization Schedule
| Year | Opening Balance | EMI*12 | Interest paid yearly | Principal paid yearly | Closing Balance |
|---|---|---|---|---|---|
| 1 | 25,00,000 | 2,27,218 | 1,65,632 | 61,587 | 24,38,413 |
| 2 | 24,38,413 | 2,27,218 | 1,61,376 | 65,842 | 23,72,571 |
| 3 | 23,72,571 | 2,27,218 | 1,56,827 | 70,392 | 23,02,180 |
| 4 | 23,02,180 | 2,27,218 | 1,51,963 | 75,255 | 22,26,924 |
| 5 | 22,26,924 | 2,27,218 | 1,46,763 | 80,455 | 21,46,469 |
| 6 | 21,46,469 | 2,27,218 | 1,41,204 | 86,014 | 20,60,455 |
| 7 | 20,60,455 | 2,27,218 | 1,35,261 | 91,958 | 19,68,497 |
| 8 | 19,68,497 | 2,27,218 | 1,28,907 | 98,312 | 18,70,186 |
| 9 | 18,70,186 | 2,27,218 | 1,22,114 | 1,05,104 | 17,65,081 |
| 10 | 17,65,081 | 2,27,218 | 1,14,851 | 1,12,367 | 16,52,714 |
| 11 | 16,52,714 | 2,27,218 | 1,07,087 | 1,20,131 | 15,32,583 |
| 12 | 15,32,583 | 2,27,218 | 98,787 | 1,28,432 | 14,04,152 |
| 13 | 14,04,152 | 2,27,218 | 89,913 | 1,37,306 | 12,66,846 |
| 14 | 12,66,846 | 2,27,218 | 80,425 | 1,46,793 | 11,20,053 |
| 15 | 11,20,053 | 2,27,218 | 70,282 | 1,56,936 | 9,63,118 |
| 16 | 9,63,118 | 2,27,218 | 59,439 | 1,67,779 | 7,95,338 |
| 17 | 7,95,338 | 2,27,218 | 47,846 | 1,79,372 | 6,15,966 |
| 18 | 6,15,966 | 2,27,218 | 35,452 | 1,91,766 | 4,24,199 |
| 19 | 4,24,199 | 2,27,218 | 22,202 | 2,05,017 | 2,19,183 |
| 20 | 2,19,183 | 2,27,218 | 8,036 | 2,19,183 | 0 |
Home Loan eligibility is dependent on factors such as your monthly income, current age, credit score, fixed monthly financial obligations, credit history, retirement age etc. Get the peace of mind by knowing all the details about your loan using HDFC Home Loan Eligibility Calculator
Calculate Home Loan Eligibility
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Home Loan FAQs
How do I apply for a home loan?
You can avail a HDFC home loan online in 4 quick and easy steps:
1. Sign Up / Register
2. Upload Documents
3. Pay Processing Fee
4. Get Loan Approval
You can also now apply for a home loan online. Visit https://portal.hdfc.com/ to apply now!.
How does a home loan work in India?
The Home loan process usually goes through the following stages:
Home Loan Application & Documentation
You can apply online for a home loan from the ease and comfort of your home with HDFC's online application feature available at https://portal.hdfc.com/?ref_code=HDFC_W. Alternatively, you can share your contact details on https://www.hdfc.com/call-for-new-home-loan for our loan experts to get in touch with you and take your loan application forward.
The documentation needed to be submitted along with your home loan application form is available on https://www.hdfc.com/checklist/documents-charges. This link provides a detailed checklist of KYC, Income and property related documents required for the processing of your home loan application. The checklist is indicative and additional documents could be asked for during the home loan sanction process.
Approval & Disbursement of Home Loan
Approval Process: The home loan is assessed basis the documents submitted as per the above mentioned checklist and the approved amount is communicated to the customer. There might be a difference between the housing loan amount applied for and the amount approved. On approval of the housing loan, a sanction letter detailing the loan amount, tenure, applicable interest rate, repayment mode and other special conditions required to be fulfilled by the applicants is issued.
Disbursement Process: The disbursement process begins with submitting the original property related documents to HDFC. In case the property is an under construction property, disbursement is done in tranches according to the construction linked payment plan provided by the developer. In the case of construction/home improvement/home extension loans, disbursement is done as per the progress of construction/improvement as per the estimate provided. For second sale / resale properties the complete loan amount is disbursed at the time of execution of a sale deed.
Repayment of Home Loan
Repayment of home loans is done through Equated Monthly Installments (EMIs), which is a combination of interest and principal. In the case of loans for resale homes, EMI begins from the month subsequent to the month in which disbursement of the loan is done. In the case of loans for under-construction properties, EMI usually begins once the construction is complete and the house loan is fully disbursed. Customers can however also choose to begin their EMIs sooner. The EMIs will proportionately increase with every partial disbursement made as per the progress of construction.
How will HDFC decide the home loan amount i am eligible for?
We will determine your Home Loan Eligibility largely by your income and repayment capacity. Other important factors include your age, qualification, number of dependants, your spouse's income (if any), assets & liabilities, savings history and the stability & continuity of occupation.
When can I make a home loan application?
You can apply for a Home Loan whilst you are working abroad, to plan for your return to India in the future. You can apply at any time once you have decided to purchase or construct a property, even if you have not selected the property or the construction has not commenced.
When does my home loan EMIs start?
EMI's begins from the month subsequent to the month in which disbursement of the loan is done. For loans for under-construction properties EMI usually begins after the complete home loan is disbursed but customers can choose to begin their emi's as soon as they avail their fist disbursement and their emi's will increase proportionately with every subsequent disbursement.For resale cases,since the whole loan amount is disbursed in one go,emi on the whole loan amount start from the subsequent to the month of disbursment
What is the maximum home loan that I can obtain?
You are required to pay 10-25% of the total property cost as 'own contribution depending upon the loan amount. 75 to 90% of the property cost is what can be availed as a home loan. In case of construction, home improvement and home extension loans, 75 to 90% of the construction/improvement/extension estimate can be funded.
What are the different types of Home Loans available in India?
The following types of Home Loans products are usually offered by Housing Finance Institutions: Home Loans: These are Loans availed for:
1. The purchase of a flat, row house, bungalow from private developers in approved projects;
2.Home Loans for purchase of properties from Development Authorities such as DDA, MHADA as well as Existing Co-operative Housing Societies, Apartment Owners' Association or Development Authorities settlements or privately built up homes;
3.Loans for construction on a freehold / lease hold plot or on a plot allotted by a Development Authority
Plot Purchase Loan: Plot purchase loans are availed for purchase of a plot through direct allotment or a second sale transaction as well as to transfer your existing plot purchase loan availed from another bank /financial Institution.
Balance Transfer Loan: Transferring your outstanding home loan availed from another Bank / Financial Institution to HDFC is known as a balance transfer loan .
House Renovation Loans: It is a loan for renovating(without altering the structure/carpet area) your home in many ways such as tiling ,flooring, internal / external plaster and painting etc.
Home Extension Loan: It is a loan to extend or add space to your home such as additional rooms and floors etc.
Top Up Loans: Loans that can be availed for personal and professional needs(other than for speculative purposes) like marriage, Child's education, business expansion, debt consolidation etc.
Loan against Property (LAP): It is a loan against fully constructed, freehold residential and commercial properties for: Personal and Business Needs(other than for speculative purposes) like marriage, medical expenses and child's education etc. Existing Loan Against Property(LAP) from other banks and financial institutions can also be transferred to HDFC.
What is the maximum time period allowed for repayment of your home loan?
The maximum repayment tenure depends on the type of housing loan you are availing, your profile, age, maturity of loan etc.
For home loans and balance transfer loans, the maximum tenure is 30 years or till the age of retirement, whichever is lower.
For Home Extension Loans, the maximum tenure is 20 years or till the age of retirement, whichever is lower.
For Home Renovation and Top-Up Loans, the maximum tenure is 15 years or till the age of retirement, whichever is lower.
Who can be a co-applicant to my housing loan?
All co-owners of the property need to be co-applicants to the house loan. Generally, co-applicants are close family members.
Will interest rate change during home loan tenure?
Your interest rate depends on the type of loan you choose. There are two types of loans:
Adjustable Rate or Floating Rate
In an adjustable or floating rate loan, the interest rate on your loan is linked to your lender's benchmark rate. Any movement in the benchmark rate will effectuate a proportionate change in your applicable interest rate. The interest rates are reset at defined intervals. The reset can be according to the financial calendar, or they can be unique to each customer, depending on the first date of disbursement.
Combination Loans
A combination loan is part fixed and part floating. Post the fixed rate tenure, the loan switches to an adjustable rate.
What is part/subsequent disbursement of a home loan?
HDFC disburses loans for under construction properties in installments based on the progress of construction. Every installment disbursed is know as a 'part' or a 'subsequent' disbursement.
Is the HDFC home loan rate different for women ?
Yes home loan interest rates for women are lower than those applicable to others. Women have to be a owner /co owner in the property for which the home loan will be availed as well as a applicant /co applicant in the HDFC home loan to avail a concession on the home loan interest rate applicable to others.
Can I get an approval for a home loan while I decide which property I should purchase ?
You can apply for a pre approved home loan which is an in-principal approval for a loan given on the basis of your income, creditworthiness and financial position. Generally, pre-approved loans are taken prior to property selection and are valid for a period of 6 months from the date of sanction of the loan.
How do I repay a home loan ?
For your convenience, HDFC offers various modes for repayment of the home loan. You may issue standing instructions to your banker to pay the installments through ECS (Electronic Clearing System), opt for direct deduction of monthly installments by your employer or issue post-dated cheques from your salary account.
What is PMAY Scheme and how it can benefit Home Loan buyers?
The Pradhan Mantri Awas Yojana (PMAY) (URBAN)-Housing for All was a mission that was launched by the Government of India with the aim of boosting home ownership. The PMAY scheme caters to Economical Weaker Section (EWS)/Lower Income Group(LIG) and Middle Income Groups (MIG) of the society, given the projected growth of urbanization & the consequent housing demands in India.
Benefits:
Credit Linked Subsidy Scheme (CLSS) under PMAY makes the Home loan affordable as the subsidy provided on the interest component reduces the outflow of the customer on the home loan. The subsidy amount under the scheme largely depends on the category of income that a customer belongs to and the size of the property unit being financed.
Home Loan Recommended Articles
Housing Loan Related Videos
HDFC Home Loan Terms & Conditions
Security
Security of the loan would generally be security interest on the property being financed and / or any other collateral / interim security as may be required by HDFC.
Other Conditions
All the information contained herein above is for awareness and customer convenience and is intended to only act as an indicative guide about HDFC's products and services. For detailed information about HDFC's products and services kindly visit the nearest HDFC branch.
Click here for the Most Important Terms and Conditions pertaining to your loan.
What is Home Loan?
Home loan is a form of secured loan that is availed by a customer to purchase a house. The property can be an under-construction or a ready property from a developer, purchase of a resale property, to construct a housing unit on a plot of land, to make improvements and extensions to an already existing house and to transfer your existing home loan availed from another financial institution to HDFC. A housing loan is repaid through equated monthly installments (EMI) which consists of a portion of the principal borrowed and the interest accrued on the same.
Home Loan Key Benefits and Features
At HDFC, we understand that a home is not just a place to stay. It is much more than that. It is a warm little corner in the world that is yours, tailored by your tastes and needs. It is the place where you celebrate the joys and enjoy the journey called life. There is no place like 'home' and with HDFC Home Loans you can gather hopes, achieve your dreams and create memories in your own space.
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Loans for purchase of a flat, row house, bungalow from private developers in approved projects
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Loans for construction on a freehold / lease hold plot or on a plot allotted by a Development Authority.
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Innovative Home Loan schemes
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Doorstep assistance on your Home Loan
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Expert legal and technical counselling to help you make the right home buying decision
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Loans for purchase of properties from Development Authorities such as DDA, MHADA etc
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Loans for purchase of properties in an existing Co-operative Housing Society or Apartment Owners' Association or Development Authorities settlements or privately built up homes
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Attractive Home Loan interest rates that make your Home Loan affordable and easier on your pocket
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Integrated branch network for availing and servicing the loan anywhere in India
HDFC Home Loan Benefits
End to End Digital Process
HDFC's online home loans provide you the facility to apply for a home loan online from the safety and convenience of your home or office.
Customized Repayment Options
HDFC offers tailor-made home loans to suit your requirements
Easy & Hassle free documentation
With minimal documentation, applying for a HDFC home loan is quick and hassle free. Our home loan experts are available to help you in your loan application process and offer you assistance every step of the way.
24X7 Assistance
Our chat service on our website and WhatsApp are available 24X7 to assist you with your housing loan related queries.
Manage home loans digitally
Once you avail a HDFC home loan, you can access your home loan account online on our website. You can download account statements, interest certificates, request for disbursement and do much more.
Home Loans Interest Rate
For Self Employed Professionals
SPECIAL HOME LOAN RATES
BLOCKBUSTER FESTIVE OFFER
Adjustable Rate Home Loans
| Loan Slab / Credit Score | Home Loan Interest Rates (% p.a.) |
|---|---|
| For Credit Scores 750 & above | 6.70 |
Retail Prime Lending Rate: 16.05%
| Loan Slab | Home Loan Interest Rates (% p.a.) |
|---|---|
| For Women* (upto 30 Lakhs) | 6.75 to 7.25 |
| For Others* (upto 30 Lakhs) | 6.80 to 7.30 |
| For Women* (30.01 Lakhs to 75 Lakhs) | 7.00 to 7.50 |
| For Others* (30.01 Lakhs to 75 Lakhs) | 7.05 to 7.55 |
| For Women* (75.01 Lakhs & Above) | 7.10 to 7.60 |
| For Others*(75.01 Lakhs & Above) | 7.15 to 7.65 |
Standard Adjustable Rates
Adjustable Rate Home Loans
Retail Prime Lending Rate: 16.05%
| Loan Slab | Home Loan Interest Rates (% p.a.) |
|---|---|
| For Women* (upto 30 Lakhs) | 6.95 to 7.45 |
| For Others* (upto 30 Lakhs) | 7.00 to 7.50 |
| For Women* (30.01 Lakhs to 75 Lakhs ) | 7.20 to 7.70 |
| For Others* (30.01 Lakhs to 75 Lakhs) | 7.25 to 7.75 |
| For Women* ( 75.01 Lakhs & Above) | 7.30 to 7.80 |
| For Others*( 75.01 Lakhs & Above) | 7.35 to 7.85 |
*The above Home Loan interest rates/ EMI are applicable for loans under the Adjustable Rate Home Loan Scheme of Housing Development Finance Corporation Limited (HDFC) and are subject to change at the time of disbursement. The Home Loan interest rates above are linked to HDFC's Bench Mark Rate ("RPLR") and are variable through out the tenor of the loan. All loans are at the sole discretion of HDFC Ltd. For further details regarding the loan slabs and interest rates above Click Here
TruFixed Loan – 2 Year Fixed Rate Variant
Retail Prime Lending Rate: 16.05%
| Loan Slab | Home Loan Interest Rates (% p.a.) |
|---|---|
| For Women* (upto 30 Lakhs) | 7.40 to 7.90 |
| For Others* (upto 30 Lakhs) | 7.45 to 7.95 |
| For Women* (30.01 Lakhs to 75 Lakhs ) | 7.55 to 8.05 |
| For Others* (30.01 Lakhs to 75 Lakhs) | 7.60 to 8.10 |
| For Women* ( 75.01 Lakhs & Above) | 7.65 to 8.15 |
| For Others*( 75.01 Lakhs & Above) | 7.70 to 8.20 |
For Self Employed Non Professionals
SPECIAL HOME LOAN RATES
BLOCKBUSTER FESTIVE OFFER
Adjustable Rate Home Loans
| Loan Slab / Credit Score | Home Loan Interest Rates (% p.a.) |
|---|---|
| For Credit Scores 750 & above | 6.70 |
Retail Prime Lending Rate: 16.05%
| Loan Slab | Home Loan Interest Rates (% p.a.) |
|---|---|
| For Women* (upto 30 Lakhs) | 6.90 to 7.40 |
| For Others* (upto 30 Lakhs) | 6.95 to 7.45 |
| For Women* (30.01 Lakhs to 75 Lakhs) | 7.15 to 7.65 |
| For Others* (30.01 Lakhs to 75 Lakhs) | 7.20 to 7.70 |
| For Women* (75.01 Lakhs & Above) | 7.25 to 7.75 |
| For Others*(75.01 Lakhs & Above) | 7.30 to 7.80 |
Standard Adjustable Rates
Adjustable Rate Home Loans
Retail Prime Lending Rate: 16.05%
| Loan Slab | Home Loan Interest Rates (% p.a.) |
|---|---|
| For Women* (upto 30 Lakhs) | 7.10 to 7.60 |
| For Others* (upto 30 Lakhs) | 7.15 to 7.65 |
| For Women* (30.01 Lakhs to 75 Lakhs ) | 7.35 to 7.85 |
| For Others* (30.01 Lakhs to 75 Lakhs) | 7.40 to 7.90 |
| For Women* ( 75.01 Lakhs & Above) | 7.45 to 7.95 |
| For Others*( 75.01 Lakhs & Above) | 7.50 to 8.00 |
*The above Home Loan interest rates/ EMI are applicable for loans under the Adjustable Rate Home Loan Scheme of Housing Development Finance Corporation Limited (HDFC) and are subject to change at the time of disbursement. The Home Loan interest rates above are linked to HDFC's Bench Mark Rate ("RPLR") and are variable through out the tenor of the loan. All loans are at the sole discretion of HDFC Ltd. For further details regarding the loan slabs and interest rates above Click Here
TruFixed Loan – 2 Year Fixed Rate Variant
Retail Prime Lending Rate: 16.05%
| Loan Slab | Home Loan Interest Rates (% p.a.) |
|---|---|
| For Women* (upto 30 Lakhs) | 7.55 to 8.05 |
| For Others* (upto 30 Lakhs) | 7.60 to 8.10 |
| For Women* (30.01 Lakhs to 75 Lakhs ) | 7.70 to 8.20 |
| For Others* (30.01 Lakhs to 75 Lakhs) | 7.75 to 8.25 |
| For Women* ( 75.01 Lakhs & Above) | 7.80 to 8.30 |
| For Others*( 75.01 Lakhs & Above) | 7.85 to 8.35 |
Apply Online for a Home Loan
Step by Step Process of How to Apply for a Home Loan
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Step 1: Visit the website of the online home loan provider – https://www.hdfc.com
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Step 2: Click on 'Apply for Home Loan'
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Step 3: To find out the home loan amount you are eligible for, click on 'Check Eligibility'.
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Step 4: Under the 'Basic information' tab, select the type of housing loan you are looking for (home loan, house renovation loans, plot loans, etc.). You can click on the link beside the loan type for more information.
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Step 5: If you have shortlisted a property, click on 'yes' in the next question and provide the property details (state, city and estimated cost of property); if you haven't yet decided on the property, select 'no'. Fill in your name under 'Applicant's Name'. If you want to add a co-applicant to your home loan application, select the number of co-applicants (you can have a maximum of 8 co-applicants).
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Step 6: Under the 'Applicants' tab, select your residential status (Indian / NRI), provide the state and city you are currently residing in, provide your gender, age, occupation, retirement age, email ID and mobile number, gross/total monthly income, and EMI paid each month for all existing outstanding loans.
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Step 7: You will then be taken to the 'Offers' tab where you will see home loan products that you can avail of, the maximum loan amount you are eligible for, the EMI payable and the loan tenure, interest rate and whether the interest is fixed or floating.
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Step 8: Select the loan product you would like to apply for. You will be taken to the home loan application form where the details you have already provided (such as your name, email ID, etc) will be prefilled. Fill in the balance details – your date of birth and password and click on 'Submit'.
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Step 9: You will then be required to upload all the documents.
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Step 10: Now all you have to do is pay the processing fees and your online housing loan application is complete.
Why Apply for a home loan with HDFC
HDFC is India's premier housing finance company offering a wide range of home loan products that are customized to your needs and can be comfortably repaid over a longer tenure. HDFC's end to end online home loan solutions, integrated branch network across the county and 24X7 online assistance can make your home owning journey, a memorable one.
You can now apply for a home loan online in 4 simple steps with HDFC's quick and easy apply online module.
Things to check/do before you apply for a home loan online
The following points need to be kept in mind before applying for a home loan online
- Check your loan eligibility before starting your home loan application.
- Go through the list of documents required and keep them ready before starting your online home loan application process.
- Be clear about the type of home loan you need (home loan, home improvement loan, plot loan, etc.)
- Read the FAQs before starting your home loan application process.
- Make sure you provide all the details that the home loan provider will need to process your application.
- You could use the online chat facility if you have any queries on applying for a home loan online
Benefits of Applying for a Home Loan
- Longer loan repayment tenure- Benefit of a longer home loan repayment tenure of up to 30 years is possible
- Reduction in GST rates on home purchase - GST rates on home purchase have been reduced significantly
- Low Home Loan Interest Rates- Home loans have become very affordable today with low interest rates
- Easy Home Loan Application Process- It is super easy and convenient to apply for a home loan online
- Multiple Options- Multiple options for homebuyers in the affordable home segment
How do I improve my chances of getting a home loan
Steps to Improve the Chances of Approval of Your Home Loan Application
- Improve your credit score by creating a reasonable track record of timely repayments so that you achieve a high credit score which would improve your prospects of getting a home loan.
- Obtain your credit report periodically, say once or twice in a year, verify the same for errors and get them rectified as and when required.
- Ensure that the documentation of your home loan application is in order as per the requirement of the lender.
- Avoid frequent job changes as this presents a picture of instability.
- Check with the lender if the property that you have shortlisted will be considered for a home loan. At the same time, do an independent due diligence.
- You can take the following steps to improve your chances of getting a home loan
Do's and Don'ts while Applying for a Home Loan Online
| Do's | Don'ts |
|---|---|
| Check your loan eligibility before starting your home loan application | Avoid making an application for an adhoc loan amount without checking your eligibility |
| Go through the list of documents required and keep them ready before starting your online application process | It's preferable to complete the loan application process in one go and not in stages. |
| Be clear about the type of loan you need (home loan, home improvement loan, plot loan, etc.) | Don't leave out submitting important documents. |
| Read the FAQs before starting your loan application process | Don't ignore you CIBIL score while making your loan application (your score has an impact on your loan application) |
| You could use the online chat facility if you have any queries. | |
| Make sure you provide all the details that the loan provider will need to process your application. |
Home Loan Eligibility Details
You can apply individually or jointly for Home Loans. All proposed owners
of the property will have to be co-applicants.
Classification of Self Employed Customers
SELF EMPLOYED PROFESSIONAL (SEP)
- Doctor
- Lawyer
- Chartered Accountant
- Architect
- Consultant
- Engineer
- Company Secretary, etc.
SELF EMPLOYED NON-PROFESSIONAL (SENP)
- Trader
- Commision Agent
- Contractor etc.
PLAN YOUR HOME
What is the maximum home loan funding and repayment tenure?
| Home Loan Amount | Maximum Funding* |
|---|---|
| Up to and including ₹30 lacs | 90% of the property cost |
| ₹30.01 lacs to ₹75 lacs | 80% of the property cost |
| Above ₹75 Lacs | 75% of the property cost |
*Subject to market value of the property and repayment capacity of the customer, as assessed by HDFC.
The maximum period of repayment of a loan shall be up to 30 years for the Telescopic Repayment Option under the Adjustable Rate Home Loan. For all other Home Loan products, the maximum repayment period shall be up to 20 years.
The tenure of the loan is also dependent on the customer's profile, age of customer at maturity of loan, age of property at loan maturity, depending upon the specific repayment scheme as may be opted and any other terms which may be applicable based on prevalent norms of HDFC.
Home Loan Documents and Charges
Home Loan Documents
for Self Employed Individuals
For home loan approval, you need to submit the following documents for all applicants / co-applicants along with the completed and signed home loan application form.
Proof of both Identity and Residence (KYC)
Proof of Income
- Income Tax Returns along with computation of income for the last 3 Assessment Years (of both the individual and the business entity and attested by a CA)
- Last 3 years' Balance Sheet and Profit & Loss A/c Statements, with Annexures / Schedules (of both the individual and the business entity and attested by a CA)
- Last 6 months' Current A/c Statements of the business entity and Savings Account Statements of the individual
Property related documents
For New Homes:
- Copy of the Allotment Letter / Buyer Agreement
- Receipt/(s) of payment/(s) made to the developer
For Resale Homes:
- Title Deeds including previous chain of the property documents
- Receipt/(s) of initial payment/(s) made to the seller
- Copy of the agreement to sell (if already executed)
For Construction:
- Title Deeds of the Plot
- Proof of no encumbrances on the property
- Copy of the plans, approved by the Local Authorities
- Construction estimate by an Architect / Civil engineer
Other Documents for Home Loan
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Own Contribution Proof
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Business Profile
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Latest Form 26 AS
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List of Directors and Shareholders with their individual shareholding certified by a CA / CS in case of the business entity being a company
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Memorandum and Articles of Association of the Company
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Partnership deed in case of the business entity being a partnership firm
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Details of ongoing loans of the individual and the business entity including the outstanding amount, instalments, security, purpose, balance loan term, etc.
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Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across
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Cheque for processing fee favouring 'HDFC Ltd.'
Home Loan Charges and Fees
for Self Employed individuals
Here is an indicative list of the home loan fees and charges/ outgoings that are payable depending on the nature of the loan availed (*):
Home Loan Processing Fees & Charges
Processing Fees
For Self-Employed Professionals:
Up to 0.50% of the loan amount or ₹3,000 whichever is higher, plus applicable taxes.
Minimum Retention Amount: 50% of applicable fees or ₹3,000 + applicable taxes whichever is higher.
For Self-Employed Non-Professionals:
Up to 1.50% of the loan amount or ₹4,500 whichever is higher, plus applicable taxes.
Minimum Retention Amount: 50% of applicable fees or ₹4,500 + applicable taxes whichever is higher.
Fees On Account Of External Opinion
Fees on account of external opinion from advocates/technical valuers, as the case may be, is payable on an actual basis as applicable to a given case. Such fees is payable directly to the concerned advocate / technical valuer for the nature of assistance so rendered.
Property Insurance
The customer shall pay the premium amounts directly to the insurance provider, promptly and regularly so as to keep the policy / policies alive at all times during the pendency of the loan.
Charges On Account Of Delayed Payments
Delayed payment of interest or EMI shall render the customer liable to pay additional interest up to 24% per annum.
Incidental Charges
Incidental charges & expenses are levied to cover the costs, charges, expenses and other monies that may have been expended in connection with recovery of dues from a defaulting customer. A copy of the policy can be obtained by customers from the concerned branch on request.
Statutory / Regulatory Charges
All applicable charges on account of Stamp Duty / MOD / MOE / Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) or such other statutory / regulatory bodies and applicable taxes shall be borne and paid (or refunded as the case may be) solely by the customer. You may visit the website of CERSAI for all such charges at www.cersai.org.in
Other Charges
| Type | Charges |
|---|---|
| Check Dishonour Charges | ₹300** |
| List Of Documents | Up to ₹500 |
| Photo Copy Of Documents | Up to ₹500 |
| PDC Swap | Up to ₹500 |
| Disbursement Cheque Cancellation Charge Post Disbursement | Up to ₹500 |
| Re-Appraisal Of Loan After 6 Months From Sanction | Up to ₹2,000 plus applicable taxes |
| Reversal of Provisional Prepayment under HDFC Maxvantage Scheme | Rs. 250/- plus applicable taxes/statutory levies at the time of reversal |
Home Loan Prepayment Charges
Housing Loans
| A. Adjustable Rate Loans (ARHL) and Combination Rate Home Loan ("CRHL") during the period of applicability of the Variable Rate of interest | For loans sanctioned to individual borrowers with or without co-obligants, no prepayment charges shall be payable on account of part or full prepayments made through any sources* except when the loan is sanctioned for business purposes**. |
| B. Fixed Rate Loans ("FRHL") and Combination Rate Home Loan ("CRHL") during the period of applicability of the Fixed Rate of interest | For all loans sanctioned with or without co-obligants, the prepayment charge shall be levied at the rate of 2%, plus applicable taxes/statutory levies of the amounts being so prepaid on account of part or full prepayments except when part or full prepayment is being made through own sources*. |
Non Housing Loans and loans classified as business loans**
| A. Adjustable Rate Loans (ARHL) and Combination Rate Home Loan ("CRHL") during the period of applicability of the Variable Rate of interest | For all loans sanctioned with or without co-obligants, the prepayment charge shall be levied at a rate of 2% plus applicable taxes/statutory levies of the amounts being so repaid on account of part or full prepayment. |
| B. Fixed Rate Loans ("FRHL") and Combination Rate Home Loan ("CRHL") during the period of applicability of the Fixed Rate of interest | For all loans sanctioned with or without co-obligants, the prepayment charge shall be levied at a rate of 2% plus applicable taxes/statutory levies of the amounts being so repaid on account of part or full prepayments. |
OWN SOURCES: *the expression "own sources" for this purpose means any source other than borrowing from a Bank/HFC/NBFC or Financial Institution.
BUSINESS LOANS: **The following loans shall be classified as business loans:
- LRD loans
- Loans against property / Home Equity Loan for Business Purpose i.e. Working Capital, Debt Consolidation, Repayment of Business Loan, Expansion of business, Acquisition of Business asset or any similar end usage of funds.
- Non Residential properties
- Non Residential Equity Loan
- Top up loans for Business Purpose i.e. Working Capital, Debt Consolidation, Repayment of Business Loan, Expansion of business, Acquisition of Business asset or any similar end usage of funds.
The Borrower will be required to submit such documents that HDFC may deem fit & proper to ascertain the source of funds at the time of prepayment of the loan.
The prepayment charges are subject to change as per prevailing policies of HDFC and accordingly may vary from time to time which shall be notified on www.hdfc.com .
Home Loan Conversion Fees
We offer our existing customer the option to reduce the applicable interest rates on the Home Loan (by changing the spread or switching between schemes) through our Conversion Facility. You can take advantage of this facility by paying a nominal fee and opt for either reducing your monthly instalment (EMI) or loan tenure. Terms and conditions apply. To avail of our Conversion Facility and to discuss the various available options either click here to allow us to call you back or log on to our Online Access for Existing Customers, to get your Home Loan account information 24x7. The following options of conversion are available to an existing customer of HDFC:
| Name of the Product/Service | Name of Fee/Charge levied | When Payable | Frequency | Amount in Rupees |
|---|---|---|---|---|
Switch to Lower Rate in Variable rate Loans (Housing / Extension / Renovation) | Conversion Fees | On Conversion | On every Spread change | Upto 0.50% of the Principal Outstanding and undisbursed amount (if any) at the time of Conversion or a cap ₹50000 plus taxes whichever is lower. |
Switching to Variable Rate Loan from Fixed Rate Loan (Housing / Extension / Renovation) | Conversion Fees | On Conversion | Once | Upto 0.50% of the Principal Outstanding and undisbursed amount (if any) at the time of Conversion or a cap ₹50000 plus taxes whichever is lower. |
Switch from Combination Rate Home Loan fixed rate to Variable rate | Conversion Fees | On Conversion | Once | 1.75% of the Principal Outstanding and undisbursed amount (if any) plus taxes at the time of Conversion. |
Switch to Lower Rate (Non–Housing Loans) | Conversion Fees | On Conversion | On every Spread change | Half of the spread difference on the principal outstanding and undisbursed amount (if any) plus taxes, with a minimum fee of 0.5% and Max. 1.50%. |
Switch to Lower Rate (Plot Loans) | Conversion Fees | On Conversion | On every Spread change | 0.5% of principal outstanding and undisbursed amount (if any) plus taxes at the time of Conversion. |
Switch to a RPLR-NH Benchmark Rate (Non–Housing Loans) and corresponding spread | Conversion Fees | On conversion where the resultant rate of interest remains the same | On change of bench- mark rate and/or change of Spread Change | NIL |
Switch to a RPLR-NH Benchmark Rate (Non–Housing Loans) and corresponding spread | Conversion Fees | On conversion where the resultant rate of interest is lowered | On change of benchmark rate and/ or change of Spread Change | Half of the spread difference on the principal outstanding and undisbursed amount (if any) plus taxes, with a minimum fee of 0.5% and Max. 1.50% |
Switch to Lower Rate (Loans under HDFC Reach)- Variable Rate | Conversion Fees | On Conversion | On every Spread change | Upto 1.50% of the principal outstanding and undisbursed amount (if any) + applicable taxes/statutory levies at the time of conversion. |
Switch to HDFC Maxvantage Scheme | Processing Fee | At the time of Conversion | Once | 0.25% of the outstanding loan amount + applicable taxes/statutory levies at the time of conversion |
Home Loan Repayment Options
for Self Employed Individuals
Tranche Based EMI
If you purchase an under construction property you are generally required to service only the interest on the loan amount drawn till the final disbursement of the loan and pay EMIs thereafter. In case you wish to start principal repayment immediately you may opt to tranche the loan and start paying EMIs on the cumulative amounts disbursed.
Accelerated Repayment Scheme
This option provides you the flexibility to increase the EMIs every year in proportion to the increase in your income which will result in you repaying the loan much faster.
Telescopic Repayment Option
With this option you get a longer repayment tenure of up to 30 years. This means an enhanced loan amount eligibility and smaller EMIs.
How to Choose the Best Home Loan?
To choose the right home loan for one's self, the following points should be kept in mind.
Rate of Interest
Home loans have one of the lowest interest rates as compared to other loan products such as auto loans and personal loans. Opt for a home loan provider who offers longer tenure loans, flexible repayment options etc. Interest rates may differ depending upon the loan amount, profession (salaried or self- employed) and your credit score among other factors.
Processing Fee & Other Charges
Home loan providers usually charge a processing fee around 0.5% of the loan amount to be availed. Choose a home loan provider who is transparent w.r.t. processing fee and other related charges.
Documentation Process
Choose a home loan provider who offers doorstep assistance or gives you the facility to apply online for a home loan by uploading the required documents from the comfort and safety of your home or office.
Reputation of a Home Loan Provider
The reputation and experience of the home loan provider in the industry are important factors to be considered before choosing a home loan. A seasoned home loan provider can provide you legal & technical counseling, valuable insights on the housing markets and tailor make loans that suit your requirements
Online Facilities
The availability of a host of online facilities such as 24X7 chat assistance through bots on website and WhatsApp to get your home loan queries answered and the convenience of managing your home loan account online post disbursement are some of the important facilities you should consider while choosing a home loan provider.
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Housing Loan Related Videos
HDFC Home Loan Terms & Conditions
Security
Security of the loan would generally be security interest on the property being financed and / or any other collateral / interim security as may be required by HDFC.
Other Conditions
All the information contained herein above is for awareness and customer convenience and is intended to only act as an indicative guide about HDFC's products and services. For detailed information about HDFC's products and services kindly visit the nearest HDFC branch.
Click here for the Most Important Terms and Conditions pertaining to your loan.
How to Change Housing Loan From One Bank to Another
Source: https://www.hdfc.com/housing-loans/home-loans
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