HDFC Bank Home Loan Interest Rate, Eligibility, and Documents

HDFC Home Loan Interest Rate

HDFC Ltd. offers home loans starting at 8.20% p.a. for terms up to thirty years, and loan amounts up to Rs. 10 crores. Existing home loan borrowers from other banks and HDFC can use HDFC’s home balance transfer service. Reach Loans are also available from HDFC for micro-enterprises and salaried individuals who may or may not have proper income documentation.

Its Rural Housing Loan scheme is aimed at agriculturists, planters, horticulturists, dairy farmers, and other rural and urban residents, as well as self-employed/salaried candidates who want to build or buy a home in their hometowns or villages.

HDFC Home Loan Interest Rate 2023

HDFC home loan interest rates for 2023 are as follows:

Home Loan Floating Interest Rates – For Salaried and Self-Employed

Loan AmountHDFC Home Loan Rate
Rs. 30 lakh9.00% – 9.50%
Rs. 30.01 lakh to Rs 75 lakh9.25% – 9.75%
Rs. 75.01 and more9.35% – 9.85%

For Women

AmountsHDFC Home Loan Interest
Rs. 30 lakh8.95% – 9.45%
Rs. 30.01 lakh to Rs 75 lakh9.20% – 9.70%
Rs. 75.01 lakh and more9.30% – 9.80%

Types of HDFC Home Loans Scheme

There are various home loan schemes from HDFC to cater to different purposes:

  1. Housing Loans: The loan scheme is for the purchase of a flat, bungalow, or row house in a private developer’s approved project, acquisition of assets from Development Authorities, property in Co-operative Housing Societies, and more.
  2. HDFC Reach Home Loan: This housing loan is for the acquisition/construction of a home, purchase of land, and purchase of a shop/office for micro-entrepreneurs and individuals with limited income documentation.
  3. Home Balance Transfer Scheme: For transferring existing house loans from other banks/NBFCs to HDFC at lower interest rates.
  4. HDFC Rural Housing Loan Scheme: A scheme for agriculturists, dairy farmers, planters, and horticulturists looking to buy residential property in rural or metropolitan locations, as well as for home improvement projects.
  5. House Renovation Loan Scheme: For home improvement projects such as tiling, flooring, painting, and plastering.
  6. HDFC Plot Loans: For the acquisition of plots, resale plots, and transferring existing house loans from other banks/NBFCs to HDFC at competitive rates.
  7. Home Extension Loan Scheme: To expand or add space to your existing home.
  8. HDFC Top-Up Loan Scheme: An additional loan granted on top of the existing home loan for personal and professional needs.
  9. The PMAY: For the purchase/construction/improvement/extension of a house for economically weaker sections, low-income groups, and middle-income groups, with a maximum interest subsidy of Rs 2.67 lakh.

Advantages of the HDFC Home Loan

  • Special programs for Indian Army personnel (AGIF) in partnership with the Army Group Insurance Fund.
  • Initiatives for affordable home categories.
  • A nominal processing charge of Rs 3000.
  • Rapid approval and processing.
  • Provisional approval for six months.
  • Doorstep assistance.
  • Minimum documentation and clear terms and conditions.
  • Hassle-free post-disbursement services with internet and mobile banking.

Processing Fee of the HDFC Home Loans

  • Salary/Self-employed Professionals: Up to 0.50% of the loan amount or Rs 3,000, whichever is more.
  • Self-employed Non-Professionals: Up to 1.50% of the loan amount or Rs 4,500, whichever is greater.
  • Regarding the HDFC Reach Loan: Up to 2% of the loan amount plus taxes.

How to Apply for a Home Loan from HDFC Bank?

You can apply for a home loan from HDFC Bank through the following methods:

  1. Visit the official HDFC Bank portal and follow the on-screen instructions to fill out the application form.
  2. Visit the bank’s branch offline with the required documents.

Documents Required to Apply for the Home Loan from HDFC Bank

The following documents are required to apply for a home loan from HDFC Bank:

For Salaried

  • Salary slips
  • ITR and Form 16
  • Bank statement

For Self-employed

  • ITR
  • Current account statement
  • Balance sheet and P/L statement

Who Can Apply for the HDFC Home Loan?

  • Age Range: 21-65 years
  • Professionals and Self-employed Non-Professionals
  • Nationality: Indian Resident

Also, check home loans from banks

LenderHome Loan Interest Rates (Above 75 lakhs)Home Loan Interest Rates (Above 30 lakhs to 75 lakhs)Home Loan Interest Rates (Up to 30 lakhs)
LIC Housing Finance8.50% to 10.75%8.50% to 10.55%8.50% to 10.35%
State Bank of India8.50% to 10.05%8.50% to 10.05%8.50% tohttps://creditdharma.in/blog/lic-home-loan-interest-rates/ 10.15%

FAQs

What is the maximum tenure HDFC offers home loans for?

The maximum tenure for the home loan is 20-30 years (but the tenure of the loan can also change based on the scheme.)


Are HDFC housing Finance interest rates fixed or floating?

Offers both fixed and floating interest rate options for home loans. With a fixed rate, the interest remains constant throughout the loan tenure, while with a floating rate, it fluctuates with the market condition.


How is Interest Rate Determined for HDFC Home Loan

HDFC determines the interest rate based on factors like the loan amount, loan tenure, CIBIL Score, and the type of interest rate (fixed or floating) chosen by the borrower.

How can I calculate the EMI for an HDFC Home Loan?

You can calculate the EMI using any online EMI Calculator

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