Estimated reading time: 5 minutes
HDFC offers a streamlined home loan procedure to make owning your dream home easier. This guide will walk you through the process of applying for an HDFC home loan (HDFC Home Loan Procedure), making HDFC home loan EMI payments, and understanding the HDFC Home loan disbursement process. Read till the end of the blog for some nifty tips to manage your home loan EMI efficiently.
Get lowest interest rates on your HDFC Home Loan with Credit Dharma’s expert guidance!
HDFC Home Loan Procedure
Here is the process for HDFC Home Loan :
- Application of the Home Loan
a. Begin your home loan journey with HDFC by submitting a duly filled application form.
b. Ensure you have all the necessary documents, including identity proof, address proof, and income proof.
c. If you apply with a co-applicant, you must also provide their documents and signatures.
d. If you have shortlisted a property, provide its details and submit photocopies of property-related documents for legal and technical assessment. - Loan Approval
a. HDFC evaluates your eligibility based on income, liabilities, and credit score.
b. For self-employed individuals, the bank assesses business sustainability and cash flow.
c. A field credit investigation may be conducted to validate your information.
d. HDFC determines your loan eligibility based on this assessment. - Legal & Technical Verification
a. Submit all required property documents, including the complete chain of title documents, sale agreement, NOC, and OC.
b. HDFC performs a technical inspection to verify adherence to sanctioned plans and assess the market value. - Home Loan Sanction
HDFC issues a sanction letter detailing the loan amount, interest rate, type of interest rate, loan tenure, EMI amount, and other terms and conditions upon verifying eligibility and property aspects.
- Home Loan Disbursement
a. After verification, submit the original title documents and raise a disbursement request.
b. HDFC prepares your disbursement cheque, and you sign the loan agreement.
c. For under-construction properties, disbursements are made in installments based on construction progress.
HDFC Home Loan Disbursement
The final stage of the HDFC home loan procedure is the disbursement. Here’s how HDFC facilitates this:
Online Disbursement Request Facility
HDFC offers an online disbursement request facility for convenience. Here’s how you can utilize this feature:
- Login Visit the HDFC website and log in with your Loan Account Number.
- Submit Details: Provide your mobile number and necessary details.
- Upload Documents: Upload scanned copies of documents such as the builder’s demand letter and character certificate.
- Stay Updated: Subscribe to payment details to monitor the progress.
Disbursement Stages
The loan amount is disbursed either in full or in stages, depending on the construction stage. The disbursement schedule is outlined in the loan agreement. For under-construction properties, pre-EMI interest is paid until full disbursement, after which regular EMI payments begin.
Get a Home Loan
with Highest Eligibility
& Best Rates
HDFC Home Loan EMI Payment
Repaying your home loan is crucial for maintaining financial stability. HDFC home loans are repaid through Equated Monthly Installments (EMIs), which consist of both interest and principal repayment.
How HDFC Home Loan EMI Payments Works
Each EMI is a fixed amount paid monthly until the loan is fully repaid. Initially, the interest component of the EMI is higher, but it gradually decreases as the principal repayment increases over time.
Tips for Managing EMI Payments
| Tips | Description |
|---|---|
| Start Early | Taking a loan in your 20s or 30s allows for a longer tenure and lower EMIs. |
| Timing | Moreover aligning your EMI payments with your salary date to ensure timely payments. |
| Emergency Fund | Maintain an emergency fund to cover EMIs during unforeseen circumstances. |
| Limit EMI | Keep your total EMI payments within 40% of your monthly income. |
Conclusion
Navigating the HDFC home loan procedure, EMI payments, and disbursement can be straightforward with the right information. By understanding each step and planning accordingly, you can make your dream of owning a home a reality with HDFC. To know further, feel free to contact Credit Dharma.
Frequently Asked Questions
HDFC typically takes about 7 to 10 working days to process a home loan application after all required documents are submitted. This period includes the time taken for the loan approval, legal and technical verification, and the final sanctioning of the loan.
To pay HDFC housing loan EMI online, log in to your HDFC NetBanking account, navigate to the ‘Loans’ section, select your loan account, and make the payment by following the prompts. You can also set up an auto-debit instruction for automatic EMI deductions from your HDFC savings account.
HDFC typically disburses the loan within 7 to 10 working days after the completion of the technical appraisal, legal documentation, and full payment of the borrower’s own contribution.
HDFC Home Loan
SBI Home Loan
