Whenever a person looks for a lender that can provide home loans at low-interest rates, HDFC Ltd. is among the top options he/she has. And the reason why this housing finance company is popular is its product features plus customer service altogether.
As a lender, there are so many challenges with the kind of competition in the market that a lender has to make sure the product offered by it is reaching out the people. HDFC Ltd. has made it possible for the people to believe in their dream of buying a home of their own.
HDFC home loan is available at the lowest rate of interest with a higher loan amount and flexible tenure facility. All this including the understanding of the needs of a home loan borrower has helped a home loan HDFC become what it is today.
In this article, we have shared all the necessary details related to the product so that in case you are also one of the upcoming home buyers and looking for a suitable lender.
HDFC home loan interest rate for existing customer
At present, the minimum rate of interest you can get on a home loan from HDFC is 8.35% per annum which goes up to 8.95% per annum.
What is the eligibility required for HDFC home loan?
The eligibility criteria to apply for a home loan at HDFC is as follows:
- HDFC home loan application is made either individually or jointly. All proposed owners of the property will have to be co-applicants. However, co-applicants need to be a close family member.
- The maximum period of repayment of a loan shall be up to 30 years for the Telescopic Repayment Option which is applicable only to the Salaried/Self-employed individuals under the Adjustable Rate Home Loan. For other home loan products, the maximum repayment period shall be up to 20 years.
- The tenure of the loan is also based upon the applicant’s profile, the age of applicant at maturity of the loan, age of property at loan maturity, depending upon the particular repayment scheme as may be decided for and any other terms applicable subject to prevailing norms of HDFC.
What are home loan documents required to apply?
The documentation process for the loan is simple and can be read below:
- Valid Passport
- Voter ID Card
- Aadhaar Card
- Valid Driving Licence
- Last 3 months’ Salary Slips
- Last 6 months’ Bank Statements, showing salary credits
- Latest Form-16 and IT returns
- Employment Contract / Appointment Letter in case current employment is less than 1 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.’
- Copy of the Allotment Letter / Buyer Agreement
- Receipt/(s) of payment/(s) made to the developer
How much EMI will your pay?
You can check your payments even before applying for the loan. Use a home loan EMI calculator for this and mention following details:
- Loan amount
- Interest rate
For instance, if you getting the rate approval of 8.50% per annum as per your eligibility and income, your payments would be as follows:
Loan amount- ₹20 lakhs
Interest rate- 8.50% p.a.
Tenure- 20 years
The payment details will be as follows:
Monthly EMI- ₹17,356
Total Interest Outgo- ₹21,65,552
Total Amount (Interest + Principal)- ₹41,65,552
Where can you apply for the loan?
You have the option to either apply online or visit the nearest branch. The benefit of applying online is that you get to do it whenever you are comfortable and do not have to restrict yourself for the time.
With all the above information, we hope that you have got the idea that a HDFC home loan may prove to be your best home loan partner.