Since the inception of this private housing finance company, HDFC home loan has helped over 6.3 million individuals to fulfill their dreams of owning a house. The bank has 30+ years of lending experience in the housing finance segment. HDFC offers tailored solutions for all of your home loan-related needs. The bank offers you competitive HDFC home loan rates starting at just over 8.60%. HDFC offers you with home loan solutions that have a longer tenure from 1 to 30 years; thus, you get the option to pay off a lower amount of installments over a period of time. Further, the bank even provides you with an EMI calculator on their online websites, for you to compute the installments on your own.
What is an EMI calculator?
It is an online tool that is available at Apna Loan for free-of-charge. You can make use of this tool to obtain installments on the basis of the principal borrowed amount, interest rates, and repayment tenure. An EMI calculator has an easy interface that can be used by any person without any prior knowledge regarding it. Further, this tool is multi-variant in nature; meaning, you get to obtain an array of options in the form of installments for all the information (interest rates, borrowed amount, tenure) that you change.
Different types of home loans offered by HDFC?
HDFC bank wants to help people regarding all the financial assistance related to their home. Thus, there are a number of HDFC home loans offered by the financial company, and they are here as follows:
- HDFC home loan: HDFC bank offers this form of a home loan to the individuals who wish to purchase a new house or construct a new one.
- HDFC loans for home Improvement: Many-a-time, you might want to renovate or refurbish your existing property, and the bank knows that it costs a lot of money. Thus, HDFC bank now offers home improvement loans for the same.
- HDFC loans for home extension: Over a period of time, your family grows but the space inside your home is still the same as it was before. Thus, now you can extend the limits of your home by building a new room or adding an extra feature with the help of HDFC home extension loan.
The other types of home loans offered by the bank include- a transfer of balance loan from your existing bank, top-up loans for obtaining extra financial assistance while purchasing a property, rural housing loans for private and public sector employees to purchase a property in rural residential area.
What is the HDFC home loan interest rate?
The HDFC home loan rates offered by the bank are divided as per the fixed and floating interest type that you have opted for. The bank even offers an additional discount of 0.05% on interest rates for women applicants and co-borrowers’. The home loan interest rates offered by the financial institution is generally in the range of 8.60% to 9.45%. You can also make use of the EMI calculator as well as the home loan eligibility calculator offered by the bank to check your HDFC home loan rates and your eligibility for the loan amount respectively.
How do I obtain a loan through them?
The bank has also set a few HDFC home loan eligibility criteria in place, which you have to meet in order to obtain the loan amount. These eligibility criteria are here as follows:
- Your income: HDFC bank checks your income source and job stability in order to determine your loan repayment capability. Therefore, ensure that you spend a certain amount of time at your current employment (say, 2 years) before applying for a loan through the bank.
- Credit score: The bank also scrutinizes your credit score and history to check whether you have made timely repayments on all of your previous and current debts. A good credit score given out by CIBIL is anywhere above 700.
- Nationality and age: A HDFC home loan is given out for the resident Indians, and the NRI home loan is given out for the NRIs (non-resident Indians). Thus, you need to be of Indian nationality in order to obtain a home loan through them. You need to be above 21 years in order to apply for a home loan.
- Documents: Also, make sure that you possess all the required documents to successfully obtain a home loan through the bank.
What all HDFC home loan documents do I need?
There are a few basic HDFC home loan documents that both salaried as well as self-employed applicants must have while applying for financial assistance through them, and they are here as follows:
- Proof of identity and residence: These are the basic KYC documents that both the employed as well as self-earning individuals must submit to apply for a home loan. They must submit these documents along with the filled application form.
- Proof of income: The salaried applicants must produce last 6 months bank statements, past 3 month’s salary slips, as well as the latest form-16 and IT returns.
- Documents related to the property: You need to submit your receipts of payment to the developer, buyer agreement in the case of new homes. And a copy of the agreement to sell, as well as the receipts of initial payments made to the seller when opting for resale properties.
- Other HDFC home loan documents: Processing fee cheque, passport size photograph with self-attestation, etc. for the salaried individuals.