The HDFC Home Loans are designed to help individuals purchase a home, land, or property. Customers can resell their properties, construct homes, and renovate or extend existing residences. This can be divided into specialized loans for rural housing as well as balance transfer options for existing home loans.
Customers can repay the HDFC Home Loans via monthly installments and enjoy its various features and benefits for a quality banking experience.
To make an informed decision, learn more about the HDFC Home Loan application process, interest rates, eligibility, and different types of loans.
The HDFC Home Loan comes with interest rates starting at 8.75% per annum, with repayment tenures ranging from 5 to 30 years.
HDFC Home Loan Interest Rates
The interest rates for HDFC Bank Home Loans start from 8.75% per annum, which applies to renovations, balance transfers, and extensions.
Note that these rates are linked to the HDFC Bank’s Repo Rate.
HDFC Home Loan offers flexible interest rate options to suit different financial needs:
| Type of HDFC Home Loan | HDFC Home Loan Interest Rate (p.a.) |
|---|---|
| Home Loans | 8.75% to 9.95% |
| Home Renovation Loans | 8.75% to 9.95% |
| Home Extension Loans | 8.75% to 9.95% |
| Plot Loans | 8.75% to 9.95% |
| Rural Housing Loans | 9.40% to 10.75% |
HDFC Home Loan Processing Fee
The processing fee for HDFC Home Loans varies based on the loan type and the applicant’s employment status.
- Salaried and Self-Employed Professionals: Up to 0.50% of the loan amount or ₹3,300, whichever is higher, plus applicable taxes/statutory levies.
- Self-Employed Non-Professionals: Up to 1.50% of the loan amount or ₹5,000, whichever is higher, plus applicable taxes/statutory levies.
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HDFC Housing Loan Eligibility
The HDFC Housing Loan eligibility is based on the income, financial history, repayment capacity, etc of the individual. Here are the key requirements:
- Applicants must be between 21 and 65 years old.
- Applicants who are salaried employees must have a minimum balance of ₹ 10,000 per month.
- Self-employed applicants must have a minimum balance of ₹ 2 lakh per annum.
Documents Required For HDFC Home Loan
The documents required for the HDFC Home Loan are as follows:
For Salaried Individuals: Last 3 months’ Salary Slip, Bank statements (last 6 months), Latest Form-16 and IT returns
For Self-Employed Individuals: IT returns (past 2 years), Bank statements (last 6 months), Balance sheet and profit & loss account statements (last 2 years), Current account statements (last 12 months)
- Property Documents:
- For the purchase of a new home:
- Copy of the Allotment Letter or Buyer Agreement.
- Receipts of payments made to the developer.
- For the purchase of a resale home:
- Copy of the agreement to sell.
- Receipts of initial payments made to the seller.
- Title deeds, including the previous chain of property documents.
- For constructing a home on a non-agricultural plot:
- Title Deeds of the Plot
- Copy of the plans, approved by the Local Authorities
- Title Deeds of the Plot
- Construction estimate by an Architect / Civil engineer
- Additional documents for home loan: Some of the additional documents include:
- Contribution Proof.
- Employment contract or appointment letter if current employment is less than a year old.
- Bank statements of the last 6 months showing repayment of any current loans.
- Passport-sized photographs signed across.
- Cheque for processing fee favoring HDFC Bank.
- Latest Form 26 AS
- For the purchase of a new home:
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HDFC Home Loan EMI Calculator
The HDFC Home Loan EMI Calculator is used to calculate the monthly installments or EMIs. It is highly user-friendly and serves in effective financial planning.
Your Amortization Schedule (Yearly/Monthly)
With the HDFC Home Loan EMI Calculator, individuals can make informed decisions regarding their housing loans. It helps to have a clear understanding of the loan amount that can be accessed, monthly payments, eligibility, etc.
HDFC Home Loan Calculation
The formula for EMI calculation is EMI = P x R x (1+R)^N / [(1+R)^N-1
Where P is the Principal Loan Amount, N is the Loan Tenure in months, and R is the monthly interest rate. Note that R is calculated per month.
For example,
- Loan Amount: ₹20,00,000 (₹20 Lakhs)
- Interest Rate: 8.55% per annum
- Tenure: 20 years (240 months)
Using the formula EMI = P x R x (1+R)^N / [(1+R)^N-1
Where:
- P = ₹20,00,000
- r = 8.55% annual interest rate ÷ 12 = 0.7125% monthly interest rate
- n = 20 years × 12 months = 240 months
Result:
EMI = ₹17,419.81 per month for 20 years.
HDFC Home Loan Interest Calculation
The table below shows the calculation for the respective loan amounts and years, based on the interest rate 8.55% per annum.
| Loan Amount (₹) | EMI for 10 Years (₹) | EMI for 20 Years (₹) | EMI for 30 Years (₹) |
|---|---|---|---|
| ₹10 Lakh | 12,425.33 | 8,709.90 | 7,724.60 |
| ₹15 Lakh | 18,637.99 | 13,064.86 | 11,586.90 |
| ₹20 Lakh | 24,850.65 | 17,419.81 | 15,449.20 |
| ₹40 Lakh | 49,701.31 | 34,839.62 | 30,898.39 |
| ₹50 Lakh | 62,126.63 | 43,549.52 | 38,622.99 |
Types of HDFC Home Loans
Read below to have an in-depth understanding of the various types of HDFC Home Loans and their key highlights.
HDFC Home Loans
This loan is meant to help purchase new houses or properties, including those in construction.
Highlights:
- Interest rates from 8.75 to 9.95% per annum.
- Flexible repayment options.
- Tailored loans for home purchase, construction, or renovation.
- Offers tax benefits on principal and interest repayments.
HDFC Rural Housing Loan
This loan is designed for agriculturists, salaried and self-employed individuals who want to purchase or construct homes in rural or urban areas.
Highlights:
- Rural Housing Loan Interest rates range from 8.75 to 9.95% p.a.
- Customized loan amounts based on agricultural land ownership and crop cultivation.
- Flexible repayment options.
Home Construction Loans
This loan is designed for individuals constructing a house on their land.
Highlights:
- Home Construction Loans Interest rates starting from 7.35% p.a.
- Tranching facility for flexible payment of installments.
- Tax benefits on principal and interest repayments.
House Renovation Loans
Specially meant for house renovation such as repairs or upgrades to present properties.
Highlights:
- House Renovation Loans Interest rate from 8.75 to 9.95% p.a.
- Tax Benefits on principal and interest repayments.
- Quick Processing for fast approval and disbursement.
- Useful for various home improvements.
- Minimal Documentation required.
Home Extension Loans
This type of loan assists in funding the expansion of current living spaces, such as adding new rooms or floors.
HDFC Plot Loans
This one is for purchasing land intended for residential construction.
Highlights:
- HDFC Plot Loans Interest rate from 8.75 to 9.95% p.a.
- Fast loan approval.
- Customized repayment options.
- Online account management for easy access.
HDFC Balance Transfer Loans
This one allows to access loans at a lower interest rate and other benefits. Offered by Housing Financing Companies or HFCs, the HDFC Balance Transfer Loan allows customers to transfer existing home loans from one lender to another.
Highlights:
- Interest rates from 8.75% p.a.
- Top-up loan of up to ₹50 lakh for additional needs.
- Simple Documentation for easy application.
- Flexible repayment options.
Customers can apply for HDFC Home Loans via the Pradhan Mantri Awas Yojana (PMAY), a government scheme to support housing for rural and urban communities. Its interest subsidies helps home ownership more accessible.
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Steps to Apply For HDFC Home Loan Offline
You can apply for an HDFC Housing Loan by visiting the bank branch. Here are the steps to apply offline:
- Fill out the HDFC Home Loan application form and provide necessary documents like identity proof, income proof, and property details.
- The HDFC Bank verifies documents, credit history, and financial details.
- The property is checked for legal and technical compliance and market valuation.
- A sanction letter is provided with all the details such as loan amount, interest rate, and tenure.
- Sign the loan agreement and the loan is disbursed based on the property’s construction status.
Steps to Apply Online for HDFC Home Loan
Here are the steps to apply for an HDFC Home Loan online on the HDFC official website.
-
- Visit the official HDFC Bank portal to register or log in.
2.Fill in the details based on whether you are a resident Indian or NRI.
3.Fill in the home loan application form.
4.Upload documents as per the instructions.
5.Pay the processing fee.
6.Get loan approval.
HDFC Home Loan Login
Follow the steps below to successfully access your HDFC Home Loan account online.
-
- Visit the official HDFC Login portal.
2.Enter User ID and Password.
3.Click on ‘Submit’.
You will be successfully logged in to view loan details, make payments, and manage account settings.
HDFC Bank Home Loan App
You can also apply for HDFC home loans via the HDFC Bank Home Loan Mobile App. Here are the steps to follow:
-
- Install the the HDFC Bank MobileBanking App.
2.Log in using your Customer ID and Password.
3.Click on the ‘Loans and Cards’ section.
4.Select ‘Home Loan’ option from the list.
5.Click on ‘Apply Now’.
6.Fill in the details to complete the application form.
7.Submit the necessary documents such as identity proof, address proof, etc.
8.Click on ‘Submit’.
HDFC Home Loan Customer Care
The HDFC Bank provides customer care services for home loans via various channels. The table below gives you a quick overview of the methods available and how you can utilize them.
| Channel | How to Contact |
|---|---|
| Toll-Free Helpline | Dial 1800 210 0018 |
| Email Support | Send queries to customer.service@hdfc.com |
| Online Service Requests | Submit service requests or queries through HDFC’s online portal. |
| Branch Visits | Visit the nearest HDFC Bank branch for direct assistance. |
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