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.
Table of Contents:
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% |
The processing fee for HDFC Home Loans varies based on the loan type and the applicant’s employment status.
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The HDFC Housing Loan eligibility is based on the income, financial history, repayment capacity, etc of the individual. Here are the key requirements:
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)
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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.
Monthly EMI | ₹86 |
Principal Amount | ₹1,000 |
Total Interest | ₹32 |
Total Amount | ₹1,032.00 |
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.
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,
Using the formula EMI = P x R x (1+R)^N / [(1+R)^N-1
Where:
Result:
EMI = ₹17,419.81 per month for 20 years.
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 |
Read below to have an in-depth understanding of the various types of HDFC Home Loans and their key highlights.
This loan is meant to help purchase new houses or properties, including those in construction.
Highlights:
This loan is designed for agriculturists, salaried and self-employed individuals who want to purchase or construct homes in rural or urban areas.
Highlights:
This loan is designed for individuals constructing a house on their land.
Highlights:
Specially meant for house renovation such as repairs or upgrades to present properties.
Highlights:
This type of loan assists in funding the expansion of current living spaces, such as adding new rooms or floors.
This one is for purchasing land intended for residential construction.
Highlights:
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:
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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You can apply for an HDFC Housing Loan by visiting the bank branch. Here are the steps to apply offline:
Here are the steps to apply for an HDFC Home Loan online on the HDFC official website.
Follow the steps below to successfully access your HDFC Home Loan account online.
You will be successfully logged in to view loan details, make payments, and manage account settings.
You can also apply for HDFC home loans via the HDFC Bank Home Loan Mobile App. Here are the steps to follow:
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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The eligibility criteria for the HDFC Home Loan include a minimum age limit (21 to 65 years), income, employment stability, credit score, and repayment capacity. Salaried and self-employed individuals are eligible, with specific requirements based on their income type.
Visit the official HDFC website> Fill out the application form with the required details> Upload the necessary documents> Submit the form.
The interest rate of the HDFC Home Loan starts at 8.75% per annum and varies based on the loan amount, tenure, and applicant’s financial profile.
These include identity proof, address proof, income proof, bank statements, property documents, etc. Specific requirements may vary based on the individual’s profile.
The maximum tenure for an HDFC Home Loan is up to 30 years, depending on the borrower's profile, age, and loan terms.
The HDFC Home Loan EMI Calculator is an online EMI calculator wherein you can enter the loan amount, tenure, and interest rate to get the details of your monthly installments.
Yes, HDFC allows prepayment of home loans, which comes with the respective terms and conditions, with no charges for individual borrowers on floating-rate loans.
Yes, HDFC Home Loans offer tax benefits under Sections 80C and 24(b) of the Income Tax Act, subject to prevailing tax laws.
The processing fee for an HDFC Home Loan is up to 0.50% of the loan amount or ₹3,000, whichever is higher, plus applicable taxes.
The HDFC Bank takes 3-7 working days to approve the home loan after the application form is submitted.
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