Is Home Loan from HDFC the best option right for you?

Is Home Loan from HDFC the best option right for you?

HDFC Bank Ltd. is a popular Indian Banking service. It is one of the largest private-sector lenders. The bank was founded in 1994 and since then has many branches across the country to provide bunch of financial services to the public. It has a range of loan products such as education loan, overdraft loan, personal loan and so on. Their most popular loan product is the home loan or housing loan.

Why should you apply for HDFC home loans?

  • Their interest rates start at 8.2% p. a
  • They provide loan tenure periods up to 25 years.
  • For loans up to 75 lakh and above the interest rate is 8.30%
  • They provide legal and technical counselling before applying for your loan.
  • They have different categories for loan allotment and provide according to individual profile.
  • Provides overdraft home loan with less EMI obligations
  • The bank provides many offers under the HDFC home loan scheme.

What are the different types of HDFC Ltd. Home loan schemes?

  1. Home loans: This loan is available for both self-employed and salaried people. A 25 years tenure period is allotted. Interest rate starts from 8% to 8.30%. The bank will finance up to 90% of the total property cost depending upon the market value of property.
  2. HDFC Plot Loan: Additional benefit of having customized repayment options. The bank offers Adjustable Rate Home Loan, the interest starts from 8.15%. There are no hidden charges and you get the same tenure of up to 30 years.
  3. HDFC Rural Housing Loan: This is available for self employed and salaried people. This scheme has an allotted tenure of 20 years with an interest of 8.05%. The customized repayment options make it a convenient loan scheme.
  4. HDFC Reach Home Loan: This loan facilitates top-up option. The repayment tenure is flexible. The interest rate is slightly higher, at 9.25%.  
  5. HDFC Home Improvement Loan: The maximum tenure allotted is 15 years. The Bank covers the 100% of the Home Improvement Cost. The documentation is quick and simple and the repayment options are much easier. The interest is at 8% onwards.
  6. HDFC Home Extension Loan: The loan has a tenure of up to 20 years. It is paid through monthly installments at an interest of 8%.
  7. HDFC NRI Home Loan: This scheme can be availed by Merchants or Navy employees. It facilitates a tenure of 30 years with an interest rate starting from 8.5% onwards.
  8. HDFC Home loan Balance Transfer: If you have any outstanding home loan that you availed from another bank, HDFC facilitates its transfer to their own account to reduce your EMI and provide better services. You can also get an additional top-up of Rs.1 crore through this home loan balance transfer. The bank provides cheap interest rates starting at around 8%. No hidden charges are included and you are provided customized repayment options. Those employed in the Indian army will receive special arrangement for home loans.

Documents required:

  • ID Proof (Aadhar card, passport, driving license etc.)
  • Income Proof
  • Property related papers
  • Other documents required by the bank.

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