HDFC is one of the leading home loan providers in the country. The home loan interest rate starts from 8.25% per annum and can be availed for a period of up to 30 years. One can apply home loan for HDFC for the convenience factor and the many perks which the bank has to offer on its varied home loan products. Depending on the employment, the bank offers customised home loan to their customers. Women borrowers can avail an additional concession of 0.05% on the rate of interest.
HDFC has taken over the home loan lending space due to the following advantages:
- It can be availed by both salaried and self-employed individuals.
- The bank offers 90% financing of the total cost of the property.
- The bank allows for a joint application.
- Loan tenure of up to 30 years can be availed.
HDFC home loan can be availed to buy a plot, property or for the purpose of home extension. It is however mandatory to comply with the eligibility criteria to avail the loan. Failing to do can result in your loan application getting rejected. One can check for the eligibility using the HDFC eligibility calculator which is available on their online portal. Once through with it, one can apply for any of the following home loan product offered by HDFC.
- HDFC Plot Loan
This loan can be availed to buy a plot. The interest rate starts from 8.50% and processing fees of 0.5% of the loan amount or Rs. 3000 along with additional GST (for salaried, self-employed professionals) and 1.5% (or Rs. 4500)+GST for self-employed non-professionals. The bank is transparent in processing and does not have any hidden charges. One can calculate EMI using the EMI calculator and accordingly customise the one which best suits them.
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- HDFC Rural Housing Loan
Agriculturists can avail this loan for a tenure of 20 years at a rate of interest starting from 8.30%. The loanprocessing fees of 0.5% of the loan amount or Rs. 3000 along with additional GST (for salaried, self-employed professionals) and 1.5% (or Rs. 4500) +GST for self-employed non-professionals and agriculturists is applicable. The customers can customise their repayment plans.
- HDFC Reach Home Loan
HDFC Reach home loan comes with flexible repayment tenure options and incurs rate of interest starting from 9.95%. The loan can be availed by both salaried and self-employed individuals. A processing fee of 2% of the loan amount is charged. Customers can avail a top-up facility on this loan product.
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- HDFC Home Improvement Loan
This loan can be availed for home improvement purpose. Existing HDFC customers can get total cost for the home improvement process. The rate of interest starts from 8.25% and processing fees of 0.5% of the loan amount or Rs. 3000 along with additional GST (for salaried, self-employed professionals) and 1.5% (or Rs. 4500) +GST for self-employed non-professionals is applicable. The documentation is minimal and loan tenure of up to 15 years can be availed.
- HDFC Home Extension Loan
This loan product incurs rate of interest of 8.25% and processing fees of 0.5% of the loan amount or Rs. 3000 along with additional GST (for salaried, self-employed professionals) and 1.5% (or Rs. 4500) +GST for self-employed non-professionals. One can pay through easy and affordable EMIs.
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- HDFC NRI Home Loan
This home loan can be availed by Merchant Navy employees at competitive rates and processing charges. The documentation process is minimal and the loan can be repaid in easy monthly instalments.
Topping the list of home loan providers in the country, HDFC is the most sought after and trusted bank in the lending sector. Apart from applying through their physical branches or online portal, one can also access their loan products through LoansJagat portal which makes the loan application process simpler and ensures quicker loan approval and fast disbursal. It is, however, necessary to comply with the eligibility criteria and keep the requisite documents handy while applying for the home loan products. HDFC offers 24*7 customer support which can be contacted anytime in case of any query.
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