Know the Features of Housing loan and Calculate EMIHDFC Bank offers different types of home loans with attractive features such as longer loan tenures, low-interest rates, nil prepayment charges, and great customer support. The bank is known for its housing loan schemes with easy-to-meet eligibility criteria. The Bank offers people-friendly policies and is devoid of last-minute costs. There are no hidden charges while applying for the loan and the bank provides door-step service with legal assistance.
It also provides HDFC home loan EMI calculator to help customers plan their EMIs wisely. Its customer-centric innovative products and benefits make it a popular choice amongst the home loan seekers. The bank demands simple eligibility criteria and few documents from the customers who wish to borrow a home loan. The loan schemes are customized for various categories of borrowers.
Features the Housing Loan:
The maximum loan amount that can be sanctioned varies from one applicant to another; as it depends on several factors. Although a guarantor is not required; the bank allows the customers to enhance their eligibility by adding a co-applicant (lower interest rates if it is a woman). Here are some of the main key points of the home loan offered by HDFC.
1. Rate of interest : 8.80% - 9.05%
2. Loan tenure: 1- 30 years
3. Processing fee: up to 0.50% of the loan amount
4. Pre-closure charges: Nil
Applications of the Housing Loan:
HDFC Bank provides comprehensive loan schemes under the following conditions:
1. Construction of a new house.
2. Buying a new/ resale home.
3. Property purchase.
4. Transfer of home loan to HDFC from another bank.
Charges:
Given below are the charges that the borrower needs to pay. These charges will not be displayed in the HDFC housing loan calculator. Applicants must note that the HDFC Bank does not charge any hidden amount.
1. Late payment: up to 24% per annum
2. PDC Swapping charges: ₹200
3. Cheque swapping charges: ₹500
4. Bounce cheque charges: ₹500
5. Photocopy documents: ₹500
6. Increase or decrease in loan term: up to ₹500 plus taxes
7. Issuance of a duplicate statement: Nil
Eligibility Criteria:
Applicant must fulfill the following criteria to be eligible for a housing loan from HDFC Bank:
1. Applicant must be between 18 and 65 years’ old.
2. He/ she must be salaried or self-employed.
3. He/ she must be a resident of India.
4. The applicant can be an NRI but need to produce the proof of the same.
NRIs can apply for an NRI home loan. The bank also provides HDFC rural home loan for farmers, dairy farmers, and agriculturists. Applicants must keep in mind that every proposed owner of the property is considered as a co-applicant. However, all co-applicants cannot be co-owners. Customers can also use theHDFC housing loan EMI calculator to check their eligibility with regards to EMI.
Documentation:
Applicants need to submit the following documents for the loan processing:
1. Identity proof
2. Address proof
3. Proof of income
4. Bank statement of the previous 6 months
5. Processing fee cheque
6. Application form with photographs
7. Agreement or allotment letter (only if the bank demands)
In addition to these standard documents, borrowers from different categories need to submit the following documents:
a) Salaried professionals
Latest salary slip, Form 16, employment contract, appointment letter
b) Self-employed
Proof of business and education certificates, ITR, balance sheet, last 3 years P/ L account
c) Farmers or agriculturists
A copy of the title documents showcasing landholding, statement of the last 2 years showing the loan availed if the borrower had applied for any.
Types of home loans:
1. Home loans for salaried and self-employed individuals
Primary home loan for salaried and self-employed individuals.
2. HDFC NRI home loan
For the NRIs who are willing to invest in Indian property.
3. HDFC home loan for agriculturists
For farmers, horticulturists, and planters who wish to build or buy a home in villages. They do not need to mortgage their existing land or produce an ITR to apply for this loan.
4. HDFC rural housing finance
For the government and private sector employees for purchasing properties in rural residential.
5. HDFC home loan transfer
For those who wish to transfer their current home loan to HDFC for a better interest rate.
6. Home extension loan
For those who wish to add an extra room to their house or do any kind of modification which involves an increase in the total area of the house.
7. HDFC pre-approved home loan
For those who wish to negotiate with the sellers.
8. HDFC home improvement loan
HIL is for those wish to make structural improvement in their house like construction or painting (without the increase in the total area of the house).
Apart from all these attractive features, borrowers who have constructed or purchased a house afresh using the home loan can avail tax benefits under Section 80C and Section 24. It is to advise that to know the best use of HDFC Loan Calculator. Applicants are advised to use HDFC home loan EMI calculator to check the loan scheme, EMI, and amortization table before availing a loan.
About This Author | Anoop Bansal
I am a professional Chartered Accountant in Delhi.
Joined: April 24th, 2019
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