HDFC Bank Home Loan
The competitive interest rates and flexible repayment options make HDFC a forerunner in the Home Loans segment. A prospective borrower can avail an HDFC home loan online, too, at attractive rates of interest starting from 8.70% per annum for a loan amounting to Rs. 10 crores. The loan tenure is up to 30 years, and the bank offers its customers simple repayment options by way of EMI starting at Rs. 762 per lakh. HDFC home loan comes with a processing fee of up to Rs. 3,000 (exclusive of taxes) for salaried and self-employed professionals and up to Rs. 4,500 (tax exclusive) for self-employed non-professionals. HDFC also provides a Rural Housing Loan plan for people working in plantations, agriculture, horticulture, dairy farming, and the like who aspire to buy/rebuild homes in villages or their native towns.
HDFC Bank Home Loan EMI Calculator
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HDFC Housing Loan Key Highlights
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|Loan Amount||Basis customer profile / up to 90% of the cost of property|
|Rate of Interest||Starts at 8.70% per annum|
Up to 0.5% of the loan amount or Rs. 3,000 (whichever is higher) - for salaried/self-employed professionals
Up to 1.5% of the loan amount or Rs. 4,500 (whichever is higher) - for self-employed non-professionals
|Maximum Tenure for Repayment||30 years|
|Penal Rate of Interest||Up to 24% per annum|
|Charges for Prepayment/Foreclosure||0-2%|
HDFC Home Loan Interest Rates in 2023
HDFC offers home loans to its customers at an interest rate of 8.4% p.a. onwards. The HDFC bank home loan interest rate is likely to vary for different loan slabs offered by the bank. The table below enlists the various home loan slabs by HDFC bank and their respective rates of interest:
|Loan Slab||Interest Rate for Home Loan|
|Up to Rs. 30 lakh for women||8.95% p.a. to 9.45% p.a.|
|Up to Rs. 30 lakh for other individuals||9.00% p.a. to 9.50% p.a.|
|Loan between Rs. 30.01 lakh and Rs. 75 lakh for women||9.20% p.a. to 9.70% p.a.|
|Loan between Rs. 30.01 lakh and Rs. 75 lakh for other individuals||9.25% p.a. to 9.75% p.a.|
|Loan amount of Rs. 75.01 lakh and higher for women||9.30% p.a. to 9.80% p.a.|
Interest rates were last updated on 17th August 2023
HDFC Bank Home Loan Eligibility Criteria
HDFC offers home loan facilities to customers as per their income and ability to repay the loan amount. The table below lists HDFC home loan eligibility criteria that one must meet to qualify for receiving the loan amount from the bank:
|Eligibility Parameters||For Salaried Individuals||For Self-Employed Individuals|
|Age Range (in years)||21-65||21-65|
|Nationality||Indian Resident||Indian Resident|
|Minimum Income Earned||Rs. 10,000 per month||Rs. 200,000 per annum|
HDFC Home Loan Processing Fee and Charges
HDFC Bank charges its customers a certain fee to cover the cost of processing their home loan application. This is known as the home loan processing fee. Given below are the HDFC home loan processing fee and home loan charges that the bank levies as part of the home loan approval process:
0.5% or Rs. 3,000 (whichever is higher)
|ECS Dishonour Charges||
|Provision of Documentation List||
Up to Rs. 500
|Late EMI Payment Charges||
Rs. 300 + GST @18% (subject to revision)
As per state-applicable laws
|Cheque Bounce Charges||
Rs. 500 due to fund insufficiency
Rs. 350 due to funds transfer cheque return
Rs. 50 per instance for cheque return due to technical reasons
|Document Retrieval Charges||
Rs. 75 per document set (after disbursement)
|Cost of Photocopies of Title Documents||
Up to Rs. 500
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HDFC Home Loan Schemes and Top Plans
HDFC customers looking for home loans can choose from a variety of options offered by the bank from time to time. Listed below are the top 5 home loan schemes and plans that are currently popular among HDFC customers:
1. HDFC Home Loan
- Loan facility open for Indian residents only
- Offered to individuals keen on buying residential properties from Development Authorities, such as flats, row houses, or bungalows
- The loan amount offered up to 90% of the total cost of the property
- Special interest rebates available for women
2. HDFC NRI Home Loans
- Devised explicitly for Non-Resident Indians interested in buying residential properties from private developers and Development Authorities of India
- The loan can be availed for buying a flat, row house, or bungalow in any part of India
- NRIs can avail of advisory services for getting a home loan in the country they currently stay in
3. HDFC Plot Loan
- Designed for buying a plot via direct allotment
- Loan available for buying a resale plot also
- Flexible options for loan repayment
- Counselling from experts available on technical/legal matters
- No hidden charges
4. HDFC Balance Transfer Loans
- Applicants can conveniently transfer their existing loan amount from other banks to HDFC
- Flexible loan repayment options are available
- Top-up loan of up to Rs. 50 lakh offered
- Special tie-up with AGIF for Home Loans for employees of the Indian Army
5. HDFC Home Improvement Loan
- Offered to both new and existing customers of the bank
- Designed for home renovations and upgrades
- Rate of interest similar to that of a standard HDFC home loan
- Easy and seamless documentation for home loan application
6. HDFC Top-Up Loans
- Up to Rs. 50 lakh maximum loan amount offered
- Applicants can avail of loan facilities both for personal and professional requirements
- Application for a loan can be made only after 1 year of the final settlement of the existing home loan and after taking possession of the existing property against which the loan has been taken
7. HDFC Home Extension Plan
- The loan amount is offered for up to a maximum duration of 20 years
- Home loan plan specifically designed for adding space or making extensions to your existing home space
- Special rebated interest rates available for women applicants
8. HDFC Rural Housing Loan
- Designed especially for planters, dairy farmers, horticulturists, and agriculturists aspiring to buy a residential property in villages or their native urban towns
- Agriculturists are allowed a longer tenure for loan repayment (up to 20 years)
- Agriculturist applicants are also exempted from IT Return filing
Note: All of the above home loan plans are made available to applicants solely at the discretion of HDFC Bank, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required for HDFC Home Loan
HDFC mandates all home loan applicants to submit a set of specific documents as part of the loan application procedure. A list of all the required HDFC home loan documents that need to be duly submitted to the bank to apply for a loan facility is detailed as follows:
Documents Required for Salaried Applicants
- Bank statements of the last 6 months as proof of no other impending loans
- Salary slips for the previous 3 months
- The latest copy of IT Returns and Form 16
- A cheque for the processing fee payable in the name of HDFC Home Loans
- Details of current employment
- Duly signed recent passport-sized photographs of the applicant and co-applicant (if applicable)
Documents Required for Self-Employed Applicants
- Profit & Loss account statements and Balance Sheet for the last 3 years
- IT Returns for the last 3 years (Attested by a professional CA)
- Total income for the last 3 years
- Complete details of the applicant’s business
- Current account statements of the business and savings accounts for the last 6 years
- Deed of Partnership (in case applicable)
- A cheque for the processing fee payable in the name of HDFC Home Loans
- Complete business profile
- A detailed list of shareholders and Company Directors
- Latest Form 26 AS for proof of tax
- Signed passport-sized photographs of you and your co-applicant (if applicable)
- Complete details of running loans (if any) taken in the name of the applicant or their business
Common Documents Required from Both Salaried and Self-Employed Applicants
|Type of Document||Documents Required|
|Identity & Address Proof||
Voter ID, Driving License, Aadhar Card, Copy of Passport
|Documents Related to Property||
Interest rates were last updated on 15 July 2023
Apply Home Loan Through BASIC Home Loan
Applying for a home loan from HDFC is as easy as 1-2-3. Given below is a simple method to apply for an HDFC home loan:
- Proceed to the APPLY NOW section on the website - BASIC Home Loan
- Fill in the form by entering your Name, Contact details and submit the form
- The team from BASIC Home Loan will reach out to you to initiate a hassle-free Home Loan application process
Find HDFC Home Loan Offices Near You
You may choose to get in touch with the nearest branch of HDFC Home Loan where you reside, for any queries, complaints, or redressal of grievances. You can easily look up online for an HDFC home loan branch near you or connect with the BASIC Home Loan representative in your city for further assistance.
For the latest Home Loan Interest rates and updates in Eligibility criteria, Home Loan offers, Home Loan application Fee and Charges, Required Documents and other FAQs related to Home Loans, please refer to the HDFC Bank website.
No, HDFC allows loan facilities to applicants up to 90% of the total cost of the property against which the loan is being availed.
Loan applicants require a CIBIL score of 720-750 to be considered eligible for a home loan facility.
It may take at least 3-7 business days for home loan approval after the loan application has been submitted. HDFC Bank will carry out a background verification process, after which the status of the application will be determined.
HDFC allows its customers to reduce the home loan interest rate by converting from one plan to another, opting for a shorter loan tenure, or making a larger down payment.
If you choose to pay all the EMIs on your home loan in one go, it is called pre-closing the loan account. In this case, there may be some pre-closure penalties or charges.
The current rate of interest for HDFC home loans in 2023 starts at 8.70% p.a.
HDFC customers can avail of a maximum home loan of up to Rs. 10 crores.
The process for prepayment of an HDFC home loan is as follows:
- Inform the HDFC bank about your decision to prepay the home loan amount.
- Submit proof of ID and loan statement.
- Pay the outstanding amount as notified by the bank.
- Upon payment, you will receive an acknowledgment letter from HDFC.
- On full settlement of the loan amount, HDFC issues a No-Objection Certificate or NOC and a No-Dues Certificate. The bank will also return the original property documents to the customer.
- After pre-payment, make sure that your CIBIL score has been updated.
You can easily get the home loan interest certificate from HDFC online by visiting https://www.hdfc.com/
- At the top-right of the homepage, click on ‘Existing Customer’.
- Select ‘For Home Loans’ from the dropdown menu and view all the services listed under it.
- Click on ‘Certificate of Interest’.
- Enter your account number and click ‘Submit’. Follow the instructions on the screen to initiate the processing of your HDFC home loan interest certificate.