HDFC Home Loan Interest Rate
HDFC Bank is one of the leading financial institutions in India that offers a wide range of home loan options to its customers at attractive interest rates. HDFC home loan interest rates are competitive and start at as low as 8.50% per annum for a maximum tenure of 30 years. Loans are available at both fixed and floating interest rates at HDFC Bank. A processing fee of 0.50% of the loan amount or Rs. 3,000 (whichever is more) is levied on the loan applicants as charges for processing their home loan applications.
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HDFC Home Loan Key Highlights
| Amount of Loan | Up to Rs. 10 crore |
|---|---|
| Rate of Interest | 8.50% p.a. onwards |
| Processing Fees |
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| Max Tenure for Loan Repayment | 30 years |
HDFC Home Loan Interest Rates in 2024
HDFC Bank offers competitive interest rates on its home loan products, starting at 8.50% per annum. The maximum tenure for loan repayment is also relatively flexible, going up to 30 years. The tables given below highlights the HDFC home loan interest rate 2023 for different categories of loan applicants.
| Loan Category | Rate of Interest on Home Loan |
|---|---|
| Applicants with a CIBIL score of 800 or higher | 8.50% p.a. |
| Other Applicants | 8.50% - 9.00% |
Standard Home Loan Rates of Interest for Salaried and Self-Employed Applicants
Retail Prime Lending Rate: 18.55%
| Loan Category | Rate of Interest on Home Loan |
|---|---|
| Applicants with a CIBIL score of 800 or highe | 8.50% p.a. |
| Other Applicants | 8.50% - 9.00% |
Rural Housing Loan Interest Rates
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loans | Policy Repo Rate + 2.25% - 2.90% = 8.75% - 9.40% |
Top-Up Loans Interest Rates
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| Top-Up for Existing Bank Customers (Outstanding Home Loan + Top-Up Loan) | Policy Repo Rate + 2.50% - 3.15% = 9.00% - 9.65% |
| All Loans (Balance Transfer + Top-Up Simultaneous Loan) | Policy Repo Rate + 2.25% - 2.90% = 8.75% - 9.40% |
Interest rates were last updated on 11th November 2023
HDFC Home Loan Interest Rates for All Schemes in India
HDFC offers a variety of housing plans and schemes to its loan applicants to meet their varied loan requirements. The table below highlights some of the key home plans offered by the bank and the standard rate of interest offered on each. The starting interest rate for HDFC home loans is 8.50% p.a. onwards.
| HDFC Home Loan Schemes | Rates of Interest for Each Plan |
|---|---|
| Home Loans | 8.50% - 9.40% p.a. |
| Plot Loans | 8.50% - 9.40% p.a. |
| Rural Housing Loans | 8.50% - 9.40% p.a. |
| NRI Home Loans | 8.50% - 9.40% p.a. |
HDFC Home Loan Interest Rates for Balance Transfer, Top Up, and Overdraft
HDFC Bank offers its customers three different types of privileges to make the facility of housing finance more comfortable for them. These are detailed as follows:
HDFC Home Loan Balance Transfer
HDFC Bank offers its customers three different types of privileges to make the facility of housing finance more comfortable for them. These are detailed as follows:
HDFC Home Loan Top Up
If you need a little extra help with financing some crucial expenses, such as higher education for your child or marriage, you can receive complete assistance from HDFC Home Loan Top Ups. This allows existing customers to apply for a top-up amount over and above the existing loan amount without the hassle and minimal need for new documentation. HDFC home loan top-up interest rate starts at 9.00% and goes up to 9.65% p.a. For all loan amounts, the interest rate ranges between 8.75% and 9.40% p.a.
HDFC Home Loan Overdraft Option
The bank's overdraft facility on home loans allows customers to use additional funds as and when required without the need to reapply for a fresh loan amount. The approval process for overdraft is prompt, and the procedure for availing extra funds is quite seamless. The interest rate for a home loan overdraft is based on the customer's CIBIL score as well as the exact loan amount requirement.
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Compare HDFC Home Loan Interest Rate with Top Banks
HDFC offers competitive interest rates on all its home loan products to its customers. Doing your homework before applying for a home loan facility with the bank is advisable. The table below enlists the interest rates and processing fees of other leading banks in India providing home loans to offer a comparative analysis with those offered by HDFC Home Loans.
| Bank/NBFC | Rate of Interest on Home Loan | Processing Fee |
|---|---|---|
| HDFC Home Loan | 8.50% p.a. onwards | Up to 0.50% of the loan amount / Rs. 3,000 (whichever is higher) + applicable taxes |
| Kotak Mahindra | 8.75% - 9.60% p.a. | 0.5% - 1.0% of loan amount + taxes |
| Axis Bank | 9.00% - 9.40% p.a. | Up to 1% of the loan amount |
| HSBC | 8.75% - 8.85% p.a. | Total 1% of approved loan amount or Rs. 10,000 (whichever is higher) |
| Standard Chartered | 8.75% p.a. onwards | 0.5% - 1% of the approved loan amount |
| ICICI Bank | 9.25% onwards | 0.50% of loan amount + applicable taxes |
HDFC Home Loan Balance Transfer Interest Rates
HDFC encourages customers of other banks and NBFCs to reduce their financial load by allowing them to transfer their outstanding balance on loan repayment from another bank to HDFC. The benefit: at HDFC, they can avail of lower interest rates on their existing loan amount, which in turn implies lower EMIs, thereby significantly easing off monthly financial burden on several customers.
HDFC balance transfer interest rates for salaried and self-employed individuals (both professionals and non-professionals) range between 8.75% and 9.40% per annum for all loans. The easiest way to apply for an HDFC balance transfer process is as follows:
- Go to the Repay Right section on the BASIC Home Loan website - Repay Right
- In the section, fill out the provided form with all your key details on the current outstanding loan amount, existing rate of interest per annum, new rate of interest per annum, existing loan repayment tenure, and existing EMI paid on the loan amount.
- Click on Next once you have entered the required details on the form.
- You can see your total savings with the HDFC Home Loan Balance Transfer option on the next page.
- Alternatively, you can get in touch with one of the team representatives of BASIC Home Loan, who can help maximize your savings with HDFC Balance Transfer on home loans.
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How to Calculate HDFC Home Loan Interest Rates?
The best and the easiest way to determine your interest rate payable on an HDFC home loan plan is to use the online home loan interest rate calculator that is conveniently available at EMI. Using this calculator would help you plan your monthly finances better as you figure out how much EMI you would be required to pay against your home loan amount with HDFC Bank. The table below provides a detailed estimate of the EMI payable and the interest rate on HDFC home loans so that you have a better picture before applying for one.
HDFC Home Loan EMI Calculator 2024
| Loan Amount | Rate of Interest | EMI for 10-Year Loan Tenure | EMI for 20-Year Loan Tenure | EMI for 30-Year Loan Tenure |
|---|---|---|---|---|
| Rs. 10 lakh | 8.5% p.a. | Rs. 12,399 | Rs. 8,678 | Rs. 7,689 |
| Rs. 20 lakh | 8.5% p.a. | Rs. 24,797 | Rs. 17,356 | Rs. 15,378 |
| Rs. 30 lakh | 8.5% p.a. | Rs. 37,196 | Rs. 26,035 | Rs. 23,067 |
| Rs. 40 lakh | 8.5% p.a. | Rs. 49,594 | Rs. 34,713 | Rs. 30,757 |
| Rs. 50 lakh | 8.5% p.a. | Rs. 61,993 | Rs. 43,391 | Rs. 38,446 |
| Rs. 60 lakh | 8.5% p.a. | Rs. 74,391 | Rs. 52,069 | Rs. 46,135 |
| Rs. 70 lakh | 8.5% p.a. | Rs. 86,790 | Rs. 60,748 | Rs. 53,824 |
| Rs. 80 lakh | 8.5% p.a. | Rs. 99,189 | Rs. 69,426 | Rs. 61,513 |
| Rs. 90 lakh | 8.5% p.a. | Rs. 1,11,587 | Rs. 78,104 | Rs. 69,202 |
| Rs. 1 crore | 8.5% p.a. | Rs. 1,23,986 | Rs. 86,782 | Rs. 76,891 |
The figures in the table above are based on an 8.50% p.a. interest rate offered by HDFC Bank. They may vary, however, based on the different interest rates offered by other banks, your monthly income, and other factors.
FAQ's
HDFC Home Loan offers competitive interest rates to its customers, starting at 8.50% per annum.
Yes, loans up to Rs. 30 lakhs may be provided by the bank at 90% of the property cost.
The conversion facility offered by HDFC enables customers to lower interest rates on existing loan amounts by either changing the repayment frequency or switching from their current home loan plan to another. On payment of a nominal fee, the bank allows customers to lower their EMIs or loan tenures.
HDFC's current interest rates on home loans start at 8.50% and go up to a maximum of 9.40% per annum.