HDFC Bank offers a comprehensive range of home loan products to meet the diverse needs of customers. Whether purchasing a new property, transferring an existing loan, or renovating a current residence, HDFC provides competitive interest rates and flexible terms. This guide will outline key aspects of HDFC Bank home loans, including interest rates, loan schemes, eligibility criteria, and how to apply.

Interest Rates on HDFC Bank Home Loans

HDFC Ltd. offers home loans with rates beginning at 8.20% p.a. for terms up to 30 years, with loan amounts up to Rs. 10 crores. Additionally, HDFC offers a home balance transfer service for borrowers seeking lower rates.

Interest Rate Table for 2024

• For Salaried and Self-Employed:
• Loan Amount Up to Rs. 30 lakh: 9.00% - 9.50%
• Rs. 30.01 lakh to Rs. 75 lakh: 9.25% - 9.75%
• Above Rs. 75.01 lakh: 9.35% - 9.85%
• For Women:
• Loan Amount Up to Rs. 30 lakh: 8.95% - 9.45%
• Rs. 30.01 lakh to Rs. 75 lakh: 9.20% - 9.70%
• Above Rs. 75.01 lakh: 9.30% - 9.80%

Variety of HDFC Home Loan Schemes

• Housing Loans: For purchasing/constructing homes in private developer-approved projects or on various plots.
• Reach Home Loan: For micro-entrepreneurs/salaried individuals with limited income documentation.
• Balance Transfer Scheme: Transfer existing loans from other banks to HDFC for lower rates.
• Rural Housing Loans: Aimed at agriculturists and rural homeowners.
• Plot Loans: Financing purchase of plots.
• Extension Loans: For adding space to existing homes.
• Top-Up Loans: Additional loan on top of existing home loans.
• PMAY: Offers interest subsidies for economically weaker sections.

Benefits of Choosing HDFC Home Loans

• Special Programs: Includes exclusive schemes for Indian Army personnel.
• Range of Loan Options: Various loan sizes, including affordable housing.
• Low Processing Fees: Starting at Rs 3,000.
• Fast Approval: Quick processing with provisional approval for six months.
• Customer Service: Doorstep service for added convenience.
• Minimal Documentation: Clear terms with simple requirements.

Processing Fees

• Salaried/Self-employed Professionals: Up to 0.50% or Rs 3,000.
• Self-employed Non-Professionals: Up to 1.50% or Rs 4,500.
• Reach Loan: Up to 2% for both salaried and self-employed.

How to Apply for HDFC Home Loan

• Online: Apply via the official HDFC Bank website by filling out the form.
• Offline: Visit an HDFC branch with necessary documents and fill out the form in person.

Required Documents for Application

• Salaried Individuals: Salary slips, ITR, and bank statements.
• Self-Employed: ITR, current account statements, balance sheet, and P/L statement.

Eligibility for HDFC Home Loans

• Age: 21-65 years
• Profession: Professionals and self-employed non-professionals
• Nationality: Indian residents

Conclusion

HDFC Bank offers diverse home loans tailored to various needs. With competitive rates and flexible terms, homeownership is achievable with ease through HDFC's smooth application process and excellent customer service.