If you are planning to take a home loan, chances are that you’re also considering HDFC Home Loan. Whether you’re looking for the best home loan interest rate in the market or some of the most valuable benefits available on home loans today, the HDFC Home Loans have got your back.
The lending institution has a wide range of home loans products to choose from and is known for offering competitive loan interest rates. They have a history of providing borrowers with financial security and peace of mind. This blog will cover all aspects of the credit score requirements, eligibility criteria, and the benefits of taking an HDFC home loan. In addition to this, we’ve also compiled a list of other lenders who provide competitive interest rates along with a comparison table that lists their rates against those offered by HDFC Home Loans. Let’s dive into it!
Overview of HDFC Home Loan
HDFC offers a range of home loans for borrowers to choose from, with loan amounts starting from ₹ 25 Lakhs and processing fees up to 0.50% of loan amount or Rs 3,000, whichever is higher.
Home loans offered by HDFC are available in terms of tenure, interest rate, and other features such as loan amount, processing fee, and EMI. They have many home loans such as interest-free tenure loans, affordable housing loans (for people with an income of up to 10 times the housing loan amount), EMI loans (for purchase of property), homeloan refinance, superfast loans (for dream homes), and home loan consolidation.
As a leading home finance institution in the country, HDFC provides home loans across various financial products and services. Thus, it has a strong foothold in the Indian financial market. Besides, its wide offerings make it one of the most preferred options for home loan borrowers across various segments
With a plethora of innovative products and secure lending practices, you can bank on HDFC for your home loan requirements.
Compare HDFC Home Loan Rates with Other Lenders
HDFC offers home loans with attractive interest rates for homebuyers. The interest rate offered by HDFC is 18.55% per annum, which is higher than the rates of other banks.
The home loans offered by HDFC are of the two-four-five loan tenure. These loans have a term of 20 years, 30 years, and 40 years, respectively. Besides, customers can also opt for tenures of 15 years and 20 years with a term of 25 years as well.
Recently, HDFC has provided a loan tenure of 85 years at an interest rate of 9.15%. Moreover, the loan amount available to you will depend on your loan tenure and loan amount requested by the bank.
Benefits of Choosing HDFC Home Loans
If you are looking for a home loan from a reputed financial institution, then HDFC is the best bet. It offers a range of home loans such as Superfast loans, Renovation loans, Loan against property and Refinancing loans. Besides, it provides low interest rates, the flexibility of repayment (Telescopic Repayment Option), and the ability to transfer existing loans from other banks/HFCs.
With its various home loan products, it promises hassle-free lending experience for borrowers. The bank provides EMI calculators on its website to ease the payment of loan amount by borrowers. Additionally, it offers minimal processing fees for salaried/self-employed professionals and agriculturists/self-employed non-professionals.
Also, if you are looking for a home loan with a reasonable rate of interest, HDFC can be your best bet.
Eligibility Criteria for HDFC Home Loan
To be eligible for an HDFC loan, borrowers must be between the ages of 24 to 60 years and a permanent resident of India. They must also have a minimum income of Rs 20 lakh per annum. Borrowers with a job can avail home loans with LTV ratio of 90% of the value of property purchased, provided they are employed in salaried or self-employed jobs. Processing fees for salaried/self-employed professionals is up to 0.50% of loan amount or Rs 3,000, whichever is higher, and for agriculturists/self-employed non-professionals is up to 1.50% of loan amount or Rs 4,500, whichever is higher.
In addition to these eligibility criteria, borrowers must also fulfill other lending requirements such as having a house as collateral and a valid bank account.
If you are looking for home loan options from an Indian lender, consider HDFC HomeLoan rates for women borrowers. You won’t regret it!
Are there any discounts available on HDFC home loans?
Unfortunately, there are no offers or discounts available on HDFC home loans at this time. However, you can check HDFC’s MCLR rate today and calculate your monthly payments. Additionally, you can look into pre-closure charges and other loan details to get an idea of the best loan option for you.
What are the different types of HDFC home loans?
HDFC offers a variety of home loans that can be of great help to you in securing the property of your dreams. Some of the loans that HDFC offers are:
1. Superfast loans: These are short-term loans that come with a fixed interest rate and a quick processing time.
2. Renovation or extension loans: These loans are perfect for people who want to renovate or extend their home. They come with a variety of loan options and flexible repayment terms.
3. Loan against property: If you own a property, you can use this loan to purchase another property or finance the purchase of land.
4. Affordable housing loans: These loans are ideal for people who want to invest in homes that are affordable and sustainable.
5. Home loan balance transfers: This is a great option if you’re looking to move from one property to another and don’t want to deal with the hassle of arranging new mortgages. HDFC offers up to 30 years loan tenure for Telescopic Repayment Option under Adjustable Rate Home Loan and up to 20 years for other home loans.
6. Processing fees for salaried/self-employed professionals is up to 0.50% of loan amount or Rs 3,000, whichever is higher
What are the eligibility criteria for HDFC home loans?
The eligibility criteria for HDFC home loans includes the following:
– Applicants must purchase a property within 6 months from the date of loan sanction.
– The loan amount (LTV ratio) for Telescopic Repayment Option under Adjustable Rate Home Loan- Up to 30 years, For all other home loans- Up to 20 years.
When it comes to home loans, HDFC stands out for offering a wide range of housing loans across various geographical regions. The interest rates offered by the bank are also comparatively lower when compared to other banks. Besides, the home loan applications are dealt with in a hassle-free manner. All that a borrower needs is a valid email address and an Aadhaar card to get approved for the loan. Outlining the eligibility criteria for the loan, we further explain how you can get this home loan today. You can compare loans from various banks on www.thrloancomparison.com