HDFC Bank Home Loan Interest Rates
Updated on: Jun 7th, 2024
|
4 min read
HDFC Bank presents a convenient way to fulfil your dream of owning a house with HDFC Bank home loan. Considering the falling property prices, it looks like the right time to purchase a house for yourself. The location, budget, and many other charges like stamp duty, registration charges, etc., must be considered before going ahead with your plan.
In this article, we will cover all possible questions related to HDFC Bank Home Loan.
Interest rates of HDFC Bank home loans Top home loan schemes of HDFC Bank
| Home Loan | Individuals can purchase a new or an existing home or can even construct a house by applying for a loan under this scheme. |
| Home Improvement Loan (HIL) | This scheme facilitates internal and external repairs and other structural improvements, such as painting, waterproofing, roofing, plumbing, electrical works, etc. |
| Home Extension Loan (HEL) | You can apply for a loan under this scheme if you want to add more space to your existing home for giving comfort to your growing family. |
| Special Home Loan Scheme for Agriculturists | Farmers can buy or construct houses/apartments in several cities/towns or residential areas of villages of their choice under the scheme. The eligibility is based on the agricultural land they own and the crops being cultivated. The farmland is not taken for a mortgage. |
| Rural Housing Finance for Salaried and Self Employed | This scheme offers home loans for government and private sector employees to buy rural properties in residential areas. NRIs can also avail loan under the scheme to purchase rural properties. |
Interest rates of HDFC Bank home loans
The interest rates given below are effective from 11 January 2021 and start from 6.80% p.a.
Credit Score
| Interest Rates for Salaried/Self-Employed Professionals (% p.a.)*
| Interest Rates for Self-Employed Applicants (% p.a.)*
|
|---|---|---|
730 and above
| 6.80 to 7.30
| 6.80 to 7.30
|
700 up to 729
| 6.95 to 7.45
| 6.95 to 7.45
|
Adjustable Rate Home Loan Scheme (Home/HIL/HEL/Refinance/Plat Loans)
| ||
Loan amount of up to Rs.30 lakh
| Women – 6.95 to 7.45
Others – 7.00 to 7.50
| Women – 6.95 to 7.45
Others – 7.00 to 7.50
|
Loan amount of Rs.30,01,000 up to Rs.75 lakh
| Women – 7.20 to 7.70
Others – 7.25 to 7.75
| Women – 7.20 to 7.70
Others – 7.25 to 7.75
|
Loan amount of Rs.75,01,000 and above
| Women – 7.30 to 7.80
Others – 7.35 to 7.85
| Women – 7.30 to 7.80
Others – 7.35 to 7.85
|
TRU-Fixed Loans (2 years)
Home/HIL/HEL/Refinance/Plot Loans
| ||
Loan amount of up to Rs.30 lakh
| Women – 7.40 to 7.90
Others – 7.45 to 7.95
| Women – 7.40 to 7.90
Others – 7.45 to 7.95
|
Loan amount of Rs.30,01,000 up to Rs.75 lakh
| Women – 7.55 to 8.05
Others – 7.60 to 8.10
| Women – 7.55 to 8.05
Others – 7.60 to 8.10
|
Loan amount of Rs.75,01,000 and above
| Women – 7.65 to 8.15
Others – 7.70 to 8.20
| Women – 7.65 to 8.15
Others – 7.70 to 8.20
|
Top-up Loans
| ||
For existing customers
| 8.30 to 8.80
| |
Top-up with Balance Transfer facility
| Same as home loan slabs
| |
Features and benefits of HDFC Bank home loan
- Easy and transparent process; no hidden charges.
- Pre-approval of home loan available.
- Free and safe document storage.
- Competitive interest rates.
- Variety of loan options, such as home loan, home improvement loan (HIL), home extension loan (HEL).
- Set standing instructions with the bank to directly repay your home loan monthly instalments from your HDFC Bank savings account.
- Different offerings for people, such as agriculturists, planters, horticulturists, dairy farmers.
- Flexible loan repayment options available.
Who are eligible for HDFC Bank home loans
- Resident and non-resident Indians
- Individuals
- Women applicants get a concessioned rate
- Salaried and self-employed individuals
- Agriculturists
- Planters
- Horticulturists
- Dairy Farmers
| Agriculturists | Salaried Customers | Businessmen – Professionals |
| Application form with photograph | Application form with photograph | Application form with photograph |
| Identity and Residence proof | Identity and residence proof | Identity and residence proof |
| Last 6 months bank statements | Last 6 months bank statements | Last 6 months bank statements |
| Processing fee cheque | Processing fee cheque | Processing fee cheque |
| Income Documents | ||
| Copies of Title Documents of Agricultural Land depicting Landholding | Latest salary slip | Educational qualifications certificate and proof of business |
| Copies of Title Documents of Agricultural Land depicting crops being cultivated | Form 16 | Business profile and previous 3 years income tax returns (self and business) |
| Statement of previous 2 years of loans availed | Previous 3 years profit/loss and balance sheet |
Fees and charges
A processing fee is charged up to 0.50% of the loan amount or Rs.3,000, whichever is higher. The applicable taxes are excluded from the above criteria. There may be other fees and charges associated.
Home loan EMI calculator
The loan amount is usually high and is generally taken for a longer tenure upon which a rate of interest is levied. An important tool like home loan EMI calculator is, therefore, much needed to help you evaluate and plan your budget.
Frequently Asked Questions (FAQs)
How can I get a pre-approved loan before selecting the property?
Your eligibility for getting a home loan and the estimate on loan amount is provided based on your current monthly net income and the actual EMIs you have been currently paying. You will get an estimate on how much loan amount you are eligible for.
Based on this estimate, you may select a property within the range of the loan amount. The actual loan amount may then be decided based on other factors, such as the property location, current market value, future value, and more.
How are the interest rates differentiated among salaried and self-employed applicants?
As of now, the interest rates have been the same both for salaried and self-employed applicants. However, the rates are subject to change from time to time, based on several factors.
What concession do women applicants get on a home loan?
Women applicants are provided with a concession of up to 0.05% on a home loan. Though it may seem a very small share, it makes a difference when considering the home loan’s overall cost.
Is there a specific credit score range for which home loans are offered?
The bank has mentioned on its official website that those with a credit score of 700 and above get an interest rate of 6.80% p.a.-7.45% p.a. However, you can still approach the bank with your credit score even if it does not fall in the specified range. The bank may make a favourable offer based on your credit score, income, and other factors.
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Quick Summary
HDFC Bank offers various home loan schemes, interest rates, eligibility criteria, features, and benefits. It provides loans for buying, building homes, agriculturalists, NRIs, etc. Different schemes cater to diverse needs with varying interest rates. HDFC Bank offers easy process, competitive rates, and pre-approval for home loans.
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