HDFC Bank, one of India’s leading financial institutions, offers easy-to-access home loans. These loans come with low interest rates and long repayment tenures. You can get an HDFC Bank Home Loan by visiting a nearby branch office or applying online. There are several other benefits and features of a home loan from HDFC Bank that you should know about.
HDFC Bank caters to diverse home loan requirements. Some scenarios where getting an HDFC Bank Home Loan can be helpful are as follows:
- Buy Your Dream Home: An HDFC Bank Home Loan enables you to buy a new home or resale property. The loan makes it possible for you to spread a majority of the property’s cost over a long tenure.
- Renovate or Extend Your Property: You can use the loan amount to modify your home to your tastes. Build additional rooms or change the layout of your home with this loan.
- Build Your Own Home: Use the loan amount to buy land and construct your own home. This enables you to build a home as per your needs and preferences.
- Meet Additional Requirements: Get a top-up loan on your HDFC Bank Home Loan to fulfil unforeseen housing expenses. This amount can be used to pay for additional renovation and repair costs.
Features and Benefits
Here are several advantages that you can enjoy by opting for an HDFC Bank Home Loan:
- Wide Range: Get home loans, balance transfer facility, top-up loans, plot loans, NRI loans, and so on
- Competitive Interest Rates: Save money on your loan with interest rates starting from just 9.40% p.a.
- Flexible Repayment Options: Choose from EMI payments, overdraft facility, or step-up repayments. This enables you to repay the loan at your convenience.
- Pre-approval Advantage: Existing customers of HDFC Bank can get customised pre-approved loan offers
- Flexible Tenure: Repay the loan over a flexible tenure of up to 30 years
- High Loan Amount: Borrow amounts of up to 90% of your property’s value
- Tax Benefits: Get tax deductions on interest and principal repayments. These are subject to provisions under the Income Tax Act of 1961.
Eligibility Criteria
To qualify for an HDFC Bank Home Loan, you’ll need to meet specific eligibility criteria. These generally include:
- Age Requirements: 18 to 70 years
- Employment Status: Salaried individuals, self-employed individuals, or professionals
- Nationality: Indian
Documents Required
For a smooth application process, ensure you have the necessary documents readily available. These usually include:
- KYC documents: These include your proof of identity, address, and age
- Income proof: Salaried individuals can submit their salary slips. Meanwhile, self-employed individuals are usually required to submit their latest income tax returns.
- Property documents: This includes the sale agreement and allotment letter
- Bank statements
Alongside this, you may also be asked to furnish additional documents. Ensure to check the complete list of requirements with HDFC Bank, before applying.
Applying for Your Home Loan
There are multiple convenient ways to apply for an HDFC Bank Home Loan:
- Online Application: Submit your application on the HDFC Bank website. This helps you save time and effort.
- Visit a Branch: Dedicated loan specialists at the branch office will guide you through the process
- Call Center: Connect with a customer service representative via phone. They will assist you in the application process and resolve any doubts that you may have.
HDFC Bank empowers you to unlock the doors to your dream home. It offers diverse home loan options, competitive interest rates, and simple application process. Plan your finances, select the right loan product, and understand the eligibility criteria.
