HDFC Home Loan is by far a behemoth when it comes to housing finance in India. With its low interest rates and customized solutions, you can be rest assured that your home loan requirements will be aptly sufficed. So, make the most of this guide to acquire holistic information about HDFC Home Loan.
What are you looking for
- Top-Up Loans
- Home Loan
- Balance Transfer Home Loan
Why HDFC Bank –
HDFC Bank Home Loan has all the elements that a home loan borrower looks for in a bank such as – affordable interest rates, ease of application, flexible tenure, expansive set of features, and prompt customer support. The home loan offered by HDFC Bank is 5 bps lower than the standard home loan rate as per their ‘Women Power’ scheme. As per this scheme, the rate of interest offered will be 9.85% p.a. Not only for this particular scheme, overall the HDFC Bank home loan interest rates are quite competitive as compared to what other banks are offering.
In addition, HDFC Bank also offers short-term bridging loans for both salaried and self-employed individuals. Things you should know –
- HDFC Bank bridge loan fulfills the requirement of immediate funds required to purchase a new home while waiting for the sale of your current home.
- You can make the repayments via monthly instalments of simple interest with lump sum principal repayment at the term’s end.
- Easy and hassle-free documentation.
- Integrated branch network helping you to avail and service the loan anywhere in India.
In addition, honoring the people employed in Indian Army, the bank has a special arrangement with AGIF for home loans.
Whether you are a salaried individual or self-employed, HDFC Bank has a loan for you. Let us discuss in detail –
Salaried Individuals
Irrespective of being a government employee or a private employee, you can apply for HDFC Bank Home Loan. As a home loan seeker, you can apply for a home loan either jointly or individually. It is important that the proposed property owners are co-applicants. Generally, co-applicants are family members. Having said that, it is not mandatory that the co-applicants should be co-owners. The maximum repayment term of the loan for the salaried individuals is 20 years.
Features and Benefits –
- You can acquire a home loan for an already built flat, bungalow, or a row house from private developers in approved projects and also for properties from Development Authorities such as – MHADA, DDA, etc.
- Smooth and hassle-free processing.
- Counseling and advisory services for acquiring a property.
- Loan approval even before the property is finalized.
- Flexible repayment options.
- Free and safe document storage.
- Exclusive offers for farmers, horticulturalists, NRIs, defense personnel, etc.
Maximum Loan Amount –
| Loan Amount | Maximum Funding |
| Up to and including Rs. 30 Lakhs | 90% of the property cost |
| Rs. 30 Lakhs to Rs. 75 Lakhs | 80% of the property cost |
| Above Rs. 75 Lakhs | 75% of the property cost |
Interest rate –
For salaried individuals –
| Borrowers | Home Loan Amount | Rate of Interest |
| Women | Upto 30 Lacs | 8.35% |
| Others | Upto 30 Lacs | 8.40% |
| All Categories | Above 30 lacs to 75 lacs | 8.50% |
| All Categories | Above 75 lacs | 8.55% |
Types of Home Loans for salaried individuals –
- TruFixed Home Loan – As per this home loan scheme, this is a loan under which you will be offered a loan amount on a part fixed rate term and part adjustable rate term. As per this type of home loan, you can avail a fixed ROI for 2, 3, or 10 years. Once the tenure is over, the loan will automatically turn into an adjustable rate loan for a total tenure of 20 years.
- Adjustable Rate of Home Loan – This type of HDFC Bank home loan is associated with RPLR (Retail Prime Lending Rate). If there is a change in the RPLR, then it will bring on emendation of the rate of interest on the loan every 3 months. In case, the interest rates increase, the interest component that is a part of EMI that you pay will also increase when the interest rate has reduced. This will also reduce the principal component and will lead to the extension of the loan term.
Eligibility –
In order to be eligible for HDFC Bank Home Loan, you should have repayment capacity for the loan on the basis of following criteria –
Age – Your age plays a pivotal role in deciding the eligibility for a home loan. Lower your age, higher will be the term available for you to repay the loan and therefore higher home loan amount eligibility. At the onset of home loan, your minimum age should be 24. HDFC Bank offers home loans for a maximum period of 60 years for the salaried individuals.
Monthly Income – Your monthly income (after all the deductions including – gratuity, PF, and ESI) will make out your home loan servicing capacity. It helps in determining how much home loan EMI you will be able to pay once you have met your day to day expenses.
Nature of employment – HDFC Bank will check whether you are a salaried individual or self-employed, your company and the sector in which you are working will also be taken into consideration. Then your job experience will also be checked in order to measure your job & income stability. If you are a salaried individual, then you need to have a minimum income history and job stability of one year.
Value of Property – HDFC Bank will not be financing the complete value of the property. The maximum home loan eligibility will depend on the value of the property as shown below –
| Property Value | LTV |
| Less than 30 Lakhs | 90% |
| Between 30 lakh and 75 lakh | 80% |
| Above 75 lakh | 75% |
- Co-applicant – If you add a co-applicant, it significantly rises your eligibility for your home loan as it boosts your repayment capability. It is important that the co-borrower has a good CIBIL record, low obligation, and good income.
- Property Documents – Make sure that your property’s legal documents are satisfactory enough and they should also be cleared from the legal team of HDFC Bank.
CIBIL Score – Your credit behavior and track record from your past lenders and credit card providers gets registered in your CIBIL score. Bank usually use this to measure your past credit behavior and therefore, your CIBIL score is of great importance when it comes to defining your eligibility to get a home loan.
While checking the eligibility of your home loan, HDFC Bank will have a thorough look at your CIBIL report, which also includes your past running loans and the payment track of the loans along with credit cards. With high credit score, you get to increase the odds of getting an approval for your loan application. You need to have a minimum credit score of 650 in order to be eligible for a home loan.
FOIR (Fixed Obligation to Income Ratio) – This is a key parameter used by the bank to make out your home loan eligibility. While making an estimation of your eligibility, the bank considers all your fixed obligations such as EMIs or rent. In order to be eligible for HDFC home loan, the minimum FOIR you should have is 0.50.
After knowing the eligibility of your home loan, you can also calculate your home loan eligibility with the help of an eligibility calculator. But, before you go ahead and calculate your eligibility, it pays to know how you can enhance your eligibility for a home loan. Here is how –
- Avail a structured repayment plan.
- Make one of your earning family members as your co-applicant.
- Make sure you have a constant income flow, investments, and regular savings.
- Keep a record of variable salary components.
- Rectify errors (if any) in your credit score.
- Timely repayment of existing loans and short-term debts.
Gross Monthly Income Loan Term ROI
Rs – ? Years – ? % – ?
Other EMIs
Rs – ?
Products of HDFC Bank House Loan–
HDFC Bank offers a wide variety of home loans to suit the needs and requirements of all. This really gives you the flexibility of choosing a home loan as per your purpose. Let us get to know them in detail –
HDFC Bank home loan – This loan is offered to all those individuals who are looking to purchase or construct a house. If you are buying a house, then it can both a newly constructed one or preoccupied one. You, as a customer, can avail the home solely on your name or under the name of two people jointly.
Pre-approved Home Loan – This loan is offered by HDFC Bank to all those individuals who have not finalized a property but they need a home loan approval letter in order to evaluate their budget and also to negotiate better.
Key Factors –
- A pre-approved loan is solely given on the basis of your repayment capability. You should identify a property well within the validity period of the loan and the property should also meet the technical & legal requirements of the lender, all this will play a major role in the disbursement of the home loan amount.
- A pre-approved loan is valid only for a short duration i.e. 6 months. Make sure you have finalized the property within the validity period.
- The terms of the pre-approved loan can be changed in the later stages. Final loan terms are decided at the time of loan disbursement. For instance – by the time you finalize a property, the interest rate might have undergone a change, subsequently the loan terms will also change accordingly.
Benefits –
- Effective property search – When you are well-aware of your finances – your home loan eligibility and the amount you are capable of arranging; you will have a budget in hand to make a purchase.
- Quick Processing – Generally, the pre-approval stage will include the evaluation of the income documents. While before the home loan amount is disbursed, the documents related to the property are verified by the lender. As the lenders finish the credit appraisal in advance, the turnaround time on the whole loan process is reduced. Quick processing of the loan will come handy in easy purchasing of your dream property.
- Negotiations with the seller – When you have a pre-approved loan offer, you will be in a better position to put your bargaining skills to test with the developer. You will be considered as a serious buyer, in addition you will also be given preference and attractive discounts will be offered.
NRI Home Loan – Irrespective of where you live in the world, owning a home in India is made simpler with HDFC Bank NRI Home Loan. You can get your dream house at lucrative prices, flexible payment options, and minimal documentation.
Types –
- TruFixed Plus Home Loan – As per this type of housing loan, you get to enjoy the flexibility of part fixed and part flexible rate term. You can avail a fixed rate for a maximum term of 2 years and after that the loan will automatically alter to adjustable rate to a total of 20 years.
- TruFixed Plus Home Loan – This one offers you the flexibility of having a fixed rate for a term period and flexible rate of the remaining term. You can avail a fixed rate for up to 3 years and flexible rate after that period for up to 20 years.
- Adjustable Rate – Associated to Retail Prime Lending Rate of HDFC Bank, the interest rate will undergo a revision once in 3 months. The revision of the interest rate will be on the basis of first disbursement with or without a change in EMI.
Loan Amount –
Loan amount up to Rs. 75 Lakhs, 80% of the property cost is offered as loan and for loan amounts more than Rs. 75 Lakh, 75% of the property cost will be offered as funding. However, the amount will be based on both the market value of the property and your repayment capacity.
Eligibility – You can avail this loan if you are a citizen of India but you are residing overseas. You might stay abroad for varied reasons namely – education, business, vocation, employment, etc. The eligibility criteria for NRI Home Loans comprise of – income per annum, your age, and the time period for which you have stayed abroad. On the basis of loan tenure, the annual income criteria will also differ.
Documentation – The documents required tend to differ as per your income source, country of residence, and employment. During the application process, you will be asked to submit the following documents –
- Duly filled application form with photograph.
- Xerox copy of the Employment Contract or Labor Contract signed by the employer.
- Latest salary certificate mentioning the following information –
- Name (as mentioned in your passport).
- Date of joining.
- Passport number.
- Designation.
- Perks and salary.
- Xerox copy of Identity Card/Labor Card.
- Xerox copy of latest work permit.
- Xerox copy of valid resident visa stamped on the passport.
- Overseas Bank Account and NRO/NRE statement of the last 6 months.
- Continuous Discharge Certificate (CDC) – if applicable.
- Latest Credit Bureau Report (this is applicable to all those customers who are living in nations where credit bureaus exist such as United Kingdom, United States of America, etc.).
- Property-related documents.
- Processing fee cheque.
Interest Rates – For salaried individuals, the interest rates are as follows –
RPLR is 16.15%
| Loan Slab | Interest Rate (% p.a.) |
| For women (upto 75 Lakhs) | 8.35 to 8.85 |
| For others (up to 75 Lakhs) | 8.40 to 8.90 |
| For women (above 75 Lakhs) | 8.40 to 8.90 |
| For others (above 75 Lakhs) | 8.45 to 8.90 |
The above-discussed rate of interest is applicable for the loans under Adjustable Rate Home Loan Scheme of HDFC Bank and it may undergo a change at the time of payment. The rates are associated with HDFC’s RPLR (Retail Prime Lending Rate) and are fluctuating in nature.
TruFixed Loan – 2 Year Fixed Rate Variant
RPLR is 16.15%
| Loan Slab | Interest Rates (% p.a.) |
| For women (upto 75 Lakhs) | 8.35 to 8.85 |
| For others (up to 75 Lakhs) | 8.40 to 8.90 |
| For women (above 75 Lakhs) | 8.40 to 8.90 |
| For others (above 75 Lakhs) | 8.45 to 8.90 |
Repayment Options –
Tranche based EMI –
In case you buy an under-construction property, you will only have to pay just the interest on the loan amount drawn till the time final disbursement of the loan has been made and pay the EMIs thereafter. If you wish to make the principal payment immediately, you may choose to tranche the loan and pay the EMIs on the aggregate amounts disbursed.
Documentation –
In order to acquire HDFC Bank House Loan, you need to submit following documents that will confirm your identity, address, location, occupation, salary and various other important details.
- Duly filled application form with one photograph.
- For identity and address proof, you need to submit – Aadhar Card, Voter’s ID, Driving License, PAN Card, passport, etc.
- For income proof, you need to submit – bank statements of last six months, Form-6, IT returns, and last three months of salary slips, etc.
- You need to submit copies of buyer agreement or allotment letter, or the receipts of payments made to the developer.
Home Improvement Loan– HDFC Bank sanctions loan for home improvement reasons. If you want to refurbish your home or make improvements as per your changing tastes and trends, then home improvement loans offered by HDFC Bank will suffice your needs.
Key Features –
- Home improvement loans can help your home in varied ways such as – flooring & tiling, painting, internal & external plaster, etc.
- Loans are available for both existing and new customers.
- Easy repayment facility through monthly instalments.
- Minimal documentation.
- Loan payment can be spread out over a maximum term of 15 years.
Loan Amount –
Existing Customers –
| Loan Amount | Maximum Funding |
| Up to Rs. 30 Lakhs | Upto 100% of the improvement approximation, subject to a condition that the loan or total exposure not more than 90% of market value of the property as valued by the bank. |
| Rs. 30 Lakhs – Rs. 75 Lakhs | Upto 100% of the improvement approximation. However, the loan amount and the overall exposure is limited to 80% of market value of the property as valued by the bank. |
| Above Rs. 75 Lakhs | Upto 100% of the improvement approximation with a condition that the overall exposure or the loan should not be more than 75% of market value of the property as valued by the bank. |
New Customers –
| Loan Amount | Maximum Funding |
| Up to and including Rs. 30 Lakhs | 90% of the improvement estimate |
| Rs. 30 Lakhs to Rs. 75 Lakhs | 80% of the improvement estimate |
| Above Rs. 75 Lakhs | 75% of the improvement estimate |
Eligibility –
- You can apply for Home Improvement Loans if you are a salaried individual, self-employed individual, or sole or joint owners.
- Your minimum age should be 21 years and less than 65 years.
- You should be earning Rs. 20,000 per month.
Interest Rates –
Adjustable rate of interest
| Loan Quantum | Interest Rate | RPLR minus spread |
| For women (any loan amount) | 9.10 to 9.60 p.a. | RPLR – (6.70 – 7.20) |
| Any Loan Amount | 9.15 to 9.65 p.a. | RPLR – (6.65 – 7.15) |
TruFixed Loan Rate of 2/3 years fixed rate variants
| Loan Quantum | Interest rates for first 2&3 year fixed rate term | Floating rates |
| For women (any loan amount) | 9.15 to 9.75 p.a. | RPLR – (6.70 – 7.20) |
| Any Loan Amount | 9.20 to 9.80 p.a. | RPLR – (6.50 – 7.10) |
TruFixed Loan -10 years fixed rate variants
| Loan Quantum | Interest Rates for first 2& 3 year fixed rate | Floating rate after fixed rate term |
| For women (any loan amount) | 9.70 to 10.20 p.a. | RPLR – (6.10 – 6.60) |
| Any Loan Amount | 9.75 to 10.25 p.a. | RPLR – (6.05 – 6.55) |
Documents – In order to acquire a HDFC Bank home improvement loan, you will have to submit the following documents –
- Identity and Resident Proofs – Passport, ID Card, Driving Licence, and Aadhar Card.
- Income Proof – Salary Slip of last 3 months, 6-month bank statement having credit of salary, income tax returns, and latest Form-16.
- Other Documents – Appointment letter or employment contract if you have haven’t completed one year in your current employment, last 6-months bank statement stating repayment of any current loans, passport size photographs of all the applicants and co-applicants should be affixed on the dully filled application form, and processing fee cheque favoring the bank.
- Documents related to home improvement or property – copy of buyer agreement/allotment letter, a cost estimate report made by the architect/civil engineer.
Home Extension Loan – This type of loan helps in funding your needs to expand your dream house. When it comes to expansion, it may include – new rooms, making changes to the existing balcony, aesthetic improvements, etc.
Key Features –
- This loan can be availed by both new and existing customers.
- Easy repayment options and EMIs.
- The interest rates are same as the home loan interest rates.
- Hassle-free documentation process.
- You have the provision of spreading out your payments for the loan over a maximum term of 20 years.
Loan Amount –
| Loan Amount | Maximum Funding |
| Up to and including Rs. 30 Lakhs | 90% of the construction estimate |
| Rs. 30 Lakhs to Rs. 75 Lakhs | 80% of the construction estimate |
| Above Rs. 75 Lakhs | 75% of the construction estimate |
Eligibility –
- You can apply for home extension loan if you are salaried, self-employed, NRIs, and individual of Indian origin.
- All those individuals who are looking to expand their house for providing comfort to the family members.
- You can also apply individually or jointly.
- Home Extension Loan is available at the age of 24 to 65 years.
Interest Rates –
| Loan Rates | Loan Slab | Interest Rate | RPLR minus Spread |
| Adjustable Loan rates | Any loan amount | 9.50-10 | RPLR- 6.80 to 6.30 |
| TruFixed Loan for 2& 3 years | Any loan amount | 9.50-10 | RPLR- 6.80 to 6.30 |
| TruFixed Loan for 10 years | Any loan amount | 9.70-10.25 | RPLR- 6.60 to 6.10 |
Documents –
- Address Proof and ID documents for KYC verification – Passport, Voter ID, Driving license, and Adhaar Card.
- Documents for income proof – PAN Card, income tax return plus latest Form-16 documents, salary slips for the latest 3 months, and bank statements for the latest 6 months having salary credits.
- Other documents – Appointment letter/employment contract if the existing employment is less than one year, proof of own contribution, and processing fee cheque favoring the bank.
Types –
Here are different types of HDFC home extension loans –
- Adjustable Rate Loan – Your home extension loan is directly associated with RPLR of HDFC Bank. With the change in the RPLR rate, your loan’s interest rate also gets changed once in three months. In case, there is a rise in the ROI, the interest component, part of your EMI you pay, will also increase when the loan’s ROI comes down. This will also lead to the extension of the loan as the principal component will reduce.
- TruFixed Plus Loan (two year fixed rate variant) – As per this loan, you are offered both a fixed rate term and a variable rate term in parts. You can go for a fixed interest rate structure for a maximum term of 2 years, afterwards the loan automatically converts into a variable rate of interest.
- TruFixed Plus Loan (three year fixed rate variant) – This one is pretty much the same as the one discussed above. You can go for a fixed interest rate structure for a maximum term of 3 years, afterwards the loan automatically converts into a variable rate of interest.
Home Loan Balance Transfer – Are you fed up of paying high monthly instalments for your existing home loan? Well, you can easily avail a higher loan amount and also make significant savings on interest, all you need is to transfer your existing home loan to HDFC Bank. This will help you in saving more by reducing both your EMIs and interest rates.
Key Features –
- Get top up loan – When you transfer your existing home loan from a bank or a financial institution, HDFC Bank will offer you a top up loan of up Rs. 35 Lakhs.
- Flexible repayment options – HDFC offers different repayment options to suit your varied needs. The repayment options offered by the bank are – SURF (Step Up Repayment Facility), FLIP (Flexible Loan Instalment Plan), Tranche based EMI, Accelerated repayment scheme, and Telescopic Repayment Plan.
- Accessibility – Using the bank’s integrated branch network, you can service the loan from anywhere in India.
- Exclusive Offers – There is special arrangement with AGIF for home loans for all those who are employed in Indian Army.
Loan Amount –
| Loan Amount | Maximum Funding |
| Up to and including Rs. 30 Lakhs | 90% of the property cost |
| Rs 30 Lakhs to Rs. 75 Lakhs | 80% of the property cost |
| Above Rs. 75 Lakhs | 75% of the property cost |
Salient Features –
- Expert counseling to make the right home buying decision.
- Quick and instant free home loan process.
- Doorstep assistance.
- Customized repayment options.
Eligibility –
- Your age should be between 21-60 years.
- You should be having a minimum of 2 years of work experience with at least 1 year completed with one employer.
- You should earn a minimum of Rs. 12,000 pm and your net income should be Rs. 15,000 if you are located in Delhi, Bangalore, Mumbai, Cochin, Calcutta, and Mumbai.
- You can apply for a loan jointly or individually. All proposed property owners have to be co-applicants. However, it is not mandatory the co-applicants to be co-owners.
Documents –
- Identity Proof – Voter ID, Passport, or driving license.
- Address Proof – Telephone Bill, Rental Agreement, Ration Card, or Electricity Bill.
- Latest salary slips.
- Latest three month’s bank statement.
Rate of Interest –
RPLR – 16.15%
| Loan Slab | Interest Rates (% p.a.) |
| For Women (upto 75 Lakhs) | 8.35 to 8.85 |
| For Others (upto 75 Lakhs) | 8.40 to 8.90 |
| For Women (above 75 Lakhs) | 8.40 to 8.90 |
| For Others (above 75 Lakhs) | 8.45 to 8.95 |
TruFixed Loan – 2 Year Fixed Variant
RPLR – 16.15%
| Loan Slab | Interest Rates (% p.a.) |
| For Women (upto 75 Lakhs) | 8.35 to 8.85 |
| For Others (upto 75 Lakhs) | 8.40 to 8.90 |
| For Women (above 75 Lakhs) | 8.40 to 8.90 |
| For Others (above 75 Lakhs) | 8.45 to 8.95 |
Self-Employed Individuals
If you are a self-employed individual, HDFC Bank aptly caters to your home loan requirement. So, whether you are a doctor, lawyer, architect, chartered accountant, engineer, company secretary, you can still have a home where you get to celebrate your joys and relish the journey called life.
Products of HDFC Bank House Loan –
Home Loan –
The dream of owning your own home stays the same for both salaried and self-employed individuals. Owing to this, HDFC Bank offers a home loan for both the sections.
Salient Features –
- You can avail a home loan for a pre-built flat, bungalow, or a row house from private developers in approved projects and also for properties from Development Authorities such as – MHADA, DDA, etc.
- Doorstep assistance.
- Attractive interest rates making your home loan affordable.
- Customized repayment options.
- Proficient legal & technical counseling.
- Innovative home loan schemes.
Loan Amount –
| Loan Amount | Maximum Funding |
| Up to and including Rs. 30 Lakhs | 90% of the property cost |
| Rs. 30 Lakhs to Rs. 75 Lakhs | 80% of the property cost |
| Above Rs. 75 Lakhs | 75% of the property cost |
Interest Rates –
RPLR – 16.15%
| Loan Slab | Interest Rates (% p.a.) |
| For Women (upto 75 Lakhs) | 8.35 to 8.85 |
| For others (upto 75 Lakhs) | 8.40 to 8.90 |
| For women (above 75 Lakhs) | 8.40 to 8.90 |
| For others (above 75 Lakhs) | 8.45 to 8.95 |
TruFixed Loan – 2 Year Fixed Rate Variant
RPLR – 16.15%
| Loan Slab | Interest Rates (% p.a.) |
| For Women (upto 75 Lakhs) | 8.25 to 8.85 |
| For others (upto 75 Lakhs) | 8.40 to 8.90 |
| For women (above 75 Lakhs) | 8.40 to 8.90 |
| For others (above 75 Lakhs) | 8.45 to 8.95 |
Eligibility –
If you are a self-employed individual, you can either apply individually or jointly for a home loan. It is important that the proposed property owners are co-applicants, generally, co-applicants are family members. Having said that, it is not mandatory that the co-applicants should be co-owners.
Key factors considered by your bank/lender are as follows –
Income and repayment capacity – For this purpose, your bank/lender will ask for –
- 2 Years audited profit & loss account statements.
- 3 years IT returns.
- Balance Sheets of business entity.
Profile – Your bank/lender will evaluate your home loan application on the basis of certain elements such as –
- Age – The younger you are, the more time you will be having to repay your home loan and you can apply for a longer loan term as well. On the contrary, older applicants may have to make larger down payments for purchasing their dream home.
- Educational Qualifications – Your bank/lender may use your educational qualifications as a parameter to evaluate the eligibility for the loan.
- Number of dependents – The amount of disposable income is one of the important elements in evaluating your ability to repay the home loan. It is believed that the higher the number of dependents, lower is the disposable income.
Financial Standing – Your financial position also decides your capability to repay the loan amount. Your bank/lender will be evaluating your existing debts such as – personal loans, credit card bills, another home loan, etc. If you are able to lower your existing debts, you will have more chances of securing a home loan.
Entrepreneurial proficiencies – Since, you are self-employed, your ability to generate income does play a pivotal role. Your bank/lender will be interested in profitability of your company and the number of years you have been successfully running your company. If you can then provide the documents related to the risk factors of the business will surely come handy. All these factors will be taken into consideration by your bank/lender from your audited financials and income tax returns.
Documents –
Following are the documents that you as the main applicant/co-applicant will have to submit along with a duly filled application form –
- Proof of identity – Copy of Adhaar Card, Passport, or Voter ID card.
- Proof of residence – Adhaar Card, Passport, Account Statements, Utility Bills, Voter ID card, Property Tax Receipts.
- Income Proof – TAN Card, Current Account Statements, Income Tax Returns, PAN Card.
- Certified Financials – Audited Profit & Loss Account and Balance Sheet.
- Property-related documents – Copy of Property Purchase agreement and receipts of payments made to the developer.
Types –
There are two types of home loans for self-employed individuals –
- TruFixed Home Loan – According to this home loan scheme, this is a loan under which you are offered a loan amount on a part fixed rate term and part adjustable rate term. As per this type of home loan, you can avail a fixed ROI for 2/3 years. Once the tenure is over, the loan will automatically turn into an adjustable rate loan for a total tenure of 20 years.
- Adjustable Rate Home Loan – This type of HDFC Bank home loan is linked with RPLR (Retail Prime Lending Rate). In the event of any change in the RPLR, then it will bring on emendation of the rate of interest on the loan every 3 months. In case, the interest rates increase, the interest component that is a part of EMI that you pay will also increase when the interest rate has reduced. This will also bring down the principal component and will lead to the extension of the loan term.
Pre-approved Home Loan – This loan is offered by HDFC Bank to you if you have not finalized a property but you need a home loan approval letter in order to evaluate your budget and also to negotiate better.
Key Benefits –
- When you are well-aware of your finances – your home loan eligibility and the amount you are capable of arranging; you will have a budget in hand to make a purchase.
- Generally, the pre-approval stage will include the evaluation of your income documents. While before the home loan amount is disbursed, the documents related to the property are verified by your bank/lender as well. As your bank/lender finish the credit appraisal in advance, the turnaround time on the whole loan process reduces considerably. Quick processing of the loan will prove beneficial in hassle-free buying of your dream property.
- When you have a pre-approved loan offer, you in a better position to put your bargaining skills to test with the developer. You will be considered as a serious buyer, in addition you will also be given preference and attractive discounts will be offered.
NRI Home Loan – Regardless of where you live in the world, owning a home in India is made simpler with HDFC Bank NRI Home Loan. You can get your dream house at rewarding prices, flexible payment options, and minimal documentation.
Eligibility –
If you are an Indian, but you are residing abroad, even then you can avail HDFC Bank home loan. The reasons for staying abroad can be different such as – education, business, vocation, employment, etc. The eligibility criteria for NRI Home Loans comprise of – income per annum, your age, and the time period for which you have stayed abroad. On the basis of loan term, the annual income criteria will also differ.
Interest Rates –
| Loan Type | Loan Amount | Interest Rate (% p.a.) |
| Adjustable Rate Loan for Women | Any amount | 9.85 to 10.35 |
| Adjustable Rate Loan | Up to and including Rs. 75 Lakhs | 9.90 to 10.40 |
| More than Rs. 75 Lakhs | 9.90 to 10.40 | |
| TruFixed Plus Loan – 2&3 year fixed variant | Up to and including Rs. 75 Lakhs | 9.95 to 10.45 |
| Above Rs. 75 Lakhs to Rs. 5 crores | 10.05 to 10.55 | |
| Above Rs. 5 crores | 10.15 to 10.65 | |
| TruFixed Plus Loan – 10 year fixed variant | Up to and including Rs. 75 Lakhs | 10.05 to 10.55 |
| Above Rs. 75 Lakhs to Rs. 5 crores | 10.20 to 10.70 | |
| Above Rs. 5 crores | 10.30 to 10.80 |
The rates discussed above is applicable for the purchase of a new home, resale property, buying & constructing a new home in India by you as an NRI residing in The United Kingdom, Singapore, The United States of America, Middle East and other nations.
Types –
- TruFixed Plus Home Loan (2 Year Fixed Rate Variant) – According to this type of NRI housing loan, you get to enjoy the flexibility of part fixed and part flexible rate term. You can avail a fixed rate for a maximum term of 2 years and after that the loan will automatically alter to adjustable rate to a total of 20 years.
- TruFixed Plus Home Loan (3 Year Fixed Rate Variant) – This one offers you the flexibility of having a fixed rate for a term period and flexible rate of the remaining term. You can avail a fixed rate for up to 3 years and flexible rate after that period for up to 20 years.
- Adjustable Rate –Linked to RPLR (Retail Prime Lending Rate) of HDFC Bank, the interest rate will be revised once in 3 months. The revision of the interest rate will be on the basis of first disbursement with or without a change in EMI.
Documents –
The documents required will differ as per your income source, country of residence, and employment. During the application process, you need to submit the following documents –
- A copy of the Employment Contract or Labor Contract signed by the employer.
- Duly filled application form along with your latest photograph.
- Latest salary certificate mentioning the following details –
- Name (as in your passport).
- Date of joining.
- Passport number.
- Designation.
- Perks and salary.
- A copy of Identity Card/Labor Card.
- A copy of latest work permit.
- A copy of valid resident visa stamped on the passport.
- Processing fee cheque.
- Property-related documents.
Repayment Options –
Following are the options for the home loan repayment –
- Accelerated Repayment – This option facilitates increase in EMI payment with the increase in the income, leading to quick repayment of the loan.
- Tranche based EMI – If you have purchased a property which is under-construction, the EMIs will begin only when there is full disbursement of the loan. Until then, you will have the option of paying the interest on the amount drawn and start paying the EMIs when the entire loan amount is disbursed.
- Telescopic Repayment – As per this option, you can extend the term up to 30 years, enhancing the loan amount you are eligible for or cutting cutting down the amount of EMIs.
Home Improvement Loan– You can also have a loan for home improvement reasons. If you are looking to refurbish your home or make improvements as per your changing tastes and trends, then home improvement loans offered by HDFC Bank will fulfill all your desires.
Salient Features –
- Loans are available for both existing and new customers.
- Easy repayment facility through monthly instalments.
- Minimal documentation.
- There are different ways in which a home improvement loan can help your home such as – internal & external plaster, painting, flooring & tiling, etc.
Loan Amount –
Existing HDFC customers –
| Loan Amount | Maximum Funding |
| Up to Rs. 30 Lakhs | Upto 100% of the improvement approximation, subject to a condition that the loan or total exposure not more than 90% of market value of the property as valued by the bank. |
| Rs. 30 Lakhs – Rs. 75 Lakhs | Upto 100% of the improvement approximation, subject to a condition that the loan or total exposure not more than 80% of market value of the property as valued by the bank. |
| Above Rs. 75 Lakhs | Upto 100% of the improvement approximation, subject to a condition that the loan or total exposure not more than 75% of market value of the property as valued by the bank. |
New Customers –
| Loan Amount | Maximum Funding |
| Up to Rs. 30 Lakhs | 90% of the improvement estimate |
| Rs. 30 Lakhs toRs.75 Lakhs | 80% of the improvement estimate |
| Above Rs. 75 Lakhs | 75% of the improvement estimate |
Eligibility –
- Your minimum age should be 21 years and less than 65 years.
- Your monthly earning should be Rs. 20,000.
- You can apply for a Home Improvement Loan if you are a salaried individual, self-employed individual, or sole or joint owners.
Interest Rates –
RPLR – 16.15%
| Loan Slab | Interest Rate(% p.a.) |
| For women (upto 75 Lakhs) | 8.35 to 8.85 |
| For others (upto 75 Lakhs) | 8.40 to 8.90 |
| For women (above 75 Lakhs) | 8.40 to 8.90 |
| For others (above 75 Lakhs) | 8.45 to 8.95 |
TruFixed Loan – 2 Year Fixed Rate Variant
RPLR – 16.15%
| Loan Slab | Interest (% p.a.) |
| For women (upto 75 Lakhs) | 8.35 to 8.85 |
| For others (upto 75 Lakhs) | 8.40 to 8.90 |
| For women (above 75 Lakhs) | 8.40 to 8.90 |
| For others (above 75 Lakhs) | 8.45 to 8.95 |
Documents –
Identity and residence proof – Voter ID Card, driving license, passport, or Adhaar card.
- Proof of income –
- Income tax returns along with computation of income for the previous three assessment years.
- Previous three-year balance sheet and profit & loss account statements along with annexures/schedules.
- Previous six-month current account statements of the business and your savings accounts statements.
- Other documents –
- Business Profile
- Own contribution proof
- Latest Form 26 AS
- Memorandum and articles of association of the company
- Cheque for processing fee favoring HDFC Bank
- A complete list of directors and shareholders. Their individual shareholding should be certified by a CA/CS if the business entity is a company.
- Passport size photographs of all the applicants/co-applicants should be affixed on the form and make sure to sign across.
- If the business entity is a partnership firm, then partnership deed is required.
- Property/Home improvement related documents –
- Proof of no encumbrance on the property.
- Estimation of the proposed work from an architect or civil engineer.
- Original title deeds of the property.
Home extension loan – HDFC Bank offers home extension loan to fund your need to expand your dream home. The extension may comprise of aesthetic improvements, new rooms, or converting your balcony into an enclosed space.
Key Features –
- This loan can be acquired by both the existing and new customers.
- Easy repayment options and EMI.
- Minimal and easy documentation involved.
- The interest rate is the same as home loan.
Loan Amount –
| Loan Amount | Maximum Funding |
| Upto and including Rs. 30 Lakhs | 90% of the construction estimate |
| Rs. 30 Lakhs to Rs 75 Lakhs | 80% of the construction estimate |
| Above Rs. 75 Lakhs | 75% of the construction estimate |
Eligibility –
- Home Extension Loan is available at the age of 24 to 65 years.
- You can also apply individually or jointly.
- If you are looking to expand your house for providing comfort to your family members.
- You can apply for home extension loan if you are salaried, self-employed, NRIs, and individual of Indian origin.
Interest Rates –
RPLR – 16.15%
| Loan Slab | Interest Rate (% p.a.) |
| For women (upto 75 Lakhs) | 8.35 to 8.85 |
| For others (upto 75 Lakhs) | 8.40 to 8.90 |
| For women (above 75 Lakhs) | 8.40 to 8.90 |
| For other (above 75 Lakhs) | 8.45 to 8.95 |
TruFixed Loan – 2 Year Fixed Rate Variant
| Loan Slab | Interest Rate (% p.a.) |
| For women (upto 75 Lakhs) | 8.35 to 8.85 |
| For others (upto 75 Lakhs) | 8.40 to 8.90 |
| For women (above 75 Lakhs) | 8.40 to 8.90 |
| For other (above 75 Lakhs) | 8.45 to 8.95 |
Documents –
- Identity and Residence proof – Passport, Voter ID card, Adhaar card, or driving license.
- Proof of income –
- Income tax returns along with computation of income for the previous three assessment years.
- Previous three-year balance sheet and profit & loss account statements along with annexures/schedules.
- Previous six-month current account statements of the business and your savings accounts statements.
- Other documents –
- Business Profile
- Own contribution proof
- Latest Form 26 AS
- Memorandum and articles of association of the company
- Cheque for processing fee favoring HDFC Bank
- A complete list of directors and shareholders. Their individual shareholding should be certified by a CA/CS if the business entity is a company.
- Passport size photographs of all the applicants/co-applicants should be affixed on the form and make sure to sign across.
- If the business entity is a partnership firm, then partnership deed is required.
- Details of your existing loans and business entity comprising of – instalments, security, balance loan term, outstanding amount, etc.
Home loan balance transfer – So, you don’t like paying high monthly instalments for your existing home loan? Well, you can easily avail a higher loan amount and also make significant savings on interest, all you need is to transfer your existing home loan to HDFC Bank. This will help you in saving more by reducing both your EMIs and interest rates.
Key Features –
- With the integrated branch network of the bank, you get to service the loan from anywhere in India.
- When you transfer your existing home loan from a bank or a financial institution, HDFC Bank will offer you a top up loan of up Rs. 35 Lakhs.
- Doorstep assistance.
- Lucrative interest rates.
- Customized repayment options.
- Innovative home loan schemes.
Loan Amount –
| Loan Amount | Maximum Funding |
| Up to and including Rs. 30 Lakhs | 90% of property cost |
| Rs. 30 Lakhs to Rs. 75 Lakhs | 80% of property cost |
| Above Rs. 75 Lakhs | 75% of property cost |
Interest Rates –
RPLR – 16.15%
| Loan Slab | Interest Rate (% p.a.) |
| For women (upto 75 Lakhs) | 8.35 to 8.85 |
| For others (upto 75 Lakhs) | 8.40 to 8.90 |
| For women (above 75 Lakhs) | 8.40 to 8.90 |
| For others (above 75 Lakhs) | 8.45 to 8.95 |
TruFixed Loan – 2 Year Fixed Rate Variant
RPLR – 16.15%
| Loan Slab | Interest Rate (% p.a.) |
| For women (upto 75 Lakhs) | 8.35 to 8.85 |
| For others (upto 75 Lakhs) | 8.40 to 8.90 |
| For women (above 75 Lakhs) | 8.40 to 8.90 |
| For others (above 75 Lakhs) | 8.45 to 8.95 |
Documents –
- Identity and Residence proof – Passport, Voter ID card, Adhaar card, or driving license.
- Proof of income –
- Income tax returns along with computation of income for the previous three assessment years.
- Previous three-year balance sheet and profit & loss account statements along with annexures/schedules.
- Previous six-month current account statements of the business and your savings accounts statements.
- Other documents –
- Business Profile
- Latest Form 26 AS
- Memorandum and articles of association of the company
- Cheque for processing fee favoring HDFC Bank
- A complete list of directors and shareholders. Their individual shareholding should be certified by a CA/CS if the business entity is a company.
- Passport size photographs of all the applicants/co-applicants should be affixed on the form and make sure to sign across.
- If the business entity is a partnership firm, then partnership deed is required.
- Details of your existing loans and business entity comprising of – instalments, security, balance loan term, outstanding amount, etc.