January 7, 2012 by akhilendra
HDFC Home Loan Review
HDFC home loan is an ideal solution for those who are looking for charges like public sector banks and services like private sector banks. HDFC which basically started off as financial institutions for home loans in India is still the pioneer in the field. HDFC bank Home loans are still one of the best home loans in India. One of the major problems with private financial institutions in India is that they often hike interest rates. And Public banks are hard to get through.
Visit real estate forum to get more information about home finance.
You can also check ICICI Home loan for your requirement, know about ICICI Bank Home Loan.
HDFC Home Loan Advantages
- Counseling and advisory services for acquiring a property
- Fast home loan approval
- Widest range of home loan products & services like Home Loans, Home Improvement Loans, Home Extension Loans, Loans to professionals for office or clinic, Home Equity Loans (Loan against Property), Short Term Bridging Loan etc.
- Loan from any office for purchase of home anywhere in India
- Loan approval even before a property is selected
- Flexible loan repayment options like Step Up Repayment Facility, Flexible Loan installments Plan, Tranche Based EMI, Accelerated Repayment Scheme
- Vast network of over 298 in India, offices in Singapore, London & Dubai and franchises in the Gulf Cooperation Council (GCC) region. Click here to find the nearest HDFC Office.
- Most experienced and empowered personnel to ensure smooth & easy processing
- Free & safe document storage
- Online loan application facility
| Features |
- Maximum loan–80% of the cost of the property (including the cost of the land) and based on the repayment capacity of the customer.
- Maximum Term–20 years subject to your retirement age.
- Applicant and Co- Applicant to the loan–Home Loans can be applied for either individually or jointly. Proposed owners of the property will have to be co-applicants. However, the co-applicants need not be co-owners.
- Adjustable Rate Home Loan–Loan under Adjustable Rate is linked to HDFC’s Retail Prime Lending Rate (RPLR). The rate on your loan will be revised every three months from the date of first disbursement, if there is a change in RPLR, the interest rate on your loan may change. However, the EMI on the home loan disbursed will not change*. If the interest rate increases, the interest component in an EMI will increase and the principal component will reduce resulting in an extension of term of the loan, and vice versa when the interest rate decreases.
Fixed Rate
- Fixed First Home Loans
Under HDFC’s ‘Fixed First’ Home Loans product, the borrower can avail a home loan at a fixed interest rate for the initial duration of 3 or 5 years and thereafter, the loan will switch automatically to HDFC’s Adjustable Rate Home Loan (ARHL) product. This option is for customers seeking to lock in their home loan interest rates and not take risk on interest rates moving up in the initial years.
Applicable Rates
(Monthly Rest Basis) |
Fixed rates (in % pa) |
| 3 Years Option |
5 Years Option |
| Up to Rs 30 lakhs |
10.75 |
11.25 |
| Rs.30.01 lacs to Rs.75 lakhs |
11.25 |
11.50 |
| Over Rs.75 lakhs |
11.75 |
11.75 |
Under the 3 year option of the product, the fixed rate will be available up to January 31, 2015 while under the 5 year option the fixed rate will be available up to January 31, 2017. After the completion of the fixed rate period, the loan will switch to HDFC’s ARHL product, linked to HDFC’s RPLR. The rate of interest applicable during the ARHL period of the loan shall depend on the RPLR at the time of the switch of the loan to ARHL.
Eligibility:
The Fixed First Home Loans can be availed of by all the customer segments – Resident as well as Non-Resident Indians and all the employment segments – Employed, Self-employed Professionals and Self-employed Non-Professionals.
Purpose
- Flat, row house, bungalow from developers
- Existing freehold properties
- Properties in an existing or proposed co-operative housing society or apartment owner’s association
- First Power of Attorney purchases in Delhi for DDA flats allotted before 1992.
Interest Rate
|
|
|
| Wef : 1st Aug 2011 |
RPLR: 16.50% |
|
|
Applicable Rates
(Monthly Rest Basis) |
Fixed rates% |
Variable rates% |
Basis%
RPLR |
| Upto and including Rs 30 lacs |
12.25 |
10.75 |
RPLR – 5.75 |
| Rs.30.01 lacs to Rs.75 lacs |
12.50 |
11.00 |
RPLR -5.50 |
| Over Rs.75 lacs |
13.00 |
11.50 |
RPLR – 5.00 |
The above rates are subject to change without notice. |
Fees–0.5% of the loan amount applied plus applicable service taxes and cess.
The following is an indicative list of other charges / fees / outgoings that are payable depending on the nature of the loan availed (*):
| a. |
Cheque dishonor charges : |
Rs. 100** |
| b. |
Prepayment charges : |
For Housing Products:[Home Loans, Home Extension Loans & Rural Housing Finance] |
For Non- Housing Products:
- Land Loans and Home Improvement Loans
- Loan Against Property, Non Residential
Premises Loans and Top-Up Loans
|
| C. |
Conversion fees : |
For Housing Products:[Home Loans, Home Extension Loans & Rural Housing Finance] |
For Non Housing Products:[Land Loans, Home Improvement Loans, Top-up Loans, Loan Against Property, Short Term Bridging Loans & Non Residential Premises Loans ]
|
| d. |
Fees on account of external opinion :
-For advocates/technical experts, as the case may be |
as per actuals applicable to a case |
| e. |
Insurance charges : |
as per actuals applicable to a case |
| f. |
Charges on account of delayed payments/defaults: |
|
| i |
Additional interest |
: |
18 % p.a. |
| ii |
Incidental charges |
: |
*** |
| iii |
Expenses |
: |
as per actuals applicable to a case |
|
(*)the contents of the above are subject to change from time to time and the levy of the same shall be at such rates as may be applicable as on the date of such charge.
Home Loan Counselling from Indian Institute Of Banking And Finance
The Complete Home Loan Guide
Planning for Non-Resident Indians; including Income Tax, Investment, Real Estate, RBI, NRI, Customs and Foreign Exchange
Do you want to discuss HDFC Home loan or explore other finance options, visit real estate forum to get your questions answered.
#adjustable#hdfc#hdfc bank home loan#HDFC Home Loan Review#home#loan#rate#review
Siddharth Mehta - March 14, 2015 @ 6:57 am
Now HDFC home loan office started new thing. I got to know today. They don’t accept service request related to bank transaction on Saturday. Means for existing customers they don’t accept 90% of request on Saturday. I don’t know what more hidden things are there. I am NOT recommending HDFC for homeloan and suggest to transfer existing loan to other bank. I am definitely transferring my loan to other bank
myamortizationcalculator.net">click here - May 9, 2012 @ 11:48 am
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Rathinapandian S - April 26, 2012 @ 12:27 pm
Rathinapandian S 99629 23433 [email protected]
HDFCHOMELOANneeded">Rathinapandian S - April 26, 2012 @ 12:26 pm
Please contact regarding housing loan to no: 99629 23433
AVINASH DEVIDAS INGALE - April 18, 2012 @ 12:20 pm
pl. send me ROI to be revised wef 1/4/2012 in HDFC DRHL loan ac 239000371 sinceloan now linked to HDFC RPLR at my above mail address at the earlist.
akhilendra - April 18, 2012 @ 1:35 pm
Please do not mention you loan or any other account on any sites. If you need to get any document, then please mail or call hdfc directly.
Anonymous - April 17, 2012 @ 2:41 pm
HDFC Home Loan is a fraudulent affair.
velayudhan - April 17, 2012 @ 2:36 pm
We have applied for housing loan about five months ago and submitted all documents and they have extracted processing fee also. Still they are not sanctioning our loan or not declining it. Earlier it was very good and now from my experience I will tell you that it is the worses est. They want neighbors documents certified copy, They want us to manipulate Location Certificate issued by the Government authority as per their direction etc etc
akhilendra - April 17, 2012 @ 2:39 pm
Thanks for sharing information.
velayudhan - April 17, 2012 @ 2:25 pm
We have applied for housing loan about five months ago and submitted all documents and they have extracted processing fee also. Still they are not sanctioning our loan or not declining it. Earlier it was very good and now from my experience I will tell you that4AMZ it is the worses est
velayudhan - April 17, 2012 @ 2:20 pm
We have applied for housing loan about five months ago and submitted all documents and they have extracted processing fee. Still they are not sanctioning our loan or not declining it. Earlier it was very good and from my experience I tell you it is the woresest
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