HDFC Home Loan Review

• 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.

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

• Purchase of

• 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

The above rates are subject to change without notice.

• Land Loans and Home Improvement Loans
• Loan Against Property, Non Residential
  Premises Loans and Top-Up Loans