Benefits to Availing HDFC Home Loan

Benefits to Availing HDFC Home Loan

With the property-plot, bungalow or a flat- price ever-increasing, the dream of many people to purchase a home is turning into a distant reality. The only thing which is helping people in such cases is home loans. More and more people are resorting to home loans to purchase their dream house. A house does not only involve just a house cost but it also includes costs like stamp duty, registration charges and many more, so before you go ahead to purchase a house with a home loan keep in mind about such charges as well. There is an array of lenders who provide loans, but HDFC bank has some amazing benefits with a home loan. Let’s discuss them in detail:-

Salient features of HDFC Bank Home Loan

  • There are no hidden charges, the executive will deal in a transparent manner
  • Disbursal time is quick and processing as well
  • Your documents will be safe and secure with HDFC
  • HDFC offers the lowest interest rates
  • Women get the privilege and they are offered some discount on interest rate
  • EMIs are deducted automatically from the bank account
  • Counselling services are also provided if you are looking for a property
  • The loan may be approved even before you select the property
  • Can avail loan from around 5,000 branches in India
  • Offers flexible loan repayment options
  • Has loans like home loan, home improvement loan (HIL), home extension loan (HEL)
  • Has categories for loans like agriculturists, planters, horticulturists, dairy farmers

The interest rate offered by HDFC Bank on Home loan

Loan AmountHDFC Home Loan FloatingThe rate for Ladies Borrower
Up to Rs. 30 Lakh8.40%8.35%
Rs. 30 Lakh – 75 Lakh8.40%8.35%
Rs. 75 Lakh – 2 Cr8.60%8.55%
Above Rs. 2 Cr8.60%8.55%

HDFC offers the best interest rate in the market, but the interest rate may vary according to the occupation, the quantum of income, nature of the loan, etc.

Why go for HDFC Bank Loan?

The HDFC bank offers hassle-free and easy loan, a home loan is a secured loan but a borrower need not pledge the collateral as borrowers house will be the collateral.

  1. If you are above 18 years you can apply for the loan, whereas other lenders allow taking a loan if a person is above 21 or 23 years of age
  2. Women get a lower interest rate
  3. The bank tries to offer the lowest interest rate
  4. No need to worry about the EMIs every month as it will be deducted every month
  5. Tax benefits, all the HDFC home loan borrowers can enjoy the tax benefits, as the Income Tax department of India allows relaxation to the people who have availed home loan. Taxpayers are eligible for a deduction of the interest paid on such house property to the extent of Rs 2 lakhs in case of a self-occupied house in that particular Assessment Year (AY) while they can claim the entire interest paid during the AY as a deduction without any limit, that is if they have given the property on rent.

Further, the principal component of such loan repayment can be claimed as a deduction from the total income under Section 80C, up to a maximum of Rs 1.5 lakhs.

Eligibility criteria to avail HDFC Bank Loan

Eligibility criteria is an important factor which decided the loan amount as well as the interest rate. To apply for a home loan you must be eligible for the given points:-

  • Income- Rs. 1.2 Lakh p.a. (salaried) and Rs. 2 Lakh p.a. (self employed)
  • Age- 18 years to 70 years
  • No. of Dependants
  • Property value- Less than Rs.30 lakh (90 per cent LTV), From Rs.30 lakh to Rs.75 lakh (80 per cent LTV) and above 75 lakh (75 per cent LTV)
  • Good credit score- Above 750
  • Purpose of the Loan (Purchase/construct on identified property /Transfer your existing home loan Purchase not yet identified property )
  • Resident Indian or Non-Resident Indian
  • Type of Employment (Salaried/ Self Employed Business/ Self Employed Professional /Salaried Professional/ Retired /Student/ Homemaker )
  • Co-applicant Income

Types of Home loan HDFC Bank offers

The bank offers a plethora home loan for both salaried and self-employed. Here is a list of home loans provided by the bank:-

  1. HDFC Plot Loan
  2. HDFC Rural Housing Loan
  3. HDFC Reach Home Loan
  4. HDFC Home Improvement Loan
  5. HDFC Home Extension Loan
  6. HDFC NRI Home Loan
  7. HDFC Pradhan Mantri Awas Yojna

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