We assess the customers repayment capacity while deciding on the home loan eligibility. Repayment capacity is based on factors such as income, age, qualifications, number of dependants, spouse's income, assets, liabilities, stability and continuity of occupation and savings history. And, of course, our main concern is to make sure that you can comfortably repay the loan amount. To get an indicative eligibility please click here: Loan Calculator.
We offer the following loan options
- Adjustable Rate Home Loans
- Fixed Rate
We can assist you in finding the property of your choice. For information on this service, do contact our Property Services.
You repay the loan in Equated Monthly Instalments (EMIs) comprising principal and interest. Repayment by way of EMI commences from the month following the month in which you take full disbursement. EMI Calculator.
Pending final disbursement, you pay interest on the portion of the loan disbursed. This interest called pre-EMI interest. Pre-EMI interest is payable every month from the date of each disbursement upto the date of commencement of EMI.
To help customers save pre-EMI interest, we have introduced a special facility of Tranche Based EMI.
For under construction properties customers can choose the instalments they wish to pay, till the time the property is ready for possession. Anything paid over and above the interest by the customer goes towards Principal repayment.
The customer benefits by starting EMI and hence repays the loan faster.
Yes, you can repay the loan ahead of schedule by making Lumpsum payments or choose our accelerated repayment scheme. There are NO charges for choosing an accelerated repayment scheme and for lumpsum payments under Adjustable Rate Home Loan.
Adjustable Rate Home Loan [ARHL]
If a prepayment is made within 3 years of the first disbursement*, under Adjustable Rate Home Loan (ARHL) option early redemption charges of 2% of the amount being prepaid is payable if the amount being repaid is more than 25% of the opening balance.
Fixed Rate Home Loan [FRHL]
Redemption charges of 2% of the amount being prepaid is payable if the amount being repaid is more than 25% of the opening balance.
Incase of commercial refinance under both the FRHL and ARHL an early redemption charge of 2% is payable. You may be required to submit copies of your Bank Statements or any other documents that HDFC deems necessary to verify the source of prepayment.
*Subject to terms and conditions
For further details please contact our Loan Counsellor.
Yes. Resident Indians are eligible for certain tax benefits on principal and interest components of a loan under the Income Tax Act, 1961. Interest repayment of Rs. 1,50,000 p.a. can get you a tax saving upto about Rs. 50,490 p.a. Moreover, you can get added tax benefits under Sec 80 C on repayment of principal amount upto Rs. 1,00,000 p.a. that can further reduce your tax liability by about Rs. 33,660 p.a.
The security for the loan is a first mortgage of the property to be financed, normally by way of deposit of title deeds and/or such other collateral security as may be necessary.
Interim security may be additionally required, if the property is under construction. Collateral or interim security could be assignment to HDFC of life insurance policies, the surrender value of which is at least equal to the loan amount, guarantees from sound and solvent guarantors, pledge of shares and such other investments that are acceptable to HDFC.
Please do ensure that the title to the property is clear, marketable and free from encumbrance. To elaborate, there should not be any existing mortgage, loan or litigation, which is likely to affect the title to the property adversely.
In many states in India, the Agreement for Sale between the builder and purchaser is required by law to be registered. You are advised, in your own interest to lodge the Agreement for registration within four months of the date of the Agreement at the office of the Sub-Registrar appointed by the State Government, under the Indian Registration Act, 1908.
In terms of Chapter XX C of the Income Tax Act, 1961, the Central Government has the first option to purchase certain immovable properties exceeding certain value and as such transactions covered by this Chapter can be proceeded with only after complying with the requirements prescribed therein.
As per current guidelines of the Reserve Bank of India persons of Indian origin holding foreign passports are eligible for loans with HDFC.
The repayment capacity of the applicant(s) based on Resident status is reassessed and a revised repayment schedule worked out. The new rate of interest will be as per the currently applicable rate of Resident Indian loans (for that specific loan product). This revised rate of interest would be applicable on the outstanding balance being converted. A letter is given to the customer confirming the change of status.