Q. I am a happy HDFC customer. However Whenever i recommend HDFC to my friends they have this question" Why HDFC? what is it that sets HDFC apart from the other lenders?
HDFC offers the widest range of customized home loan products. Being a single product company we are a very specialised player and we are able to understand customer's needs much better and provide the benefits of our expertise. We were the first to introduce floating rate loans way back in 1999 as we thought the interest rates were headed down. Again in 2002 we introduced 2-in-1 loans, which are part fixed and part floating, to enable customers to hedge their risks in an uncertain interest rate environment etc. HDFC's strength lies in our value-added services, such as in-house legal and technical assistance, loan counseling and property search assistance. HDFC constantly trains its personnel to have in-depth domain knowledge, customer orientation and has always endeavored to empower customers in making the right decision while buying a home.
Q. My wife and I, are buying an existing 2 bedroom, hall, kitchen (resale) flat for Rs. 45 lakh. We have an approved loan of Rs. 40 lakh; Rs. 5 lakh would be our contribution. The seller has an outstanding loan of Rs. 19 lakh against this flat. We want to take a loan from another lender to purchase this flat. Will HDFC be able to take over this loan from the previous lender or will the seller have to fully repay his loan and only then transfer the flat in our name?
HDFC could take over the seller's outstanding home loan by issuing a cheque of Rs. 19 lakh in favor of the previous lender who will then release the original documents to HDFC, once you give your own contribution of Rs. 5 lakh,. HDFC will issue another cheque for the balance Rs. 21 lakh in the seller's name.
In all, then, there would be three transactions:
- Rs. 5 lakh, from you to the seller
- Rs. 19 lakh, from HDFC to the seller's lender;
- Rs. 21 lakh, from your HDFC to the seller
Q. I have a home loan from HDFC for a flat I bought in Nasik. The loan was approved by HDFC. However due to some issues the construction was stopped 2 months back. The builder has agreed to give me a flat in another project of his, which I am comfortable with. However this flat is of higher value. Kindly advise if I could go for a higher loan through my existing loan account.
From your question it is not very clear whether you have registered your agreement and a part of loan was disbursed. Assuming you had registered your flat and paid the stamp duty, you could surrender this flat to your developer and apply for cancellation of registration and refund of stamp duty provided it is done within 6 months of the date of your registration or else you may not get your stamp duty refund. On the home loan front you could go in for an HDFC Home Conversion Loan whereby your existing loan could be transferred to the new property with an increase in loan amount subject to your current loan eligibility. This would save you from the hassle of prepaying the first loan, also saving you from prepayment & processing charges to the extent of the loan converted.