ADJUSTABLE RATE HOME LOAN [ARHL] and
DUAL RATE HOME LOAN [DRHL] / FIXED FIRST HOME LOANS /TRUFIXED RATE HOME LOANS -
during the period of applicability of the variable rate of interest
No prepayment charges shall be payable for partial or full prepayments irrespective of the source.
#For Plot Loans, no prepayment charges are payable if the prepayment is made within 3 years from the date of first disbursement of the loan.
The prepayments made after 3 years from the date of first disbursement shall bear a prepayment charge of 2% of the amounts being so prepaid if the house is not constructed. HDFC shall seek proof of completion of house construction as deemed appropriate.
FIXED RATE HOME LOAN [FRHL] and
DUAL RATE HOME LOAN [DRHL] / FIXED FIRST HOME
LOANS/TRUFIXED RATE HOME LOANS –
during the period of applicability of the fixed / initial rate of interest
No prepayment charges shall be payable for partial or full payments made from own sources. The expression "own sources" for this purpose means any source other than borrowing from a Bank/HFC/NBFC or Financial Institution.
The prepayment charge shall be 2%, plus applicable service tax and surcharge, of the outstanding amounts being so prepaid through refinance from any Bank / HFC / NBFC or Financial Institution (such amounts shall include all amounts prepaid during the given financial year).
#For Plot Loans, no prepayment charges shall be payable for partial or full payments made from own sources within 3 years from the date of first disbursement. The expression "own sources" for this purpose means any source other than borrowing from a Bank/HFC/NBFC or Financial Institution . After 3 years prepayment charges shall be payable incase the house has not been constructed irrespective of the source of prepayment. However if the house is constructed, prepayment charges shall continue to be payable incase the prepayment is made from refinance from any Bank/HFI/NBFC.
The prepayment charge shall be 2%, plus applicable service tax and surcharge, of the outstanding amounts being so prepaid through refinance from any Bank / HFC / NBFC or Financial Institution (such amounts shall include all amounts prepaid during the given financial year) and shall be applicable to all partial or full prepayments.
You shall be required to submit a Prepayment Request Letter along with copies of your Bank statement or any other document that HDFC deems necessary to ascertain the source of prepayment.
Download: Prepayment Request Letter
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