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Home Loans for New Homes

Home Loan for Salaried NRIs in UK

Your work might have taken you abroad but the yearning for the homeland may remain unabated. With HDFC Home Loans turning your dream home in India, into a reality, is designed to be convenient and easy.

Salient features:

  • Loans to NRIs, PIOs and OCIs* for the purchase of:
    • A flat, row house, bungalow from private developers in approved projects in India
    • Properties from Development Authorities such as Delhi Development Authority, Maharashtra Housing and Area Development Authority, etc
  • Avail of Home Loan Advisory Services in the United Kingdom for properties located in India
  • Property Search Advisory Services
  • Information on developer projects, location, documentation and offerings
  • Loan for purchase of property located anywhere in India
  • Loans also available for those employed in the Merchant Navy

*NRI – Non Resident Indian, PIO – Person of Indian Origin and OCI – Overseas Citizen of India

 

Loan Essentials

Who Can Apply

You can apply individually or jointly for Home Loans. All proposed owners of the property will have to be co-applicants. However, all co-applicants need not be co-owners. Co-applicants can be family members only.

Loan Term
  • You can avail a maximum term of up to 20 years.***
  • The tenure of the loan is also dependent on the customer’s profile, age of customer at maturity of loan, age of property at loan maturity, depending upon the specific repayment scheme as may be opted and any other terms which may be applicable based on prevalent norms of HDFC.
***For certain professionals only. The professionals may include but are not limited to Doctors, Lawyers, Chartered Accountants, and Architects.
Maximum Loan Amount
Loan Amount Maximum Funding*
Up to and including Rs.30 lacs 90% of the property cost
Rs.30.01 lacs to Rs.75 lacs 80% of the property cost
Above Rs.75 lacs 75% of the property cost
*Subject to market value of the property and repayment capacity of the customer, as assessed by HDFC.
Types of Home Loans for NRIs
  • Adjustable Rate Home Loan
    A Home Loan under the Adjustable Rate is linked to HDFC's Retail Prime Lending Rate (RPLR) for further details refer to the loan agreement.
  • TruFixed Home Loan – 2 / 3 Year Fixed Rate Variant
    A TruFixed Home Loan offers you a part fixed rate term and a part adjustable rate term. Under this Loan, you can avail of a fixed rate for a maximum term of 2 / 3 years, post which the loan will automatically convert to an adjustable rate, up to a maximun of 20 years***.

Interest Rates

For Salaried
Festive Interest Rate Offer For Limited Period Under Adjustable Rate Home Loan For *Submission Before December 31, 2017 And First Disbursement On Or Before January 31, 2018. (*Submission means delivery of requisite documents to HDFC to enable HDFC to generate a unique Loan Account Number.)

RPLR: 16.15%

Loan Slab Interest Rates (% p.a.)
For Women* (upto 75 lakhs) 8.35 to 8.85
For Others* (upto 75 Lakhs) 8.40 to 8.90
For Women* (Above 75 lakhs) 8.40 to 8.90
For Others* (Above 75 lakhs) 8.45 to 8.95
*The above ROI/EMI is applicable for loans under the Adjustable Rate Home Loan Scheme of Housing Development Finance Corporation Limited (HDFC) and is subject to change at the time of disbursement. The rates above are variable in nature and linked to HDFC's RPLR and shall fluctuate according to the movement in the same. This is a limited period offer and is subject to change. All loans at the sole discretion of HDFC Ltd. Special Offer for a Limited Period ending on December 31, 2017 And First Disbursement On Or Before January 31, 2018.
TruFixed Loan – 2 Year Fixed Rate Variant

RPLR: 16.15%

Loan Slab Interest Rates During The 2 Year Fixed Rate Term (% p.a.)
For Women* (upto 75 lakhs) 8.35 to 8.85
For Others* (upto 75 lakhs) 8.40 to 8.90
For Women* (Above 75 Lakhs) 8.40 to 8.90
For Others* (Above 75 lakhs) 8.45 to 8.95

To read terms & Conditions,Click Here

Documents

The following are the documents you would need to submit for all applicants / co-applicants along with the completed and signed Application Form for loan approval:

Purpose Document
Proof of both identity and residence (any 1) 
  1. Valid Passport (mandatory)
  2. Voter ID Card
  3. Aadhaar Card
  4. Valid Driving Licence
For the complete list of KYC documents click here
Proof of income
(all are mandatory)
  1. Photocopy of the Employment Contract / Appointment Letter / Offer Letter
  2. Last 3 months' Salary Slips / Certificates specifying the following:
    • Name (as it appears in the Passport)
    • Date of joining
    • Passport Number
    • Designation
    • Perquisites and salary
  3. Last year’s P60 plus transfer letter (as the case may be)
  4. Photocopy of last 6 months’ Bank Statements, showing salary credits
  5. Photocopy of last 6 months’ Bank Statements of the NRE / NRO account in India
  6. Consumer Credit Check Report from www.experian.co.uk or www.equifax.co.uk
Other documents
  1. Photocopy of the valid resident Visa stamped on the Passport
  2. Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across
  3. Full Past occupational history
  4. Cheque for processing fee favouring ‘HDFC Ltd.’ in Indian Rupees
Property related documents
  1. Copy of the Allotment Letter / Buyer Agreement
  2. Receipt/(s) of payment/(s) made to the Developer

 

Please note:

  • The above list is indicative in nature and additional documents can be asked for.
  • All documents to be self attested. If the documents are in a language other than English then an English translation from a professional translator will be required. The same is to be attested by the Embassy / Employer.
  • In case the applicants & co-applicants are not present in India at the time of disbursement of the loan and the disbursement availed by the Power of Attorney holder, then the applicants & co-applicants are required to visit the overseas HDFC Office for their KYC document attestation by the HDFC representative. In case they are unable to visit our overseas branch then they are required to submit a copy of their identity and residence proof either notarized by the Notary Public (overseas) in the place of residence of the NRI customer or attested by the Indian Embassy existing at the place of residence of the NRI customer.

Repayment Options

Tranche Based Equated Monthly Installments

If you purchase a property under construction, you are generally required to service only the interest on the loan amount drawn untill the final disbursement of the loan and pay EMIs thereafter. In case you wish to start principal repayment immediately you may opt to tranche the loan and start paying EMIs on the cumulative amounts disbursed. For more information get in touch with our HDFC office in London.

Fees and Charges

The following is an indicative list of fees / other charges / outgoings that are payable depending on the nature of the loan availed (*):

Processing fees

Up to 1.25% of the loan amount or ₹ 3,000 whichever is higher, plus applicable taxes.

Prepayment charges
A. Adjustable Rate Loans (ARHL)

A. Adjustable Rate Loans (ARHL) :

(a) For all loans sanctioned only to individual borrowers, no prepayment charges shall be payable on account of part or full prepayments.

(b) For loans sanctioned to Individual borrowers with company, firm, etc. as a co-applicant Prepayment charges at a rate of 2% plus taxes and statutory levies and charges, as may be applicable from time to time, of the amount being prepaid are payable.

(c) The customer will be required to submit such documents that HDFC may deem fit & proper to ascertain the source of funds at the time of pre-payment of the loan.

 B. Fixed Rate Loans (FRHL) 

B. Fixed Rate Loans (FRHL) :

a) 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/Housing Finance Company/ Non Banking Finance Company or Financial Institution.

b) The customer will be required to submit such documents that HDFC may deem fit & proper to ascertain the source of funds.

The prepayment charge shall be 2%, plus taxes and statutory levies and charges, as may be applicable from time to time , of the outstanding amounts being so prepaid through refinance from any Bank / Housing Finance Company/ Non Banking Finance Company 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.

 C. Fixed and Variable Rate Loans (Combination rate)

C. Fixed and Variable Rate Loans (Combination rate)

1) During the Fixed Rate period :

(i) For all loans sanctioned, the prepayment charge shall be 2%, plus applicable taxes and statutory levies and charges, as may be applicable from time to time, of the outstanding amounts being so prepaid through refinance from any Bank/Housing Finance Company/ Non Banking Finance Company 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.

(ii) The customer will be required to submit such documents that HDFC may deem fit & proper to ascertain the source of funds at the time of pre-payment of the loan.

2) During the Variable Rate period :

(i) For all loans sanctioned only to individual borrowers, no prepayment charges shall be payable on account of part or full prepayments.

(ii) For all loans sanctioned to Individual borrowers with company, firm, etc as a co-applicant , prepayment charges at a rate of 2% plus Taxes and Statutory levies and charges, as may be applicable from time to time, of the amount being prepaid are payable.

The prepayment charges as mentioned above are as on date of execution of this loan agreement, however they are subject to change as per prevailing policies of HDFC and accordingly may vary from time to time. Customers are requested to refer to www.hdfc.com for the latest charges applicable on prepayments.

Conversion fees

We offer our existing customer the option to reduce the applicable rate of interest on the Home Loan (by changing the spread or switching between schemes) through our Conversion Facility. You can take advantage of this facility by paying a nominal fee as per the table mentioned below and opt for either reducing your monthly installment (EMI) or loan tenure.Terms and conditions apply,Click here

To avail of our Conversion Facility and to discuss the various available options either click here to allow us to call you back or log on to our Online Access for Existing Customers, to get your Home Loan account information 24x7.

The following options of conversion are available to an existing customer of HDFC:

Sr. No

Name of the Product/Service

Name of Fee/Charge levied When Payable Frequency Amount in Rupees
1

Switch to Lower Rate in Variable rate Loans (Housing/Extension/Improvement)

Conversion Fees On Conversion On every Spread change Up to 0.50% of the Principal Outstanding and undisbursed amount (if any) at the time of Conversion or a cap Rs. 50000 plus taxes whichever is lower.
2

Switching to Variable Rate Loan from Fixed Rate Loan (Housing/Extension/ Improvement)

Conversion Fees On Conversion Once Up to 0.50% of the Principal Outstanding and undisbursed amount (if any) at the time of Conversion or a cap Rs. 50000 plus taxes whichever is lower.
3

Switch from Trufixed fixed rate to Variable rate

Conversion Fees On Conversion Once 1.75% of the Principal Outstanding and undisbursed amount (if any) plus taxes at the time of Conversion.
4

Switch to Lower Rate (Non–Housing Loans)

Conversion Fees On Conversion On every Spread change Half of the spread difference on the principal outstanding and undisbursed amount (if any) plus taxes, with a minimum fee of 0.5% and Max. 1.50%.
5

Switch to Lower Rate (Plot Loans)

Conversion Fees On Conversion On every Spread change 0.5% of principal outstanding and undisbursed amount (if any) plus taxes at the time of Conversion.
Cheque dishonour charges

Rs.200**

Fees on account of external opinion

Fees on account of external opinion from advocates/technical valuers, as the case may be, is payable on an actual basis as applicable to a given case. Such fees are payable directly to the concerned advocate/technical valuer for the nature of assistance so rendered.

Property Insurance

The customer shall pay the premium amounts directly to the insurance provider, promptly and regularly so as to keep the policy / policies alive at all times during the pendency of the loan.

Charges on account of delayed payments

Delayed payment of interest or EMI shall render the customer liable to pay additional interest up to 24% per annum.

Incidental charges

Incidental charges & expenses are levied to cover the costs, charges, expenses and other monies that may have been expended in connection with recovery of dues from a defaulting customer. A copy of the policy can be obtained by customers from the concerned branch on request.

Statutory / Regulatory charges

All applicable charges on account of Stamp Duty / Memorandum of Deposit / Memorandum of Entry / Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) or such other statutory / regulatory bodies and applicable taxes shall be borne and paid (or refunded as the case may be) solely by the customer. You may visit the website of CERSAI for all such charges at www.cersai.org.in

List of Documents

Up to Rs.500

Photo Copy of Documents

Up to Rs.500

PDC swap

Up to Rs.200

Disbursement cheque cancellation charge post disbursement

Up to Rs.200

Re-appraisal of loan after 6 months from sanction

Up to Rs.2,000 plus applicable taxes

Increase / decrease in loan term

Up to Rs.500 plus applicable taxes

(*) the contents of the above are subject to change from time to time and the levy of the same shall be at such rates as may be applicable as on the date of such charge.

**Conditions apply.

Terms and Conditions

Security

Security of the loan would generally be security interest on the property being financed and / or any other collateral / interim security as may be required by HDFC.

The security shall be enforceable as per the applicable laws.

Other conditions
  • All the information contained herein above is for awareness and customer convenience and is intended to only act as an indicative guide about HDFC’s products and services. For detailed information about HDFC’s products and services kindly visit the nearest HDFC branch
  • The loans are subject to repayment capacity of the Borrower.
Click here for the Most Important Terms and Conditions pertaining to your loan.