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HDFC Home Loan Interest Rates

Interest Rates for Home Loans

Interest Rates

Retail Prime Lending Rate: 16.75%

Loan Slab Home Loan Interest Rates (% p.a.)
For Women* (upto 30 Lakhs) 8.80 to 9.30
For Others* (upto 30 Lakhs) 8.85 to 9.35
For Women* (30.01 Lakhs to 75 Lakhs ) 8.95 to 9.45
For Others* (30.01 Lakhs to 75 Lakhs) 9.00 to 9.50
For Women* ( 75.01 Lakhs & Above) 9.00 to 9.50
For Others*( 75.01 Lakhs & Above) 9.05 to 9.55

*The above Home Loan interest rates / 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 Home Loan interest rates above are variable in nature and  subject to change as per the movement in HDFC's RPLR. All loans at the sole discretion of HDFC Ltd. 

TruFixed Loan – 2 Year Fixed Rate Variant

Retail Prime Lending Rate: 16.75%

Loan Slab Home Loan Interest Rates (% p.a.)
For Women* (upto 30 Lakhs) 9.30 to 9.80
For Others* (upto 30 Lakhs) 9.35 to 9.85
For Women* (30.01 Lakhs to 75 Lakhs ) 9.45 to 9.95
For Others* (30.01 Lakhs to 75 Lakhs) 9.50 to 10.00
For Women* ( 75.01 Lakhs & Above) 9.50 to 10.00
For Others*( 75.01 Lakhs & Above) 9.55 to 10.05

To read terms & Conditions, Click Here

Documents & Charges

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:

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For the complete list of KYC documents click here.

  • Last 3 months' Salary Slips
  • Last 6 months' Bank Statements, showing salary credits
  • Latest Form-16 and IT returns

For New Homes:

  • Copy of the Allotment Letter / Buyer Agreement
  • Receipt/(s) of payment/(s) made to the developer

 

For Resale Homes:

  • Receipt/(s) of initial payment/(s) made to the seller
  • Copy of the agreement to sell (if already executed)

 

For Construction:

  • Proof of no encumbrances on the property
  • Copy of the plans, approved by the Local Authorities
  • Construction estimate by an Architect / Civil engineer
  • Employment Contract / Appointment Letter in case current employment is less than year old
  • Last 6 months' Bank Statements showing repayment of any ongoing loans
  • Passport size photograph of all the applicants / co-applicants to be affixed on the Application form and signed across.
  • Cheque for processing fee favouring HDFC Ltd.

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 0.50% of the loan amount or Rs. 3,000 whichever is higher, plus applicable taxes.

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 is 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 / MOD / MOE / 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

Other Charges

Type Charges
Check Dishonour Charges  Rs. 200**
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
Adjustable Rate Loans (ARHL)
  • For all loans sanctioned only to individual borrowers, no prepayment charges shall be payable on account of part or full prepayments.
  • 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.
  • 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.

 

Fixed Rate Loans (FRHL)
  • 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 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 / 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.

 

Fixed and Variable Rate Loans (Combination rate)
During the Fixed Rate period: During the Variable Rate period :
  • 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/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.
     
  • 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.
  • For all loans sanctioned only to individual borrowers, no prepayment charges shall be payable on account of part or full prepayments.
     
  • 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.

We offer our existing customer the option to reduce the applicable interest rates 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 and opt for either reducing your monthly instalment (EMI) or loan tenure. Terms and conditions apply. 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:

Name of the Product/Service Name of Fee/Charge levied When Payable Frequency Amount in Rupees

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

Conversion Fees On Conversion On every Spread change Upto 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.

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

Conversion Fees On Conversion Once Upto 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.

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.

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%.

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.

SURF offers an option where the repayment schedule is linked to the expected growth in your income. You can avail a higher amount of loan and pay lower EMIs in the initial years. Subsequently, the repayment is accelerated proportionately with the assumed increase in your income.

FLIP offers a customized solution to suit your repayment capacity which is likely to alter during the term of the loan. The loan is structured in such a way that the EMI is higher during the initial years and subsequently decreases in proportion to the income.

If you purchase an under construction property you are generally required to service only the interest on the loan amount drawn till 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.

This option provides you the flexibility to increase the EMIs every year in proportion to the increase in your income which will result in you repaying the loan much faster.

With this option you get a longer repayment tenure of up to 30 years. This means an enhanced loan amount eligibility and smaller EMIs.

Frequently Asked Questions

We will determine your loan eligibility largely by your income and repayment capacity. Other important factors include your age, qualification, number of dependants, your spouse's income (if any), assets & liabilities, savings history and the stability & continuity of occupation.

EMI refers to the ‘Equated Monthly Installment’ which is the amount you will pay to us on a specific date each month till the loan is repaid in full. The EMI comprises of the principal and interest components which are structured in a way that in the initial years of your loan, the interest component is much larger than the principal component, while towards the latter half of the loan, the principal component is much larger.

‘Own Contribution’ is the total cost of the property less HDFC’s loan.

For your convenience, HDFC offers various modes for repayment of the loan. You may issue standing instructions to your banker to pay the installments through ECS (Electronic Clearing System), opt for direct deduction of monthly installments by your employer or issue post-dated cheques from your salary account.

You can apply for a Home Loan at any time once you have decided to purchase or construct a property, even if you have not selected the property or the construction has not commenced.

Market value refers to the estimated amount that is expected to be fetched on the property as per the prevailing market conditions.

You could collect an application form from our nearest office or simply download it from our website and submit it yourself along with the supporting documents and the processing fee cheque at any HDFC office that is convenient to you. Alternatively you have the option to make an online application from anywhere in the world by clicking on ‘Instant Home Loan’ on our website and also know your Home Loan eligibility instantly.

Yes. You are eligible for tax benefits on the principal and interest components of your Home Loan under the Income Tax Act, 1961. As the benefits could vary each year, please do check with our Loan Counselor about the tax benefits which you could avail on your loan.

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

It is extremely important for you to ensure that the title to the property is clear, marketable and free from encumbrance. There should not be any existing mortgage, loan or litigation, which is likely to adversely affect the title to the property.

Repayment of the principal commences from the month following the month in which you avail full disbursement of your loan. Pending final disbursement, you pay interest on the portion of the loan disbursed. This interest is called pre-EMI interest. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of EMI.

In the case of under construction properties, HDFC also offers you a unique ‘Tranching’ facility wherein you can choose the installments you wish to pay till the time the property is ready for possession. Any amount over and above the interest which is paid by you goes towards principal repayment, thus helping you repay the loan faster. This is especially useful in case your disbursements are likely to be spread over a longer period of time.

The ’Agreement to Sell’ in a property transaction is a legal document executed on a stamp paper that records in writing the understanding between the buyer and the seller and all the details of the property such as area, possession date, price etc.

In many Indian states, the Agreement to Sell is required to be registered by law. We suggest that in your own interest you should register the Agreement 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.

Encumbrance on a property refers to claims or charges on the property due to liabilities such as unpaid loans and bills. It is critical that during your home search you consider properties which are free of encumbrances of any sort.

Yes, you could go in for a ‘Home Conversion Loan’ whereby your existing loan (which you took to buy your current home) could be transferred to the new house with additional funds for the incremental cost of the new house, subject to your loan eligibility. This means you can move into your new home without having to go through the hassle of pre-paying your existing loan.

Yes, you can apply for a loan to us for repaying a Home Loan availed by you from another Bank / Housing Finance Company or even your employer. For more details on ‘Balance Transfer’ kindly contact our nearest office.

An under construction property refers to a home which is in the process of being constructed and where possession would be handed over to the buyer at a subsequent date.

You can take disbursement of the loan once the property has been technically appraised, all legal documentation has been completed and you have invested your Own Contribution in full. You can submit the request for the disbursement of your loan by visiting any of our offices or online by logging on to ‘Online Access for Existing Customers’.

Once we receive your request for disbursement, we will disburse the loan in full or in installments, which usually do not exceed three in number. In case of an under construction property, we will disburse your loan in installments based on the progress of construction, as assessed by us and not necessarily according to the developer’s agreement. You are advised in your own interest to enter into an agreement with the developer wherein the payments are linked to the construction work and not pre-defined on a time-based schedule.

Yes, you can repay the loan ahead of schedule by making lump sum payments towards part or full prepayment, subject to the applicable prepayment charges. We also offer a free-of-charge facility to accelerate your loan repayment called ‘Accelerated Repayment Scheme’. This option provides you the flexibility to increase the EMIs every year in proportion to the increase in your income which will result in you repaying the loan much faster.

Yes, you will have to ensure that your property is duly and properly insured for fire and other appropriate hazards during the pendency of the loan. You will also have to produce evidence thereof to HDFC, each year and/or whenever called upon to do so. HDFC should be the beneficiary of the insurance policy.

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. Therefore such transactions covered by this Chapter can be proceeded with only after complying with the requirements prescribed therein.