HDFC Reach Home Loans
You want to give your family comfort and security. The first step is a home. Gift yourself and your loved ones the home you have always wished for by availing HDFC Reach Home Loans (HDFC Reach).
HDFC Reach is specially designed for making home buying possible for micro entrepreneurs and salaried individuals, who may or may not have sufficient income documents. So whether you own a fruit / vegetable shop, a kirana shop, a pharmacy, salon, fast food outlet or any other business; are a skilled professional such as a carpenter, plumber, tailor, etc.; are employed in the SME sector or work as a consultant HDFC Reach is just the right product for you.
With unique loan appraisal techniques and flexible eligibility norms, HDFC makes it easy for you to avail a home loan by assisting you with the entire loan process. You can avail a loan for purchase or construction of your home, purchase of a shop/office to run your business or for purchasing a plot of land.
With HDFC Reach, you can apply for a home loan with minimum income documents.
Wait no more! Take the first step to realize your dream of becoming a homeowner with HDFC Reach Home loans.
- Specially designed loans for purchasing a new or an existing home
- Construct your home on a free hold or lease hold plot or on a plot allotted by a Development Authority
- Transfer your outstanding Home Loan availed from another Bank or Financial Institution to HDFC
- Enhance your home in many ways such as tiling and flooring, internal and external plaster and painting etc
- Extend / add space to your home such as additional rooms etc
- Avail a Top-Up loan for a variety of personal or professional needs
- Purchase of a plot of land
- Purchase / construction / extension or improvement of a non-residential premise
- Home Loans up for salaried individuals with a minimum income of ₹10,000 p.m. and for self employed individuals with a minimum income of ₹2 lacs p.a.
- Attractive interest rates
- No hidden charges
- Doorstep assistance on your Home Loan
- Expert legal and technical counselling to help you make the right home buying decision
Interest Rates
For Reach Home Loans, House Renovation Loan and Home Extension Loan
Trufixed - 2 years
Retail Prime Lending Rate: 17.45%
| Loan Slab | Interest Rates (% p.a.) |
|---|---|
| Any loan amount | 9.5 - 13 |
The above rates are subject to change without notice. To read terms & Conditions, Click Here
For Top Up Loans and Residential Plot Loans
Trufixed - 2 Years
Retail Prime Lending Rate: 17.45%
| Loan Slab | Interest Rates (% p.a.) |
|---|---|
| Any loan amount | 10 - 13.5 |
The above rates are subject to change without notice. To read terms & Conditions, Click Here
For Non Residential Premises (Built-Up) And Loan Against Property
Trufixed - 2 Years
Retail Prime Lending Rate: 17.45%
| Loan Slab | Interest Rates (% p.a.) |
|---|---|
| Any loan amount | 10.5 - 14 |
The above rates are subject to change without notice. To read terms & Conditions, Click Here
Reach Home Loan Details
You can apply individually or jointly for Home Loans. All proposed owners of the property will have to be co-applicants.
Who can Apply?
AGE
21-65 years
PROFESSION
Salaried / Self Employed
NATIONALITY
Resident Indian
GENDER
All Genders
Adding Co-Applicant helps in maximizing the loan amount.
Adding Women Co-Owner helps in getting better interest rate.
All co-applicants need not be co-owners. Generally co-applicants are close family members.
What's the maximum funding and the loan payment term?
| Product | Maximum Funding* |
|---|---|
| Home Loans / Home Extension Loans / Home Improvement Loans / Top Up Loans | 80% of the property cost |
| Non Residential Premises Loans/ Plot Loans | 60% of the property cost |
| Loan Against Property | 50% of the property cost |
*Subject to market value of the property and repayment capacity of the customer, as assessed by HDFC.
The maximum period of repayment of a loan shall be up to 30 years for Home Loans / Home Extension Loans / Refinance. The maximum period of repayment of a loan shall be up to 15 years for Home Improvement Loans / Plot Loans / Loan Against Property / Non Residential Premises Loans/ Top Up Loans.
The tenure of the loan is also dependent on the customer’s risk 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.
Documents & Charges
HDFC Reach Loan Documents
for Salaried individuals
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:
Proof of both Identity and Residence (KYC)
LIST OF DOCUMENTS
| A | Sr.No. | Mandatory Documents |
|---|---|---|
| 1 | PAN Card or Form 60 ( If the customer does not have a PAN card ) |
| B | Sr.No. | Description of Officially Valid Documents (OVD) that can be accepted for establishing the legal name & current address of Individuals*[Any one of the following documents can be submitted] | Identity | Address |
|---|---|---|---|---|
| 1 | Passport, the validity of which has not expired. | Y | Y | |
| 2 | Driving license which has not expired. | Y | Y | |
| 3 | Election /Voters identification card | Y | Y | |
| 4 | Job card issued by NREGA duly signed by the officer of the State Government | Y | Y | |
| 5 | Letter issued by the National Population Register containing details of name, address. | Y | Y | |
| 6 | Proof of possession of Aadhaar Number ( to be obtained voluntarily) | Y | Y |
A document mentioned above shall be deemed to be an OVD even if there is a change in the name subsequent to issuance provided it is supported by a marriage certificate issued by State Government or Gazette notification, indicating such a change of name.
Proof of income
- Last 6 months’ Salary Slips / Certificates attested by the employer
- Last 12 months’ Bank Statements / updated passbook, showing salary credits
- Latest Form-16
Other documents
- Employment Contract/Appointment Letter in case current employment is less than 1 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.'
HDFC Reach Loan Documents
for Self Employed individuals
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:
Proof of both Identity and Residence (KYC)
LIST OF DOCUMENTS
| A | Sr.No. | Mandatory Documents |
|---|---|---|
| 1 | PAN Card or Form 60 ( If the customer does not have a PAN card ) |
| B | Sr.No. | Description of Officially Valid Documents (OVD) that can be accepted for establishing the legal name & current address of Individuals*[Any one of the following documents can be submitted] | Identity | Address |
|---|---|---|---|---|
| 1 | Passport, the validity of which has not expired. | Y | Y | |
| 2 | Driving license which has not expired. | Y | Y | |
| 3 | Election /Voters identification card | Y | Y | |
| 4 | Job card issued by NREGA duly signed by the officer of the State Government | Y | Y | |
| 5 | Letter issued by the National Population Register containing details of name, address. | Y | Y | |
| 6 | Proof of possession of Aadhaar Number ( to be obtained voluntarily) | Y | Y |
A document mentioned above shall be deemed to be an OVD even if there is a change in the name subsequent to issuance provided it is supported by a marriage certificate issued by State Government or Gazette notification, indicating such a change of name.
Proof of income
- Last 2 years’ Balance Sheet and Profit & Loss A/c Statements, with Annexures/Schedules (of both the individual and the business entity and attested by a CA)
- Last 1 year’s Current A/c Statements of the business entity and Savings Account Statements of the individual (of both the individual and the business entity and attested by a CA)
Other documents
- Business Profile
- Latest Form 26 AS
- List of Directors and Shareholders with their individual shareholding certified by a CA / CS in case of the business entity being a company
- Memorandum and Articles of Association of the Company
- Partnership Deed in case of the business entity being a partnership firm
- Details of ongoing loans of the individual and the business entity including the outstanding amount, instalments, security, purpose, balance loan term, etc.
- 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.'
Charges & Fees
for HDFC Reach Loans
The following is an indicative list of fees / other charges / outgoings that are payable depending on the nature of the loan availed (*):
Processing Fees & Other 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
For Salaried:
Upto 2% of the loan amount plus applicable taxes.
Minimum Retention Amount: 50% of applicable fees or ₹3,000 + applicable taxes whichever is higher.
For Self-Employed:
Up to 2% of the loan amount plus applicable taxes.
Minimum Retention Amount: 50% of applicable fees or ₹3,000 + applicable taxes whichever is higher.
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
| Document Type | Charges |
|---|---|
| Check Dishonour Charges | ₹300** |
| List Of Documents | Up to ₹500 |
| Photo Copy Of Documents | Up to ₹500 |
| PDC Swap | Up to ₹500 |
| Disbursement Cheque Cancellation Charge Post Disbursement | Up to ₹500 |
| Re-Appraisal Of Loan After 6 Months From Sanction | ₹3,000 plus applicable taxes for employed customers; Rs.4,500 plus applicable taxes for self employed customers |
| Reversal of Provisional Prepayment under HDFC Maxvantage Scheme | Rs. 250/- plus applicable taxes/statutory levies at the time of reversal |
Prepayment charges
Housing Loans
| A. Adjustable Rate Loans (ARHL) and Combination Rate Home Loan (“CRHL”) during the period of applicability of the Variable Rate of interest |
For loans sanctioned to individual borrowers with or without co-obligants, no prepayment charges shall be payable on account of part or full prepayments made through any sources* except when the loan is sanctioned for business purposes**. |
| B. Fixed Rate Loans (“FRHL”) and Combination Rate Home Loan (“CRHL”) during the period of applicability of the Fixed Rate of interest |
For all loans sanctioned with or without co-obligants, the prepayment charge shall be levied at the rate of 2%, plus applicable taxes/statutory levies of the amounts being so prepaid on account of part or full prepayments except when part or full prepayment is being made through own sources*. |
Non Housing Loans and loans classified as business loans**
| A. Adjustable Rate Loans (ARHL) and Combination Rate Home Loan (“CRHL”) during the period of applicability of the Variable Rate of interest |
For all loans sanctioned with or without co-obligants, the prepayment charge shall be levied at a rate of 2% plus applicable taxes/statutory levies of the amounts being so repaid on account of part or full prepayment. |
| B. Fixed Rate Loans (“FRHL”) and Combination Rate Home Loan (“CRHL”) during the period of applicability of the Fixed Rate of interest |
For all loans sanctioned with or without co-obligants, the prepayment charge shall be levied at a rate of 2% plus applicable taxes/statutory levies of the amounts being so repaid on account of part or full prepayments. |
OWN SOURCES: *the expression "own sources" for this purpose means any source other than borrowing from a Bank/HFC/NBFC or Financial Institution.
BUSINESS LOANS: **The following loans shall be classified as business loans:
- LRD loans
- Loans against property / Home Equity Loan for Business Purpose i.e. Working Capital, Debt Consolidation, Repayment of Business Loan, Expansion of business, Acquisition of Business asset or any similar end usage of funds.
- Non Residential properties
- Non Residential Equity Loan
- Top up loans for Business Purpose i.e. Working Capital, Debt Consolidation, Repayment of Business Loan, Expansion of business, Acquisition of Business asset or any similar end usage of funds.
The Borrower will be required to submit such documents that HDFC may deem fit & proper to ascertain the source of funds at the time of prepayment of the loan.
The prepayment charges are subject to change as per prevailing policies of HDFC and accordingly may vary from time to time which shall be notified on www.hdfc.com .
Conversion Fees
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 / Renovation) |
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 ₹50000 plus taxes whichever is lower. |
Switching to Variable Rate Loan from Fixed Rate Loan (Housing / Extension / Renovation) |
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 ₹50000 plus taxes whichever is lower. |
Switch from Combination Rate Home Loan 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. |
Switch to a RPLR-NH Benchmark Rate (Non–Housing Loans) and corresponding spread |
Conversion Fees | On conversion where the resultant rate of interest remains the same | On change of bench- mark rate and/or change of Spread Change | NIL |
Switch to a RPLR-NH Benchmark Rate (Non–Housing Loans) and corresponding spread |
Conversion Fees | On conversion where the resultant rate of interest is lowered | On change of benchmark rate and/ or change of 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 (Loans under HDFC Reach)- Variable Rate |
Conversion Fees | On Conversion | On every Spread change | Upto 1.50% of the principal outstanding and undisbursed amount (if any) + applicable taxes/statutory levies at the time of conversion. |
Switch to HDFC Maxvantage Scheme |
Processing Fee | At the time of Conversion | Once | 0.25% of the outstanding loan amount + applicable taxes/statutory levies at the time of conversion |
Home Loan Recommended Articles
Calculators
Get the peace of mind by knowing all the details about your loan
HomeLoan: Home Loan EMI Calculator - HDFC Home Loans
Home Loan Amortization Schedule
| Year | Opening Balance | EMI*12 | Interest paid yearly | Principal paid yearly | Closing Balance |
|---|---|---|---|---|---|
| 1 | 25,00,000 | 2,52,802 | 2,00,590 | 52,212 | 24,47,788 |
| 2 | 24,47,788 | 2,52,802 | 1,96,200 | 56,602 | 23,91,185 |
| 3 | 23,91,185 | 2,52,802 | 1,91,441 | 61,361 | 23,29,824 |
| 4 | 23,29,824 | 2,52,802 | 1,86,282 | 66,520 | 22,63,304 |
| 5 | 22,63,304 | 2,52,802 | 1,80,689 | 72,113 | 21,91,191 |
| 6 | 21,91,191 | 2,52,802 | 1,74,627 | 78,176 | 21,13,015 |
| 7 | 21,13,015 | 2,52,802 | 1,68,054 | 84,748 | 20,28,267 |
| 8 | 20,28,267 | 2,52,802 | 1,60,929 | 91,874 | 19,36,393 |
| 9 | 19,36,393 | 2,52,802 | 1,53,204 | 99,598 | 18,36,795 |
| 10 | 18,36,795 | 2,52,802 | 1,44,830 | 1,07,972 | 17,28,823 |
| 11 | 17,28,823 | 2,52,802 | 1,35,753 | 1,17,050 | 16,11,773 |
| 12 | 16,11,773 | 2,52,802 | 1,25,911 | 1,26,891 | 14,84,883 |
| 13 | 14,84,883 | 2,52,802 | 1,15,243 | 1,37,559 | 13,47,323 |
| 14 | 13,47,323 | 2,52,802 | 1,03,678 | 1,49,125 | 11,98,199 |
| 15 | 11,98,199 | 2,52,802 | 91,140 | 1,61,662 | 10,36,536 |
| 16 | 10,36,536 | 2,52,802 | 77,548 | 1,75,254 | 8,61,282 |
| 17 | 8,61,282 | 2,52,802 | 62,813 | 1,89,989 | 6,71,293 |
| 18 | 6,71,293 | 2,52,802 | 46,840 | 2,05,962 | 4,65,330 |
| 19 | 4,65,330 | 2,52,802 | 29,523 | 2,23,279 | 2,42,051 |
| 20 | 2,42,051 | 2,52,802 | 10,751 | 2,42,051 | 0 |
Home Loan eligibility is dependent on factors such as your monthly income, current age, credit score, fixed monthly financial obligations, credit history, retirement age etc. Get the peace of mind by knowing all the details about your loan using HDFC Home Loan Eligibility Calculator
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Frequently Asked Questions
How will HDFC decide the home loan amount i am eligible for?
HDFC will determine your Home 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.
What does an EMI mean?
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.
When can I make a home loan application?
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.
What does ‘own contribution’ mean?
‘Own Contribution’ is the total cost of the property less HDFC’s home loan.
How do I repay a home loan?
For your convenience, HDFC offers various modes for repayment of your house 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.
Terms & 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.
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.
Click here for the Most Important Terms and Conditions pertaining to your loan.