- When you apply for a home loan, your eligibility is primarily dependant on your income and repayment capacity.
- There are also some other factors that will determine your home loan eligibility –
- Your age, financial position, credit history, credit score, other financial liabilities etc.
- You can enhance your eligibility for a home loan by –
- Adding an earning family member as co-applicant.
- Availing a structured repayment plan.
- Ensuring a steady income flow, regular savings and investments.
- Furnishing details of your regular additional income sources.
- Keeping a record of your variable salary components.
- Taking actions to rectify errors (if any) in your credit score.
- Repaying ongoing loans and short terms debts.
HDFC Reach Home Loans
At HDFC, we understand the amount of hard work you have put in and the number of hardships and challenges you may have had to defy on your way to be able to reach so far in life. Now it’s time to create your own home, a warm little corner in the world that is yours, tailored by your tastes and needs. There is no place like ‘home’ and with HDFC Reach Home Loans you can gather hopes, achieve your dreams and create memories in your own space.
- 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 Rs. 10,000 p.m. and for self employed individuals with a minimum income of Rs. 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, Home Improvement Loan, Home Extension Loan And Top Up Loans
Trufixed - 3 Years
Retail Prime Lending Rate: 16.75%
| Loan Slab | Interest Rates (% p.a.) |
|---|---|
| Any loan amount | 9.95 to 14.75 |
The above rates are subject to change without notice. To read terms & Conditions, Click Here
For Non Residential Premises (Built-Up), Loan Against Property And Residential Plot Loans
Trufixed - 3 Years
Retail Prime Lending Rate: 16.75%
| Loan Slab | Interest Rates (% p.a.) |
|---|---|
| Any loan amount | 10.95 to 15.75 |
The above rates are subject to change without notice. To read terms & Conditions, Click Here
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
18-65 years
PROFESSION
Salaried / Self Employed
NATIONALITY
Resident Indian
GENDER
All Genders
Adding Co-Applicant helps in maximizing the loan amount.
Adding Women Co-Applicant 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
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:
- Last 6 months’ Salary Slips / Certificates attested by the employer
- Last 12 months’ Bank Statements / updated passbook, showing salary credits
- Latest Form-16
- 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.'
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:
- 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)
- 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.'
The following is an indicative list of fees / other charges / outgoings that are payable depending on the nature of the loan availed (*):
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.
For Self-Employed:
Up to 2% of the loan amount.
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 | 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 | Rs.3,000 plus applicable taxes for employed customers; Rs.4,500 plus applicable taxes for self employed customers |
| Increase / Decrease In Loan Term | Up to Rs.500 plus applicable taxes |
| Adjustable Rate Loans (ARHL) |
|---|
|
| Fixed Rate Loans (FRHL) |
|---|
|
| Fixed and Variable Rate Loans (Combination rate) | |
|---|---|
| During the Fixed Rate period: | During the Variable Rate period : |
|
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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. |
Learn more about Home Loans
Calculators
Get the peace of mind by knowing all the details about your loan
HomeLoan: Home Loan EMI Calculator - HDFC Home Loans
1 Lac
10 Cr
1
30
0
15
25,64,000
25,64,000
25,64,000
25,64,000
What is Home Loan EMI?
EMI stands for Equated Monthly Installment. It includes repayment of the principal amount and payment of the interest on the outstanding amount of your home loan. A longer loan tenure (for a maximum period of 30 years) helps in reducing the EMI.
HDFC’s home loan EMI calculator also gives an approximate figure for the total monthly installment payments.
HDFC’s EMI calculators give a fair understanding about the ratio of the principal amount to the interest due, based on the effect of the tenure and interest rates. EMI calculator also provides an amortization table elucidating the repayment schedule. HDFC’s home loan calculator provides a complete break-up of the interest and principal amount.
How does EMI calculation help in planning the home purchase?
HDFC’s Home Loan EMI calculator gives a clear understanding of the amount that needs to be paid towards the EMIs and helps make an informed decision about the outflow towards the housing loan every month. This helps estimate the loan amount that can be availed and helps in assessing the own contribution requirements and cost of the property. Therefore knowing the EMI is crucial for calculation of home loan eligibility and planning your home buying journey better.
How to use HDFC’s EMI Calculator?
All you need to do is input the following to arrive at your EMI:
- Loan Amount: Input the desired loan amount that you wish to avail
- Loan Tenure (In Years): Input the desired loan term for which you wish to avail the housing loan. A longer tenure helps in enhancing the eligibility
- Interest Rate (% P.A.): Input interest rate.
Click here to know the prevailing interest rates.
HDFC offers various repayment plans for maximizing home loan eligibility to suit diverse needs.
- Step Up Repayment Facility (SURF)
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.
- Flexible Loan Installments Plan (FLIP)
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.
- Tranche Based EMI
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.
- 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.
- Telescopic Repayment Option
With this option you get a longer repayment tenure of up to 30 years. This means an enhanced loan amount eligibility and smaller EMIs.
Estimate EMIs of your housing loan by using our feature rich EMI calculator, now!
After getting an estimate of EMI using the calculator, you can apply for a home loan online from the comfort of your living room easily with Online Home Loans by HDFC.
To apply for a home loan online, click Apply Online
In case you would like us to get in touch with you, kindly leave your details with us. HDFC also offers a facility of a pre-approved home loan even before you have identified your dream home.
10 K
1 Cr
1
30
0
15
0
1 Cr
Your loan EMI will be
/monthly
These calculators are provided only as general self-help Planning Tools. Results depend on many factors, including the assumptions you provide. We do not guarantee their accuracy, or applicability to your circumstances.
NRI should input net income.
How is Home Loan eligibility calculated?
Housing loan eligibility is primarily dependent on the income and repayment capacity of the individual(s).There are other factors that determine the eligibility of home loans such as age, financial position, credit history, credit score, other financial obligations etc.
How to enhance Home Loan eligibility?
The eligibility for home loans can be enhanced by
- Adding an earning family member as co-applicant.
- Availing a structured repayment plan.
- Ensuring a steady income flow, regular savings and investments.
- Furnishing details of your regular additional income sources.
- Keeping a record of your variable salary components.
- Taking actions to rectify errors (if any) in your credit score.
- Repaying ongoing loans and short terms debts
How to use HDFC’s Eligibility Calculator?
HDFC’s Eligibility Calculator facilitates checking eligibility for housing loans online.
- Gross Income (Monthly) in Rs : Input gross monthly income. NRI should input net income.
- Loan Tenure (In Years): Input the desired loan term for which you wish to avail the loan. A longer tenure helps in enhancing the eligibility.
- Interest Rate (% P.A.): Input HDFC’s prevailing housing loan interest rate. Click here to know the prevailing interest rates
- Other EMIs (Monthly): Input the EMIs of the other loans you may have
Once you get an indication of your eligibility and EMI amount by using the calculator, you can apply for a home loan online from the comfort of your living room easily with Online Home Loans by HDFC.
Home Loan eligibility is calculated based on various factors like
- Present Age and Remaining Working Years: The age of the applicant plays a major role in determining home loan eligibility. The maximum loan term is generally capped at 30 years.
- Financial Position: The present and the future income of applicant(s) has a significant impact on determining the loan amount.
- Past and Present Credit History and Credit Score: A clean repayment record is considered positive.
- Other Financial Obligations: Existing liabilities such as a car loan, credit card debt, etc.
To apply for a home loan online, click
In case you would like us to get in touch with you, kindly leave your details with us. HDFC also offers a facility of a pre-approved home loan even before you have identified your dream home.Home Loan Blog
These calculators are provided only as general self-help Planning Tools. Results depend on many factors, including the assumptions you provide. We do not guarantee their accuracy, or applicability to your circumstances.
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1 Cr
10 K
1 Cr
1
30
0
15
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1 Cr
Property Cost
These calculators are provided only as general self-help Planning Tools. Results depend on many factors, including the assumptions you provide. We do not guarantee their accuracy, or applicability to your circumstances.
NRI should input net income.
- It gives you a clear understanding of your finances - both your home loan eligibility and the amount you can arrange from your own sources thus helping you fix a budget for your home purchase.
- You can focus your search on affordable properties without wasting time and effort in considering unreasonable deals.
- It helps you project yourself an an informed, serious and well-prepared home buyer, giving you better bargaining power with the developer or property seller.
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These calculators are provided only as general self-help Planning Tools. Results depend on many factors, including the assumptions you provide. We do not guarantee their accuracy, or applicability to your circumstances.
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.
Terms & Conditions
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.
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.