Step-by-Step Guide to the Home Loan Application Process

Embark on a hassle-free journey with HDFC Bank's  simple home loan process. Our step-by-step guide ensures a seamless experience right from application to disbursement.

Home Loan Process steps

HDFC Bank's home loan process is easy and convenient. Here is a step-by-step guide to the home loan application and disbursement process.

Step 1: Application of the Home Loan

For a smooth home loan process, you must submit a duly filled application along with important documents such as identity proof, address proof, income proof, etc. If you are applying with a co-applicant, you must submit the same set of documents of the co-applicant, and they must sign the application form too.

If you have already short-listed a property, you must provide the details in the form and submit photocopies of the property-related documents for legal and technical assessment. This will make your Home loan process much easier.

You can also apply online for a HDFC Bank Home Loans by visiting www.hdfc.com You can even call us on our toll-free number, and our counsellor will visit your home and assist you through the home loan process steps.

Step 2: Credit Assessment

After you submit the form and the documents, the appraisal process begins. The Bank evaluates your eligibility based on specific information relating to your income, liabilities, credit score, repayment capacity. Other important factors include your age, qualification, number of dependants, your co applicant’s income (if any), assets & liabilities, savings history and the stability & continuity of occupation.

If you are self-employed, in addition to the above information, we also assess the sustainability of business, and  the cash flow.

At this stage of the home loan process, the Bank conducts a field credit investigation, wherein our representative may call you, or visit your home/office, to validate the information you provide in the application form.

Based on our assessment, we will determine your loan eligibility.

Step 3: Home Loan Sanction

After determining your loan eligibility we will communicate the loan amount through a sanction letter. The sanction letter will contain the following details:

Total sanctioned loan amount

Home loan interest rate

Type of interest rate applicable (fixed or floating interest rate)

Loan tenure

EMI (as applicable) payable

Validity of the sanction letter

Special conditions (If any) to be fulfilled before disbursement

Other terms and conditions

This loan approval is subject to legal and technical clearance of the property being financed , including valuation of the property as assessed by HDFC Bank ltd

Step 4: Legal & Technical Verification

 For smooth legal and technical assessment of the property it is advisable to submit all the available documents at one go. These include the complete chain of title documents (in case of a resale property), sale agreement with the builder, NOC (no-objection certificate), OC (occupancy certificate), and any other document that the Bank may require to verify. We will also carry out a technical inspection of the property to check if the property is constructed as per the sanctioned plans and other applicable norms and to assess the market value.

Step 5: Home Loan Disbursement

After carrying out credit, legal and technical verification, we would require you to submit the original title documents to complete the home loan process. Once you submit the said documents and raise a disbursement request, we will initiate the process of preparing your disbursement cheque. You will need to sign the loan agreement before the lender hands over the disbursement cheque to you. Make sure that you read the most important details such as interest rate, interest type, loan tenure, EMI, and other terms and conditions carefully before signing the loan agreement.

If the property you want to purchase is under construction, we will disburse the sanctioned amount in instalments to the developer based on the progress of construction.