A home is where the heart is irrespective of the cost of the house. Yes, be it a 1 BHK flat or a big villa, a home is a home and a place that binds together the family in a real sense. Having a home of one’s own is hence everyone’s dream but sometimes falling short of money can be a little disheartening at times. However, a home loan facility really makes things turn your way round and one of the leading lenders of home loans in today’s market is HDFC.
HDFC Home Loan is one of its as it has the rates that are affordable at a starting rate of 8.50% p.a., the loan amount which is the most important thing when it comes to home loans, and flexible tenure up to 30 years, isn’t it amazing? Well, HDFC is popular for its understanding of a loan borrower as what the applicant needs when he comes to a housing loan. Now coming to the housing loan scheme offered by HDFC, there is a certain eligibility criterion for borrowers. So, let us have a look at it.
HDFC Home Loan Eligibility-
The eligibility criteria to apply for a home loan at HDFC is as follows:
- HDFC home loan application is made either individually or jointly. All proposed owners of the property will have to be co-applicants. However, co-applicants need to be a close family member.
- The maximum period of repayment of a loan shall be up to 30 years for the Telescopic Repayment Option which is applicable only to the Salaried/Self-employed individuals under the Adjustable Rate Home Loan. For other home loan products, the maximum repayment period shall be up to 20 years.
- The tenure of the loan is also based upon the applicant's profile, the age of applicant at maturity of the loan, age of property at loan maturity, depending upon the particular repayment scheme as may be decided for and any other terms applicable subject to prevalent norms of HDFC.
Documents Required-
- Identity Proof- Valid Passport/Voter ID Card/Aadhar Card /Valid Driving License/PAN Card
- Address Proof- Valid Passport/Voter ID Card/Aadhar Card/Valid Driving License
- Income Proof- Last 3 months' Salary Slips, Last 6 months' Bank Statements, showing salary credits, Latest Form-16, and IT return
- Additional 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.’
- Property Related Documents- Copy of the Allotment Letter/Buyer Agreement, Receipt of the payment made to the developer
HDFC Home Loan EMI Calculator-
A home loan calculator or a loan EMI calculator is the tool that is used to calculate the EMI (Equated Monthly Installments). A borrower can make the right choice with the help of this calculator as it helps you know the loan affordability and then choose the offer that suits your purpose and budget. The calculator takes into account the following details:
- Loan Amount (in ₹ Lakh)
- Number of Months
- Interest Rate (in %)
Once you have mentioned the above details, you will get the detailed information on the monthly installments, the total interest outgo and the total amount (principal + total interest).
For example, is you are a salaried employee working in an MNC wishes to invest in a property which has not been identified yet. However, you want to avail a loan of ₹20 lakhs beforehand so that when you finalize the property to invest you would have funds ready in your hands. With an annual income of ₹12 lakhs, HDFC will charge an EMI of ₹18,317 for a loan tenure of 20 years and at a rate of interest of 9.25%.
How to Apply for HDFC Home Loan Online-
After doing the research of how much EMI you will have to pay, you can apply for a home loan at HDFC. You can apply both online as well as offline but since everything is digitizing now, the online process is more convenient. So let us have a look at the online process:
- Visit the official website of HDFC
- Click on ‘Apply Now’ via your mobile or computer
- Fill in the personal, professional, property details
- Upload the scanned documents
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