HDFC Home Loan Interest Rate - Unlock the Door to Happiness

Among all credit facility available housing loan is the cheapest loan in the present time. With MCLR rates being cut rapidly, there is a great change in HL rates. Generally, the HL rates are floating and linked to MCLR, that is with every change in MCLR rates, the rate of interest on the loan changes. In recent times, home loan rates have drastically dropped. 

HDFC home loan interest rate have also changed post MCLR deduction. The Bank offers home loan to help people fulfill their dream of owning a house. It provides financial support and make it possible for the people to have the house of their choice. The credit is provided for various purposes and they are as follows:

Types of Home Loan

• Home Loan - This can be availed by applicants who wish to purchase or construct a home. A person can make an application individually or jointly with another co-applicant.
• Home Improvement Loan (HIL) - The interior of the house actually reflects the owner’s preference or taste. It therefore, becomes important to upgrade or beautify it as per the changing times. After all, nobody wants to live in a house that is not repaired since ages, isn’t it? The bank offers HIL which facilitates external and internal repairs like painting, roofing, flooring, waterproofing or tiling.
• Home Extension Loan (HEL) - In case you wish to extend your house by adding a new bedroom for your child or study room for yourself, then this product perfectly fits the bill for you. This product offers you much needed financial support when you wish to extend your house to meet the growing needs of your family.
• Plot Loans - You can get your home uniquely constructed at a place of your choice by availing the plot loan. The repayment option is customized to suit the needs of the customer.

Whatever the purpose may be, to avail the credit facility the customer has to fill the application form. The application can be submitted either online or offline by visiting the nearest bank branch. With the application form the customer has to provide the documents that are required for verification. The list of requisite documents is as below:

Documents Required:

The applicant has to submit the following documents at the time of loan application-

• Completely filled application form
• Two photos of passport size
• Proof of Identity- Aadhar card/PAN card/Passport/Driving License/Voter ID card
• Proof of Residence- Passport/Electricity bill/Telephone bill/Voter ID card
• Proof of Income-  For Salaried individuals: Bank Statement of the last six months, Latest salary slip and Form 16. For Self-employed- Profit & Loss account and audited balance sheet of the last three financial years along with income tax returns of the last three years
• Proof of Business for self-employed individuals
• Documents relating to property- Allotment letter copy/Buyer agreement and a receipt of payment which is made to the developer
• Other important documents- A cheque for processing fee favouring ‘HDFC Ltd.’, Memorandum and Articles of Association, Partnership deed in case of a partnership firm

What matters the most is how much one has to repay on the credit availed. The repayment amount includes principal amount and the interest amount. The interest is the percentile of the principal amount. To calculate the repayment amount it is important for the customer to know the HDFC home loan interest rate. 

Once the lending rate is known, the borrower can calculate the exact repayment amount and the installment amount using the HL EMI Calculator. It is a device that helps to compute the value of your installment you need pay to the lender each month in order to settle the loan. It is easy to use the calculator. You just need to enter the loan amount, tenure and the rate of interest in the calculator.

Let’s check the example to understand how HDFC home loan EMI calculator works.

For Example- A candidate availed a home loan of ₹20,00,000 for the period of 20 years at the interest rate of say 8.60% p.a. and wants to know how much EMI he has to pay each month then he can insert the relevant values in the calculator. Once the values are entered the result will be displayed as:

EMI: ₹17,483

Total Interest Payable: ₹ 21,95,981

Total Repayment Amount: ₹41,95,981

Availing the credit facility makes it easy to arrange the funds for buying the new house and doesn’t put burden on the pocket. The customer has to repay the amount in installment and hence the burden is divided over the loan tenure.  

HDFC Home Loan EMI Calculator - Gives You a Recap of Repayment Ahead

HDFC Limited, a leading mortgage firm, can be an ideal friend in your dream home search. The housing finance firm enjoys a great deal of customer loyalty by virtue of a plethora of home loan and related services. Not only HDFC has a loan to buy a new or resale home, it also runs a special finance scheme for home construction.

The falling interest rates have only made its home loan more attractive. Currently, the rates range from 8.35%-9.05%, based on the amount of loan sanctioned. Whenever the discussion happens on an interest rate, it often leads many to ponder over the expected EMI, which stands for Equated Monthly Installment. After all, this is what you need to pay each month for about 20-30 years, the tenure generally opted by a borrower. 

So, the consideration for the same is valid in every sense of the word. Now, the question appears, how will you know the monthly installment applicable on a home loan? The answer comes with the dynamics of HDFC Home Loan EMI Calculator. So, why to delay in understanding the dynamics of the calculator? Let me pen down the calculator in a simple manner so that you can comprehend and implement in real-time.

Work Methodology of HDFC Home Loan EMI Calculator

The calculator is a simple mathematical device that computes the installment payable on a loan. The installment is nothing but a combination of interest and principal portions of a loan. You just need three ‘Musketeers’ - Loan Amount, Interest Rate and Tenure - to get the EMI estimate pop up on your screen. And if you believe the calculator only computes the EMI, you can be proven pleasantly wrong. It is because the calculator goes on to find out the overall interest outgo from one’s pocket over the loan tenure.

On using the calculator, you can find the per lakh EMI of HDFC Home Loan to be ₹758-808. Now, if you avail a 20-year home loan of ₹45 lakhs, the interest rate applicable will be 8.50%-8.90% per annum. The EMI will be ₹39,052-40,199, while the interest outgo is expected to touch ₹48,72,491-51,47,690 over the course of a loan.

Since a home loan runs for as long as 30 years, it is advisable to choose a relatively shorter tenure to curtail the amount of interest outflow. This can be explained better with the help of an example.

Example - Sachin Deshmukh and Rohit Mandal have applied for a home loan of ₹40 lakhs each at HDFC. While Sachin opted a 20-year tenure, Rohit went with a 25-year loan. Assume the interest rate in both the cases is 8.60% per annum.  Now see, who will save more?

Sachin’s EMI and interest repayments are going to be ₹34,967 and 43,41,962 over the course of 20 years. On the other hand, Rohit may pay a lower EMI of ₹32,479 but a heavier interest payout of ₹57,43,726 would empty his pocket fast. Sachin would thus reduce the interest outgo by as much as ₹14,01,764 (₹57,43,726-43,41,962) in comparison to Rohit.

By-Product of HDFC Home Loan EMI Calculator

The EMI calculator also flashes the work of an amortization calculator. Yes, it’s true. Just adjacent to the results of the EMI calculator, you will see the year-on-year repayment of principal and interest, which is the function of an amortization calculator. It’s also something you should glance at because it can help you figure out the expected outflow from your pocket, both in terms of interest and principal.

So, you must have gained a lot from HDFC Home Loan EMI Calculator. This, I hope, will help plan a smooth home loan journey with the mortgage firm. Just search the best property on view and apply for a home loan at HDFC, which would then take care of the road ahead.

Make Buying Home an Easy Task with HDFC Home Loan

Throughout our life, we strive hard to accumulate wealth but don’t get the wishes fulfilled. Each one of us has the desire to decorate our house, to select the interiors and design the walls according to our taste. But all this is not possible in the rented house. We need to abide by the rental agreement and follow what landlord says. Rented house is just a shelter over the head where we live and move away after a certain period of time.

It cannot make you feel like home where you live a stress free life without worrying about paying the rent. You cannot connect with it and proudly say to others “It is my house”. While I know nothing can give more joy than the comfort of living in one’s own house but it is also true that not everyone has the opportunity to get the one. The reason behind it is the shortage of funds. Money hinder the access to our dream home.

If you too are sailing in the same boat and identify yourself stuck in the same situation then here is the perfect solution for you. You can take the HDFC Home loan from and get your dream home.

HDFC helps the people to accomplish their dream of owning a house. The bank provides loan for various purpose description of which is stated below:

Purpose for which loan is provided:

Home Loan: This can be availed by applicants who wish to purchase or construct a home. A person can make an application individually or jointly with another co-applicant.

Home Improvement Loan (HIL): The interior of the house actually reflects the owner’s preference or taste. It therefore, becomes important to upgrade or beautify it as per the changing times. After all, nobody wants to live in a house that is not repaired since ages, isn’t it? The bank offers HIL which facilitates external and internal repairs like painting, roofing, flooring, waterproofing or tiling.

Home Extension Loan (HEL): In case you wish to extend your house by adding a new bedroom for your child or study room for yourself, then this product perfectly fits the bill for you. This product offers you much needed financial support when you wish to extend your house to meet the growing needs of your family.

Plot Loans: You can get your home uniquely constructed at a place of your choice by availing the plot loan. The repayment option is customized to suit the needs of the customer.

How To Apply

The candidates interested in availing the loan from HDFC can apply for it either by visiting the bank branch or can apply online at official bank website. HDFC Bank disburses Home loan through HDFC Ltd. So, the applicant can directly apply for the loan there as well. You can apply directly, visit the nearest office, place a call or send an SMS.

Documentation Required

The customer needs to provide various documents in order to avail the loan. Various documents that need to be submitted by the bank are stated below:

• Completely filled application form
• Two photos of passport size
• Proof of Identity- Aadhar card/PAN card/Passport/Driving License/Voter ID card
• Proof of Residence- Passport/Electricity bill/Telephone bill/Voter ID card
• Proof of Income-  For Salaried individuals: Bank Statement of the last six months, Latest salary slip and Form 16. For Self-employed- Profit & Loss account and audited balance sheet of the last three financial years along with income tax returns of the last three years
• Proof of Business for self-employed individuals
• Documents relating to property- Allotment letter copy/Buyer agreement and a receipt of payment which is made to the developer
• Other important documents- A cheque for processing fee favouring ‘HDFC Ltd.’, Memorandum and Articles of Association, Partnership deed in case of a partnership firm

Check HDFC Home Loan Interest Rates & Apply Online Now

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:

1. 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.
2. 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.
3. 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