How to apply for HDFC Home Loan 101% Approval: In case you are planning to purchase a dream home for yourself and your family, HDFC Home Loan is exactly what you need.
It is a true blessing to be living in the safety and comfort of your house. However, it does not come very easily these days given the high costs, home loan processes, as well as numerous other formalities that follow.
But if you rightfully fulfil HDFC Home Loan eligibility criteria, getting a home loan for you is simpler than ever!
With their fascinating interest rates and charges, seamless procedure for digital home loan applications, and extra top-ups, HDFC becomes the right place for you to apply for a home loan.
Moreover, if you are a government worker, you also get the advantage of special processing fees.
In this article, we are going to provide you with a complete guide to apply for an HDFC home loan, along with the documentation required, how to fulfill the HDFC home loan eligibility, and everything else that will ensure 100% approval of your application.
So without any further ado, let’s dive right in.
Different Home Loan Options
Before you go on to fulfill the HDFC home loan eligibility requirements, you should first understand different home loan options and choose the one that you need.
Here are the 3 alternatives:
- Home Loan: For the purchase of a new/resale or construction of a new house, applicants will need to apply for home loans. The home loan application may be either jointly or independently.
- Home Improvement Loan or HIL: This type of loan facilitates any kind of structural modifications and internal or external repairs that your current residence may need. This may include painting, plumbing, flooring, windows, grills, and much more.
- Home Extension Loan or HEL: The third kind of loan is sanctioned if you wish to expand the space of your current residence to fulfill the needs and preferences of the growing family. It may be the need for an additional bedroom, a guest room, a reading room, or anything else that you wish to add to your house.
So decide what your needs are and apply for the type of loan that is suited for the same. Let’s now have a look at HDFC Home loan eligibility criteria and if you fulfil it.
Also read – Bank of Baroda Home loan
HDFC Home Loan Eligibility
HDFC Home Loan eligibility largely depends on the applicant’s monthly or yearly income as well as loan repayment ability.
However, it depends on a variety of other factors as well that include the applicant’s current age, credit score rating, permanent monthly monetary commitments, prior history of credit, retirement age, and others.
It is also very simple to be fully aware of all the details regarding your home loan with the help of the HDFC Home Loan Eligibility Calculator.
Applicants must keep in mind that the HDFC Home Loan Eligibility Calculator is offered by the bank merely as a broad self-help planning method.
The results may be based on various aspects that are mostly all the assumptions that the applicant is going to provide. It is hard to ensure 100% accuracy of such a tool.
Nonetheless, your HDFC home loan eligibility is probably going to have the most important role to play in your home loan. So let’s learn more about it.
What is HDFC Home Loan Eligibility?
HDFC Home loan eligibility essentially refers to the batch of requirement factors that helps a loan-lending or financial organization to evaluate the worthiness of an applicant to borrow as well as repay a specific amount of home loan.
As mentioned earlier, HDFC Home loan eligibility is dependent on a variety of factors. The following is an illustration to explain the same:
For instance, if an individual’s age is 30 years and his/her gross monthly income is ₹30,000, in that case, he will be able to avail a home loan of ₹20.49 lakh with the HDFC home loan interest rate being 6.90% and the loan repayment term being 30 years given that he/she has no additional prevailing monetary obligations like a car loan, personal loan, or any other.
HDFC Home Loan Eligibility Requirements
- Current Age and Retirement Age: The individual’s age plays a great role in determining his/her HDFC home loan eligibility. The maximum home loan repayment term is normally topped at 30 years.
- Age Limit (For Applicants working on a salary basis): 21 years to 65 years
- Age Limit (For Self-Employed Applicants): 21 years to 65 years
- Minimum Monthly Salary: ₹10,000 per month
- Minimum Annual Business income: ₹2 lakh per annum
- Maximum Home Loan Repayment Term: 30 years
- Financial Position: The present, as well as the future gross income of the applicant, plays a significant part in determining his/her home loan amount.
- Past Credit Record and Current Credit Score: A clear loan repayment history in the past is regarded as positive.
- Other Monetary Obligations: Any ongoing financial liabilities like a car loan, personal loan, credit card debt, or others.
How can I enhance my HDFC Home Loan eligibility?
There are various ways to enhance your HDFC home loan eligibility. Here are some:
- Have a co-applicant in your home loan application who can be a family member who works and earns.
- Avail of a structured home loan repayment plan.
- Make sure that your income flow is steady and possess regular savings as well as investments
- Providing complete details of the regular extra sources of income.
- Maintaining a document of the irregular salary factors.
- Carrying out actions for rectifying any errors in the credit score rating.
- Paying back any prevailing loans or short-term obligations such as credit card debt.
HDFC Home Loan Interest Rates
HDFC Home Loan Logo is popularly known for its impressive Home Loan interest rates.
The bank specifies an adjustable-rate loan which is also called a floating-rate loan or a trufixed loan wherein the interest rate on your home loan stays stabilized for a certain term (for instance, the first 3 years of the full loan term) and after that, it is going to convert into an adjustable-rate loan.
HDFC currently offers its interest rates on a home loan that start from 6.70% per annum. For more details and terms and conditions, you can click here.
Factors affecting HDFC home loan interest rates
Some key aspects have a great role to play in affecting the HDFC interest rate on your home loan. Let’s have a look:
- Interest rate kind
- Benchmark Loan Lending Rate
- The ratio of Loan and Value
- Economic Profile of the Applicant
- Home Loan Repayment Tenure
- Locale of your Property
- The reputation of the provider of the Home Loan
HDFC Home Loan CIBIL Score
A decent CIBIL score is the way to get easy approval of your home loan application apart from its other benefits.
Let’s first take a quick look at what exactly the CIBIL score is.
What is CIBIL Score?
CIBIL Score is an estimate of an individual’s capacity for home loan repayment.
Whether the borrower is an individual or a group, they are certainly going to possess a CIBIL Score-Card.
And it is no surprise that the person’s repayment capability has one of the most crucial roles to play in the approval of your HDFC home loan application. Therefore, having a good score becomes essential.
CIBIL Score essentially constitutes 3 digits from 300-900. The greater your score is, the greater your creditworthiness is.
With the convenience of easy home loan repayment options as well as quick processing, HDFC home loan reviews have been truly great.
The bank provides home loans at an attractive interest rate that starts from 6.70% per annum with EMIs that starts from Rs. 652 for one lakh.
They also offer legal as well as technical assistance that assists the applicant at every step of their home loan application.
Building a dream house for yourself and your family has now been made much easier and hassle-free. So what are you waiting for?
Make sure to carefully check out all the HDFC Home loan eligibility requirements, get your documents right, and apply for your home loan right away!
Also read – IIFL Home loan
Frequently Asked Questions
How can I make my home loan application?
First and foremost, you will need to collect a loan application form that you can easily find at HDFC’s nearest office.
Alternatively, you can also simply choose to download the form from the official website of HDFC and submit it on your own together with the necessary documents as well as processing fee charges at the nearest HDFC office or whichever feels more convenient to you.
Another option is to simply make your home loan application online from the comfort of your home. All you need to do is click on the option of ‘Instant Home Loan’ on their official website and check your HDFC Home Loan eligibility directly.
When is the right time to apply for my home loan?
One can easily apply for an HDFC Home Loan at any point in time after they have agreed on purchasing or constructing a property.
It is not important to first select the property or wait for the commencement of your house construction before applying for the home loan.
How can I repay my HDFC home loan?
For the borrower’s convenience, the bank provides a variety of modes for your home loan repayment.
Borrowers may grant standing instructions to the banker for paying the home loan installments via Electronic Clearing System or ECS, choose for deduction of installments every month directly by the employer or provide post-dated cheques or PDCs from the specified salary account.
What type of security do I need to provide?
Security of your home loan would normally be the property’s security interest that the bank is financing or/and any other interim security or collateral that the bank requires to make sure of your repayment ability.
The borrower needs to make sure that the ownership of your provided security property is 100% clear, commercial, as well as free from any encumbrance.
There can not be any prevailing loan, mortgage, or litigation on the security that may result in adversely affecting the ownership of the property.
Is it possible to receive a higher amount of loan from my prevailing HDFC loan account for buying a new estate?
Yes, you can easily apply for a ‘Home Conversion Loan’ or HCL wherein your prevailing home loan will be transferred to your new property with extra funds to pay for the incremental expense of the new property provided that you fulfill the HDFC home loan eligibility criteria.
This implies that you won’t need to undergo the hassle of making the prepayment of your prevailing loan before moving into the new house.
Does my property need to be insured?
Yes, you will need to make sure that the property is appropriately and duly insured for any applicable hazards including a fire at the time of pendency of your home loan.
Apart from this, you will need to generate proof thereof to the bank every year or/and whenever asked as well. HDFC also needs to be the beneficiary of your property’s insurance policy.
Who can avail of an HDFC home loan transfer?
Any home loan applicant who has or emailing a home loan from another organization or bank wherein he/she has had a steady payment track of at least a year is eligible to avail of an HDFC home loan transfer or balance.