HDFC Home Loan - Interest Rate

Everybody has a dream of owning a home. A place that only belongs to them. You also feel very much like this, Right? So, here is the catch! HDFC Bank has taken responsibility for providing homes to the maximum number of people in India by offering attractive home loans at affordable interest rates. It has an attractive range of home loan products to choose from.

 

In this article, you are introduced to the intricacies of HDFC home loan interest rates in a well-structured way. So, let’s get into this.

 

HDFC Bank Home Loan Interest Rate — Best Deals to Choose for Your Dream Living Space

 

The initial interest rate for house loans from HDFC Bank is 8.75% per annum. You can obtain home loans up to 10 crore and for up to 30 years. Whether you need this interest rate on home loans, balance transfer loans, house renovation loans, or home extension loans, you’ll get all these categories covered.

 

In addition to all these loans, HDFC Bank offers a rural housing loan scheme that targets planters, agriculturists, horticulturists, as well as salaried applicants / self-employed to make them build or buy homes in their locality. To empower women, it offers much more attractive interest rates for them, starting at 8.20% p.a.

 

If you’ve fulfilled certain criteria like credit score, employment type, trustworthiness, and many others, you can get a home loan of up to 90% of the property value. With HDFC Bank, you can start your home loan journey with zero prepayments.

 

HDFC Bank offers both trufixed and adjustable-rate loans. With a trufixed loan, the interest rate on the home loan remains fixed for a predetermined amount of time (for instance, the first two years of the loan's duration) before switching to an adjustable-rate loan.  This type of loan is also referred to as a floating-rate loan.

Features and Benefits of HDFC Bank Home Loans

 

By providing a multi-faceted borrower-oriented and seamless approach to home loans, HDFC Bank offers several more benefits for home loans:

 

• HDFC Bank home loans feature a simple and digital application process to build your dream living space.

 

• It comes with easy repayment facilities and offers attractive interest rates for you.

 

• Its affordable plans can provide you with the tag of homeowner.

 

• With its transparent charges, the clarity remains in the center for both salaried & self-employed applicants.

 

• It offers a wide range (HDFC Bank Housing Loans, HDFC Home Loan Balance Transfer, HDFC Bank Rural Housing Loans, HDFC Bank Plot Loans, HDFC Home Renovation Loans, HDFC Reach Home Loans, HDFC NRI Home Loans, HDFC PMAY, HDFC Home Extension Loans, HDFC Bank Top-Up Home Loans) of home loans schemes, letting you choose the loan as per your specific needs and budget.

 

• For female applicants, it comes with reduced interest rates (8.20% p.a.) and processing cost exemptions.

 

• HDFC Bank has a special program for Indian Army Personnel to provide home loans with its Army Group Insurance Fund (AGIF).

 

• After providing you with specific home loan needs, HDFC Bank allows you to register for mobile and internet banking accounts, further providing you with a hassle-free post-disbursement experience.

 

Processing Fees and Additional Charges for HDFC Bank Home Loans

 

HDFC Bank charges fees to account for expenses made during the credit appraisal and lending procedure. You have to pay some technical and legal charges as per the HDFC rules. You get information about these rules and charges while performing the loan application process.

 

You need to understand the processing fee and additional charge structure to better prepare your repayment plan. 

 

HDFC Bank charges professionals who are salaried or self-employed a processing fee of up to 0.50% of the loan amount or Rs 3,000, whichever is higher.  On the other hand, for self-employed non-professionals, it is up to 1.50% of the loan amount or Rs 4,500, whichever is higher. But, it depends on specific schemes and situations.

 

Below is a table that clearly defines the processing fee and additional charges for the HDFC Bank home loans:

Additional Charges for the HDFC Home Loan Interest Rate

 

Note: These details can vary at the discretion of the lender

 

EMI Calculations for HDFC Bank Home Loans

 

To get you prepared for planning your home loan budget effectively, HDFC Bank offers an EMI calculator. It provides you with your exact monthly EMI, interest amount, and total payable amount. You just need to enter your desired loan amount (from 1 lakhs to 10 crore), specific loan tenure (up to 30 years) as per your financial planning, and a suitable interest rate (starting from 8.75% p.a.), in the HDFC Bank Home Loan EMI calculator to get an estimation for your housing loan.

 

Let’s take a close look at the below table that depicts EMI Calculations for the HDFC Bank Home Loans based on different loan amounts, interest rates, and tenures:

Final Note

 

So, HDFC Bank home loans are the best way to build your dream living space. These home loans come with various schemes, making them suitable for different individuals. The HDFC Bank home loan interest rate depends on your repayment capacity, income, occupation, property type, and existing relationship with the bank.

 

You also need to pay attention to processing fees related to your chosen home loan scheme along with other charges such as stamp duty, registration charges, etc. HDFC home loan EMI Calculator can help you make an informed decision by providing exact EMI calculations with minimal effort. However, you should think about your budget and future income before opting for any home loan scheme.