Are you searching for a HDFC Home Loan Documents Required? If yes, then you are probably a customer of HDFC Bank or seeking only a home loan from it. Buying a home is everyone’s dream, and in today’s time, it is not possible without getting a home loan.
In this article, you will find every detail required to get a HDFC Bank home loan.
So let’s start
Check out: How to get HDFC Personal Loan
A quick look at the HDFC Home Loan
| PARAMETERS | RESIDENT INDIANS | NON RESIDENT INDIANS |
|---|---|---|
| Eligible borrower | Individuals or group of individuals | NRIs on regular employment or established business with regular income |
| Purpose | Construction / Repair/ Renovation/ Extension/ Purchase of land / Flat / House for residential accommodation. | |
| Maximum Funding | 90% of the property cost OR Loan Eligibility whichever is lower. | |
| Rate of Interest | Salaried & Self Employed – 8.50% – 9.00% | *For Professional & Non-Professionals – 8.70% – 9.60% |
| Tenure | Upto 30 years | Upto 30 years |
| Repayment holiday (Moratorium) | Maximum upto 12 months | |
| Age ceiling | 1. Salaried – 21 to 65 years 2. Others – 65 years | 3. Salaried – Superannuation (max 60 years) 4. Others – 65 years |
| Income Proof | SALARIED 1. Latest salary slip / certificate 2. Latest IT Return / Form 16 3. Latest bank statement – 12 months SELF EMPLOYED 1. Latest ITR with computation for the last 3 years & financials 2. Latest bank statement – 12 months | SALARIED 1. Latest salary slip OR certificate attested by Embassy / Employer along with operating international bank account wherein the salary is getting credited. 2. Employment Contract a. Valid work Permit b. Copy of Visa stamped on Passport with entry / exit seal. c. A brief profile of the employer SELF EMPLOYED 1. Evidence of income (financials) duly attested by Sponsor 2. Operating international bank account and NRE Bank account statement for the last six months. 3. A brief profile of the business. |
| Minimum Income | Rs. 20,000 per month for residents of Delhi, Mumbai, Bangalore, Pune, and Chennai. | Rs. 15,000 per month for the residents of other cities. |
| Security | Mortgage of land and building to be constructed / purchased. | |
| Documents required | 1. Title deed, prior deeds and connected village & revenue records. 2. Estimate, approved plan and building permit required for construction loan. 3. Sale agreement is required for property purchase loan. | |
Read: How to get Punjab National Bank Home Loan
HDFC Bank Home Loan Documents Required
- Passport size photograph
- Duly filled application form
- Identity proof – Any one of the following
- Aadhaar card
- PAN Card
- Passport
- Birth certificate
- Driving license
- Address proof – Any of the following
- Bank statements
- Property tax receipt
- Utility bill
- Aadhaar card
- Voter ID
- Details of existing loans with last 6 months statement, if any.
- Property documents i.e. Title Deed, Original Map, Allotment Letter etc
- Income documents i.e. Salary Slips, Form 16, ITR Last 2 years.
Click here to Apply HDFC Bank Home Loan Online
What is the process of Home Loan?
- Go to the bank with all required documents, i.e., identity proof, address proof, 2 passport-size photos, property documents, and income proofs.
- The loan officer will give you a home loan application to fill out.
- Fill out the application form and paste your photograph on it. Duly attest your photo.
- Submit your loan application with all your documents. Don’t forget to self-attest all documents and xerox copies.
- The loan officer will take your application and start processing it.
- The loan officer will extract your credit score, and if your credit score is good, i.e., minimum 750, you will receive a call from the bank for a pre-sanction visit to your place.
- A field officer of the bank will visit your place and prepare a pre-sanction visit report.
- After this, loan documents will be prepared, like a legal search, which will be obtained from the bank’s advocate.
- After completion of all scrutiny, the loan manager will sanction your home loan.
- Then the loan officer will prepare your loan file, which includes all important agreements that have to be signed by you.
- Then you will receive a call from a bank officer who will visit the branch and sign agreements.
- After the completion of loan documents, your account will be open.
Charges of HDFC Bank Home Loan
| Processing Fees | 0.50% of loan amount |
| Penal Interest Rate | 2% per month (plus taxes and any other applicable statutory dues) on unpaid EMI amount for delayed period |
| Prepayment/Foreclosure Charges | For Housing/Extension/Improvement: 0.5% of the principal outstanding and undisbursed amount(if any) at the time of conversion with a cap of Rs. 10,000 + GST |
| Documentation Fees | Rs. 500 + GST @18% |
| CIBIL Charges | Rs. 50 per Individual |
| CERSAI Charges | Rs. 100 + GST |
| Inspection Charges | Rs. 100 + GST |
For online applications, the bank charges no processing cost. The bank also provides house loans under the PMAY scheme and offers discounts to female customers.
Security
For any loan, you have to mortgage your property in the name of your lender. This is called an equitable mortgage.
Here is the process of equitable mortgage
- You have to submit all original property documents to the bank.
- These documents are the original title deed, the original map, and other documents like allotment letters, etc.
- The bank will enter your document details into the mortgage register and enter these details online into the CERSAI Portal.
- So that no one can sell property without the bank’s permission.
- These details on the CERSAI portal and your property documents will remain in the bank’s custody till the complete repayment of your loan with interest.
HDFC Bank Home Loan Balance Transfer Interest Rate
Home loan balance transfer offers you the opportunity to transfer your existing home loan to another bank. It serves as a valuable solution for individuals struggling to meet the high EMIs of their home loans.
HDFC Bank provides a straightforward and hassle-free process for home loan balance transfer. With a nominal interest rate and reduced monthly installments, it alleviates a significant burden from your financial circumstances.
This allows you to cherish precious moments with your loved ones without any unnecessary worries. Start your home loan transfer application today.
Interest Rates on are starting from 8.85% for Salaried and 8.90% for Self-employed.
HDFC Bank Home Loan Balance Transfer Documents Required
The home loan balance transfer documents required are:
- Proof of Income and Banking Details
– Current account statement
– Income tax return
– Balance sheet and P&L statements (all attested by CA)
- Identity and Residence Proof
– Passport/PAN/Voter ID/Driving License
- Signature Proof
Proof of educational qualifications
For Salaried Employee:
The documents required for a home loan balance transfer are:
- Proof of Identity and Residence
PAN/Voter ID/Passport/Driving License
- Income proof and Banking Details
Bank statements/Salary Slips/Latest Form-16 and IT returns
- Signature Proof
Proof of educational qualifications
HDFC Home Loan EMI Calculator
FAQs
What does floating rate of interest mean?
A floating rate of interest on HDFC Bank Home Loan simply means that the interest rate will change according to the change in the 6-months MCLR.
Can I avail a home loan from HDFC Bank under the Pradhan Mantri Awas Yojana?
Yes, you can enjoy subsidies on the home loan availed from HDFC Bank under the Pradhan Mantri Awas Yojana if your loan amount is up to Rs. 12 lakhs
What is the maximum amount that I can get as a home loan from HDFC Bank?
The maximum amount of loan that you can avail from HDFC Bank is 75% of the cost of the already constructed flat/house or 75% of the construction cost.
Will I get a moratorium if I am unable to make payments for some time?
Yes, HDFC Bank allows a moratorium period of up to 12 months.
I am an NRI. What is the maximum repayment tenure I would enjoy on the HDFC Bank home loan
NRIs can enjoy a maximum repayment tenure of 15 years on the HDFC Bank home loan.
What are the possible causes for a house loan rejection?
A house loan application may be refused due to the home loan applicant’s bad credit score, frequent job changes, age, high EMI/NMI ratio, and/or property and documentation difficulties
Is it necessary for women to possess property in order to receive a subsidy under the PMAY scheme?
For EWS and LIG recipients, female ownership or co-ownership is required. This condition, however, does not apply in the case of self-construction or extension. This condition does not apply to MIG-I and MIG-II.
