Home loans are often felt a much needed option for prospective buyers. Soaring property prices and the need to buy an appropriate accommodation facility leads to a shortage of available funds in hand. However a home loan takes care of your financial crunch giving you the luxury of buying a property that you always wanted and finally allowing you the convenience of easy repayment installments. All of these can be yours with a HDFC bank home loan.
There is a wide assortment of home loans available from HDFC bank giving you the comfort of seeking finances with less complicated paperwork. You can have a quick approval of your loan application giving you access to the money when you need it. There is a friendly group of advisors who will give you all details and information and help you in selection of the loan that’s appropriate for your home.
Eligibility for Home Loans
Anyone can be eligible to apply for a HDFC Bank home loan. There are offers available for Indian residents as well as non resident Indians who are settled abroad.
The basic eligibility clauses are as follows.
- Age
- Nature of job or business
- Income group
- Assets and liabilities
- Credit history
- Assessment of individual savings
- Dependent family members
- Income of Spouse
HDFC Home Loan Interest Rates
There are two available options for interest rates of home loans. In the first there is a fixed rate of interest which will be based on the prevailing market rates at the time. They range from approximately 10.75% to 11.75%. The variations of the interest levies are a result of the varying amounts of the loan from Rs. 30 lakhs to over Rs. 75 lakhs. In case of fixed rates the individual payer will continue to pay the same rate during the repayment tenure.
The second option is that of flexible interest rates. In this the individual will pay a lesser rate of interest if the same turns down during the course of the repayment tenure. However if there is an increase in the same, the individual customer will have to pay the increased amount after the revision.
Repayment
There are several options of repayments available against a HDFC Bank home loan facility. Each of these can be payable with EMI amounts payable on a specific date of each month. This is inclusive of the interest rate and the principal amount of the loan. Individuals have the option of speeding up the repayment process as well if they suddenly have access to cash. For this, there is an additional charge that will be levied. At the same time you will be saving your interest payments to the bank.
Documentation and Paperwork
Here is a list of some of the mandatory documents to be submitted when you apply for a HDFC Bank home loan.
- Proof of identity
- Proof of address
- Proof of job or business
- Educational qualifications documents
- Proof of income
- Form 16 or 3 years income tax statements
- 6 months bank statements
- 3 years profit and loss statements for self employed professionals and businessmen
There is a bank form for loan application that has to be duly filled and submitted for further processing.