HDFC Home Loans: Competitive interest rates and flexible repayment options make HDFC the leader in the home loan segment. A potential borrower can avail HDFC Home Loan online at attractive interest rates starting from 8.70% per annum for loan amount up to Rs. 100 million. The loan tenure is up to 30 years, and the bank offers simple repayment options to its customers through EMIs starting from Rs. 762 per lakh. HDFC home loan comes with a processing fee of up to Rs.
3,000 (except taxes) for salaried and self-employed professionals and Rs. ₹4,500 (taxes exclusive) for self-employed non-professionals. HDFC also offers Rural Housing Loan Scheme for people working in plantations, agriculture, horticulture, dairy farming etc. who wish to buy/reconstruct houses in villages or their native cities.
Key Features of HDFC Housing Loan
Get the lowest interest rates with HDFC Bank
|Up to 90% of base customer profile/property cost
|rate of interest
|Starting from 8.70% per annum
|Up to 0.5% of the loan amount or Rs. Rs.3,000 (whichever is higher) – up to 1.5% of the loan amount for salaried/self-employed professionals or Rs. Rs.4,500 (whichever is higher) – For self-employed non-professionals
|Maximum period for repayment
|penal rate of interest
|up to 24% per year
|Fees for prepayment/foreclosure
HDFC home loan interest rates in 2023
HDFC offers home loans to its customers at an interest rate of 8.4% per annum. HDFC Bank home loan interest rates are likely to vary for different loan slabs offered by the bank. The table below lists various home loan slabs by HDFC Bank and their respective interest rates:
|Up to Rs. 30 lakh for women
|8.95% p.a. to 9.45% p.a.
|Up to Rs. Rs 30 lakh for other persons
|9.00% p.a. to 9.50% p.a.
|Loan between Rs. 30.01 lakh and Rs. 75 lakh for women
|9.20% p.a. to 9.70% p.a.
|Loan between Rs. 30.01 lakh and Rs. 75 lakh for other persons
|9.25% p.a. to 9.75% p.a.
|Loan amount of Rs 75.01 lakh and above for women
|9.30% p.a. to 9.80% p.a.
*Interest rates last updated on August 17, 2023
HDFC Bank Home Loan Eligibility Criteria
HDFC provides home loan facilities to customers as per their income and ability to repay the loan amount. The table below lists the HDFC home loan eligibility criteria that need to be fulfilled to qualify to receive the loan amount from the bank:
|Age Limit (in years)
|minimum income earned
|Rupee. 10,000 per month
|Rs. 200,000 per annum
HDFC Home Loan Processing Fees and Charges
HDFC Bank charges its customers a fixed fee to cover the cost of processing their home loan application. This is known as home loan processing fee. Below are the HDFC home loan processing fees and home loan charges that the bank charges as part of the home loan approval process:
|0.5% or Rs. Rs 3,000 (whichever is higher)
|ECS dishonor fee
|Provision of documentation list
|Up to Rs. 500
|late emi payment charges
|Rupee. Rs.300 + GST @18% (subject to revision)
|According to applicable state laws
|check bounce fee
|Rupee. Rs 500 due to lack of funds. Rs 350 due to fund transfer check return. Rs 50 per instance for check return due to technical reasons
|Document Retrieval Fee
|Rupee. Rs.75 per document set (after disbursement)
|Cost of photocopying title documents
|Up to Rs. 500
Can we close HDFC home loan before tenure?
Yes, you can close HDFC home loan account before the loan tenure. There is no prepayment charge for floating home loan.
Is it right to close home loan early?
At the beginning of the home loan tenure, the interest component is high, which reduces with time. By making prepayment, the principal amount is reduced, thereby reducing interest calculation in subsequent months. This strategy speeds up loan repayment and reduces the interest burden.
Can I close home loan within 2 years?
Yes, Pre Home Credit Loan Settlement is an option and you can definitely settle the home loan after 2 years.
How is HDFC foreclosure calculated?
HDFC Bank charges prepayment charges of 2-4% on the outstanding loan amount in cases of personal loans taken at fixed interest rates. Borrowers who wish to close their personal loan accounts prematurely can do so by paying prepayment charges, which will also reduce their interest cost savings.
How to repay 20 years loan in 10 years?
Increase the EMI amount: The easiest way to repay the home loan faster is to increase the EMI amount. When you increase the EMI amount, the principal repayment amount increases, and the interest amount decreases. Therefore, you can save a considerable amount on interest payments over the lifetime of the loan.