HDFC Bank Home Loan

For affordable home loan offerings, you can zero in on an HDFC Bank Home Loan. Read on to know the latest interest rates for an HDFC Bank Home Loan, the associated charges and more.

HDFC Bank offers standard and special home loan interest rates for salaried and self-employed individuals. These rates are applicable to home loans, house renovation loans, balance transfer loans and home extension loans. 

Note that all the interest rates are benchmarked to the policy repo rate. As of October 2023, the applicable repo rate is 6.50%.

Here is a look at the HDFC Bank Home Loan interest rates: 

You can use the online HDFC Bank home loan calculator to get an estimate of your potential EMIs immediately. Instead of carrying out complicated manual mathematical calculations, use the calculator. This digital tool automatically provides the exact EMI amount. 

You just need to provide three variables: the loan amount, interest rate and repayment tenure. You also get to see the amortisation schedule detailing the amount to be paid both as interest and for the principal for the duration.

Knowing the EMI amount beforehand can help you plan your finances better. For instance, say you want a loan of ₹10 Lakhs with a 6.70% rate of interest. The HDFC Bank home loan calculator will show the following EMIS for different repayment tenures: 

Along with the HDFC housing loan interest rate, you may incur some fees and charges while getting the loan and during its tenure. Read on to know the current scheduled fees and charges on an HDFC Bank Home Loan: 

Before applying for an HDFC Bank Home Loan, you must qualify on the basis of the eligibility criteria. You can use the online home loan eligibility calculator to know your eligibility instantly. 

Here is a look at the eligibility terms, both for salaried and self-employed individuals.

• You must be between 21 to 65 years of age

• You must have a minimum salary of ₹10,000 if you are a salaried individual and ₹2 Lakhs per annum if you are self-employed

The bank also considers other factors like your age, credit history, credit score, income and employment, and other financial obligations.

You can apply for an HDFC Bank Home Loan online or by making a physical visit to the branch office. Here is a look at the steps for applying online and offline:

1. Online Home Loan Application

• Visit the official website of HDFC Bank or download the app

• Click on ‘Apply for Home Loan’

• Select the option of ‘Check eligibility’ to know the loan amount you are eligible for

• Select the type of HDFC Bank Home Loan from the ‘Basic information’ tab

• Choose ‘Yes’ if you have a shortlisted property; otherwise, select ‘No’

• Enter your name and up to 8 co-applicants

• Provide your residential status and other personal details under the ‘Applicants’ tab

• Check all home loan offerings under the ‘Offerings’ tab

• Select your home loan, provide your date of birth, and click on ‘Submit’

• Upload the required documents and pay the processing fee to complete the application

2. Offline Home Loan Application

To make an offline application, you can visit the nearest HDFC branch office. Here, you can reach out to the home loan department, where an executive will guide you through the process. Do remember to fill in the form carefully and submit copies of the requisite documents.