Nothing gives you more happiness than living in a home of your dreams. We all have so many plans of decorating our abode as per our wishes. After a long day in your workplace, you just wish to go back to your home and rest peacefully in your bedroom, isn’t it? There are many people who wish to build a home but have to let go of their dream because of lack of enough finance. If this applies to you as well, then I have some news for you. HDFC home loan is there to fulfil your wishes.
HDFC Bank, one of the prominent private sector banks in India offers a helping hand to all the people who are in dire need of financial assistance. Yes, you read it completely right. Anybody can secure a loan from the bank, be it a salaried individual or a self-employed professional or a self employed non professional. The tenure for the same can be extended up to 30 years. This article will give you all the information you need about the product offered by HDFC.
Features and benefits:
The bank offers the customers a wide variety of exciting options in the home loan product.
Home Loan– This can be availed by applicants who wish to purchase or construct a home. A person can make an application individually or jointly with another co-applicant.
Home Improvement Loan (HIL)- The interior of the house actually reflects the owner’s preference or taste. It therefore becomes important to upgrade or beautify it as per the changing times. After all, nobody wants to live in a house that is not repaired since ages, isn’t it? The bank offers HIL which facilitates external and internal repairs like painting, roofing, flooring , waterproofing or tiling.
Home Extension Loan (HEL)– In case you wish to extend your house by adding a new bedroom for your child or study room for yourself, then this product perfectly fits the bill for you. This product offers you much needed financial support when you wish to extend your house to meet the growing needs of your family.
Automated repayment of your Home loan installment– Just in case you are already paying EMIs for a loan, then you can instruct the bank to directly repay your installments from your HDFC bank savings account. This is bound to save a lot of time for you.
The bank assesses the repaying capacity of any applicant on the basis of factors like income, qualifications, age, spouse’s income, stability of employment or business, assets, liability and CIBIL score. In case he fulfills all the requirements, he is eligible to secure a loan from HDFC.
Any applicant has the provision to enhance his eligibility by
- Adding a family member as a co-applicant who is earning well
- Availing a proper and structured repayment plan
- Giving details about your regular income sources
Documents needed for a Home Loan:
An applicant has to complete the documentation work in order to successfully secure a loan from the bank. Let’s have a look at the documents which are required-
- Completely filled application form
- Two photos of passport size
- Proof of Identity- Aadhar card/PAN card/Passport/Driving License/Voter ID card
- Proof of Residence- Passport/Electricity bill/Telephone bill/Voter ID card
- Proof of Income- For Salaried individuals: Bank Statement of the last six months, Latest salary slip and Form 16. For Self-employed- Profit & Loss account and audited balance sheet of the last three financial years along with income tax returns of the last three years
- Proof of Business for self-employed individuals
- Documents relating to property- Allotment letter copy/Buyer agreement and a receipt of payment which is made to the developer
- Other important documents- A cheque for processing fee favouring ‘HDFC Ltd.’, Memorandum and Articles of Association, Partnership deed in case of a partnership firm
Interest Rates and Processing Fee:
The bank home loan interest rates charges women applicants a rate of interest of 8.65% and 8.75% in case of amount up to Rs 75 Lakhs and above Rs. 75 Lakhs respectively. For other applicants the interest rate for a loan amount up to Rs 75 Lakhs is 8.70% and above Rs 75 Lakhs is 8.75%. The applicants are required to pay a processing fee of 1.25 % of the loan amount they secure along with the service taxes which are applicable.
Now you have known about HDFC home loan, don’t wait any longer. Go and grab the best deal from the bank.