HDFC Bank home loan is available for every citizen of India, including Non-Resident Indians (NRIs), Person of Indian Origin (PIO), or Overseas Citizen of India (OCI). So if you are an NRI, you can avail a home loan for the purchase of residential property
in India from authorized dealers and development authorities. HDFC Bank has flexible repayment tenure and no hidden charges, making the entire process a transparent one. Moreover, it offers home loans at competitive rates
and you can avail of its facility anywhere from the US to the UK.
However, you can get better rates with less documentations and more benefits with other providers like North Loop
. You can sign up on this platform within five minutes and the application process is extremely effortless.
The home loan interest rate for residents Indians and Non-Resident Indians are as follows –
HDFC Home Loan Interest rate for Resident Indians –
- For a loan slab of up to Rs.30 lakhs – 6.95 to 7.45 % pa
- Between Rs.30 lakh to 75 lakh – 7.25 -7.75 % pa
- Above Rs.75 lakh – 7.35 to 7.85 % pa
HDFC home loan interest rate for NRIs –
HDFC Bank’s home loan interest rate for NRIs begins from 8% and goes up to 8.80% so the interest rate applicable to you will depend on your loan amount and tenure of the loan. Moreover, the fixed prepayment charge is 2% of the loan amount taken.
The interest rate and Loan to Value Ratio for NRIs are as follows -
- Up to Rs.30 lakh – 8.00 to 8.50 % pa (LTV of 90%)
- Between Rs.30 lakh to 75 lakh – 8.25 to 8.75 % pa (LTV of 80%)
- Above Rs.75 lakh – 8.30 to 8.80 % pa (LTV of 75%)
The types of Home Loans offered by HDFC for NRIs –
TruFixed Plus HDFC NRI Home Loan with 2 Year Fixed Rate –
This type of home loan comes with an interest rate that is a mix of both fixed and flexible. That means out of the maximum 20 years of tenure, a maximum duration of 2 years is charged with a fixed interest rate while the remaining years get charged at an adjustable rate.
TruFixed Plus Home Loan with 3 Year Fixed Rate –
This loan is similar to the above one with the primary difference being that out of 20 years, the interest rate for 3 years is charged at a fixed rate while the remaining at a flexible rate.
This type of loan comes with an interest rate that is revised every 3 months according to the rise or downfall in the fluctuating or floating interest rate as per Retail Prime Lending Rate by HDFC.