HDFC Home Loan Review| North Loop Official Blog
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North Loop
03 Sep 2020

HDFC Home Loan Review

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HDFC Background and Overview -

HDFC Bank is one of India’s leading private sector banks and the largest one by assets. It has a banking network of 5326 branches across cities and towns and was among the first to receive approval from the RBI as a private sector bank. With the highest market capitalisation, HDFC Bank is one of the most popular and reliable banks in India.

It offers a diverse range of financial products and banking services to Indian residents as well as NRIs through its various branches as well as digital channels like Netbanking and Mobile banking. Some of the services offered by the bank include working capital finance, trade services, home loans and others.

HDFC home loan eligibility criteria –

You can avail the HDFC home loan facility whether you are a salaried individual or a self-employed professional. The minimum age requirement to apply for home loans is 18 years and the maximum being 65 years. The loan tenure can vary depending on your need but it can go up to a maximum of 20 years.

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HDFC Home Loan -

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.

Adjustable-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.

Documents

The documents required for availing an HDFC home loan varies depending on your profession, income and loan amount. If you are a salaried resident Indian, the documents required to apply for home loans are –
  • Application form with photograph
  • Identity and residence proof
  • Bank Statement of the last 6 months
  • Processing fee cheque
  • Latest salary slip
  • Form 16


If you reside in India and are a businessman or a professional, the documents required for the HDFC home loan application are –
  • Identity and Residence Proof
  • Bank account statement of last 6 months
  • Processing fee cheque
  • Proof of Business and Educational Qualification certificate
  • Profit and Loss Statement and Balance Sheet of 3 previous years
  • Individual and Business Income Tax Returns of the past 3 years


If you are a Non-Resident Indian, the documents required by you to apply for HDFC Bank home loan are –
  • Passport
  • Self-attested passport-sized photo
  • Voter ID
  • Pan card with allotment letter
  • Salary slips of last 3 months
  • Copy of employment letter or contract
  • Bank account statement of NRE/NRO account of the last 6 months
  • Valid resident visa


You can avoid arranging such a huge list of documents by applying for home loans with providers like North Loop.

HDFC Home Loan Customer care numbers –

The HDFC home loan customer care numbers of some of the metro cities of India are as follows -

Ahmedabad –+91 (79) 66307000

Bangalore - +91 (80) – 41182000

Chennai - +91 (44) 23739400

Kolkata - +91 (33) 6655 6655

Hyderabad - +91 (40) 67699000

New Delhi - +91 (11) 41115111

Mumbai - +91 (22) 66636000

HDFC online portal and HDFC login page –

HDFC Bank provides you with the opportunity of tracking your home loan application online. You can create an account on their online portal and sign in to check the status of your application. The HDFC home loan login can help you keep a track of your application and the portal is easy to use. The HDFC home loan login also provides quick access to all your loan details. It also helps to track your HDFC loan status. However, the customer service of this bank is very average and in case you face any trouble during the application process or while tracing the HDFC loan status, you might have to wait for a long period of time to solve your issues and continue the process.

If you want to apply for a home loan from the comfort of your home with good customer services, assured professional assistance and at low interest rates, you can do so by signing up with North Loop. North Loop provides low-interest home loans and also financing of up to 80% of your property if you already own one along with affordable EMIs. You can even access our home loan calculator to calculate your home loan EMIs. Moreover, our home loans can go up to Rs.5 crore depending on the value of your property.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.