HDFC Sales Home Loan
HDFC Sales Home loans are straightforward to apply for online. To apply for the loan, you only need identity proof and bank statements to get an instant loan within a few minutes. Loans are available in varying amounts at some of the lowest rates in the market. In addition, loan tenures are flexible for self-employed and salaried employees, allowing applicants to opt for long terms of up to 30 years.
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Features of HDFC Sales Home Loans
- Loans can be availed for the purchase of flats, bungalows and row-houses from private construction companies in approved projects.
- HDFC Sales provides loans on purchases from Development Authorities.
- Loans can be availed for the purchase of properties from existing Apartment Owners Association/Co-operative Housing Society/Development Authorities settlements or privately built-up homes.
- Loans are also provided for leasehold properties.
- Acts as a legal and technical expert for making the right property choice.
Eligibility Criteria for HDFC Sales Home Loans
| PARTICULARS | CRITERIA |
| Applicant’s Age | 21 – 65 Years |
| CIBIL Score | 750 or above |
| ,Minimum Income |
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| Maximum Tenure | 30 Years |
| Financial Position | The current and future financial standing of the applicant will determine the loan amount that will be sanctioned to you |
| Credit History | A positive credit history with no liabilities standing will create a positive impact |
Fees and Charges for HDFC Home Loans
| Processing Fees | 0.50% on the loan amount or INR 3,000 (whichever is higher) |
| Retention Amount | 50% of applicable fees + applicable taxes |
| External opinion fees |
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| Property Insurance | Insurance is directly payable to the insurance provider |
| Late Repayments | Liable to pay additional interest upto 24% p.a. |
| Incidental Charges |
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| Statutory and regulatory charges | All the applicable charges shall be paid by the customer |
| Cheque Dishonoured | INR 300 |
| PDC Swap | Upto INR 500 |
| Disbursement Cheque Cancellation Charge Post Disbursement | Upto INR 500 |
| Re-Appraisal Of Loan After 6 Months From Sanction | Upto INR 2,000+taxes |
| Reversal of Provisional Prepayment under HDFC Maxvantage Scheme | INR 250+ applicable taxes |
Documents Required for HDFC Sales Home Loan
| Identify and Residency |
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| Income Proof |
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| Property Proof | New Home
Resale Home
For Construction
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| Other Documents |
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FAQs
HDFC Sales determines your eligibility primarily by analysing your income and credit history. Other factors include your age, CIBIL score, financial history and the number of dependents.
Under the Income Tax Act 1961, you can avail of tax benefits on the principal and interest amounts.
An EMI means an estimated monthly instalment. It is the amount you pay to the bank monthly till the loan is fully repaid. The formula used to calculate the EMI is EMI = [P x R x (1+R) ^N]/ [(1+R) ^N-1]. Here, P stands for principal, R is the rate of interest, and N is the number of years.
By adding a co-applicant, you can maximise the loan amount. If the co-applicant is a woman, you can avail of lower interest rates.