HDFC Bank Home Loan Analysis and Features

Analysis

Loan To Value Ratio –HDFC Home Loan can be applied for a maximum of 85% of the property value subject to credit discretion


Through its Home Improvement Loan scheme, it facilitates internal and external repairs and other structural improvements. HDFC finances up to 85% of the cost of renovation (100% for existing customers) subject to market value of the property.

Speed of Sanction
Subject to all documentary compliances loan sanction within 7 working days

Ease of documentation
Simplified credit and legal documentation 

Customer Service
Excellent

Features:

    Loans are available to individual to purchase or constructed houses.

    Anyone can apply for home loan individually or jointly

    Loan is available up to 80% of the cost of property based on repayment capacity of the customer

    Automated repayment of home loan by giving standing instructions or PDC’s

    Flexible repayment options are available

Eligibility:

    Minimum age to apply for home loan is 21 years, and maximum age at maturity is 60 years

    Minimum 2 years in employment and minimum of 1 year in current organization.

Charges:

    Late payment charges: 2% per month

    Cheque swapping charges & Cheque bounce charge : Rs 500/-each

    Duplicate statement charges: Rs 100 per page, Maximum Rs 300/-

    Issue of duplicate provisional interest certificate, balance certificate, amortization schedule charges Rs 300 each

    Prepayment charges: No prepayment is allowed in first 6 months, 6 months to 5 years it is 1.5% of original loan amount,for 5 to 10 years 0.75% of original loan amount & for >10 years there is no closure fee

Interest Rate:

    Loan is available at both floating rate & fixed rates
    Floating rates are linked to base rate & BPLR

Documentation:
 

Salaried Individuals

      Application form with recent photograph
      Latest salary slip and Form 16
      Bank statement for last 3 months
      Proof of Identity (any one): Passport/Driving license/Photo credit card/Employee license/Voter's ID/PAN card
      Proof of Residence (any one): Driving license/Any utility bill/Govt. or authority bill
    
For Self Employed Professionals / Self Employed Businessman
    Application form with photograph
    Identity and Residence Proof Identity and Residence Proof
    Education Qualifications Certificate (for professionals only)
    Last 3 years Income Tax returns, Profit /Loss account, Balance Sheet and computation of income
    Business profile (for non professionals only)
    Last 6 months bank statements ( personal and business accounts)
    Proof savings & investments
    Processing fee cheque

* NRI’s are required to submit copy of the passport, work permit, CDC (in case of sailors) and
visa in addition to the documents listed above.