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Interest Rate
Salaried: 8.65% Self Employed: 8.75%
Processing Fees
Salaried - 0.50% of the loan amount or ₹10000/-, whichever is lower plus taxes
SENP/SEP - 0.50% of the loan amount or ₹4000/-, whichever is higher plus taxes.
Max Tenure
30 years
Credit Score
Excellent (725+)
Never Bounced any EMIs but have missed card payments over a year ago
Minimum Downpayment Required
Upto 30 lacs
20% of the property value (inclusive of stamp duty and registration charges in case of purchase of property
From 30 lacs to 75 lacs
20% of the property value
Above 75 lacs
25% of the property value
Loan Approval Before Property Selection
Yes
Documents Required
Salaried
Proof of identity
Proof of residence
Proof on income
Employment Contract/ Appointment Letter in case current employement is less than an year old
Last 6 months' bank statements
Passport size photographs of applicants
Cheque for processing fees favouring 'HDFC Ltd.'
Receipts of payments made to the developer
Self Employed
Proof of identity
Proof of residence
Last 6 months' bank statement of Curren Account of the company and Savings bank account of the individual
Last 3 ITRs
Last 3 Balance sheets and Profit & Loss Account alongwith schedules attested by CA
Business profile
Latest Form 26AS
List of Directors and Shareholders with their respective share holding certified by CA/ CS of the entity being a company
MOA and AOA of the company
Partnership Deed of an entity being a partnership
Details of ongoing loans in the name of Entity and the individual with outstanding balances
Installments
Security
Cheque for processing fees favouring 'HDFC Ltd.'
Receipts of payments made to the developer.
Property Insurance Mandatory
Yes
Typical Property Insurance Costs
0.50% of the property value
Pre-Payment Conditions
Under Floating rate of interest
Loans to individuals - No charges on full/ part prepayment of the loan
Other loans - No prepayment for any amount up to and including 25% of the opening principal balance for a given financial year.
However any part prepayment in excess of 25% or full prepayment shall bear a prepayment charge of 2%, plus applicable taxes, of the amounts being so prepaid if the prepayment is made within 3 years from the date of first disbursement of the loan (such amounts shall include all amounts prepaid during the given financial year).
There will be no prepayment charges payable for any part prepayment if such a part prepayment is made after 3 years from the date of first disbursement of the loan.
Full prepayment made after 3 years from date of first disbursement of the loan shall bear a prepayment charge of 2%, plus applicable taxes, of amounts being so prepaid if source of such prepayment is by the way of borrowing from a Bank / Housing Finance Company (HFC) / Non Banking Financial Company (NBFC) or Financial Institution. (such amounts shall include all amounts prepaid during the given financial year).
Under Fixed rate of interest
No prepayment charges shall be payable for part or full payments made from own sources. The expression ?own sources? for this purpose means any source other than borrowing from a Bank / Housing Finance Company (HFC) / Non Banking Financial Company (NBFC) or Financial Institution.
The prepayment charge shall be 2%, plus applicable taxes, of the outstanding amounts being so prepaid through refinance from any Bank / HFC / NBFC or Financial Institution (such amounts shall include all amounts prepaid during the given financial year).
One will be required to submit a Prepayment Request Letter along with copies of your Bank Statement or any other document that HDFC deems necessary to ascertain the source of funds used for the prepayment.
Loan Closure Charges
Nil
Loan Closure Conditions
Pre-closure is allowed after 12 months from loan disbursement date.
Rate change over Last 4 Years
-1
Closure Process
In case of death of Loan Account holder:
Request letter from the Legal Heir/ Claimant/ Nominee(s) for handover of Property documents
Letter of relinquishment for relinquishing r
Features
A TruFixed Home Loan offers you a part fixed rate term and a part adjustable rate term.
Under this variant of the TruFixed Home Loan, you can avail of a fixed rate for a maximum term of 2 / 3 / 10 years, post which the loan will automatically convert to an adjustable rate, adding up to a total term of 20 years.
ILLUSTRATION FOR $3,000,000 HOME LOAN for 30 Years
EMI
₹23,387
PRINCIPAL PAID
₹3,000,000
INTEREST PAID
₹5,419,347
PROPERTY INSURANCE COST
₹15,000
PROCESSING FEES
₹5000/- to 0.50% of the Loan Amount
TOTAL FEES + INSURANCE
₹52,500
TOTAL EMI PAID ₹ 8,419,347 over 30 Years
Reason: