Key Features and Benefits You Need to Know about HDFC Home Loan

Key Features and Benefits You Need to Know about HDFC Home Loan

Availing a home loan is not an easy task. Yes, it requires a lot of time, patience and expert skill to find an ideal lender, offering you the best deal. If we talk more about the same, there are plenty of leading lenders that offer you this facility, wherein you can find the best deal. Now, finding the best deal is definitely not an easy thing, you have to be careful about the same. Thus, to help you out in this situation, here we are. Yes, all you need to do is just read the article below to know more about HDFC home loan.

Interest Rates Talking about interest rates, you have to be doubly sure about the same. Yes, at present this lender offers the loan to the applicant at the home loan interest rates of 8.90%9.80% per annum. With this range, it is easy for the applicants to decide whether to avail a loan or not.

Moreover, with EMIs becoming pocket-friendly, you can say that it is always advisable that you should have a loan that comes with competitive rates. The lowest home loan interest rates you have, better it is for you in the future as it not only reduces your EMI but also the Interest Outgo.

This is the reason why borrowers always prefer a lender that offers attractive interest rates.

Eligibility When it comes to home loan eligibility, it is important that you should be aware of the same so as to have a hassle-free journey. Take a look at the eligibility norms below to know more: ● The application can be made either individually or jointly. ● The owner of the property will have to be co-applicants. The coapplicants need to be close family members. ● The maximum period of repayment of a loan shall be 30 years, applicable only on salaried /self-employed individuals. ● The tenure of the loan is also based upon applicant’s profile, the age of applicant at maturity of the loan, the age of property at loan maturity, depending upon the particular repayment.

Documentation Make sure you have all the documents with you while availing the loan. The documents should be error-free and complete so that you won’t have to face the rejection. Take a look at the documentation below: Both salaried, as well as self-employed individuals, are eligible to apply for home loan.

Talking about documentation, it varies for both salaried and selfemployed individuals. Take a look at the documents below: ● ● ● ● ● ● ● ● ●

Valid ID and residence proof Last 6 months bank statement Passport size photographs of all the applicants Latest salary slips and form-16 The cheque for processing fee Educational qualification certification and proof of business Copy of allotment/ buyer agreement Business profile and previous 3 years ITR Previous 3 years profit and loss balance sheet

EMI As far as EMIs are concerned, make sure that you have calculated the same via using a home loan EMI calculator online. This magical tool with its smartly designed algorithms allows you to know the values in the best way. Talking about this device, it allows you to feed-loan amount, tenure and interest rate, and the moment you enter these credentials, this tool gives away the exact values for you in a hassle-free manner.

Processing Fee If we talk about HDFC home loan online, make sure you have gone through the processing fee. Yes, the lender allows you to avail the loan after paying one-time processing of 0.50% of the loan amount. You must also know the GST, which is also applicable while availing the same.