Home Loan From HDFC Bank

Before we starting to discuss about home loan from HDFC Bank. We have to know something basic information about HDFC Bank. HDFC Bank is officially known as HDFC Bank Limited, Founded in 1994 and its headquarters are in Mumbai having more than 7860 branches in over more than 3200 cities across the country. HDFC is an Indian financial and banking services which maintains the largest assets compared to any other bank in India and in terms of market capitalisation it is in the fourth position in entire world. It is also one of the most trusted Private Bank in India.
Home Loan is one of the most given loans by the banks. Here we discuss about documents required, terms and conditions and other procedure required to take home loan from HDFC bank. In this article we will completely give you whole information about home loan process which will be given through HDFC Bank.

Documents Required :-

1) Here customer needs Permanent Account Number (PAN) card which is issued by Income Tax Department of India or you have to required Form 60 if you do not have Permanent Account Number (PAN) card.
2) From the following valid documents take any one of the document, for your legal name so that bank can verify and also bank can check your present address from your following documents

  • Election (Voter Identification Card) which is issued by Election Commission of India.
  • Driving License which is issued by Ministry of Road Transport & Highways which is active, I . e, that is not expired.
  • Indian Passport which is presently active, that it is not expired.
  • Job card of National Rural Employment Guarantee Scheme (NREGA) which is issued by the officer of your State Government.
  • A letter or post issued by National Population Register (NPR) containing details of present address and name.
  • Or having AADHAR Card which is issued by Unique Identification Authority of India (UIDAI).
    3) Required Documents submission for the proof of the income (For Salaried Employees)
  • You have required to submit last Three months pay slip which you can be received from your organisation web application or through the Human Resource or Accounts Department of your organisation.
  • You need to submit Form – 16 ( Form Sixteen) and also need to submit your Income Tax (IT) returns (Income Tax returns are those tax which is apply on your income). IT returns can be accessed through www.incometaxindia.gov.in
  • Submit the bank statement of your last six months which helps HDFC Bank to check your credit score. The good your credit score the more chances of yours to confirm the loans.
    4) Required Documents submission for the proof of the income (For Self employed professionals or non professionals)
  • Submission the documents of Income Tax Return (IT return) which can be accessed through www.incometaxindia.gov.in .
  • Calculation / Computation of income for the last three assessment years. Whether you are individual or business entity you need to show this and it should be attested by a government licensed Char tent Accountant (CA) .
  • For both loan seekers of Individual and Business entity you are required to submit your Balance sheet of last three years and also required to submit the both Profit account statement and loss account statement which should be authorised Char tent Account (CA).
  • Required to submit last six months account statement.
  • You have also required to submit the saving account statements.
    5) Submission of Documents related to Property (For all three Salaried, Self employed professional and self employed non professional)
    i) To buy a new home required to submit documents :-
  • Receipts of payment for home loan for builder/constructor/developer.
  • Should have to submit purchase agreement and copies of home/house allotment letter.
    ii) For constructing a house on Plots.
  • Submitting the proof that the plot is not others property or under government control.
  • From approval of Local Bodies/Authorities you need to submit the copies of house plan that is what the design of house is.
  • Cost of material like cement, concrete, roadies and overall construction cost which is estimated by legal Civil Engineer (C.E.)
    6) More documents required from home loan from HDFC Bank.
  • Joining / Appointment Letter or Employment Contract proof if having less than one year in the organisation.
  • Required the passport size photographs of customers for filling in documents.
  • If you are repaying your ongoing loans, then you need to submit last six months bank statements that you are submitting your ongoing loans.
  • Required to submitting the loan processing form via Cheque in favour of HDFC Bank Limited.
    7) Processing Fees for the Loan through HDFC Bank
  • Processing fees for House renovation / house purchase/house construction etc. up to 0.5% of the loan amount or Three Thousands rupees and applicable taxes which is timely updated by government which ever situation is highest.
  • For Non Resident Indian you are required for processing fees up to 1.5% of the loan amount or Four Thousand Five Hundred rupees and applicable taxes which is timely updated by government which ever situation is highest.
    8) For knowing about Conversion cost contact nearest HDFC Bank Limited branch.

Pros and Cons of taking Home Loan from HDFC Bank :-

Pros :-

1) Unlike other banks which provides loan on floating interest rate, the HDFC Bank provide loan on fixed interest rate. At present Home Loan Interest rate is 8.4% which is quite good interest at present condition. It is somehow 2% more than the inflation rate.
2) Goods and Service Tax (GST) for home loan is significantly reduced to 5% for the residentially property and 1% for Affordable homes.
3) At present the property cost is decreased because the supply of property is increased so demand is under control.
4) Few documents and easy steps to take home loan from HDFC Bank.
5) The employees behaviour and services of HDFC bank is good so that they will make you comfortable and describe you all terms and conditions of your dream home loan.
6) Very fast loan approval.
7) Easy to submit instalments.

Cons :-

1) The main demerit of HDFC bank is they required lot of documents.
2) The HDFC Bank is indirectly under control of Reserve Bank of India compared to other Nationalised/ Government bank they are directly under control of Reserve Bank of India. 3) The interest rate of HDFC bank is by RPLR method.

Frequently Asked Questions :-

1) What is Home Loan interest rate of HDFC Bank at present?
Ans:- Starting from 8.4%
2) Give me Contact/ Mobile number to discuss about home loan from HDFC Bank. Ans:- 1800 210 0018
3) What are documents for self identification for bank?
Ans:- Aadhar Card, Pan Card, Driving license any one of the following

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