HDFC Home Loans

Housing Development Finance Corporation Limited (HDFC) pioneered Housing Finance in India in 1977. They have financed 70 lacs housing units which are growing by the day. They are the leading Housing Finance Co. in India with a Gross Loan Book of Rs.4.6 Trillion. Following is there presence in India:

♦ Extensive distribution network of 546 Branch offices

♦Representative offices in Dubai, London and Singapore

♦Enhanced distribution through HDFC Sales, HDFC Bank and third party Direct Selling Associates.

HDFC - Home Loans:

Customer Profiles:

♦ Salaried Individuals

♦  Self-Employed Professionals like Doctors, CAs, Architects

♦  Self-Employed Businessmen

Purpose:

♦  For Purchase of a Flat, Bungalow or Row House from approved private builders

♦  For Purchase of a property allotted by Development Authorities like DDA, NOIDA, HUDA etc.

♦  For Purchase of a property allotted by an approved Group housing society etc.

♦  For Construction on residential plots already owned

Age Limit:

♦  For Salaried: Minimum 21 years at loan application and Maximum Retirement age on loan maturity

♦  For Self-Employed: Minimum 21 years at loan application and Maximum 65 years on loan maturity

Loan Amount:

♦  Minimum 20 lacs and Maximum - As per Income

Maximum Funding:

♦  Upto 30 lacs: Upto 90% of Cost of Property

♦  From 31 lacs - 75 lacs: Upto 80% of Cost of Property

♦  More than 75 lacs: Upto 75% of Cost of Property

Tenure:

♦  Upto 30 years for Home Purchase

Home Loan Interest Rate:

♦  HDFC Home Loan interest range from 7.50% to 8.50%

Click here to compare Home Loan interest rates with other Banks

Type of Interest Rates:

♦  Both Floating or Fixed rate are available

Processing Fees:

♦ Minimum 10,000/- and Maximum upto 0.50% + GST

Documentation:

♦ Normal Home Loan Documentation is required. Click here to know more

Prepayment Penalty:

♦ 0% for Floating rate home loans availed by Individual borrowers

♦ Upto 2% for Floating rate home loans availed by Non-Individual borrowers

♦ Upto 2% for Fixed rate home loans 

Tax Benefits:

Multiple Tax Benefits on both Interest and Principal repayment under the following sections of the Indian Income Tax Act, 1961:

Pradhan Mantri Awas Yojana (PMAY) Interest Subsidy:

♦  HDFC Home Loans are eligible for Interest Subsidy under the PMAY Scheme. 

Click here to calculate your interest subsidy amount…

Click here to Apply for HDFC Home Loans

When you own a plot of land, you can build a space that is uniquely yours. HDFC's Plot Loans help you acquire the land for your home.

Customer Profiles:

♦ Salaried Individuals

♦  Self-Employed Professionals like Doctors, CAs, Architects

♦  Self-Employed Businessmen

Purpose:

♦  For Purchase of a plot from approved private builders

♦  For Purchase of a plot allotted by Development Authorities like DDA, NOIDA, HUDA, GDA etc.

♦  For Purchase of a plot allotted by an approved Group housing society etc.

♦  For purchase of a plot from the owner.

Age Limit:

♦  For Salaried: Minimum 21 years at loan application and Maximum Retirement age on loan maturity

♦  For Self-Employed: Minimum 21 years at loan application and Maximum 65 years on loan maturity

Loan Amount:

♦  Minimum 20 lacs and Maximum - As per Income

Maximum Funding:

♦  Upto 30 lacs: Upto 80% of Cost of Property

♦  From 31 lacs - 75 lacs: Upto 80% of Cost of Property

♦  More than 75 lacs: Upto 75% of Cost of Property

Tenure:

♦  Upto 15 years for plot Purchase

Home Loan Interest Rate:

♦  HDFC Home Loan interest range from 7.95% to 8.75%

Click here to compare Home Loan interest rates with other Banks

Type of Interest Rates:

♦  Both Floating or Fixed rate are available

Processing Fees:

♦  Minimum 3,000/- and Maximum upto 0.50% + GST

Documentation:

♦  Normal Home Loan Documentation is required. Click here to know more

Prepayment Penalty:

♦  0% for Floating rate home loans availed by Individual borrowers

♦ i. In case the loan is prepaid within the first six (6) months from the date of first disbursement, Prepayment Charges shall be levied at a rate of 2 % plus taxes and statutory levies and charges, of the amounts being so prepaid;

♦  ii. Upon the expiry of the first six (6) months and up till 36 months, the borrower shall have the option to prepay up to 25% of the opening principal amount every financial year, of the loan, without any prepayment charges. Such prepayments would need to be made from the own sources* of the Borrower.

♦  Any amounts prepaid in any financial year in excess of the 25% threshold shall attract prepayment charges at 2% of the amounts being so prepaid in excess of 25% every financial year.

♦  Upon the expiry of 36 months, no prepayment charges will be applicable if the loan is prepaid from own sources. However should the loan be prepaid through refinance the borrower shall be liable to pay prepayment charges.

♦  Upto 2% for Fixed rate home loans 

You can now spruce up your home and make renovation a milestone as memorable and enjoyable as home buying. With HDFC's Home Improvement Loans you can upgrade your existing home to a contemporary design and a more comfortable living space.

Customer Profiles:

♦ Salaried Individuals

♦ Self-Employed Professionals like Doctors, CAs, Architects

♦ Self-Employed Businessmen

Purpose:

Enhancing your home in many ways such as tiling and flooring, internal and external plaster and painting etc

Age Limit:

♦ For Salaried: Minimum 21 years at loan application and Maximum Retirement age on loan maturity

♦ For Self-Employed: Minimum 21 years at loan application and Maximum 65 years on loan maturity

Loan Amount:

♦ Minimum 20 lacs and Maximum - As per Income

Maximum Funding:

♦ Upto 30 lacs: 100% of the improvement estimate (subject to loan / total exposure not exceeding 90% of the market value of the property as assessed by HDFC)

♦ From 31 lacs - 75 lacs: 100% of the improvement estimate (subject to loan / total exposure not exceeding 80% of the market value of the property as assessed by HDFC)

♦ More than 75 lacs: 100% of the improvement estimate (subject to loan / total exposure not exceeding 75% of the market value of the property as assessed by HDFC)

Tenure:

♦ Upto 15 years for Home Improvement

Home Loan Interest Rate:

♦ HDFC Home Loan interest range from 7.85% to 8.60%

Click here to compare Home Loan interest rates with other Banks

Type of Interest Rates:

♦ Both Floating or Fixed rate are available

Processing Fees:

♦ Minimum 3,000/- and Maximum upto 0.50% + GST

Documentation:

♦ Normal Home Loan Documentation is required. Click here to know more

Prepayment Penalty:

♦ 0% for Floating rate home loans availed by Individual borrowers

♦ i. In case the loan is prepaid within the first six (6) months from the date of first disbursement, Prepayment Charges shall be levied at a rate of 2 % plus taxes and statutory levies and charges, of the amounts being so prepaid;

♦ ii. Upon the expiry of the first six (6) months and up till 36 months, the borrower shall have the option to prepay up to 25% of the opening principal amount every financial year, of the loan, without any prepayment charges. Such prepayments would need to be made from the own sources* of the Borrower.

♦ Any amounts prepaid in any financial year in excess of the 25% threshold shall attract prepayment charges at 2% of the amounts being so prepaid in excess of 25% every financial year.

♦ Upon the expiry of 36 months, no prepayment charges will be applicable if the loan is prepaid from own sources. However should the loan be prepaid through refinance the borrower shall be liable to pay prepayment charges.

♦ Upto 2% for Fixed rate home loans 

Your family and its needs also grow. A growing family requires an extended house to comfortably accommodate all its requirements.

Customer Profiles:

♦ Salaried Individuals

♦ Self-Employed Professionals like Doctors, CAs, Architects

♦ Self-Employed Businessmen

Purpose:

♦ Loans to extend or add space to your home such as additional rooms or house etc

Age Limit:

♦ For Salaried: Minimum 21 years at loan application and Maximum Retirement age on loan maturity

♦ For Self-Employed: Minimum 21 years at loan application and Maximum 65 years on loan maturity

Loan Amount:

♦ Minimum 20 lacs and Maximum - As per Income

Maximum Funding:

♦ Upto 30 lacs:                         90% of the Construction estimate 

♦ From 31 lacs - 75 lacs:          80% of the Construction estimate 

♦ More than 75 lacs:                 75% of the Construction estimate 

Tenure:

♦ Upto 20 years for Home Extension or Construction Loan.

Home Loan Interest Rate:

♦ HDFC Home Loan interest range from 7.85% to 8.60%

Click here to compare Home Loan interest rates with other Banks

Type of Interest Rates:

♦ Both Floating or Fixed rate are available

Processing Fees:

♦ Minimum 3,000/- and Maximum upto 0.50% + GST

Documentation:

♦ Normal Home Loan Documentation is required. Click here to know more

Prepayment Penalty:

♦ 0% for Floating rate home loans availed by Individual borrowers

♦ i. In case the loan is prepaid within the first six (6) months from the date of first disbursement, Prepayment Charges shall be levied at a rate of 2 % plus taxes and statutory levies and charges, of the amounts being so prepaid;

♦ ii. Upon the expiry of the first six (6) months and up till 36 months, the borrower shall have the option to prepay up to 25% of the opening principal amount every financial year, of the loan, without any prepayment charges. Such prepayments would need to be made from the own sources* of the Borrower.

♦ Any amounts prepaid in any financial year in excess of the 25% threshold shall attract prepayment charges at 2% of the amounts being so prepaid in excess of 25% every financial year.

♦ Upon the expiry of 36 months, no prepayment charges will be applicable if the loan is prepaid from own sources. However should the loan be prepaid through refinance the borrower shall be liable to pay prepayment charges.

♦ Upto 2% for Fixed rate home loans 

Move your Home Loan outstanding balances to HDFC, pay lower monthly installments and enjoy the savings for the other things in life that really matter to you and your family.

Customer Profiles:

♦ Salaried Individuals

♦ Self-Employed Professionals like Doctors, CAs, Architects

♦ Self-Employed Businessmen

Purpose:

♦ Transfer your outstanding Home Loan availed from another Bank / Financial Institution to HDFC and get an additional Top Up Loan of up to ₹50 lacs same as home loan rate.

Age Limit:

♦ For Salaried: Minimum 21 years at loan application and Maximum Retirement age on loan maturity

♦ For Self-Employed: Minimum 21 years at loan application and Maximum 65 years on loan maturity

Loan Amount:

♦ Minimum 20 lacs and Maximum - As per Income

Maximum Funding:

♦ Upto 30 lacs:                         90% of the property cost 

♦ From 31 lacs - 75 lacs:          80% of the property cost 

♦ More than 75 lacs:                 75% of the property cost

Tenure:

♦ Upto 20 years for Home Loan.

Home Loan Interest Rate:

♦ HDFC Home Loan interest range from 7.85% to 8.60%

Click here to compare Home Loan interest rates with other Banks

Type of Interest Rates:

♦ Both Floating or Fixed rate are available

Processing Fees:

♦ Minimum 3,000/- and Maximum upto 0.50% + GST ( For salaried 0%)

Documentation:

♦ Normal Home Loan Documentation is required. Click here to know more

Prepayment Penalty:

♦ 0% for Floating rate home loans availed by Individual borrowers

♦ i. In case the loan is prepaid within the first six (6) months from the date of first disbursement, Prepayment Charges shall be levied at a rate of 2 % plus taxes and statutory levies and charges, of the amounts being so prepaid;

♦ ii. Upon the expiry of the first six (6) months and up till 36 months, the borrower shall have the option to prepay up to 25% of the opening principal amount every financial year, of the loan, without any prepayment charges. Such prepayments would need to be made from the own sources* of the Borrower.

♦ Any amounts prepaid in any financial year in excess of the 25% threshold shall attract prepayment charges at 2% of the amounts being so prepaid in excess of 25% every financial year.

♦ Upon the expiry of 36 months, no prepayment charges will be applicable if the loan is prepaid from own sources. However should the loan be prepaid through refinance the borrower shall be liable to pay prepayment charges.

♦ Upto 2% for Fixed rate home loans 

HDFC Home Loans turning your dream home in India, into a reality, is convenient and easy.

Customer Profiles:

♦ Salaried Individuals

♦ Self-Employed Professionals like Doctors, CAs, Architects

♦ Self-Employed Businessmen

Purpose:

♦ Loans to NRIs, PIOs and OCIs* for the purchase of a flat, row house, bungalow from private developers in approved projects in India

♦ Loans for the purchase of properties from Development Authorities such as DDA, GDA, MHADA etc

♦ Loans for construction on a freehold / lease hold plot or on a plot allotted by a Development Authority in India

♦ Loans for purchase of properties in an existing Co-operative Housing Society or Apartment Owners' Association or Development Authorities settlements or privately built up homes

Age Limit:

♦ For Salaried: Minimum 21 years at loan application and Maximum Retirement age on loan maturity

♦ For Self-Employed: Minimum 21 years at loan application and Maximum 65 years on loan maturity

Loan Amount:

♦ Minimum 20 lacs and Maximum - As per Income

Maximum Funding:

♦ Upto 30 lacs:                         90% of the property cost 

♦ From 31 lacs - 75 lacs:          80% of the property cost 

♦ More than 75 lacs:                 75% of the property cost

Tenure:

♦ Upto 15 years.

Home Loan Interest Rate:

♦ HDFC Home Loan interest range from 7.85% to 8.60%

Click here to compare Home Loan interest rates with other Banks

Type of Interest Rates:

♦ Both Floating or Fixed rate are available

Processing Fees:

♦ Minimum 3,000/- and Maximum upto 0.50% + GST

Documentation:

♦ Normal Home Loan Documentation is required. Click here to know more

Prepayment Penalty:

♦ 0% for Floating rate home loans availed by Individual borrowers

♦ i. In case the loan is prepaid within the first six (6) months from the date of first disbursement, Prepayment Charges shall be levied at a rate of 2 % plus taxes and statutory levies and charges, of the amounts being so prepaid;

♦ ii. Upon the expiry of the first six (6) months and up till 36 months, the borrower shall have the option to prepay up to 25% of the opening principal amount every financial year, of the loan, without any prepayment charges. Such prepayments would need to be made from the own sources* of the Borrower.

♦ Any amounts prepaid in any financial year in excess of the 25% threshold shall attract prepayment charges at 2% of the amounts being so prepaid in excess of 25% every financial year.

♦ Upon the expiry of 36 months, no prepayment charges will be applicable if the loan is prepaid from own sources. However should the loan be prepaid through refinance the borrower shall be liable to pay prepayment charges.

♦ Upto 2% for Fixed rate home loans 

Customer Profiles:

♦ Salaried Individuals (Minimum Salary 10,000/- per month)

♦  Self-Employed Individuals (Minimum Income 200,000/- per annum)

Purpose:

♦  For New / Old Home Purchase

♦  For Home Improvement

♦  For Home Construction

♦  Balance Transfer

♦  Plot Purchase

Tenure:

♦  Upto 30 years for Normal Reach Home Loans

Home Loan Interest Rate:

♦  HDFC Reach Home Loans interest rate start from 9.00% to 14.00%

Click here to compare Reach Home Loans interest rate with other Banks

Processing Fees:

♦  2.00% + GST

Documentation:

♦  Normal Home Loan Documentation is required. Click here to know

Prepayment Penalty:

♦ 0% for Floating rate home loans

Tax Benefits:

♦  Same as for HDFC Home Loan above

Pradhan Mantri Awas Yojana (PMAY) Interest Subsidy:

♦  HDFC Reach Home Loans are eligible for Interest Subsidy under the PMAY Scheme. 

Click here to calculate your interest subsidy amount...

Click here to Apply for HDFC Home Loans

Internal Top-up for Existing Home Loans:

 ♦ After 12 EMI paid you can take upto 50 Lakh. Subject to market value of 80% of LTV.

Top-up with Balance Transfer Home Loans:

♦ You can take upto 50 Lakh. Subject to market value of 80% of LTV.

Customer Profiles:

♦ All existing Home Loan customers are eligible subject to fulfilling below conditions

Purpose:

♦ For any personal expenditure

♦ For any business expansion

♦ For purchase of any capital asset

♦ For child education and so on.

Loan Amount:

♦ Maximum 50lacs

Maximum Funding:

Overall Exposure of existing Home loan & proposed Top-up is restricted to:

Tenure:

♦ Up to 15 Years or existing home loan

Eligibility Conditions:

♦ Property should be 100% complete

♦ All property documents should be deposited with HDFC

♦ For Existing home loan customers - Clear 6 months EMI paid track record required

♦ For Balance Transfer loan customers - Clear 12 months EMI paid track record required

♦ Maximum 1 EMI bounce permitted in last 1 year

♦ Subject to Income norms as per normal home loan

Top-up Loan Interest Rate:

♦ Axis Bank Top-up Loans interest rate start from 8.50% to 9.00%

Click here to compare Top-up Loans interest rates with other Banks

Processing Fees:

♦ Minimum 3,000/- and Maximum upto 0.50% + GST

Documentation:

♦ Normal Home Loan Documentation is required in Top-up loans also. Click here to know more

Prepayment Penalty:

♦ 0% for Floating rate Top-up home loans availed by Individuals other than for Business purpose

♦ 2% for all other types of Top-up loans

Tax Benefits:

♦ Tax benefit is available u/s 24 only if the Top-up is utilised for the purpose of Home Improvement or renovation or extension. 

♦ A Businessman profile can avail deduction of interest paid on Top-up loan u/s 37 if the funds are utilised for Business purposes.

Click here to Apply for HDFC Top-up Loans

PMAY or Credit Linked Subsidy Scheme (CLSS) - ‘Housing for all’ is a Govt. scheme launched in the year 2015. The scheme envisions 'Housing for All' by the year 2022 and provides interest subsidy upto Rs.2.67 lacs with following criteria:

Terms & Conditions:

♦ Any of the household members should NOT own a pucca house anywhere in India.

♦  You should NOT have availed central assistance under any housing scheme from Govt. or any benefit under PMAY earlier.

♦  In case of married couples, either the spouse or both together in joint ownership will be eligible for a single subsidy.

♦  The interest subsidy will be available for a maximum loan tenure of 20 yrs or the loan tenure whichever is lower.

♦  The interest subsidy will be credited upfront to the loan account of beneficiaries resulting in reduced effective housing loan and Equated Monthly Installment (EMI).

♦  The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9 %.

♦  There is no cap on the loan amount or the cost of the property.

What is a Household?: 

A family consisting of husband, wife and unmarried children. An adult earning member (irrespective of marital status) can be treated as a separate household and can avail subsidy independently.

What is Carpet Area?: 

It is the area enclosed within the walls, the actual area to lay the carpet. It excludes the area covered by the external walls, but includes the area covered by internal partition walls of the apartment.

If you are an owner of Residential or Commercial property and looking for funding, then you can unlock the value of your property by taking a Loan Against Property (LAP) without losing its ownership or possession. Following are the schemes of HDFC LAP:

HDFC Loan Against Property:

Customer Profiles:

♦ Salaried Individuals

♦ Self-Employed Professionals like Doctors, CAs, Architects

♦ Self-Employed Businessmen

Purpose:

LAP is essentially an unmonitored loan, which means unlike Home Loan, end-usage of LAP is generally not monitored by HDFC. The funds are paid in the hand of the property owner and can be used for legitimate purpose as follows:

♦ Business Expansion for working capital or for buying machinery / raw materials etc.

♦ Children Education 

♦ Marriage Expenditure

♦ Acquiring any long term capital asset like Car, household goods etc.

♦ Any Medical expenditure

♦ Funding your dream vacation

♦ Any other capital expenditure

Loan Amount:

♦ Minimum 10 lacs and Maximum - As per Income

Maximum Funding:

♦ Upto 60% of Property Market Value for Residential Properties

♦ Upto 60% of Property Market Value for Commercial Properties

♦ Upto 60% of Property Market Value for Commercial Plot

Tenure:

♦ Upto 15 years for Residential Property LAP 

♦ Upto 15 years for Commercial Property LAP

Age Limit:

♦ For Salaried: Minimum 21 years at loan application and Maximum Retirement age on loan maturity

♦ For Self-Employed: Minimum 21 years at loan application and Maximum 65 years on loan maturity

LAP Interest Rate:

♦ HDFC LAP interest range from 8.95% to 10%

Click here to compare LAP interest rates with other Banks

Processing Fees:

• Upto 1% + GST

Documentation:

• Normal LAP Documentation is required. Click here to know more

Prepayment Penalty:

• 0% for LAP availed by Individuals other than for Business purpose
• 3% for LAP availed by Non-Individuals 

Tax Benefits:

Interest and other charges paid towards a LAP is a usual business expenditure and is allowed as a deduction u/s 37(1) from the borrower’s business income while filing his Income tax returns.

RBI Notification - Nil Prepayment Charges - Individual LAP other than Business

Customer Profiles:

♦ Salaried Individuals

♦ Self-Employed Professionals like Doctors, CAs, Architects

♦ Self-Employed Businessmen

Purpose:

This type of loan is extended for the purchase of a commercial property such as

♦  Commercial Office space 

♦ Retail shop or showroom

Loan Amount:

♦ Minimum 10 lacs and Maximum - As per Income

Maximum Funding:

♦ Upto 60% of Property Cost

Tenure:

♦ Upto 15 years for Commercial Property purchase

Commercial Property Loan Interest Rate:

♦ Interest rates are same as for Normal LAP and range from 8.95% to 9.95%

Click here to compare LAP interest rates with other Banks

Processing Fees:

♦ Upto 1.5% + GST

Documentation:

♦ Normal LAP Documentation is required. Click here to know more

Prepayment Penalty:

♦ 2% for Commercial loan availed on the principal outstanding amount 

Tax Benefits:

Interest and other charges paid towards a Commercial Property loan is a usual business expenditure and is allowed as a deduction u/s 37(1) from the borrower’s business income while filing his IT returns.

RBI Notification - Nil Prepayment Charges - Individual LAP other than Business

Why not build a workplace that is uniquely yours, a workplace that is a reflection of your beliefs. HDFC's Non Residential Plot Loan helps you acquire commercial land so that you can build the office of your dreams.

Customer Profiles:

♦ Self-Employed Professionals like Doctors, CAs, Architects

♦ Self- Employed Businessmen

Purpose:

♦ Loans for purchasing a new or existing commercial plot

♦ Loans for transferring your outstanding loan availed from another Bank / Financial Institution

Age Limit:

♦ For Salaried: Minimum 21 years at loan application and Maximum Retirement age on loan maturity

♦ For Self-Employed: Minimum 21 years at loan application and Maximum 65 years on loan maturity

Loan Amount:

♦Minimum 20 lacs and Maximum - As per Income

Maximum Funding:

♦ Upto 60% of Property Cost

Tenure:

♦ Upto 15 years.

Home Loan Interest Rate:

♦ HDFC Home Loan interest range from 9.60% to 10.60%

Click here to compare Home Loan interest rates with other Banks

Type of Interest Rates:

♦ Both Floating or Fixed rate are available

Processing Fees:

♦ Minimum 4,500/- and Maximum upto 1.50% + GST

Documentation:

♦ Normal Home Loan Documentation is required.Click here to know more

Prepayment Penalty:

♦ 0% for Floating rate home loans availed by Individual borrowers

♦ i. In case the loan is prepaid within the first six (6) months from the date of first disbursement, Prepayment Charges shall be levied at a rate of 2 % plus taxes and statutory levies and charges, of the amounts being so prepaid;

♦ ii. Upon the expiry of the first six (6) months and up till 36 months, the borrower shall have the option to prepay up to 25% of the opening principal amount every financial year, of the loan, without any prepayment charges. Such prepayments would need to be made from the own sources* of the Borrower.

♦ Any amounts prepaid in any financial year in excess of the 25% threshold shall attract prepayment charges at 2% of the amounts being so prepaid in excess of 25% every financial year.

♦ Upon the expiry of 36 months, no prepayment charges will be applicable if the loan is prepaid from own sources. However should the loan be prepaid through refinance the borrower shall be liable to pay prepayment charges.

♦ Upto 2% for Fixed rate home loans 

A loan extended to a borrower entity based on hypothecation of rentals on the commercial property leased out to a tenant.

Customer Profiles:

♦ Salaried Individuals

♦ Self-Employed Professionals like Doctors, CAs, Architects

♦ Self-Employed Businessmen

Purpose:

♦ LRD is similar to a LAP and is essentially an unmonitored loan. The funds are paid in the hand of the property owner and can be used for legitimate purposes similar to a normal LAP.

Loan Amount:

♦ Minimum 20 lacs and Maximum - As per Income

Maximum Funding:

♦ Upto 85% of the Net Present Value (NPV) of the future rentals or 50% of the Market value of Commercial property, whichever is lower

Tenure:

♦ Upto 9 years based on the balance period of lease agreement of the commercial property

Lease Rental Discounting (LRD) Interest Rate:

♦ Interest rates are same as for Normal LAP and range from 9% to 10%

Click here to compare LAP interest rates with other Banks

Processing Fees:

♦ Upto 1% + GST

Documentation:

♦ Normal LAP Documentation is required. Click here to know more

Prepayment Penalty:

♦ Similar to a Normal LAP as mentioned above. 

Tax Benefits:

♦ Interest and other charges paid towards a LRD loan is a usual business expenditure and is allowed as a deduction u/s 37(1) from the borrower’s business income while filing his IT returns.

A loan extended to a Senior Citizen who owns a residential built up property in which he/she resides. The Individual has no other source of income and the property serves as a security for the bank to extend a monthly income to him/her. Alternatively a lump sum payment can also be made to the individual. The senior citizen continues to remain owner of the property and continues to stay in it.

Customer Profiles:

♦ Individual Retired persons with minimum age of 60 years

Purpose:

♦ The monthly income can be utilized for day to day living expenses of senior citizens

♦ Lump sum loan payment can be utilized for any personal expenditure or to acquire any asset.

Loan Amount:

♦ Minimum 10 lacs and Maximum - 1 Cr.

Maximum Funding:

♦ Upto 10% to 60% of Property Market value

Tenure:

♦ Upto 15 years' Reverse Mortgage loan can be extended.

Age Limit:

♦ Minimum 60 years at the time of loan application

♦ Maximum 80 years on loan maturity

Reverse Mortgage Interest Rate:

♦ Interest rates for HDFC Reverse Mortgage LAP range from 10% to 11%

Click here to compare LAP interest rates with other Banks

Processing Fees:

♦ Upto 1% + GST

Prepayment Penalty:

♦ 0% as these are taken by individual senior citizens other than for Business purposes.

Settlement of Loan:

♦ At the end of the loan tenure, the senior citizen can pay-off the loan either from his own sources or by selling off the property.

♦ If during the loan tenure the senior citizen expires, then either the legal heirs can pay-off the Bank loan dues and take over the property or the Bank will be required to sell the property, recover its loan dues and pay balance sales consideration if any to the legal heirs.

For Salaried:

Income Method:

HDFC calculates FOIR ie. Fixed Obligations to Income Ratio. Total fixed EMIs including the proposed Home Loan EMI is divided by Gross monthly Salary to arrive at FOIR. 

Takeover on EMI Track record Method: 

Existing home loan borrowers can shift their loan to HDFC on the basis of clear EMI paid track record.

♦ Minimum 18 months EMI track record required for Salaried

♦ Not more than 1 EMI bounce is allowed in last 12 months track record

♦ Salary income is NOT required to analysed in this method

♦ No new loan should have been taken in the last 6 months

♦ Takeover allowed from approved Banks & HFCs only

♦ Top-up loan upto 30% of the original loan amount can also be availed

♦ LTV is restricted to 75% of the Property Market Value.

♦ Not applicable for Plot Loans

♦ Home Loan or LAP amount upto Rs.3 Crs. can be funded in this method

For Self-Employed Professionals & Business Owners:

Income Method:

♦  Borrower entities include - Proprietors, Partners of firm and Directors of Pvt Ltd Co.

♦  Business continuity should be at least 3 years in same field

♦  Net Income is calculated from the Business or Professional income shown in last 2 years Income tax returns

♦  FOIR can be upto 85%

Gross Professional Receipts Method:

♦  Borrower profiles include - Practising CAs / CSs, Architects and Doctors

♦  Business continuity should be at least 3 years in same field

♦  Net Income is calculated as Average of last 2 years of Gross Professional Receipts per month

♦  Net Income is then multiplied by 1.5 for Doctors & CAs and by 1 for Architects & CSs

♦  FOIR can be upto 50%  

♦  Home Loan or LAP amount upto Rs.5 Crs. can be funded in this method

Gross Turnover / Gross GST:

♦  Borrower profiles include - Traders or Manufacturers into Business

♦  Business continuity should be at least 3 years in same field

♦  Minimum Audited Turnover should be 100 lacs as per last Income tax return or last 12 months GST returns

♦  Net Income is assumed as 10% for Manufacturers and 5% for Traders of the Turnover shown in Income tax returns or last 12 months GST returns.

♦  This is irrespective of the actual income shown in Income tax returns which should be under loss.

♦  FOIR can be upto 60%

♦  Home Loan or LAP amount upto Rs.5 Crs. can be funded in this method

Value Plus:

In this method, the loan eligibility is worked out on average bank balances maintained in savings / current accounts rather than on Income tax returns.

♦  Business continuity should be at least 5 years in same field

♦  Average Bank Balances of the last 6 months is taken for the last dates of each month.

♦  Both savings and current accounts can be clubbed

♦  The Bank accounts should have minimum 20 transactions per quarter

♦  This average balance should be more than 1.5 times of the proposed EMI

♦  LTV is restricted to 50% of the Property Market Value.

♦  Not applicable for Plot Loans

♦  Interest rates are charged higher by 0.50% as compared to Income Method

♦  Home Loan or LAP amount upto Rs.5 Crs. can be funded in this method

Takeover on EMI Track record:

♦  Existing home loan borrowers can shift their loan to Axis Bank on the basis of clear EMI paid track record.

♦  Minimum 24 months EMI track record required for Self-employed

♦  Not more than 1 EMI bounce is allowed in last 12 months track record

♦ Business income is NOT required to analysed in this method

♦  No new loan should have been taken in the last 6 months

♦  Takeover allowed from approved Banks & HFCs only

♦  Top-up loan upto 30% of the original loan amount can also be availed

♦  LTV is restricted to 75% of the Property Market Value.

♦  Not applicable for Plot Loans

♦  Home Loan or LAP amount upto Rs.3 Crs. can be funded in this method

For Salaried Customers - Click Here

For NRI Salaried Customers - Click Here

For Self-employed Customers - Click Here for Home Loan 

For Self-employed Customers - Click Here for Loan Against Property