A new home brings with it new hopes, joys and emotions. At HDFC, we have shared new hopes, joys and emotions with over 26 Lakh customers. Every customer has a specific and unique concern. Having earned an experience of 28 years in home loans, Our home loan product is customised to provide you solutions for your unique concern.

Features

Maximum loan
85% of the cost of the property (including the cost of the land) and based on the
repayment capacity of the customer.

Maximum Term
20 years subject to your retirement age.

Applicant and Co- Applicant to the loan
Home Loans can be applied for either individually or jointly. Proposed owners of the property, will have to be co-applicants. However, the co-applicants need not be coowners.

Adjustable Rate Home Loan
Loan under Adjustable Rate is linked to HDFC's Retail Prime Lending Rate (RPLR). The rate on your loan will be revised every three months from the date of first disbursement, if there is a change in RPLR, the interest rate on your loan may change. However, the EMI on the home loan disbursed will not change*. If the interest rate increases, the interest component in an EMI will increase and the principal component will reduce resulting in an extension of term of the loan, and vice versa when the interest rate decreases.

Purpose
Purchase of

• Flat, row house, bungalow from developers


• Existing freehold properties


• Properties in an existing or proposed co-operative housing society or apartment


• owner's association


• First Power of Attorney purchases in Delhi for DDA flats allotted before 1992.


• Self Construction

Fees
1% of the loan amount applied plus applicable service taxes and cess.

No Charges for
Part or Full Prepayment of loan under Adjustable Rate (except in case of prepayment through a refinance from other bank or institutions prepayment charges will be applicable)
Fixed Rate - Part prepayment upto 25% of opening loan outstanding in a financial year
Replacement of cheques
Income Tax Certificates
Accelerated Repayment Option

Multiple Repayment Option

Step Up Repayment Facility
Helps young executives take a much bigger loan today based on an increase in their future income, this helps executives buy a bigger home today!

Flexible Loan installments Plan
Often customers, parents and their children, wish to purchase properties together. The parent is nearing retirement and their children have just started working. This option helps such customers combine the incomes and take a long term home loan where in the installment reduces upon retirement of the earning parent.

Accelerated Repayment Scheme
Accelerated Repayment Scheme offers you a great opportunity to repay the loan faster by increasing the EMI. Whenever you get an increment, increase in your disposable income or have lumpsum funds for loan prepayment, you can benefit by

Increase in EMI means faster loan repayment
Saving of interest because of faster loan repayment
You can invest lumpsum funds rather than use it for loan prepayment. The return from the investments also gives you the comfort of paying the increased EMI.

Source: http://www.hdfcindia.com/