HDFC Bank provides home loan top-up facility to existing customers based on market value of property and repayment capacity of borrower. Eligibility criteria includes market value of property as well as repayment capacity of borrower. Loans from the bank can […]
HDFC Bank provides home loan top-up facility to existing customers based on market value of property and repayment capacity of borrower. Eligibility criteria includes market value of property as well as repayment capacity of borrower.
Loans from the bank can be taken out for up to 30 years and include an accelerated principal repayment option which allows borrowers to start principal repayment earlier.
How to apply for a home loan with HDFC?
HDFC (Hindustan Development Finance Corporation) is an established housing financial institution in India. Offering home loans to help individuals purchase homes, HDFC also participates in supporting government subsidies like Pradhan Mantri Awas Yojana in order to increase homeownership across India.
HDFC home loan eligibility criteria require having an acceptable credit score, consistent income and no existing liabilities. In addition, HDFC also takes into account an applicant’s age and repayment capability when determining loan amounts and durations.
Once a home loan application is approved by a bank, they will issue a sanction letter with all the information regarding your loan agreement – such as rate of interest and repayment schedule – within 90 days. This document serves as proof that everything has been taken care of to fulfill the loan contract and can only be removed or amended with prior permission of bank management.
Documents required to secure a home loan include title deeds of property, an agreement to purchase, blueprints/blueprints of proposed house, blueprints/blueprints from civil engineers on estimated construction costs and receipts for payments made towards land/plot purchase. Furthermore, an ID and address proof is necessary as well as recent passport-size photos of yourself and any co-applicants submitted; self-employed applicants should also present evidence of business continuity such as proof, profit/loss statements/balance sheets/ audit reports as proof.
Documents required for applying for a home loan with HDFC
Home loans from HDFC are available to both salaried and self-employed borrowers, and eligibility criteria is determined based on an individual’s income, credit score and loan repayment capacity. A home loan from HDFC may be used for purchasing new or resale properties, building a house on an owned plot as well as renovation or extension loans.
To qualify for a home loan, borrowers need to submit various documents. These documents could include:
Proof of ID, such as a passport or driving license. Proof of address such as utility bills or bank statements. Evidence of income such as salary slips or bank statements to show sufficient cover of EMI’s; in cases of marriage both incomes should be considered equally.
Apart from these documents, home loan applicants must also submit the following:
Documents required for getting a home loan with HDFC
HDFC requires three essential documents when applying for home loans: photo identification proof, address proof and income proof. As photo identity evidence you can submit documents such as your passport, driving license or pan card; for address proof you can present rental agreements or utility bills; while as income proof you should submit the last three months’ salary slips.
Additionally, you will need to provide the following documents:
Property Documents: Sale Deed, Khata and Transfer of Ownership.
Employment Proof: Salary slip or Form 16 and bank statement
The Agricultural Mortgage Repayment Scheme (AMPRS) is a government-backed loan program for agriculturalists such as planters, dairy farmers and horticulturists looking to purchase or construct homes in rural areas. Banks provide home loans at significantly reduced interest rates than they might otherwise get through other channels.
Building or renovating their own house, or needing funds for home improvements, are among the many potential uses for personal loans from banks. Loan amounts will depend on factors like property value, income levels and occupation stability as well as credit histories of spouses if applicable.