HDFC Home Loan For A Roof Of Your Own

By | September 7, 2018

HDFC Home Loans are popular for a number of reasons, including their flexible repayment tenure and low interest rates. Here’s everything you need to know.

HDFC Home Loan For A Roof Of Your Own

Buying a house tops the to-do list of most people. It’s also one of the hardest things to tick off the bucket list. Even harder than raising kids, some say. This is mainly because of the cost associated with buying a house.

However, a Home Loan can help ease things on the financial front. It’s always a good idea to compare loans across banks before deciding on one. Once you decide on a loan, it would make sense to learn about the features of the loan too. If it’s an HDFC Home Loan that you’re interested in, then here’s everything you need to know about it.

So, why should you apply for a Home Loan from HDFC, you ask? Well, if you dread paperwork, then an HDFC Home Loan is the one for you. The bank prides itself on its online processing of documents. But if the online route is not your thing, don’t worry – you can always go the old fashioned way by asking for door-step assistance. The HDFC Home Loan application process is quick and easy and you’ll get your loan at a competitive interest rate. HDFC Home Loan interest rates start at 8.50% per annum. Does that sound like a deal or what?

Curious to know more about HDFC Home Loans? Read on.

Additional Reading: How Your Home Loan Eligibility is Calculated?

HDFC Home Loan

HDFC Home Loans are popular not just for their flexible repayment tenure and low-interest rates, but also for the technical and legal counselling that’s part of the package.

You can take an HDFC Home Loan for:

  • An apartment
  • Row houses
  • A bungalow by approved developers or that is a part of an approved project
  • Properties being developed by relevant development authorities such as DDA, MHADA etc.
  • HDFC also has a special deal with AGIF to provide affordable Home Loans to members of the Indian Army.

Should you apply for HDFC Home loan as an individual or with a co-applicant?

You can apply for an HDFC Home loan as an individual or with a co-applicant. If the property you are looking to purchase will have more than one owner, then all the co-owners must apply for the loan. However, it’s not necessary for a co-applicant to also be a co-owner.

What’s the repayment tenure like?

HDFC allows you to repay your Home Loan over a maximum tenure of 30 years in case of telescopic repayment option under the adjustable rate Home Loan. (We’ve elaborated on this later in the article). If you opt for other loan repayment options, the maximum tenure stretches to 20 years. Keep in mind, the tenure of your loan will largely depend on your eligibility factors such as age, income, time and stability in employment etc.

How much of the property value will HDFC fund?

For homes up to Rs. 30 lakhs 90% of the property value
Between Rs. 30.01 lakhs and Rs. 75 lakhs 80% of the property value
Above Rs. 75 lakhs 75% of the property cost

These ranges may vary depending on the eligibility of the applicant. Always check with the bank before applying.

What documents do you need to apply for an HDFC Home Loan?


Proof of both identity and residence (any 1) ·Valid passport  ·Voter ID card ·Aadhaar card ·Valid driving licence
Proof of income ·Last 3 months’ salary slips ·Last 6 months’ bank statements showing salary credits ·Latest Form-16 and IT return
Other documents ·Employment contract/appointment letter in case current employment is less than 1-year old  ·Last 6 months’ bank statements showing repayment of any ongoing loans ·Passport size photograph of all the applicants / co-applicants to be affixed on the application form and signed across cheque for processing fee favouring ‘HDFC Ltd.’
Property related documents ·Copy of the allotment letter/buyer agreement ·Receipt/(s) of payment/(s) made to the developer

*As mentioned on HDFC Home Loan website.

What are the repayment options for an HDFC Home Loan?

HDFC has curated many repayment options to cater to the varying needs of its customers. They are:

1. Step Up Repayment Facility (SURF)

This repayment method takes into account the expected increase in your income and hence allows you to apply for a higher loan amount. It doesn’t hurt your budget. You pay smaller EMIs in the initial few years, which is later increased based on the assumed increase in your income.

2. Flexible Loan Installments Plan (FLIP)

This option is the opposite of SURF. You pay bigger EMIs initially which subsequently become smaller in accordance with your income.

3. Tranche-Based EMI

When you purchase an under-construction property, your loan is disbursed in tranches or instalments, in sync with the construction of the property. In this case, you only repay the interest portion of the loan till complete disbursement of the loan. However, you can also choose to start repaying the principal amount of the loan based on the cumulative amounts disbursed. This will even and ease out loan repayment for you.

4. Accelerated Repayment Scheme

This option is very similar to SURF. It allows you to increase your EMI amount based on an increase in your salary. Unlike the SURF model, this increase is based on an actual increase in your income rather than an assumed increase. You can plan your budget better this way.

5. Telescopic Repayment Option

If you are eligible for a 30-year loan tenure, then this is the option for you. Banks usually cap loan tenure to the retirement age of 60. A longer tenure means a higher loan amount and smaller EMIs.

Additional Reading: Home loan prepayment – When and why

What are the advantages of taking an HDFC Home Loan?

Once you opt for an HDFC Home Loan you can meet any financial emergency with a top-up loan. A top-up loan can be availed to fund anything from a wedding to a business requirement. Yes, you can do it with a Personal Loan too but here’s how a top-up loan trumps everything else.

  • It’s easy to get this loan
  • It has a long repayment tenure
  • And, in many cases, it’s cheaper than a consumer or commercial loan

Here’s what some of our customers are saying about HDFC Home Loans:

“My home loan application was approved with HDFC Ltd. and the experience was good. The loan amount was for Rs 22.3 lacs for 30 years with the rate of interest of 8.5% which is nominal in the market. Customer service was good with HDFC and they responded on time.” – Rohan Gai, Pune

“It was a good experience with HDFC Ltd. for Home loan. The process was smooth and the loan amount was disbursed on time. The loan amount was sufficient with nominal interest rate when compared to others. Customer service was good too. They responded on time and their follow-up was good.” – Mupparam, Hyderabad

“I have taken my Home Loan from HDFC Ltd. The loan amount was Rs. 18 lakhs and the interest rate was average. The customer service and responses were very good. The loan process was a little slow, however, they sanctioned the loan within the committed time.” – Shailesh, Ahmedabad

Want to read more reviews? Click here. If you would instead go ahead and apply for a Home Loan from HDFC, then click here.

Or if you’d rather scout for more options, then we can help you with that as well. We make it really easy to compare Home Loans across banks and help you with the best options based on your eligibility.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit for the latest rates/offers.

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