Home Loan Procedure to Apply for Home Loan

The journey of transforming a house into a home is indeed one of the most fulfilling experiences in life. Seeing your nameplate proudly displayed at the door fills you with a unique sense of pride and joy that is unparalleled. HDFC Bank understands the significance of this journey and is committed to helping you realise your dream of owning a home.

HDFC Bank offers a range of home loan options tailored to meet your needs, ensuring that the process is as smooth and hassle-free as possible. Whether you are a first-time homebuyer or looking to upgrade to a larger space, HDFC Bank Home Loans are designed to make your dream a reality.

Step 1: Filling the application form

Home loan procedure starts with filling out the loan application form. Applying for a Home Loan from HDFC Bank is easy. Following are the basic details which you will have to fill in the form:

• Name

• Address

• Contact details – phone number and email ID

• Education

• Type of employment – salaried or self-employed

• Income earned

Step 2: Documentation process

Once you fill in your basic details, you will have to attach the following documents for verification:

• Identity proof – PAN card/ Aadhar Card / Voter ID/ Driving licence

• Address of proof – can be a copy of any utility bill

• Salary slips of the last 3 months

• Proof of employment

• Bank statements of the last 6 months

• Form 16

Note: If you are a self-employed individual, you need to provide the ITR of the last 2 years and the other income documents.

Step 3: Processing and verification

On submission of the form along with the required documents, the bank starts processing your Home Loan application. The bank will verify all the documents provided by you. A bank representative may even visit your workplace or home for the same. 

The next step is checking your creditworthiness as a borrower. The bank conducts an extensive enquiry into your credit score. Hence it is important that you maintain a healthy credit history.

If all your documents are in order and you have a satisfactory credit score and report, the bank will proceed with your loan application.

Step 4: Sanction letter

On successful approval of your Home Loan application, the bank will send you a sanction letter. This letter acts as proof that the bank has approved your loan. All essential details about the loan transaction are enclosed in this letter, such as:

• The loan amount you are eligible for

• The interest rate offered

• Whether the interest rate is fixed or variable

• Tenure of repayment

• Terms and conditions of repayment

After carefully reviewing all the points mentioned in the sanction letter, you can sign the letter and send it back to the bank. Only after the bank receives the signed letter from you, the Home Loan procedure moves to the next step.

Read more | Fixed or floating interest rates for home loans

Step 5: Secure payment fee

On signing the sanction letter, you will have to pay a one-time secure payment fee. The bank may ask you to pay the fee upfront either before or after the loan sanction.

Step 6: Legal and technical check

Before the bank disburses the loan amount, it conducts legal and technical checks. The bank representatives will verify the property you have applied the loan for. They will check if the ownership rights of the property are transparent. The representatives will also check if the documents submitted, and the proofs provided have any conflicting information.

During the technical check, the bank representatives will evaluate the actual value of the property. The status of the property – under construction or resale – will also be taken into consideration.

If the property is under construction, they will check the construction stage and quality of the work. Whereas, if the property is a resale one, the bank will check the age and maintenance of the property. In case of the resale, the bank may also check if the property has already been mortgaged before.

Step 7: Loan disbursal

Once the bank is satisfied with the checks conducted, your Home Loan application will be approved. You will receive a final agreement letter.

Post loan disbursal, you will receive a welcome kit and a detailed housing loan EMI schedule.  

It is important that you check whether you meet the required Home Loan eligibility criteria before applying for the loan. You can seek professional guidance here to make a more informed decision.

If you already are a borrower and want to switch your lender, you can opt for the Home Loan transfer procedure.

​​​​​​​A loan application may be disposed of by HDFC Bank within 10 working days of receipt of the same subject to submission of all documents and details as may be required by HDFC Bank in processing the Loan along with the requisite fees.

Apply for a Home Loan with the HDFC Bank by clicking here today!

*Terms and conditions apply. Home loan at the sole discretion of HDFC Bank limited. Loan disbursal is subject to documentation and verification as per Banks requirement.