The maximum Home Loan amount you can get depends on various factors, including income, creditworthiness, property value, and repayment capacity. Your lender will assess these aspects to determine the loan amount. In the case of construction, home improvement and Home Extension Loans, HDFC Bank offers a funding of 75 to 90% of the construction/improvement/extension estimate.

Yes, you can take a Home Loan jointly in India. Joint Home Loans are commonly availed by family members (e.g., spouses, parents, siblings) or business partners. Co-applicants share the loan responsibility and can enhance their eligibility by combining their incomes.

Several factors influence your Home Loan eligibility:

• Income: Higher income improves eligibility.

• Credit Score: A good credit score enhances your chances.

• Age: Younger applicants tend to get longer repayment periods.

• Property Value: The loan amount is linked to the property’s market value.

• Existing Liabilities: Other loans impact eligibility.

• Loan Tenure: Longer tenure may increase eligibility.

Home loan is a form of secured loan availed by a customer to purchase a house. The property can be an under-construction or a ready property from a developer, purchase of a resale property, to construct a housing unit on a plot of land, to make improvements and extensions to an already existing house and to transfer your existing home loan availed from another financial institution to HDFC Bank. A housing loan is repaid through equated monthly installments (EMI) which consists of a portion of the principal borrowed and the interest accrued on the same.

You can avail a HDFC Bank Home Loan online in 4 quick and easy steps:

1. Sign Up/Register on the online portal by clicking here or visit your nearest branch.

2. Fill in the Home Loan application form

3. Upload/Submit Documents

4. Pay the Processing Fees

5. Get Loan Approval

You are required to pay 10-25% of the total property cost as ‘own contribution depending upon the loan amount. 75 to 90% of the property cost is what can be availed as a housing loan. In case, of construction, home improvement and home extension loans, 75 to 90% of the construction/improvement/extension estimate can be funded.

Home loan eligibility depends on the income and repayment capacity of the individual. Please find details about home loan eligibility criteria:

Yes, you may be eligible for tax benefits on the repayment of your Home Loan's principal and interest components as per sections 80C, 24(b), and 80EEA of the Income Tax Act, 1961. Since the benefits may vary each year, please consult your chartered accountant or tax expert for the latest information.

You can take the disbursement of your Home Loan once the property has been technically appraised, all legal documentation has been completed, and you have made your down payment.

You can submit a request for the disbursement of your loan online or by visiting any of our offices.

Some of the factors that determine your eligibility for a home loan are:

• Income and Repayment Capacity

• Age

• Financial Profile

• Credit History

• Credit Score

• Existing Debt/EMIs

HDFC Bank will determine your Home Loan eligibility largely based on your income and repayment capacity. Other important factors include your age, qualification, number of dependents, your spouse's income (if any), assets and liabilities, savings history, and the stability and continuity of employment.

You can apply for housing loans at any time once you have decided to purchase or construct a property, even if you have not selected the property or the construction has not commenced. You can even apply for a Home Loan whilst you are working abroad to plan for your return to India in future.

The Home loan process in India usually goes through the following stages:

Home Loan Application & Documentation

You can apply for a Home Loan online from the ease and comfort of your home using HDFC Bank's online application feature. Alternatively, you can share your contact details here, and our loan experts will get in touch with you to take your loan application forward.

The documentation needed to be submitted along with your Home Loan application form is available here. This link provides a detailed checklist of KYC, income, and property-related documents required for processing your Home Loan application. The checklist is indicative, and additional documents may be requested during the Home Loan sanction process.

Approval & Disbursement of Home Loan

• Approval Process: The Home Loan is assessed based on the documents submitted as per the above-mentioned checklist. The approved amount is communicated to the customer. There may be a difference between the housing loan amount applied for and the amount approved. Upon approval of the housing loan, a sanction letter detailing the loan amount, tenure, applicable interest rate, repayment mode, and other special conditions to be fulfilled by the applicants is issued.

• Disbursement Process: The Home Loan disbursement process begins with submitting the original property-related documents to HDFC Bank. In the case of an under-construction property, disbursement is done in tranches according to the construction-linked payment plan provided by the developer. For construction, home improvement, or home extension loans, disbursement is made as per the progress of construction or improvement based on the estimate provided. For second-sale or resale properties, the complete loan amount is disbursed at the time of execution of the sale deed.

Repayment of Home Loan

Repayment of Home Loans is done through Equated Monthly Installments (EMIs), which is a combination of interest and principal. In the case of loans for resale homes, EMI begins the month after the loan disbursement is done. For loans for under-construction properties, EMI usually begins once the construction is complete and the Home Loan is fully disbursed. Customers can, however, choose to begin their EMIs sooner. The EMIs will proportionately increase with every partial disbursement made per the construction progress.

The following types of Home Loans products are usually offered in India by Housing Finance Institutions:

Home Loans

These are Loans availed for:

1. The purchase of a flat, row house, bungalow from private developers in approved projects;

2. Home Loans for purchase of properties from Development Authorities such as DDA, MHADA as well as Existing Co-operative Housing Societies, Apartment Owners' Association or Development Authorities settlements or privately built up homes;

3. Loans for construction on a freehold / lease hold plot or on a plot allotted by a Development Authority

Plot Purchase Loan

Plot purchase loans are availed for purchase of a plot through direct allotment or a second sale transaction as well as to transfer your existing plot purchase loan availed from another bank /financial Institution.

Balance Transfer Loan

Transferring your outstanding home loan availed from another Bank / Financial Institution to HDFC Bank is known as a balance transfer loan.

House Renovation Loans

House Renovation Loan is a loan for renovating (without altering the structure/carpet area) your home in many ways such as tiling, flooring, internal / external plaster and painting etc.

Home Extension Loan

It is a loan to extend or add space to your home such as additional rooms and floors etc.

Yes, you can avail of two Home Loans at the same time. However, the approval of your loan depends on your repayment capacity. It is up to HDFC Bank to assess your eligibility and ability to repay the EMIs for two Home Loans.

For your convenience, HDFC Bank offers various repayment modes for your house loan. You may issue standing instructions to your bank to pay the instalments through ECS (Electronic Clearing System), opt for direct deduction of monthly instalments by your employer, or issue post-dated cheques from your salary account.

The maximum repayment tenure depends on the type of housing loan you are availing, your profile, age, maturity of the loan, etc.

• For Home Loans and balance transfer loans, the maximum tenure is 30 years or until the age of retirement, whichever is lower.

• For home extension loans, the maximum tenure is 20 years or until the age of retirement, whichever is lower.

• For home renovation and top-up loans, the maximum tenure is 15 years or until the age of retirement, whichever is lower.

EMIs begin from the month subsequent to the month in which the loan is disbursed. For loans for under-construction properties, EMI usually begins after the complete Home Loan is disbursed, but customers can choose to begin their EMIs as soon as they receive their first disbursement. The EMIs will increase proportionately with every subsequent disbursement. For resale properties, since the entire loan amount is disbursed in one go, EMI on the full loan amount starts from the month after disbursement.

Pre-EMI is the monthly payment of interest on your Home Loan. This amount is paid during the period until the full disbursement of the loan. Your actual loan tenure — and EMI (comprising both principal and interest) payments — begins once the pre-EMI phase is over, i.e., after the Home Loan has been fully disbursed.

All co-owners of the property need to be co-applicants for the Home Loan. Generally, co-applicants are close family members.

Your housing loan interest rate depends on the type of loan you choose. There are two types of loans:

• Adjustable Rate or Floating Rate
  In an adjustable or floating-rate loan, the interest rate on your loan is linked to your lender’s benchmark rate. Any movement in the benchmark rate will result in a proportionate change in your applicable interest rate. The interest rates are reset at defined intervals. The reset can be according to the financial calendar or unique to each customer, depending on the first date of disbursement. HDFC Bank may, at its sole discretion, alter the interest rate reset cycle on a prospective basis during the loan agreement.

• Combination Loans
  A combination loan is part fixed and part floating. After the fixed-rate tenure, the loan switches to an adjustable rate.

Yes. You can prepay your home loan (in part or in full) before the completion of your actual loan tenure. Please note that there are no prepayment charges on floating rate Home Loans unless the same is availed for business purposes.

No. You don’t need to have a guarantor for your home loan. You will only be asked for a guarantor in certain situations, namely:

• When the primary applicant has a weak financial standing
• When the applicant wants to borrow an amount that is beyond their eligibility.
• When the applicant earns less than the established minimum income criteria.

No. Home loan insurance is not mandatory. However, you should buy insurance for protection against any unforeseeable circumstances.

A Home Loan provisional certificate summarises the interest and the principal amounts you repay towards your Home Loan during a financial year. It is provided to you by HDFC Bank and is required for claiming tax deductions. If you are an existing customer, you can easily download your provisional Home Loan provisional certificate from our online portal.

Our HDFC Bank Reach Loans make home buying possible for micro-entrepreneurs and salaried individuals who may or may not have sufficient proof of income documentation. You can apply for a Home Loan with minimal income documentation with HDFC Bank Reach.

HDFC Bank disburses loans for under-construction properties in installments based on the progress of construction. Each installment disbursed is known as a 'part' or 'subsequent' disbursement.

You can apply for a pre-approved Home Loan, which is an in-principal approval for a loan given based on your income, creditworthiness and financial position. Generally, pre-approved loans are taken prior to property selection and are valid for a period of 6 months from the date of sanction of the loan.

The Pradhan Mantri Awas Yojana (PMAY) (URBAN) - Housing for All is a mission launched by the Government of India with the aim of boosting homeownership. The PMAY scheme caters to the Economically Weaker Section (EWS), Lower Income Group (LIG), and Middle Income Groups (MIG) of society, considering the projected growth of urbanization and the consequent housing demands in India.

The Credit Linked Subsidy Scheme (CLSS) under PMAY makes home finance affordable, as the subsidy provided on the interest component reduces the outflow of the customer on the Home Loan. The subsidy amount under the scheme largely depends on the income category the customer belongs to and the size of the property unit being financed.

Securing a Home Loan from HDFC Bank is simple and involves meeting certain criteria, such as a stable income, a good credit score, and a reasonable debt-to-income ratio. Factors like creditworthiness and other bank policies determine the loan amount. Essential documents include proof of income, KYC, employment verification, and details about assets and debts. To enhance approval chances, it is advisable to maintain a healthy credit score, save for a down payment, and minimise outstanding debts. Various loan types, including fixed-rate and adjustable-rate loans, cater to different needs, allowing borrowers to choose the option that best aligns with their financial situation and preferences.