Basics of Home Loan

A place that you can call your own is a home. A home is where you feel peace, calm & secure. It is not just the physical shelter that it gives you but imagine yourself coming from a business or a leisure trip to the comforts of your home. There is no feeling in the world to second that comfort. Now, it is quite understandable that buying a home is not a cup of tea for everyone. However, with HDFC Bank home loan, you will be able to supplement your bank & purchase the home of your dreams. It is imperative to know what HDFC Bank Home loan is before you apply for it.

Here is a brief guide to know more about HDFC Bank Home Loan:

  1. Eligibility criteria: For individuals to be eligible to avail of a home loan, they should range between ages 21 & 65. Individuals who are salaried employees, self employed professionals, self employed non-professionals & earning individuals who have a seamless flow of regular income can be a part of the group who are eligible for a home loan.
  2. Principal amount: The principal amount of the loan ranges between 1 Lakh rupees to Rupees 10 crores. The principal amount is the amount that you opt for when availing a home loan.
  3. Tenure: Tenure is the duration for which you have a home loan. The tenure for the HDFC Bank Home Loan is for a term of 30 years.
  4. Interest rates: The interest rates are quite flexible. These start at around 8.1% per month.

The above-mentioned pointers were a quick brief into what a home loan is & everything that you need to know in a quick glance.

The HDFC Bank Home Loan has a simple application process.

Here is the process to apply for the HDFC Bank Home Loan:

  • The process is simple. Log on to the website or reach out to their team physically or virtually & learn about the products that they offer.
  • Apply for the HDFC Bank Home Loan by duly filling out the application form.
  • Submit the application form alongwith the relevant documents of proof. Address proofs like Aadhar card, Passport, etc. With this, also include proof of income in terms of salary slips or ITR returns of 3 years.
  • Property related documents such as allotment letter, title deeds of the plot, etc are needed to be submitted.
  • These are the minimum documentation process that you will need to comply with when applying for an HDFC Bank Home Loan.

When you apply for an HDFC Bank Home Loan, the process is simple & lucid. Read all the terms & conditions, understand what is mentioned & take an informed decision. Do use the EMI calculator to estimate what funds you would be paying as an EMI. This will allow you to calculate your funds with ease when it comes to savings, personal expenditure & save for emergencies. It is imperative to have a good sense of financial awareness when applying for a HDFC Bank Home Loan.