Eligibility

1. Minimum age limit: 21 years
2. Maximum age limit: 60 years
3. Any individual irrespective of being salaried or self-employed can apply for a home loan, provided he has a steady income.

   KYC (Know
          your Customer)
          documents

• Personal ID
• Address Proof
• Pan Card

   Income proof

• Salary Slip for 3 Months &
• Income Tax Returns or Form 16.

   Property
          Documents

• Agreement
• Index 2
• Architectural Certificate

HDFC doesn’t have different home loan plans. The interest rate and documentation process varies for salaried and self-employed borrowers. They have repayment options depending on the years remaining of service and the type of the property:

This option is designed especially for those who have long working years ahead of them. As the repayment capacity is higher of such individuals, they can avail higher home loans for lower EMIs in the initial years. As the income increases, the EMI too increases over the period of time.

This repayment option is best for those who are certain that their income is going to reduce during the loan maturity. The loan is structured in a way, where initially the EMIs are higher and gradually decreases as per the drop in income.

This repayment option is for borrowers opting for an under construction property. Here, a borrower has to pay only the interest on the loan amount taken till the property is ready for possession. However, a borrower can start to pay the EMIs after the final disbursement of the loan as well.

This repayment option gives you the opportunity to increase the EMI’s in proportion to the increase in the income, which will help in faster repayment of loan.

For a borrower who wants to stretch his home loan tenure for up to 30 years needs to opt for this repayment option as all other plans have a maximum tenure of 20 years. This paves way for improved loan amount eligibility and smaller EMIs.

A. The loan eligibility is determined by a customer’s repayment capacity. Several other factors such as income, age, occupation, co-applicant’s income, number of dependents, assets etc play a decisive role in deciding on home loan eligibility of a borrower.

A. Yes you can customize your home loan with HDFC as part fixed & part floating rate of interest as per your requirements. Here the interest rate will be fixed for the initial years, and later it will be converted into a floating rate of interest.

A. Yes, you can prepay your home loan by making lump sum payments or full prepayments, which are subjected to the applicable prepayment charges. However, there aren’t any charges for a floating interest loan, whereas 2% is charged on fixed interest loan. These charges will depend on your specific home loan details.

A. When you are applying jointly for HDFC housing loan, all proposed owners of the house must be co-applicants. But, all co-applicants need not necessarily be co-owners. Co-applicants are generally immediate family members.