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:
Step Up Repayment Facility (SURF)
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.
Flexible Loan Installment Plan (FLIP)
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.
Tranche Based EMI
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.
Accelerated Repayment Scheme
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.
Telescopic Repayment Option
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.