HDFC Bank Home Loan

Housing Development Finance Corporation Limited (HDFC) which was incorporated in 1977, is the largest home loan lender in India. HDFC offers doorstep service for HDFC home loan applicants, who can either apply individually or for a joint home loan. HDFC is well known for doing a thorough job of verifying that a home has a clear title, and is constructed as per norms before sanctioning a loan. This is beneficial to the borrower's peace of mind, as he can be satisfied about the value of his home if HDFC sanctions his loan. HDFC offers both fixed rate and floating rate home loans, and has simpler documentation requirements when compared to most other lenders.

The types of HDFC Home Loan are:

• HDFC Home Purchase Loan - Used to purchase a new or resale property, or to construct a home.
• HDFC Home Improvement Loan - Used to repair an existing home, or to refurbish it (ex. painting, plumbing,electrical work etc).
• HDFC Home Extension Loan - Used to extend an existing home by adding additional rooms or storeys.
• HDFC Land Purchase Loan - Used to purchase a property and construct on it.

HDFC Home Loan Details

Interest Rate (Monthly reducing balance)	8.75% - 9.25% floating RPLR is currently 13.75%
Processing Fees	0.5% of the loan amount, capped at Rs. 10,000
Loan Tenure	1 year to 20 years
Amount Funded	Up to 85% of property value
Guarantor Requirement	No guarantor required