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HDFC Home Loan Interest Rates - Updated in October 2024
Updated : September 30, 2024
Author :
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For people wishing to buy their dream homes, HDFC offers appealing home loan interest rates starting at 8.40% p.a. These rates are affordable and offer enticing financing alternatives for terms ranging up to 30 years.
The loan amount can cover up to 90% of the property value, subject to certain criteria. Women candidates qualify for interest rates starting at 8.20% p.a., which is much more attractive. It's important to note that HDFC evaluates applicants' creditworthiness and needs a credit score of 720 or higher to provide loans.
HDFC Home Loan Interest Rates of Different Schemes in October 2024
Here are the interest rate ranges for different home loan schemes offered by HDFC:
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| Scheme | Interest Rate Range |
| Home Loan | 8.40% to 9.00% |
| Plot Loan | 8.40% to 9.00% |
| Rural Housing Loans | 8.40% to 9.35% |
| Home Renovation Loans | 8.40% to 9.00% |
| Home Extension Loans | 8.40% to 9.00% |
HDFC Offers Various Types of Home Loans - A Detailed Overview
HDFC provides a wide variety of home loan types to fit different needs:
Home Loan
The Home Loan is a home loan that is available to both salaried and self-employed individuals who are looking to purchase their very own housing property.
- Applicant Type: Individuals, including salaried and self-employed.
- Eligibility:
- Age: 21 - 60 years
- Cibil Score: Minimum credit score must be 720.
- Employment Type: Salaried or self-employed.
- Loan Tenure: Up to 30 years.
- Loan Amount: 1 Lakh - 30 Crores
- Interest Rate: 8.40% to 9.00%
- Processing Fees: 0.5% of the loan amount
Plot Loan
Plot Loan is a home loan product provided by HDFC that caters to both salaried and self-employed individuals who are looking forward to purchasing their residential property.
- Applicant Type: Individuals, including salaried and self-employed.
- Eligibility:
- Age: 21 - 65 years
- CIBIL Score: Minimum credit score must be 720.
- Employment Type: Both salaried and self-employed.
- Loan Tenure: Up to 30 years.
- Loan Amount: 1 Lakh - 30 Crores
- Interest Rate: 8.40% - 9.00%
- Processing Fees: 0.5% of the loan amount
Rural Housing Loans
Rural Housing Loans is a home loan that is available to both salaried and self-employed individuals who are looking to purchase their very own housing property. This home loan plan with flexible repayment options for you to be one step closer to purchasing your residential property.
- Applicant Type: Individuals, including salaried and self-employed.
- Eligibility:
- Age: 21 - 65 years
- Cibil Score: Minimum credit score must be 720.
- Employment Type: Salaried or self-employed.
- Loan Tenure: Up to 30 years.
- Loan Amount: 1 Lakh - 40 Crores
- Interest Rate: 8.40% to 9.35%
- Processing Fees: 0.5% of the loan amount
Home Renovation Loans
Home Renovation Loan is a home loan product provided by HDFC that caters to both salaried and self-employed individuals who are looking for a more premium experience while trying to purchase their residential property.
- Applicant Type: Individuals, including salaried and self-employed.
- Eligibility:
- Age: 21 - 65 years
- CIBIL Score: Minimum credit score must be 750.
- Employment Type: Both salaried and self-employed.
- Loan Tenure: Up to 30 years.
- Loan Amount: 1 Lakh - 50 Crores
- Interest Rate: 8.40% to 9.00%
- Processing Fees: 0.5% of the loan amount
Home Extension Loans
The Home Extension Loan is a home loan that is available to both salaried and self-employed individuals. This plan is very similar to the Gold Home Loan plan, however with a higher interest rate and with a higher upper limit on the amount and a longer repayment window.
- Applicant Type: Individuals, including salaried and self-employed.
- Eligibility:
- Age: 21 - 60 years
- Cibil Score: Minimum credit score must be 750.
- Employment Type: Salaried or self-employed.
- Loan Tenure: Up to 30 years.
- Loan Amount: 1 Lakh - 60 Crores
- Interest Rate: 8.40% to 9.00%
- Processing Fees: 0.5% of the loan amount
HDFC Home Loan Interest Rates for Women
To make home loans more affordable for women who apply, HDFC offers reduced interest rates and reductions in processing expenses.
| CIBIL Score | Interest Rate |
| 750 and above | 8.20% p.a. |
| 720 - 749 | 8.40% p.a. |
| 700 - 719 | 8.60% p.a. |
| 680 - 699 | 8.80% p.a. |
| 660 - 679 | 9.00% p.a. |
Please take note that the interest rates stated are merely examples and could vary. However, female candidates are still able to make use of these advantages to get a mortgage with a favourable interest rate.
HDFC Home Loan Interest Rates for Self-Employed
HDFC Bank offers home loans to self-employed individuals. The interest rates for self-employed individuals are slightly higher than the interest rates for salaried individuals.
| CIBIL Score | Interest Rate Range |
| 750 and above | 8.60% |
| 720-749 | 8.80% |
| 700-719 | 9.00% |
| 680-699 | 9.20% |
| 660-679 | 9.40% |
HDFC Home Loan Interest Rates for Salaried
Salaried individuals are welcome to take advantage of HDFC's alluring interest rates, which are depending on their credit scores.
| CIBIL Score | Interest Rate Range |
| 750 and above | 8.40% |
| 720-749 | 8.60% |
| 700-719 | 8.80% |
| 680-699 | 9.00% |
| 660-679 | 9.20% |
HDFC Home Loan Interest Rates for NRI
HDFC provides competitive interest rates for home loans catering to NRIs.
| Eligibility | Non-Resident Indians (NRIs) and Persons of Indian origin (PIO) |
| Loan Tenure | up to 30 years |
| Loan Amount | 50 Lakhs |
| Interest Rate Range | 8.80% to 10.40% p.a |
| Processing Fees | 1% of the loan amount. |
Unique Benefits and Features of HDFC Home Loan
- Attractive interest rates: HDFC Home Loan offers attractive interest rates based on the MCLR, which are reevaluated and subject to change regularly. You can reduce your monthly EMI costs by doing this.
- Long repayment term: The HDFC Home Loan's prolonged repayment term lowers monthly EMIs because EMI amounts decrease with longer repayment terms. It's crucial to keep in mind, though, that larger overall interest payments result from a longer tenure.
- Relaxed documentation: Documentation requirements are more simplified for HDFC Home Loans, which simplifies the application procedure. While collateral or third-party guarantees are not required, basic documents like a PAN card, passport, and pay stubs are.
- Benefits for Female Applicants: HDFC provides female applicants with unique advantages including reduced interest rates and processing cost exemptions. These benefits are designed to make homeownership more affordable and accessible for women, enabling them to fulfil their aspirations of owning a home.
- Curated Loan Options for Self-Employed Applicants: HDFC recognises the unique financial needs of self-employed people and offers home loan choices that are specialised and catered to their needs. These personalised loan alternatives take into account the particular needs and preferences of self-employed people, ensuring that they have access to the right kinds of finance.
How to Apply for a Home Loan at HDFC?
Whether you choose to apply online through their website or go to a nearby location, HDFC offers a simple application process. You can submit your application, supply the required documentation, and wait for HDFC's approval by following a few crucial procedures. When your application is accepted, you can move through with the loan agreement process and receive the sanctioned loan amount, putting you one step closer to realising your dream of becoming a homeowner.
- Visit HDFC Home Loans Website or Branch:
Log on to the HDFC home loans website or visit a nearby HDFC branch.
- Submit Required Documents:
To move forward with your loan application, gather and submit the required documents, including identity proof, address proof, income proof, and relevant property documents. Make sure that all necessary documentation is provided accurately and promptly to facilitate the loan processing and verification procedures.
- Await Approval and Verification:
HDFC will carefully examine your application after you submit it. Based on the data you have supplied, they will determine your eligibility and take the appropriate verification steps. To ensure accuracy and compliance with their lending criteria, this review procedure is essential.
- Complete Loan Agreement Process:
Once your application is accepted, you must complete the loan arrangement by signing the proper paperwork and paying any costs due. This step is necessary to finish the loan application process and move on with the money disbursement.
- Receive Sanctioned Loan Amount:
Upon the successful completion of the loan agreement process, you will be receiving the approved loan amount as per the terms and conditions.
- Disbursement of Funds:
The loan funds will be disbursed per the mutually agreed-upon terms and conditions.
HDFC Home Loan Eligibility
To be eligible for an HDFC Home Loan, applicants must meet certain criteria:
- Income Criteria: Applicants must establish their ability to repay the loan with a steady and predictable income to be approved for one. For various loan amounts and localities, HDFC establishes certain income criteria, often beginning at a minimum of Rs. 25,000.
- Credit Score: The borrower's credit score is important since it indicates how creditworthy they are. When determining a candidate's eligibility for a house loan, HDFC considers their credit score.
- Age Criteria: For those requesting house loans, HDFC sets both a minimum and a maximum age restriction. In general, the minimum age requirement is 21, while the maximum age limit varies depending on the loan tenure selected.
- Employment Type: By taking into account the applicant's employment status—salaried or self-employed—HDFC assesses their stability and repayment capabilities. This evaluation aids HDFC in determining the applicant's financial stability and capacity to make loan repayments.
- Loan Amount Eligibility: The value of the asset being financed and the borrower's ability to repay the loan are just two of the many variables that affect an applicant's eligibility for a particular loan amount. The maximum loan amount that the applicant is eligible for is decided after taking into account these variables.
Documents Required for HDFC Home Loan
Applicants need to submit the following documents when applying for an HDFC Home Loan:
- Proof-of-Identity: Valid documents like an Aadhaar card, PAN card, passport, or voter ID are necessary to establish the applicant's identity.
- Proof-of-Address: Documents like an Aadhaar card, utility bills, or rental agreement are needed to verify the applicant's residential address.
- Proof-of-Age: Documents like a birth certificate, school leaving certificate, or any other valid document that confirms the applicant's age are required.
- Income-Proof: HDFC mandates income proof to evaluate the applicant's repayment capacity. This may include salary slips, income tax returns, bank statements, or other relevant documents.
- Property-related Documents: Documents about the property being financed, such as the agreement, title deed, NOC from the builder, and property valuation reports, are necessary for verification purposes.
HDFC Home Loan EMI Calculator - How to Calculate HDFC Home Loan EMI?
To calculate your HDFC home loan EMI, use the following formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
- P = Loan amount
- R = Interest rate per month
- N = Loan tenure in months
HDFC Home Loan Interest Rates for the Last 10 Years
| Year | Interest Rate Range |
| 2013 | 9.40% - 10.25% |
| 2014 | 8.50% - 9.35% |
| 2015 | 8.00% - 9.00% |
| 2016 | 8.00% - 8.90% |
| 2017 | 7.85% - 8.75% |
| 2018 | 7.75% - 8.65% |
| 2019 | 7.60% - 8.50% |
| 2020 | 7.50% - 8.40% |
| 2021 | 7.40% - 8.30% |
| 2022 | 8.30% - 8.80% |
HDFC Home Loan Interest Rate Compared to Other Banks | 2024
| Bank/ NBFC Name | Interest Rate |
| Axis Bank | 8.85% - 14.00% |
| Aditya Birla Capital Home Loan | 9% - 12.50% |
| Bandhan Bank | 8.65% - 13.65% |
| Bank of Baroda | 8.50% - 10.60% |
| Bank of India | 7.80% - 9.65% |
| Bank of Maharashtra | 8.40% - 10.80% |
| Canara Bank | 8.85%- 11.25% |
| Central Bank of India | 8.45% - 9.20% |
| Citibank | 8.45% |
| Corporation Bank | 8.60% - 11.20% |
| Dena Bank | 8.40% |
| Federal Bank | 10.15% - 10.30% |
| Fullerton Bank | 9.50% |
| HDFC Bank | 8.95% - 9.85% |
| HSBC | 8.60% |
| ICICI Bank | 9.00% - 10.05% |
| IDBI Bank | 8.75% - 11.45% |
| IDFC First Bank | 8.85% |
| Indian Overseas Bank Home Loan | 9.55% |
| Indiabulls Housing Finance | 8.75% |
| Jammu and Kashmir Bank | 8% |
| Karnataka Bank | 9.08% - 10.38% |
| Karur Vysya Bank | 9.23% - 12.13% |
| Kotak Mahindra Bank | 8.85% - 9.40% |
| LIC HFL | 8.70% |
| PNB HFL | 8.50% - 10.85% |
| Reliance Home Finance | 9.35% - 13% |
| State Bank of India | 8.25% - 9.65% |
| Sundaram Home Finance Ltd Home Loan | 6.95% - 8.30% |
| Tata Capital | 8.95% |
| Union Bank of India | 8.75% |
| YES Bank | 9.15% - 11.25% |
Factors that Affect HDFC Home-Loan Interest Rate
- CIBIL score: Your CIBIL score is a measure of your creditworthiness. A higher CIBIL score indicates that you are a good borrower and are less likely to default on your loan. As a result, you will be offered a lower interest rate.
- Loan amount: The loan amount is the total amount of money that you are borrowing. The larger the loan amount, the higher the interest rate will be.
- Loan tenure: The loan tenure is the period over which you will repay the loan. The longer the loan tenure, the higher the interest rate will be.
- Property type: The type of property that you are buying can also affect the interest rate. For example, a loan for a residential property will have a lower interest rate than a loan for a commercial property.
- Lender's risk appetite: If the lender perceives the loan as being riskier, they will charge a higher interest rate.
- Market conditions: The current market conditions can also affect the interest rate on an HDFC home loan.
Tips for Lower-Interest HDFC Home Loans
- A good credit score: Ensure timely payment of bills and keep your credit utilisation ratio low to maintain a favourable credit score.
- Opt for shorter tenures: Selecting a shorter loan tenure can potentially lead to lower interest rates.
- Compare schemes and interest rates: Conduct thorough research and compare the various home loan schemes and interest rates offered by HDFC to identify the most suitable option for you.
- Making a higher down payment: Making a higher down payment reduces the loan amount, resulting in a lower interest burden.
- Accurate documentation: Ensure that all required documents are precise and complete to avoid delays and increase the likelihood of securing a lower interest rate.
- Build a relationship with the bank: Establishing a positive relationship with the bank, such as maintaining accounts or investments, may aid in negotiating better interest rates.
The interest rates on HDFC's home loans are competitive and start at 8.40% p.a. To meet a variety of consumer needs, they offer appealing programmes for women, self-employed people, salaried employees, and NRIs.
HDFC provides adaptable options whether you're trying to transfer your current loan or purchase a new home. Submit your application right away to take advantage of the current low HDFC home loan interest rates. Visit NoBroker Home Loan Services for more details.
Disclaimer
This article is solely for educational purposes. NoBroker doesn't take any responsibility for the information or claims made in the blog.
Frequently Asked Questions
The current HDFC home loan interest rate for 2024 starts from 8.40% p.a. and may vary based on the scheme and the applicant's profile.
HDFC offers both fixed and floating interest rate options for home loans, allowing borrowers to choose the option that suits their needs.
Yes, HDFC offers home loans to government employees at attractive interest rates. They have specialised programmes designed to satisfy the particular requirements of government employees, making homeownership more accessible and affordable.
Yes, HDFC provides a top-up loan facility to existing home loan borrowers who have a good repayment track record. This enables borrowers to access additional funds for various purposes, such as renovation or meeting other financial needs.
HDFC's home loan balance transfer option allows borrowers to transfer their existing home loan from another bank to HDFC at attractive interest rates. Benefits include potential savings on interest costs, improved customer service, and additional features and benefits offered by HDFC.
Yes, HDFC allows borrowers to prepay their home loans partially or in full before the completion of the loan tenure. However, prepayment charges may be applicable based on the loan agreement terms.
The processing fee for HDFC home loans varies depending on the loan amount and scheme. It is generally 0.5% of the loan amount and covers the administrative costs associated with loan processing.
The amount of time needed to process an HDFC home loan application will depend on several variables, including the complexity of the case, the accuracy of the provided documentation, and property verification. Subject to all requirements being completed, HDFC processes and approves home loan applications in an average of 10-15 working days.
Yes, HDFC provides home loan options specifically designed for NRIs, allowing them to fulfil their dream of owning a home in India.
Yes, HDFC provides an interest rate certificate to its home loan borrowers. This certificate can be useful for income tax purposes, as it helps in calculating the interest component eligible for tax benefits.
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