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HDFC Bank Home Loan Interest Rate

Having an own address is not just a necessity but a matter of achievement. Purchasing a house is a decision of a lifetime and the method of financing it also impacts for life. It is important to assess one’s current status, in terms of stability, financial condition, income, debt, liabilities and other obligations. Taking on the responsibility of buying or building a house is a huge emotional and financial exercise.

Taking a home loan to purchase a house has its own advantages. India boasts one of the lower home loan interest rates in the world. With different types of home loans available and starting range of home loan interest rates is between 8% and 9% which is indeed an attractive proposition. Purchasing a house or an apartment is huge expenditure and a home loan helps in making it a reality.

HDFC Bank Home Loan Interest Rate

The HDFC Bank home loan interest rate is dependent on many factors like the applicant’s income, credit history, current debts and repayment capacity. The bank also carries out some internal assessments before granting a home loan. The Marginal Cost of Funds based Lending Rates followed by HDFC Bank are as follows:

TenorMCLR in %
Overnight8.35
1 month8.4
3 months8.45
6 months8.55
1 year8.75
2 year8.9
3 year9.05
Base Rate - 9.15%
PLR (BPLR) - 17.65%
Loan SlabHome Loan Interest Rates (% p.a.)
For Women* (upto 30 Lakhs)8.90 to 9.40
For Others* (upto 30 Lakhs)8.95 to 9.45
For Women* (30.01 Lakhs to 75 Lakhs)9.05 to 9.55
For Others* (30.01 Lakhs to 75 Lakhs)9.10 to 9.60
For Women* (75.01 Lakhs & Above)9.10 to 9.60
For Others*(75.01 Lakhs & Above)9.15 to 9.65

TruFixed Loan – 2-year Fixed Rate variant

Loan SlabHome Loan Interest Rates (% p.a.)
For Women* (upto 30 Lakhs)9.40 to 9.90
For Others* (upto 30 Lakhs)9.45 to 9.95
For Women* (30.01 Lakhs to 75 Lakhs)9.55 to 10.05
For Others* (30.01 Lakhs to 75 Lakhs)9.60 to 10.10
For Women* (75.01 Lakhs & Above)9.60 to 10.10
For Others*(75.01 Lakhs & Above)9.65 to 10.15

It is important to note here that the home loan interest rate is subject to change by the bank at the time of disbursement. It is the discretion of the bank to review the interest rates on a periodic basis.

Factors That Affect Interest Rate on Your Home Loans

There are many factors that affect the home loan interest rates. Not all applicants get the same rate of interest on their loan application. Some of the major factors affecting the home loan rate of interest are:

Credit Score :

A very important factor in home loan application assessment done by the bank is checking the credit score of the applicant. If the applicant’s score is on the higher side, it is possible to get a competitive rate of interest. If the credit score is on the lower side, the bank will provide a home loan but at higher rates. It is prudent to pay off any existing debts and clear liabilities to get a good score and benefit from an attractive home loan option.

Loan Amount :

Home loan interest rate largely depends on the amount of loan taken. If the loan amount is huge, the rate will be higher as the bank takes a higher risk in borrowing that kind of amount. Women applicants receive concessional rate of interest on their home loan application.

Down Payment :

Most banks offer home loans upto a certain percentage of the property cost. The remaining amount needs to be paid by the applicant. However, if you make a higher down payment, the amount of money borrowed gets lesser and therefore, the bank will be inclined to offer better terms and conditions on the loan. This makes it less risky for both the bank and the borrower.

Type of Interest :

There are two types of home loan interest rates – fixed and floating. One can decide the type of interest rate on the basis of current financial conditions. Under the fixed interest rate, the rate remains the same throughout the tenure of the loan. Under the floating interest rate, it varies from time to time due to market fluctuations. In this type of interest, the prepayment charges on the loan are not levied.

HDFC Bank Home Loan Overview

HDFC Bank home loans are some of the most attractive ones in the market. The loans can be used to purchase a new house or apartment or for building one. The home loan interest rates provided by the bank are comparable to other banks. Some of the features and benefits are:

  • The HDFC Bank home loans can be tailor-made for salaried individuals with home loan interest rate and longer tenure.
  • A team of dedicated home loan specialists offer sound advice to choose the right product.
  • One can use the HDFC Bank home loan to purchase a new house, apartment, row house from approved projects.
  • The HDFC Bank home loan services are available at all HDFC Bank branches in the country and the loan account can be operated from any location.
  • The loan allows for the purchase of an existing house in a housing society or apartments’ association or private houses.
  • The loan can also be used to build new houses on a plot.
  • HDFC Bank home loans can be applied on a singular status or with co-applicants.
  • Repayment period upto 30 years.
  • HDFC Bank home loans allow funding upto 90% of the property cost.
  • EMI calculator helps in planning monthly budgets at ease.
  • HDFC Bank home loans have simple documentation and quick processing.
  • HDFC Bank also offers doorstep assistance on home loans.

HDFC Bank Home Loan Eligibility

The bank assesses every home loan application on the basis of certain criteria. The repayment capacity of the individual is the most important point that the bank considers. It is also assessed on the basis of age, income, dependents, qualifications, co-applicant’s income, assets, liabilities and credit history.

One can access the home loan eligibility calculator available on the bank website to check if one is eligible for a HDFC Bank home loan. This helps in saving time to prepare documents and other requirements of the home loan application.

How to calculate EMI on HDFC Bank Home Loan

A home loan EMI calculator can be very handy while planning your finances. HDFC Bank provides a home loan EMI calculator on their website. This tool is very simple to use and requires only 3 inputs – the principal loan amount, rate of interest and the loan tenure. Once these figures are entered, the tool shows the EMI expected out of this loan with the total interest amount to be paid. One can use this tool many times to arrive at a comfortable EMI and make the right decision on the loan parameters.

The CreditMantri home loan EMI calculator helps in estimating the EMI amount to be paid. It shows the breakup of principal amount, interest applicable and the processing fee.

HDFC Bank Home Loan Status

One can track the status of the HDFC Bank home loan application after submission of all required documents. The bank generates a reference number which needs to be entered on the website to understand the current status of the loan. If the bank finds your application to be eligible, an approval is given first, followed by the disbursement of the loan.

Alternatively, you can also check the status of your home loan by contacting the nearest bank branch with the application reference number. The customer care service provided by the bank will also be able to share the status of your loan.

How to Apply for HDFC Bank Home Loan

There are quite a few ways to apply for a HDFC Bank home loan.

Offline :

One can visit the nearest HDFC Bank branch and consult a bank representative to apply for a home loan. After receiving all details, one can make an immediate submission of the loan application and get the reference number for future use.

HDFC Bank offers doorstep services for those interested in applying for a home loan. One can also access details through the 24x7 customer service and apply for the loan wherein the bank representative will visit you at your convenience and collect all required documents.

Online :

One of the easiest ways to apply for HDFC Bank home loan is through online method. The HDFC Bank website allows for application to be made online.

One can also apply through CreditMantri for the home loan. Here, you can check for the home loan eligibility and other details of application as well. Credit score can be checked and an overall understanding of the loan can be made before actually submitting the application form.

HDFC Bank Home Loan FAQs

1. What is a home loan?

When you seek financial assistance from banks to purchase a new home or existing property, it is called as home loan. This amount is borrowed from the banks at an agreed interest rates to be repaid within a certain period of time. Normally, banks offer funds upto 90% of the total property cost.

2. How will HDFC Bank decide the loan eligibility of an individual?

The bank will assess every application for home loan on the basis of age, income, qualification, repayment capacity like income source, company, credit history, assets and liabilities.

3. How safe are the property documents with HDFC Bank?

Property documents with regard to home loans are kept in a safe and secure facility with the bank.

4. What are the different types of loan structure that I can use?

With HDFC Bank, one can structure the home loan as partly fixed or partly floating as per your convenience.

5. What is the maximum loan term avail with HDFC Bank?

The HDFC Bank home loan provides a maximum tenure of 30 years to repay the loan.

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