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Living in your ‘own’ house is probably the most sought after goal in anybody’s life. And why not? When you own an address, you have pretty much arrived in life. This is not an easy task at all. It does take your blood and sweat to invest in a house or an apartment, do it up, manage maintenance hassles, pay taxes, area regulations to be met with and finally move in. A home loan helps you with the financial assistance to either build your house or buy one. While all your savings does go into this biggest purchase of your life, a home loan makes your financial life easier by making the loan repayments in instalments and therefore, not depriving of daily monetary requirements. HDFC Reach Home Loan is the perfect option when you are looking to buy a house of your own.
1. The HDFC Reach Home Loan is a customized home loan that can be used for purchasing a new home or an existing one.
2. The loan is also available for the construction of your house on a freehold or lease hold or on a plot allotted by a Development Authority
3. You can transfer your existing loan from another bank or a financial institution to HDFC Reach Home Loan.
4. The loan is also available for redoing your current house like changing tiles and floors, plastering, painting etc. It can also be used for adding extra space or rooms to your house.
5. The HDFC Reach Home loan is available for the purchase of a plot too.
6. This loan can be utilized for the purchase, construction, Reach or construction of a non-residential premise.
7. Once you take this loan, HDFC allows you to take a Top-Up loan for many personal or professional requirements.
8. HDFC Reach Home loan offers attractive interest rates.
9. This loan is available to people with minimum salary levels of just INR 10,000/ month and self-employed individuals who are drawing a minimum income of INR 2 lacs/ year.
10. There are no hidden charges when you take the loan. All details are shared upfront and transparent.
11. HDFC Reach Home Loan is also available against property (self-occupied residential property) upto INR 50 lacs.
There are some fees applicable for processing a home loan. HDFC Reach Home loan charges are mentioned below. However, do note that these charges are liable to change at the discretion of the bank.
Conversion Fees: With HDFC Reach Home Loan, there is an option to reduce the interest rate on the Reach Home Loan/Plot Loan/NRP Loan/Loan against property by changing the spread or switching between schemes through the Conversion Facility. You can make use of this facility by paying a nominal fee and reduce the EMIs or shorten the loan tenure. This facility is made available at the Bank’s discretion.
Prepayment Charges: The HDFC Bank has laid out extensive details on prepayment charges of the home loan. It has been listed below for quick reference:
Do note that these prepayment charges are subject to change as per prevailing policies of HDFC and may vary from time to time.
The bank has laid out some loan essentials that you need to know before applying. This will help in avoiding a negative response to your application.
Do note that the tenure of the loan depends on the customer’s risk profile, age at the maturity of the loan, age of property at loan maturity, specific repayment scheme and any other terms applicable based on the Bank’s policies.
*Funding is normally approved on the basis of the repayment capacity of the customer and is subject to market value of the property, as assessed by HDFC.
Credit Score: The lender checks your creditworthiness based on your credit score. Hence it is important that you have a good credit score while applying for HDFC Reach home loan.
The interest rate offered by the bank on the home loan is probably the most important factor in choosing a home loan. The total cost of your loan depends on this rate. For their Reach Home Loans, Home Improvement Loan, Home Extension Loan and Top Up loans, the retail prime lending rate is 16.65%. It is important to note that this rate is subject to revision by the bank at their discretion. It is advisable to re-check the interest rate at the time of loan application.
For loan approval, HDFC bank requires a certain of documents that would need to be submitted by the applicant and co-applicant along with the completed and signed Application Form. These documents have been listed out below:
All documents need to be self-attested. The list of documents can be updated by the bank from time to time. Depending on your application details, the bank has the right to ask for additional documents to process the home loan.
The HDFC Home Reach Loan is a special scheme loan to realize your dream house. Some of the advantages of taking this loan are:
1. What is the security asked by the HDFC Bank for their home loans?
It is generally the security interest on the property being financed or any other collateral or interim security as specified by the Bank.
2. Does my property have to be insured?
Yes, the property needs to be insured against fire and other hazards during the loan tenure. The evidence of it also needs to be submitted to the Bank. HDFC bank will be the beneficiary of the insurance policy.
3. Are there tax benefits on Home Loan?
Yes. You will be eligible for tax benefits on the principal amount and the interest components of the loan under the IT Act, 1961.
4. How does the repayment of loan happen?
HDFC offers many modes of payment for your loan EMIs. Standing instructions of payment through ECS, direct deduction on a monthly basis through your employer or post-dated cheques from your salary account are some of the way of repayment.
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