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Owning your own house has its own importance and sense of independence in anyone’s life. Be it a farmer or an agriculturist or a budding corporate professional. Having your own house is pretty much a lifetime goal. However, to make this possible, you may have to take financial assistance (home loan) to meet the ever rising costs of material, labour, interiors, technical help and so on. A home loan helps ease out your financial burden in buying a residential property. The HDFC Rural Housing Finance is available specifically for agriculturists and rural area based businesses. Their scheme is tailor-made to suit their specific needs unlike urban needs. It helps them manage their loan repayments in such a way that day to day needs are not affected. HDFC Rural Housing Finance is definitely the best option if you are planning to invest back in your village or a rural area.
1. A specially designed loan just for Agriculturists, Horticulturists, Planters and Dairy Farmers to buy a new residential property/under construction/existing property both in the rural and urban areas. It can also be used for constructing your house on a freehold/lease hold residential land in the rural and urban areas. You can use this finance option to enhance your home for tiling, flooring, internal and external plastering & painting. It can also be used for adding space or rooms to your existing house.
2. This loan is also made available for salaried or self-employed for purchasing a new residential property/under construction/existing property in your village. It can be used for constructing a house on a freehold/lease hold residential plot in your village and for extending or expanding your current house in the rural area.
3. The bank does not ask for mortgage of the agricultural land to take this home loan.
4. There is no mandatory requirement of Income Tax Returns from Agriculturists applying for HDFC Rural Housing Finance.
5. The loan is offered for a longer time period of 20 years for Agriculturists.
6. HDFC offers this loan at attractive interest rates.
7. There are no hidden charges levied by the bank
8. HDFC bank also offers customized repayment option to suit the needs of each case.
HDFC Bank charges some fees and outgoing expenses to process this loan. Please note that these charges are subject to revision by the bank from time to time. Following is the indicative list of charges applicable.
Conversion Fees: Existing customers have the option to reduce the interest rate on the Home Loan. This can be done through the Conversion Facility available with HDFC bank which is available at a nominal fee. Either the EMI or the loan tenure can be reduced in this manner. This Conversion Facility and other available options can be done through a call to be bank or through their online access facility for existing customers. The following options are available to an existing customer of HDFC bank:
Prepayment Charges: As is the case in other loans, prepayment charges are applicable as per Bank guidelines. Please note the following details in regard to this:
The above mentioned prepayment charges are applicable today however, this is subject to change as per the bank’s discretion. It is best to check with the bank directly at the time of loan application.
It is important to understand some loan essentials before applying for a home loan. One of the most important steps is to get your credit score checked. This can be done on www.creditmantri.com wherein your income and liabilities are assessed. A score is generated on the basis of your overall financial capability. The bank refers to this score while assessing your application. The higher score you have, the better confidence in your financial condition and easier loan approvals and terms & conditions.
Apart from the above, some basic details have been listed out by HDFC bank which has been captioned below:
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.
The maximum repayment period of a home loan is 30 years, applicable to salaried and self-employed individuals under the Adjustable Rate Home loan. For all other home loan segments, the maximum repayment period is 20 years.
*This is subject to market value, location of the property and the repayment capacity of the applicant, as assessed by HDFC
Linked to HDFC’s Retail Prime Lending Rate (RPLR)
A change in RPLR results in revision of interest rate once in 3 months
If interest rate increases, the interest component in the EMI will also increase and the principal component will reduce resulting in the extension of the loan tenure and vice versa
This loan is a part fixed rate term and part adjustable rate term
Fixed rate of interest can be availed for 2/3 years maximum, after which the loan automatically gets converted to an adjustable rate, adding to a total term of 20 years.
The rate of interest of your home loan is probably the most important component of your total loan cost. One needs to be prudent while choosing the type of interest rate suitable to your own financial condition. It could be on a variable basis or part fixed and part variable. Typically, home loan rates are variable in nature but you can negotiate with the bank on various aspects of dealing with the interest rate to your advantage. Further details on the interest rate applicable under the HDFC Rural Housing Finance is mentioned below:
Retail Prime Lending Rate: 16.65%
The above mentioned interest rates are applicable for loans under the Adjustable Rate Home Loan Scheme of HDFC and subject to revision at the time of disbursement. These rates are also linked to the Retail Prime Lending Rate and will fluctuate from time to time.
TruFixed Loan – 2 year Fixed Rate Variant
HDFC bank requires a certain set of documents that need to be submitted by the applicant and co-applicant along with the completed and signed Application Form. These documents have been mentioned below:
Depending on your application details, the bank has the right to ask for additional documents to process the home loan.
The HDFC Rural Housing Finance is a tailor-made offering in the loan segment targeting specifically rural business people like agriculturists, horticulturists and so on. The special scheme makes the availability of a home loan to such people at affordable rates and customized to suit their needs which is quite different from that of urban professionals. Some of the advantages of taking this loan are:
1. Can I prepay my EMIs and close the home loan account earlier than the tenure?
Yes, depending on your background, the bank may levy some charges and also you may have to produce proof of your income source to close the loan account.
2. When can I take the disbursement of the loan?
Once the property is technically valued, legal documents in place and your contribution has been paid in full, the loan will be disbursed to you.
3. In how many instalments is the loan disbursed?
The loan is either fully disbursed or done in instalments which usually do not exceed three in number.
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