Housing Loan

Fees
A processing fee of 0.5% of the loan amount applied for i.e. Rs. 5 per Rs. 1000 of
the loan applied for is payable when the application form is submitted to HDFC.
This fee is in respect of costs incidental to the application. For example,

On approval of the loan, a loan offer is made to you. On acceptance of the offer,
you will have to pay an administrative fee of 0.5% of the loan approved. You can
also pay the processing and administrative fees upfront i.e. 1% of the loan at the time of submission of the loan application itself.

Rate of Interest:
The current applicable fixed rate of interest in respect of the total loan approved is as follows:

EMI per Rs.1,00,000 (for loan upto Rs.2,00,000)

Pending final disbursement, you pay interest on the portion of the loan disbursed.
This interest is called pre-EMI interest.

An early redemption charge of 2% of the amount being prepaid is payable on
repayment of a loan ahead of schedule.

The interest rate on your ARHL is linked to HDFC's Retail Prime Lending Rate
(RPLR). The rate of interest is revised every six months from the date of first disbursement, if there is a change in RPLR. However, the EMI on the ARHL will not change. For instance, if the interest rate increases, the interest component in EMI will increase; the principal component would reduce, resulting in an extension of the term of the loan and vice-versa when the interest rate decreases. You will be provided with an annual statement indicating the details of the interest and principal payments made during the year. The current applicable rate of interest in respect of the total loan approved is 12.00% per annum.]

EMI FOR Rs.1 LAC:

For loans of up to 5 years duration, rate of interest is 0.75% below SBMTLR i.e. at the rate of interest of 11.25%. Loans above Rs.1 crore are available at adjustable rate of interest only.

How to Apply
It's simple! You can either download the application form from the HDFC website or, get the application form by email or normal mail. Alternately, you can collect the application forms from any of your nearest HDFC Offices.

You need to submit it along with supporting documents and the processing fees at any HDFC office that is convenient to you. You can make payments by cheque marked "Payee's account only" drawn on a bank in a city where HDFC has an office, by demand draft (payable at par to HDFC) or by cash.

Supporting Documents to be attached for approval of loan:
Allotment letter of the co-operative society / association of apartment owners.
Copy of approved drawings of proposed construction / purchase.
Agreement for sale/sale deed/detailed cost estimate from architect/engineer for the property to be purchased / constructed.
If you have been in your present employment / business or
profession for less than a year, mention details of occupation for
previous 5 years, giving position held, reasons for change and period of the same.
Applicable Processing Fees.
Any other information regarding your repayment capacity that is necessary and will assist HDFC in appraising the case.

Eligibility Criteria:
A number of factors are taken into account when assessing your repayment
capacity. Your income, age, number of dependants, qualifications, assets and
liabilities, stability/ continuity of your employment/ business are some of them.
However, there are ways by which you can enhance your eligibility. For instance, if your spouse is earning, put him/her as a co-applicant. The additional income shall be included to enhance your loan amount. Incidentally, if there are any co-owners they must necessarily be co-applicants.

Did you know that your fiancée's income can also be considered for sanctioning
the loan on your combined income? The disbursement of the loan, however, will
be done only after you submit proof of your marriage.

Providing additional security like bonds, fixed deposits and LIC policies may also help to enhance eligibility.

While there is no need for a guarantor, it could be that having one might enhance
your credibility with us. If so, the loan officer would provide you with the necessary details.

The final amount to be sanctioned will depend on your repayment capacity.
However, what you ultimately are entitled to will have to conform within the parameters fixed for each loan (mentioned below).

Also, when the company looks at the total cost, registration charges, transfer charges and stamp duty costs are included.

Repayment:
Repayment in easy installments spread up to 20 years, based on your age and
capacity. You may prepay at will with no penalty, or pay more than your
stipulated monthly installment at any time, depending upon availability of funds
with you. This would enable you to pay off your loan faster and reduce your interest burden.

Security:
A charge by way of mortgage on the property being financed. Other tangible
security may be required where mortgage is not possible or during the
construction period

Takeover of Loan:
These are considered selectively to enable you to take advantage of our low rates.

In-principle Approval:
We also give in-principle approvals based on your income and capacity to repay,
to enable you to identify a house/ flat with full confidence.
(The terms and conditions of these loans differ from those offered by SBI HomeLoans Ltd., a subsidiary of SBI ). All loans are at the sole discretion of the Bank.

EMI CALCULATOR
Log on to http://www.easyhomeloansindia.com/emicalculator.htm to calculate the EMI on your loan.