Getting a home loan requires a credit history and a good repayment track record. It also depends on the amount of money that you are willing to borrow. If you are looking to borrow money for the home of your dreams, you need a home loan with an excellent interest rate and fund worthiness.
HDFC has built its reputation on offering loans with such features. In this blog, we will tell you about the home loan options available with HDFC and how much your CIBIL score matters for one of them. We will help you unlock your dream home by telling you how much money you can get with an HDFC home loan and the amount of loan tenure you can get based on your CIBIL score.
Unlock Your Dream Home with HDFC Home Loan
If you’ve been dreaming of buying a home, then HDFC Home loan may be the perfect option for you. It offers attractive loan rates and EMI options to suit your financial needs. To avail this loan, you need to qualify for the loan and complete the formalities required by the bank.
The loan amount is determined based on your income and housing affordability index calculated based on your location, family size, and income. You can use the EMI calculator provided by HDFC Home Loan to calculate the amount of EMI that you will be required to pay every month.
You will also have to shell out pre-closure charges if you are financing your home as well as interest rate escalation charges if your interest rate increases during the tenure of the loan.
Get Security to Enjoy Everyday of Your Retired Life!
– HDFC Home Loan is the go-to loan provider for those looking to secure a comfortable future after retirement. It offers loan against property or refinance loans at flexible interest rates ranging from 6.70%-7.40%, making it a perfect fit for any retired individual looking for financial security.
– With its tenure of 5-30 years, HDFC Home Loan allows you to plan your finances easily, with the option of opting for a repayment schedule that suits your financial situation.
– Apart from offering loan options to individuals, the bank also offers loan schemes to housing finance companies and NBFCs for residential real estate loans, thus providing a unified lending platform to all stakeholders in the sector.
The loan amount is calculated using the EMI amount provided by the borrower as per his convenience, which helps retirees plan their finances easily. The yearly/monthly amortization details given by the bank also help retirees make informed decisions while planning their finances. Besides, HDFC Home Loan has been providing interest subsidy and other incentives to old-age individuals, making them financially secure during their retired life.
Your Home Loan Depends On CIBIL Score
Funds for a home loan generally depend on your CIBIL score. Your CIBIL score is calculated using information from your credit report, such as payment history, credit utilization, and the total amount of credit you have available.
The higher your CIBIL score, the better your chances of being approved for a home loan and the lower your interest rates will be. However, it’s important that you understand your CIBIL score as it is used to determine your eligibility for a home loan. This is because a low CIBIL score can indicate that you may not be able to afford a home loan, and a high score may indicate that you are likely to pay off your loans quickly and are financially secure.
What are the benefits of HDFC Home Loan?
If you’re looking for a home loan that offers competitive interest rates and loan amounts, then consider trying out HDFC Home Loan. In addition to that, this lender offers various home loan products such as Superfast Loans, Renovation Loans, and Loan Against Property. Plus, you’ll appreciate the lesser pre-closure charges that come with Fixed Rate and Combination Rate Home Loans.
Moreover, by tracking HDFC MCLR Rate Today, you can have a better understanding of your loan repayment schedule. This will help you to get a handle on things and make informed decisions about your upcoming loan application.
What are the eligibility requirements for HDFC Home Loan?
To qualify for HDFC Home Loan, you must meet the following eligibility requirements:
- You must be between the ages of 24 and 60 years old.
- You must be a salaried or self-employed individual.
- You must have a good credit score.
- The loan amount you wish to take up must not exceed 90% of the property’s value (at the time of purchase, renovation or construction).
- There is no processing fee for salaried/self-employed professionals, but there is a processing fee of up to 0.50% of the loan amount for agriculturists/self-employed non-professionals.
How much can I borrow with a HDFC Home Loan?
You can borrow up to 20 years or 30 years with a Telescopic Repayment Option adjustable rate home loan with HDFC. The processing fee varies depending on your profession, ranging from 0.50% of the loan amount to 1.50% of the loan amount or a minimum of Rs 3,000 or Rs 4,500 respectively.
You can also avail of pre-closure charges for fixed rate and combination rate home loans.
Did you know that your home loan application depends on your CIBIL score? And that a low score can affect the amount of home loan you can get? Getting an HDFC home loan is easier than you think! We’ve made it easy for you to apply for one and get approved. The entire process is explained in detail and there’s no need to worry about applying online or filling any forms. Get home loans from multiple sources and compare interest rates here.