Purchasing their own home is a dream come true for many. However, it takes time and patience and of course proper planning. Which is why when it comes to buying homes, you will have to first understand the process of applying for home loans and then doing a proper study of the interest rates, how much EMI you need to pay through the HDFC home loan EMI calculator, sort out your financial planning and then move along with it
The necessity of home loans
Buying homes is something that we all want to do. It requires a huge load of financial capital and bandwidth to make sure that you can purchase a home of your own. A lot of people give up the dream of having their own home because they feel that they will not be able to afford it; however, this is exactly where the necessity of home loans comes into play.
Home loans will help you realise your dreams of owning a home of your own. With careful planning and calculation of mortgage interest rates and the total cost of the purchase, one can now not get daunted and purchase a home for themselves. This is why home loans are necessary – they just make the process of owning a home of your own much easier. HDFC Home loans are one of the most trusted ones in the market and hence you will find a lot of people opting for them.
The process of applying for a home loan with HDFC
When it comes to applying for a home loan with HDFC, there are a few documents that you will need to have in place and then based on them, you will have to move along with the application process. Apart from the best mortgage rates, there are quite a few other benefits that you have when it comes to HDFC. However, let us first take a look into how the process of application works for this particular bank.
If you are thinking of opting for a home loan from HDFC, then here is the way to go about it:
- There you will find the application for home loan option, clicking which you will find the eligibility criteria (we will come this later) option which you need to check.
- There are different types of home loans that you can apply for as well and you can check out the tab with the basic information option to select the type of loan that you want to apply for. For example, you can apply for a home loan or a home improvement loan, if you already have a home and you want to repair or maintain it etc.
- The next step before you move on to the HDFC home loan calculator would be to enter the details of the property that you are planning on buying. You will need to provide these details when you are applying for a loan.
- After this, you will have to submit your details or the details of the applicants and take note of the documents that will be required.
- Once that is done you will have to head out to the next step which will tell you what loan offers are there in store for you. It is best that you do quick research on lowest mortgage rates to housing loan interest rate and then you select the one that you think will be the most suited for you.
- Then you will have to upload the soft copies of the documents required, pay the registration fee required and you are all set!
Interest rates in store for you for 2020 from HDFC
Interest rate evaluation is extremely crucial before you decide to take a loan and hence let us get an idea about the HDFC home loan interest rate 2020 and what that means for you.
It is important to remember here that your status of employment and gender will come into play when it comes to the rate of interests. The total loan amount will also determine your HDFC bank home loan interest rate.
- Salaried and self-employed women the rate of interest for a loan up to 30 Lacs would amount to around 6.95% to 7.45%
- The amount will become 7.00% to 7.50%
- Self-employed women the rate of interest for a loan from 30.-1 to 75 lacs would amount to around 7.20 to 7.70%
- Others, this amount will become 7.25 to 7.75%.
- For salaried and self-employed women the rate of interest for a loan above 75.01 lacs would amount to around 7.30 to 7.80%
- This amount will become 7.35 to 7.85%
Q1. What are the eligibility criteria for a home loan?
Ans. Of the various eligibility criteria that one has to tick off when it comes to getting a home loan, make sure that the applicant is a salaried employee and the bank will need a guarantor from your end if the loan amount is high. When you get in touch with the bank for HDFC home loan interest, do find out about their eligibility criteria as well.
Q2. Can I apply for a loan online?
Ans. Yes, with HDFC you can always apply for a loan online, all you need to do is make sure that you have all your documents in order and then you can upload the soft copies accordingly. You can always make a call to the bank beforehand to understand the process better.
Q3. Will I be eligible for offers?
Ans. The different loan packages that they have will come with different offers. As mentioned before, if you are a woman, or the applicant is one, then you will get good rebates on your HDFC home loan rate. The tenure of the loan will also determine your interest rate. You will have to check the various loan packages before you select the one which will be ideal for you.