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HDFC Bank Limited is an Indian banking and financial services company headquartered in Mumbai, Maharashtra. Incorporated in 1994, it is the fifth largest bank in India as measured by assets. It is the largest private sector bank in India by market capitalization as of February 2014. The bank was promoted by the Housing Development Finance Corporation, a premier housing finance company (set up in 1977) of India. According to the Brand Trust Report 2014, HDFC was ranked 32nd among India's most trusted brands. HDFC was ranked 45th on the list of top 50 Banks in the world in terms of their market capitalization.
KPMG India's Best Banks 2015 Awards by Business Today, 2016
Mr. Aditya Puri in Barron's Top 30 Global CEOs for 2nd year by Barron's World's Top 30 CEOs, 2016
HDFC Bank wins prestigious IBA Banking Technology Awards by IBA Awards, 2016
HDFC Bank wins Bank of the year and Best Digital Banking Initiative awards by Business Today India's Best Bank, 2016 - KPMG
HDFC Bank wins NPCI National Payments Excellence Awards, 2015
Excellence in Customer Experience by IDC Insights Award 2015
Fixed Rate of Interest: The interest rate remains the same throughout the loan tenure irrespective of the changes in the current rate of interest or base rate.
Floating Rate of Interest: Rate of interest will be linked to the base rate of the bank and it will change accordingly. Usually this change will be effected by way of increasing/decreasing the loan tenure so that it will not financially impact the EMI amount.
Hybrid Rate of Interest: This is a special scheme of interest where the rate will be fixed for some tenure and then will become floating rate. Usually this type of scheme will be offered in highly volatile market conditions and is for a very limited period.
For Construction of a New House
For Purchase of Dream Home
For Interiors of Home
Purchase of Open Land
To Buy an Apartment
To Purchase a New Villa
Construction of Commercial Building
Most of the families prefer to have their own house whether big or small. There is a significant difference staying in a self owned house than in a rented shelter. House is the most costly asset owned by middle and upper middle class families and it has emotional value. Affording own house with actual money is not always possible. Even though a person has stable income, years of savings are required to own a house in this current market. A Home loan answers the problems of those people who are willing to have their own home but do not have sufficient money to do that. You can now own your dream home by availing Home loan.
Home loan is normally for purchase of a new House/ Flat/Plot or renovation/ renewing of existing residential or commercial properties. Home loans are provided by Banks and registered finance companies. In Indian market there are several Banks/ HFCs providing Home loans at competitive interest rates. Home loan is always secured against the property that you buy. In case you are unable to repay the loan amount the lending bank will have right to take possession of the home.
In case of a Home loan entire lump sum amount will be sanctioned and disbursed initially based on the credit worthiness. You can plan your housing loan repayment tenure varying from 10-30 years and is repayable in form of EMIs. The rate of interest applicable is linked with Bank's base rate. You have a option to chose floating interest rate or fixed interest rate for the loan amount. For those who want the EMI amount to be fixed and are intending to plan their payments accordingly can opt for fixed interest rate. Those who are ready to take minimal risk and intend to avail the advantage in the long run can avail floating rate of interest. Floating rate of interest is more beneficial in the long run.
The Banks/Financial Institutes takes care about the following, when you apply for a HDFC Bank Home Loan.
|HDFC Bank Home Loans||Mortgage Loan|
|Home loan can be availed for own/purchase of new property (Home or Flat).||Mortgage loans will be provided based on already owned property.|
|Under HDFC Bank Home Loan, loan can be availed only for purchase of new property.||There is no restriction on mortgage loan usage. It can be used for any purpose.|
|Housing Loan will be provided for max of 25 years, some banks can extend it to 30 years also.||Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India.|
|HDFC Bank Home Loans interest will be as low as 9.95% to max of 11.5%, these interest rates will be subject to change as per market condition.||Interest rate will be very from 12% to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans.|
|HDFC Bank Home Loan customers can be eligible for Income tax deduction of Rs 1.00 lakh on housing loan interest under section 80EE. This would be in addition to the existing tax benefit of Rs 1.5 lakh under section 24, only if the value of the property purchased should not exceed Rs 40 lakh. Also, it could result in maximum savings of Rs 30,000-31,000.||If the money received from a mortgage loan is used for business purposes, the interest can be claimed as an expense on the balance sheet of the business. However, if an individual is using it for personal end use, like marriage or medical expenses, the interest is not tax deductible as per income tax guidelines.|
|Loan can be availed up to max of Rs. 1.0 Cr under home loan, for real estate project funding it can be up to Rs. 20.0 based on the bank risk appetite.||Mortgage Loans can be avail up to Rs. 15.0 cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms.|
|There is no prepayment penalty for the housing loan customers, when the loan will be cleared by the own funds.||There will be pre payment changes will be applicable for mortgage loans. This will be vary from 1% to 3% as per bank internal guidelines.|
|Part pre Payments will be allowed in Housing Loans.||There were no part prepayment will be allowed for Mortgage loans.|
|Housing Loan can be availed with joint eligibility by Husband and wife or blood relatives.||Mortgage loans also avail with the joint eligibility as company and director or blood relatives.|
|You can avail max of 80% of the property value as a home loan as per your eligibility criteria.||In Mortgage Loan max of 65% property value can avail as a Loan based on the type of property.|
|You can avail a top loan facility on your home loan.||Top up facility will be vary from bank to bank internal guidelines.|
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