Today’s woman is an empowered woman! HDFC takes that extra step to ensure the empowerment of women with various benefits when they take the HDFC Home Loan.
Why Should Women Choose the HDFC Home Loan?
HDFC offers a concessional interest rate to women Home Loan applicants. They offer 0.5% rebate on Home Loan interest rates.
Here’s the table that shows difference in HDFC Home Loan Interest Rates (starting from) for women borrowers and other applicants.
|Loan Amount||Interest Rates for All Salaried Applicants except Women||Interest Rates for Salaried Women Applicants||Interest Rates for All Self-Employed Individuals Except Women||Interest Rates Women Self-Employed Applicants|
|For loan up to Rs. 30 Lakhs||8.85%||8.80%||8.85%||8.80%|
|For loan above Rs. 30 Lakhs to up to Rs. 75 Lakhs||9%||8.95%||9.0%||8.95%|
|For loan above Rs. 75 Lakhs||9.05%||9%||9.50%||9%|
Even a difference of 0.5% in interest rate can save you significant interest cost in the long run.
Benefits of HDFC Home Loans for Women Borrowers
- Automated repayment of loan in equated monthly instalments (EMIs).
- Expert’s legal advice and counselling to ensure you know all about your loan and make the right decision.
- No hidden charges.
- Flexible loan repayment options are available.
- Pre-closure of loan after a lock-in period is free of charge.
- A wide range of Home Loans which include loans for buying land, construction of your house, mortgage loans, home renovations and extensions.
- Customer service through SMS, chat sessions, virtual assistance, and toll-free numbers
- Free EMI calculator and eligibility checker available on the website.
- Processing time is nearly instantaneous, if document submission is correct.
HDFC Home Loan Eligibility
Minimum age: 24
Maximum age: 64
Minimum income: Rs. 25,000 per month
Minimum work experience (for salaried individuals): 1 year
Minimum business stability (for self-employed individuals): 5 years
How to Apply for HDFC Home Loan?
You can easily apply online for HDFC Home Loan through online lending marketplaces or bank’s official website. Or you can visit your nearest HDFC branch to apply offline.
Types of HDFC Home Loans Based on Interest Type
There are following two kinds of HDFC Home Loans based on the type of interest you choose:
- Adjustable or Floating Rate Home Loan
It is linked to HDFC’s Retail Prime Lending Rate or RPLR. The interest rate and fluctuates with changes in RPLR. It is revised once in every three months depending on the date of your first disbursement with or without a change in equated monthly installment (EMI). When the interest rate increases, the interest component in an EMI increases and the principal component will reduce. Similarly, when the interest decreases the EMI amount reduces and the principal component increases.
- TruFixed Home Loan with a 2 / 3 Year Fixed Rate Variant
A TruFixed Home Loan offers you a partial fixed-rate term and a partial floating-rate term. Under this, your Home Loan Interest Rate remains constant for 2 to 3 years, after that it automatically converts into a floating rate for the rest of the loan tenure.
The tenure of the loan depends on the applicant’s profile, age at the time of the maturity of loan, age of property, and the repayment capacity. The maximum tenure that can be availed is up to 30 years.
With so many benefits for women borrowers, HDFC is a smart choice when it comes to Home Loan.