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Make sure that you fill the online application form carefully and provide all the necessary details accurately. The most important concern of banks in determining your loan eligibility is that whether or not you are contentedly able to pay off the amount you borrow. Based on your earning and repaying capacity decide the home loan amount to be taken. This thorough analysis will help in taking right decision. This will help in not making a mistake of taking small loan when your income supports higher loan and taking high loan when your income do not support a huge amount.
During the tenure of loansave the income, which can be used for prepay of principal amount. Ensure that there are no prepayment charges before making prepayment. Calculate and plan the total expenditure involved in purchasing a property. Property buyer to invest around 20-25% of the total cost apart from loan. It is to be ensured that sufficient cash reserves are available to meet these expenses.
Points to consider while applying for a Home Loan Online
Before selecting the Bank the following are the few points to be understood. All these will help you in selecting a right home loan lender for purchasing your dream home. Have the property insurance and buy loan protector life insurance for unexpected future risks.
Loans for construction on a freehold / lease hold plot or on a plot allotted by a Development Authority. At HDFC, we understand that a home is not just a place to stay. It is a warm little corner in the world that is yours, tailored by your tastes and needs.
Eligibility Criteria
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. Top up facility will be vary from bank to bank internal guidelines.
With minimal documentation, applying for a HDFC home loan is quick and hassle free. Our home loan experts are available to help you in your loan application process and offer you assistance every step of the way. If you have good credit/CIBIL record then banks will definitely award you with a better rate of interest. This means that if you have taken a loan previously and managed to pay it off without defaulting then you will have a high credit/CIBIL score.
Check Your Home Loan Eligibility
This will help in easy verification of documents and fast processing. Any change in the employment, changes in pay structure etc during the loan process to be intimated to the concerned officer who helps in avoiding disconnect. The contribution can be made by you upon opening an account with HDFC. The account opening process can be completed by submitting the application form along with the list of documents.
All co-owners of the property need to be co-applicants to the house loan. You can take disbursement of your home loan once the property has been technically appraised, all legal documentation has been completed, and you have made your down payment. Working Capital, Debt Consolidation, Repayment of Business Loan, Expansion of business, Acquisition of Business asset or any similar end usage of funds. Fees on account of external opinion from advocates/technical valuers, as the case may be, is payable on an actual basis as applicable to a given case.
IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint. Yes, you can opt for Automated Repayment and your EMIs will be directly repaid from your HDFC Bank Savings Account, thus saving you the trouble of procuring, signing and tracking post-dated cheques.
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.
You can apply for a pre approved home loan which is an in-principal approval for a loan given on the basis of your income, creditworthiness and financial position. Generally, pre-approved loans are taken prior to property selection and are valid for a period of 6 months from the date of sanction of the loan . In an adjustable or floating rate loan, the interest rate on your loan is linked to your lender’s benchmark rate. Any movement in the benchmark rate will effectuate a proportionate change in your applicable interest rate. The reset can be according to the financial calendar, or they can be unique to each customer, depending on the first date of disbursement. HDFC may at its sole discretion, at any point during the subsistence of the loan agreement, alter the interest rate reset cycle on a prospective basis.
Subsequently, the repayment is accelerated proportionately with the assumed increase in your income. Read the FAQs before starting your loan application process. These are the experiences I had with HDFC LTD, VV Mahal Road Branch, Tirupati. This bank has become one of the worst bank where there is no respect for the existing customers from 9 long years. This bank gonna see huge losses because customer satisfaction is not there with this bank.
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