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HDFC will determine your Home Loan Eligibility largely by your income and repayment capacity. Other important factors include your age, qualification, number of dependants, your spouse's income , assets & liabilities, savings history and the stability & continuity of occupation. 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.
You can now apply for a home loan online conveniently from anywhere and at anytime. So start the process of owning your dream home from the comfort of your home. Security of the loan would generally be security interest on the property being financed and / or any other collateral / interim security as may be required by HDFC. The Pradhan Mantri Awas Yojana -Housing for All was a mission that was launched by the Government of India with the aim of boosting home ownership. The PMAY scheme caters to Economical Weaker Section /Lower Income Group and Middle Income Groups of the society, given the projected growth of urbanization & the consequent housing demands in India. For home loans and balance transfer loans, the maximum tenure is 30 years or till the age of retirement, whichever is lower.
Home Loan Eligibility Details
The RBI will be compelled to employ the interest rate hike option, in addition to other measures to control inflation, till inflation falls below its comfort level. Analysts said the gap would start to narrow going into the next year. Going forward, they expect a combination of factors, including the RBI’s rate hikes, slowing GDP growth, and the normalisation of the base effect, to blunt the sharp growth in credit. Credit growth has moderated from around 18 per cent in early October. Deposit growth is picking up gradually as banks have begun to pass on the rate hikes done by the RBI. As the system liquidity is shrinking, banks have become more aggressive to garner deposits to fund the high credit growth in the economy.
Mortgage lender HDFC has hiked its home loan rates by 35 basis points , effective December 20, the company said in a statement on Monday. Now, the home loan rates for HDFC will start from 8.65 per cent for credit scores of 800 and above. If the home loan is being prepaid in the first 6 months, then 2% of the amount being prepaid in addition to the applicable taxes and other statutory charges will be levied. You must submit an online payment using internet banking or do what you normally do for EMIs.
How do I Improve My Chances of Getting a Home Loan?
Improve your credit score by creating a reasonable track record of timely repayments so that you achieve a high credit score which would improve your prospects of getting a home loan. Check your loan eligibility before starting your home loan application. Earlier this month, the RBI had hiked repo rate by 0.35 per cent, from 5.9 per cent to 6.25 per cent. The Reserve Bank of India raised the repo rate by 0.35%, from 5.9% to 6.25%, at its monetary policy meeting on December 7, 2022.
Since 2010, IFC has lent over $1.7 billion to the domestic housing finance companies for on-lending to retail buyers and also to developers of affordable and green housing. As of 2018, the urban housing shortage was 29 million units, increasing by over 54% since 2012. Despite the demand, India's mortgage market remains significantly under-penetrated, reflecting massive unmet demand for housing finance. "Given our long-standing partnership, we welcome IFC's expertise to help strengthen our green affordable housing lending portfolio," said Renu Sud Karnad, managing director of HDFC.
Statutory / Regulatory Charges
Home Development Finance Corporation Ltd has hiked its Retail Prime Lending Rate by 35 basis points with effect from December 20, 2022. HDFC home rates to start from 8.65 % onwards for credit score of 800 & above. Home loans with fixed interest rates come with a prepayment penalty. If you have shortlisted a property, click on ‘yes’ in the next question and provide the property details ; if you haven’t yet decided on the property, select ‘no’. If you want to add a co-applicant to your loan application, select the number of co-applicants (you can have a maximum of 8 co-applicants).
The EMIs will proportionately increase with every partial disbursement made as per the progress of construction. You can apply for housing loans at any time once you have decided to purchase or construct a property, even if you have not selected the property or the construction has not commenced. You can even apply for a home loan whilst you are working abroad, to plan for your return to India in future.
Benefits of Taking a Home Loan
Repo is the rate at which Reserve Bank of India lends funds to commercial banks when needed. This is the third hike since the beginning of the current financial year, taking the rate is back to pre-pandemic levels in order to tame the inflationary pressure. IFC, a member of the World Bank Group, has extended a $400-million loan to India's largest mortgage lender, HDFC, to boost green housing in the affordable segment. IFC's funding will help HDFC especially focus on its green affordable housing portfolio, with 75% or $300 million of the proceeds earmarked for this sector. The non-banking finance company’s best rates are available only for applicants with credit score of 800 and above.
HDFC offers an adjustable-rate loan also known as a floating rate loan as well as a trufixed loan in which the interest rate on the home loan remains fixed for a specific tenure after which it converts into an adjustable-rate loan,” it said. Several banks and lenders have revised their lending rates after the Reserve Bank of India hiked its benchmark lending rates on December 7. The RBI Monetary Policy Committee led by Governor Shaktikanta Das hiked Repo Rate by 35 basis points to 6.25 percent on December 7.
HDFC’s home loan rates had dropped to a low of 6.7% just over a year earlier. Private lender HDFC has increased its retail prime lending rate by 35 basis points with effect from December 20, 2022. With the latest hike HDFC customers, new as well as existing, will have to pay 8.65% interest on home loans. Since 2010, IFC has lent over USD 1.7 billion to domestic housing finance companies for on-lending to retail buyers and also to developers of affordable and green housing. Since 2010, IFC has lent over USD 1.7 billion to the domestic housing finance companies for on-lending to retail buyers and also to developers of affordable and green housing.
Accordingly, the overnight and one-month MCLR now stands at 8.55 per cent. The three-month rate has been revised to 8.65 per cent, and the six-month, to 8.70 per cent. Similarly, the one-year MCLR has been revised to 8.75 per cent and the two-year rate stands at 8.85 per cent, while the three-year MCLR is 8.90 per cent. 2% charges will be levied if the prepaid amount grosses 25% of the opening principal amount each financial year. No charges will be levied up to 25% of the opening principal amount each financial year. A mortgage, however, should not be viewed as a personal loan, auto loan, etc.
You can prepay your home loan before the completion of your actual loan tenure. Please note that while there are no prepayment charges on floating rate home loans unless the same availed for business purposes. 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.
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