HDFC Reach Home Loans 09 Jun 2017 HDFC Reach Home Loans HDFC Limited

HDFC Reach Home Loans | Home Loan without Income Proof | Home loan without ITR | Housing Loan without ITR

Overview of HDFC Reach Home Loans:

At HDFC, we understand the amount of hard work you have put in and the number of hardships and challenges you may have had to defy on your way to be able to reach so far in life. Now it's time to create your own house, a warm little corner in the world that is yours, tailored by your tastes and needs. There is no place like 'home' and with HDFC Reach Home Loans you can gather hopes, achieve your dreams and create memories in your own space.


Features & Benefits of HDFC Reach Home Loans:

  • HDFC offers customized home loan products on a platter to help you buy a new or second hand house.
  • Construct your house on a freehold or lease hold plot or on a plot allocated by any Development Authority.
  • Transfer your due house loan amount gotten from some other bank or financier to HDFC.
  • Enhance or renovate your house in numerous ways such as tiling and flooring, interior and exterior plaster and painting etc.
  • Spreading or adding space to your house such as building more rooms.
  • Home loans and plot loans up to INR 35 lakh for salaried people with a minimum earning of INR 10,000 per month and for self-employed people with at least INR 2 lakh earnings per annum.
  • Reasonable interest rates beginning from 11.55 % per year.
  • There are no veiled charges.
  • An HDFC representative will assist you throughout the home loan process.
  • Expert lawful and technical advice to help you in making the right decision regarding buying a home.

Who can apply for an HDFC Reach Home Loans?

You may apply separately or jointly for any of the Home and Plot Loan products. All future owners of the home will be expected to be co-applicants. But there is requirement for all co-applicants to be co-owners. Usually co-applicants are close family members (like spouse, parent or child).


HDFC Reach Home Loan Tenure:

  • The maximum duration permitted to completely repay and settle the loan is 20 years.
  • Loan settlement will not normally extend post your retirement age (if you are employed) or if you have hit age 70, whichever happens earlier.
  • The term of the housing loan is also based on parameters like the client’s risk profile, age at the time of mortgage maturity, age of the property itself when the loan matures and repayment scheme offered.

Maximum Loan Amount Offered by HDFC Bank:

Maximum Loan Amount Maximum Financing
Up to INR 35 lakh For salaried people – 80 percent of the price of the assets.
Up to INR 35 lakh For freelancers, independent professionals, entrepreneurs and non-professionals – 80 percent of the price of the assets.

HDFC Reach Home Loan Interest Rates (Adjustable Rate Loan):

For Salaried Individuals: RPLR: 16.30 percent

Loan Slab Annual Interest Rate RPLR Minus Spread
Up to INR 35 lakh 11.55 or 12.55 % RPLR - (4.75 or 3.75)

 

For entrepreneurial, freelancer and non-professional individuals: RPLR: 16.30 %

Loan Slab Annual Interest Rate RPLR Minus Spread
Up to INR 35 lakh 11.55 or 12.55 % RPLR - (4.75 or 3.75)

HDFC Reach Home Loan Fees & Charges:

  1. Processing Fees:
Salaried Employees Self-employed, freelance professionals and non-professionals
Up to 1.50 percent of the sanctioned loan amount plus taxes. 2 percent of the sanctioned loan amount plus taxes.

HDFC Reach Home Loan Fees & Charges:

An indicative list of fees and additional charges and outlays that are to be paid based on the kind of loan taken is given below.

  1. Processing Fees:
    Salaried Employees Self-employed, freelance professionals and non-professionals
    Up to 1.50 percent of the sanctioned loan amount plus taxes. 1.50 percent of the sanctioned loan amount plus taxes.
  2. Advance Payment Penalty:
    Adjustable Rate Housing Loans For other loans
    There shall be no prepayment fees applicable for complete or partial disbursement ahead of time. There shall be no penalty levied for paying in advance for any amount up to and entailing 25 percent of the opening principal balance for a specific financial year.
      If any partial prepayment exceeding the aforementioned 25 percent or complete prepayment is made, the customer is expected to pay a penalty of two percent excluding taxes (of the prepaid sum).
      There shall be no prepayment charges levied for any partial prepayment if it is made after completing three years from the day of initial payment of the loan.
      Complete prepayment settled after three years from the day of initial disbursement of the loan will come with a similar prepayment fee of two percent without counting taxes.
    You must submit a Prepayment Request Letter and duplicate copies of your most recent bank statement and related documents as per the bank’s demand.
  3. Charges levied if you sought external opinion:

    Fees owing to seeking external opinion from lawyers, technical experts or as the case may be doctor’s, is outstanding on an actual basis as applied to the given case. It must be paid directly to the particular professional as per the nature of services rendered.

  4. Property Indemnification:

    The client is expected to pay the premium sums directly to the insurance carrier, immediately and punctually so as to maintain the policy alive at all times during the loan tenure.

  5. Fine levied for late payments:

    Overdue EMI payment shall render the client accountable to pay up added interest of up to 24 percent per year (2 percent monthly).

  6. Related Fees:

    Incidental fees & expenditures are charged to cover other general expenditures and taxes that might have been consumed in association with recovering outstanding amount from an evasive client. A photocopy of the policy can be acquired by clients from the relevant branch upon request.

  7. Legal / Regulatory Fees:

    All pertinent charges required for Stamp Duty, Memorandum of Deposit, Memorandum of Entry, Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI) or some other similar statutory or regulatory bodies and relevant taxes shall be borne and disbursed/ reimbursed exclusively by the loan applicant. You can check out the official website of CERSAI for all such information.

  8. Other Charges:
    Other Charges Amount
    To avail list of documents Up to INR 500
    For duplicate copy of submitted documents Up to INR 500
    PDC Swap Up to INR 200
    Penalty fee for cancellation of cheque Up to INR 200
    Penalty fee if cheque is dishonored Up to INR 200
    Reviewing of your home loan after six months from the day it is approved Up to INR 2000 excluding taxes
    Increasing or decreasing loan tenure Up to INR 500 excluding taxes

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.