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Buyers need to have a few documents ready before applying for a car loan. Remember, financial institutions will assess your income and see whether you can cater to a new car loan and if the EMI fits your budget. Also, paying an up-front fee or down payment will lessen your EMI burden.
Once the deal is effective, HDFC Bank will be 100 per cent owned by public shareholders, and existing shareholders of HDFC will own 41 per cent of the bank. The proposed entity will have a combined asset base of around Rs 18 lakh crore. The merger is expected to be completed by the second or third quarter of FY24, subject to regulatory approvals.
Home Loan Key Features
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 . The maximum repayment tenure depends on the type of housing loans you are availing, your profile, age, maturity of loan etc.
However, the approval of your loan depends on your repayment capacity. It is up to HDFC to assess your eligibility and ability to repay the EMIs for two home loans. Repayment of home loans is done through Equated Monthly Installments , which is a combination of interest and principal.
Proof of Income
Your decision to avail your CIBIL Score/Report is completely voluntary and if you do not wish to proceed further, you are advised to close the dialogue box. HDFC has not entered into any partnership, agency, tie-in and/or joint product arrangement with CIBIL. Loans for construction on a freehold / lease hold plot or on a plot allotted by a Development Authority. 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 Renovation and Top-Up Loans, the maximum tenure is 15 years or till the age of retirement, whichever is lower.
For people like us with a busy schedule hassle-free service online without visiting the bank was really a lifesaver. As regards deposit taking activity of HDFC Ltd. (hereinafter referred to as "the Company"), the viewers may refer to the advertisement in the newspaper/information furnished in the application form for soliciting public deposits. Before proceeding further you should have verified that the laws of your country/jurisdiction applicable to you permit the usage of this website from the country that you are accessing the website from. This option provides you the flexibility to increase the EMIs every year in proportion to the increase in your income which will result in you repaying the loan much faster.
How to Choose the Best Home Loan?
You can go back and modify your inputs if you wish to recalculate your eligibility. To choose the right home loan for one’s self, the following points should be kept in mind. Avoid frequent job changes as this presents a picture of instability. Obtain your credit report periodically, say once or twice in a year, verify the same for errors and get them rectified as and when required.
Nothing contained in the articles should be construed as business, legal, tax, accounting, investment or other advice or as an advertisement or promotion of any project or developer or locality. 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. I/We declare that all the particulars and information given/provided by me/us are true, correct, accurate and complete and I/We understand that they shall form the basis of any loan HDFC may decide to grant me/us. I/We hereby authorize HDFC & its representatives to call or SMS with reference to my "HDFC Online" application, notwithstanding anything to the contrary that may be contained anywhere, including any registration for DNC/ NDNC. Check your loan eligibility online before starting the application process. HDFC provides a facility to apply online for a home loan through a secured platform on the website that customers can access from the comfort & safety of their homes or office.
The fee to process the car loan ranges between INR 3,500 and INR 5,000, and an additional INR 500 is levied as documentation charge, among other charges. An applicant can apply for the foreclosure of the loan by paying 5% extra on the outstanding principal amount. Most banks also allow its existing customers to keep collateral as security, such as fixed deposits, as well as loans against cars, for obtaining a new car loan. You will be taken to the loan application form where the details you have already provided will be prefilled.
Please note that while there are no prepayment charges on floating rate home loans unless the same availed for business purposes. You are required to pay 10-25% of the total property cost as ‘own contribution depending upon the loan amount. 75 to 90% of the property cost is what can be availed as a housing loan. In case of construction, home improvement and home extension loans, 75 to 90% of the construction/improvement/extension estimate can be funded. PNB Bank also offers car loans to existing home loan borrowers, or a combo of home and car loans to its existing customers.
The consent herein shall override any registration for DNC/NDNC. Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
Go through the list of documents required and keep them ready before starting your home loan application process. Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication.
Plot purchase loans are availed for purchase of a plot through direct allotment or a second sale transaction as well as to transfer your existing plot purchase loan availed from another bank /financial Institution. 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. Owning a car is a status symbol, comforting and a valuable mode of transport.
You can apply for a house loan with minimal income documentation with HDFC Reach. 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. FLIP offers a customized solution to suit your repayment capacity which is likely to alter during the term of the loan.
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