What Are the Different Types of HDFC Home Loans Available in India?

Getting a Home Loan has become one of the easiest ways to get funds to buy your dream house. However, after buying the house you will need to invest more money in its decoration, renovation, extension and many more different expenses to make your house into a haven. Unlike the tradition perception, these days, people opt for loans for these purposes as well. HDFC knows the need for such loans and thus offers its customers a variety of Home Loans that cover each home related expense.

Deemed as one of the most trusted banks across the country, HDFC offers the following Home Loan offers at attractive rates.

  1. Home Loans

This Home Loan type can be availed for the purpose of buying a new property, like a flat, bungalow or a row house from the approved projects of private developers as well as properties from DDA, MHADA or other development authorities. The property can be new or even resale.

HDFC Ltd Home Loan come at competitive interest rates starting from 8.80% per annum. It also provides a 0.5% concession in the interest rates for women. The equated monthly instalments (EMIs) are customised according to your needs and there are no hidden charges. Apart from the applicant’s age, credit profile, the age of property, loan tenure is dependent on the type of scheme you choose. The maximum tenure is 30 years.

  1. Home Improvement Loans

If you’ve had a home for a few years and are looking to upgrade or renovate it, then you can apply for a Home Improvement Loan. With the help of these, you can spruce up your home elegantly by adding tiles, repainting and whitewashing certain sections of your home, get new flooring as well as enhance the interiors of your home.

These loans are available for both existing and new Home Loan customers. The rate of interest for this loan is the same as the ones for Home Loans. You can spread your payment of EMIs to a maximum of 15 years.

  1. Home Extension Loans

In case you need to add an extra room or a garden or increase the size of your living room as per the growing needs of your family, you can apply for a Home Extension Loan from HDFC. It will allow you to add an extra room to your abode or extend the size of your home as you require. The Home Extension Loan covers all the costs for adding more rooms or floors to your existing home.

These loans are also available for both existing and new customers. The rate of interest for these loans is also the same as the ones for Home Loans, i.e., starting from 8.80% per annum. The maximum tenure for this is 20 years.

  1. Plot Loans

Constructing your own home from scratch will require you to invest in a residential plot. To obtain a plot of your own, you can apply for a Plot Loan which will help you purchase the vacant space on which you can construct your own home from scratch. It is available for buying both new and resale plots.

Again, the interest rates for these loans are the same as above Home Loan categories. They are available for both existing and new customers. The maximum tenure for repayment of this loan is 15 years.

  1. Short-term Bridging Loans

There can be situations when you may want to buy a bigger and better house but your current home is still not sold. This short-term loan helps you during the period between shifting to your new house and the sale of the older one.

This loan is payable by EMI in a maximum of 2 years. The interest rate charged for this, is a little higher than that of other Best Home Loans, starting at 9.90% per annum.

  1. Rural Housing Finance

This type of loan can be availed by planters, horticulturists, dairy farmers or agriculturalists who want to purchase a residential property in urban as well as rural areas. It also entails the construction, extending or improvement of homes by them. These loans are available to purchase a property in the village.

The rate of interest for these is the same as the ones for Home Loans (i.e., starting from 8.80% per annum). You can spread your payment of EMIs to a maximum of 30 years or 20 years, depending on the scheme you choose. Agriculturists, however, get a longer tenure of 20 years.

  1. HDFC Reach

For those who work in unorganised sectors, HDFC Reach comes in play. These loans allow for the purchase of existing property or new properties, constructing homes on freeholds or leasehold plots as well as on plots which have been allotted by the development authority. Renovating your house, improving it, extending it, purchasing a plot can be done by taking this loan. If you want to purchase or construct or even extend a non residential property, you can take this loan. You can even apply for a top-up loan under this scheme.

These Home Loans are offered to the salaried individuals who have a minimum income of Rs. 10,000/month. For the self employed individuals, the minimum income should exceed Rs. 2 Lakhs per year. You can speak to MyMoneyMantra’s Mortgage Specialists for more information regarding these Home Loans.

  1. HDFC Star Home Loan

HDFC also offers a Home Loan with just your Aadhaar Card. This loan is for both the salaried and business owners. The maximum amount you can avail in this scheme is Rs. 15 Lakhs payable in 20 years. The interest rates start at 13% per annum.

You can apply for all above-mentioned HDFC Home Loans online through MyMoneyMantra. Talk to our specialists and get to know more about these loans today.

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