Planning to finance your house is hassle-free, affordable and quick with the help of HDFC Bank home loan facility. The Housing Development Finance Corporation (HDFC) is one of the major finance providers for housing in India. It’s not just your eligibility that decides whether you get your HDFC home loan but largely depends on your CIBIL score. CIBIL is Credit Information Bureau of India Ltd. which collects, analysis and maintains the credit information and history and makes them available to banks on request. This is basically to ensure that the borrower can repay the loan or not and this is calculated on the basis of CIBIL.
CIBIL score is very important for getting the loan approved. The bank basically checks your CIBIL score which helps them in determining your creditworthiness. This helps you in availing the loans or credits easily and faster.
When you apply for a HDFC Bank home loan, the lending bank basically takes the risk that you might not pay your loan. The CIBIL score helps you in gaining their confidence in your ability to pay the loan back. This also becomes the witness of your bad credit history. In case you want an unsecured HDFC personal loan, CIBIL is the only thing that the bank needs to decide on granting you the loan and access your credit eligibility.
HDFC provides home loans to both salaried and self-employed on the same terms with the only difference of few different sets of documents needed. The creditworthiness and earning are the two main factors which determine the eligibility for a loan. Loans of up to Rs.2500,000 can be approved with easy and flexible EMI’s of 12 to 48 months. Generally, the loan is approved within 72 hours of application and does not require security, guarantee or collateral. HDFC also provides customized loans for working women and corporate employees.
A home loan helps you in buying your dream house and with HDFC, getting a home loan is very easy it a salaried personnel, self-employed or a businessman.
The eligibility criteria for getting home loans are simple. For a salaried employee, a permanent service in a government organization or in any reputed company is required. A professional qualification and practice are important for a self-employed professional whereas a businessman needs to be a regular income tax payer. The general criteria include healthy earning and sound credit history. Your earning reflects the ability to repay the loan and the credit history or CIBIL indicates your willingness to timely pay the loan. The bank requires few documents to determine the source and frequency, the consistency and continuity of your income and check if you are able to pay the loan back and CIBIL helps in ascertaining your readiness to pay.
Getting a home loan can be rejected due to various reasons because the bank considers many factors before approving the loan.
Some of the common factors which can get your loan application rejected are listed below.
What are HDFC Personal Loan Interest Rates 2018?
| Fee | Amount to be Paid | Fee | Amount to be Paid |
|---|---|---|---|
| Rack interest rate | Salaried - 15.50% TO 21.50% | Charges for changing from floating to a fixed rate of interest | Not applicable |
| Loan processing charges | Up to 2.50% of the loan amount subject to a minimum of Rs. 1,999/- & Maximum of Rs. 25000/- for Salaried Customers. | Stamp duty & other statutory charges | As per applicable laws of the state |
| Prepayment in Part or full (Refer FAQ section for detailed terms) | Salaried - No pre-payment in part or fully permitted until repayment of 12 EMIs
Part Payment allowed up to 25% of Principal Outstanding. It is allowed only once in a financial year and twice during Loan tenure. |
Credit assessment charges | Not applicable |
| Pre-payment charges (on principal outstanding) / Part Payment Charges [on Part Payment amount] | Salaried - 13-24 Months - 4% of Principal Outstanding,
25-36 Months - 3% of Principal Outstanding >36 Months - 2% of Principal Outstanding |
Nonstandard repayment charges | Not applicable |
| Loan Closure Letter | NIL | Cheque swapping charges | Rs 500/- |
| Duplicate Loan Closure Letter | NIL | Amortization Schedule charges | Rs 200/- |
| Solvency Certificate | Not applicable | Loan cancellation charges | NIL (However client would be charged interest for the interim period between the date of loan disbursement and loan cancellation and processing fees would be retained.) |
| Charges for late payment of EMI | 2% per month on EMI / Principal overdue | Cheque bounce charges | Rs. 550/- per cheque bounce |
| Floating rate | Not applicable | Legal/incidental charges | At actual |
What is the Eligibility criteria for getting HDFC bank home loan?
The eligibility criteria for getting HDFC Bank home loan is primarily dependent on income and repayment capacity. Apart from these two most important factors, age, credit history; financial liabilities and financial positions also decide eligibility for bank home loan.
What if I have a low CIBIL score, will HDFC bank still give me a home loan?
CIBIL score works as the first impression for the loan applicant. CIBIL does not decide if the loan can be sanctioned. CIBIL helps the bank to ascertain that the bank undertakes the risk of lending money after having full information about the applicant.
Does skipping HDFC bank home loan payment affect my CIBIL score?
Yes, a single missed payment can reduce the CIBIL score. A skipped payment with any bank decreases the creditworthiness and financial institution may reject the loan application on the basis if low CIBIL score.
Had a loan settlement with HDFC bank, will it affect my CIBIL score?
Yes, this will affect your CIBIL score. Though the credit score will not mention amount overdue it will show ‘settled’ which means that you failed to pay the full amount of the loan and has only paid a part of it.
Can I get more than 3 HDFC Bank home loan if I have a good CIBIL Score?
Yes. There is no legal constraint on taking multiple home loans from a particular bank. If an individual has a good CIBIL Score and the bank feels that he or she has the capability to repay, they can issue multiple loans.
