Typically, when you apply for an HDFC home loan the following steps given below need to be followed:

• 1. To begin you need to fill up an application form digitally and apply for a home loan

• 2. Upload necessary KYC, Financial, and Property documents

• 3. Undergo processing of the loan along with legal and technical verification

• 4. Determining the loan eligibility of the applicant. After which HDFC Bank will provide a sanction letter. It will include a few important details such as sanctioned loan amount, interest rate, loan tenure, type of interest rate applicable, EMI payable, validity of sanction letter, special conditions (if any), and other terms and conditions.

• 5. Finally, on submitting all the required documents and raising a home loan disbursement request, HDFC will initiate the process of issuing your home loan disbursement cheque

While applying for a HDFC Home Loan there are a few documents that you need to submit. They are as follows:

HDFC Bank is one of the largest private banks in India with presence in most significant cities of India through its branch network and it also offers seamless ‘Digital’ experience that caters to all your home loan requirement needs.

Usually, after completing and submitting a loan application along with the required paperwork, HDFC Bank can take anywhere between 12 to 15 working days sanctioned by HDFC Bank to evaluate and approve your home loan.

If you apply for a HDFC home loan and want to get it approved with ease then, you need to have a minimum CIBIL score of 650 above

Generally, the maximum limit of an HDFC loan amount can go up to 10 crores. The minimum home loan amount that HDFC provides is about Rs 30 lakhs.

It is not mandatory to have a co-applicant. However, it is advisable that you do have one while applying for a HDFC Home Loan because it enhances your home loan eligibility. Thereby showing the lender your creditworthiness and chances to improve terms and conditions.

The rate of interest on your HDFC Home Loan will change depending on the type of loan you choose. They are as given below:

a. Floating Rate or Adjustable Rate Loans:

It is linked to the lender’s benchmark rate of interest. Therefore, any slight change in the benchmark rate will bring a change in the applicable interest rate.

b. Combination Loans:

 Typically, this loan is both fixed and floating. Post completion of the fixed rate tenure this loan becomes an adjustable rate.

Possessing your returns for three financial years can help you secure an HDFC Home Loan with ease. However, you can get an HDFC Home loan despite not having income tax returns for three years. Provided you are seeking to take a small loan and you have a good CIBIL score to indicate that you are creditworthy.

Typically, after receiving sanction for a HDFC Home Loan it should take a maximum of one week to get disbursed.

 A few additional information about the HDFC Home Loan that you need to know are given below. They are as follows:

a. Types of HDFC Home Loan:

 Essentially there are three types of HDFC Home Loan available. They are as follows: 

 
1. Adjustable Rate Home Loan:
This is a type of home loan that is closely linked to HDFC’s Retail Prime Lending Rate which is currently standing at 17.45%.

2. Home Loan for purchase of plot:
Is a loan that you can apply either jointly or individually. The potential co-applicants for this loan may include parents or spouse.

3. TruFixed Home Loan:
It is through this type of home loan that an applicant can enjoy a fixed interest rate for up to 2 or 3 years. Although, post this period this home loan type will directly transition to adjustable rates.

b.  HDFC Home Loan Top-Up Facility:

 It is possible that during the tenure of your HDFC Home Loan you may experience sudden rise in personal and professional expenses. A situation that may make it difficult for you to repay the loan. Under such circumstances, HDFC Bank offers you a chance to top-up your loan amount and fulfill all your immediate monetary requirements. 

c. How can you repay a HDFC Home Loan?

HDFC Bank provides you with not only one but five ways of repaying your HDFC Home Loan. They are as given below:

1. Tranche Based EMI:
It is a HDFC Home Loan borrowing scheme that presents you with the opportunity to start principal repayment immediately. Besides, it also permits you to start paying on cumulative loan amounts disbursed.

2. Accelerated Repayment Scheme:
Is a loan repayment scheme provided by HDFC Bank that allows you to in a flexible way increase in an incremental manner the EMI’s every year as per your overall financial growth.

3. Flexible Loan Installment Plan:
This is a customized scheme provided by the HDFC Bank that functions to cater to the repayment capacity of the borrower.

4. Telescopic Repayment Option:
This scheme provided by the HDFC helps the borrower to extend loan tenure to up to 30 years to ensure availability of affordable EMI’s.

5.Step-Up Repayment Facility or SURF:

 It is a program designed to enable you to take higher loan amounts in the initial years while paying low EMI’s. It is a facility curated by HDFC Bank specifically keeping anticipated growth in your income in mind.