HDFC Bank Home Loans: Eligibility, Processing Fees, Interest Rates, EMI Calculator (2023)

FAQs

How is loan amount eligibility calculated? ›

How is Home Loan eligibility calculated? Housing loan eligibility is primarily dependent on the income and repayment capacity of the individual(s).There are other factors that determine the eligibility of home loans such as age, financial position, credit history, credit score, other financial obligations etc.

Eligibility criteria for Home Loan

Approvals are based on borrowers' income, credit profile, and existing relationship with the bank.

This fee is usually a fixed percentage of the loan amount and is non-refundable. HDFC charges a processing fee of 0.5% of the loan amount or Rs 3,000 (whichever is higher), plus applicable taxes.

Convenience/Processing Fee – Rs 199 + GST is applicable on EMI transactions. Flexible Repayment Tenure - Choose a tenure according to your needs; 3 to 24 months, with pocket-friendly repayment options.

300 plus GST @ 18% (subject to change as per Govt. instruction) irrespective of the EMI outstanding. Pre-closure of the loan will currently attract a charge of 3% of the balance principal outstanding plus GST @ 18% (subject to change as per Govt. instruction).

Loan fees are charged to originate a student loan and are calculated as a percentage of the total loan amount. The loan fees are deducted proportionately from each loan disbursement. The loan fee is subtracted directly from the loan before it is disbursed to you.

Eligibility Calculator. Finds which credit cards and loans you're most likely to be accepted for - protecting your credit score. The only way to find out if you'll be accepted for a credit card or loan is to apply.

Your eligibility is how likely you are to be approved for a specific credit deal, based on how your credit information matches up with the lender's criteria. Lenders won't share their criteria with you directly, so in the past you may have had to actually apply for credit just to find out if you're eligible.

You are eligible for a home loan up to 60 times of your net salary or monthly income. For instance, if your net salary is Rs. 55,000, you will be eligible for a loan of approximately Rs 33 lakhs. The lending bank will exclude medical and leave travel allowances, for they are meant for specific purposes.

The eight different types of loans you should know are personal loans, auto loans, student loans, mortgage loans, home equity loans, credit-builder loans, debt consolidation loans and payday loans.

Which bank is best in home loan? ›

It is a one-time fee that is usually paid upfront – that is, you have to pay it out of your own pocket to the bank/NBFC instead of it being deducted from your loan amount. Some banks may call it administrative fee. Usually the processing fee will be charged only after your application is approved.

In case of regular EMIs, the seller charges you a processing fee which ranges between 0.5% to 3% and an interest rate that can vary from 8% to 15%.

1. Processing Fee. EMI schemes are subject to a nominal processing fee, usually to the tune of a small percentage per ₹1000 of the amount you wish to convert into EMIs. Zero EMI offers are a notable exception to this rule.

Interest already billed in a particular transaction is not refundable under any circumstances. The processing charges levied by the bank for using the No Cost EMI option cannot be refunded to the customer.

Convenience/Processing Fee – Customer will be charged a Processing Fee + GST on their HDFC Bank Debit Card EMI loan. The fee will be Rs. 299 (plus GST) or less will be applied at transaction level.

What Is a Convenience Fee? A convenience fee is a fee charged by a seller when a consumer pays with an electronic payment card rather than by a standard form of payment accepted by the business. Standard payments include cash, check, or an Automated Clearing House (ACH) transfer.

MOD charges for a home loan might be anything from 0.1 per cent to 0.5 per cent of the entire amount of the loan.

What is loan processing fee? ›

Loan processing charges: The bank has to bear some administrative costs while processing and sanctioning your loan. This is usually a small amount, which varies from bank to bank and typically costs about 0.5% to 2.50% of the total amount of the loan.

The processing fee is determined as a small percentage of the loan amount. The percentage may vary across lenders. In India, the processing fee is generally around 0.5% of the loan amount (plus GST).

How Much Are Origination Fees on Average? Loan origination charges usually run about one-half to one percent of the total cost of the loan. On a $250,000 mortgage, you're going to pay an origination fee between $1,250 to $2,500 or 0.5 to 1.0 percent/point to the lender for the loan.

Conditional eligibility will give you an estimate of how much money you may be able to borrow to buy a property. We'll give you a response straight away - all we need is some basic information about your income, expenses and liabilities.

The Eligibility Matrix provides the comprehensive LTV, CLTV, and HCLTV ratio requirements for conventional first mortgage loans eligible for delivery to Fannie Mae.

Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

Eligibility checking allows you to see your chances of being accepted for a certain credit product before you apply. It's quick and easy to do, free, and it won't affect your credit score.

noun. el·​i·​gi·​bil·​i·​ty ˌe-lə-jə-ˈbi-lə-tē : the quality or state of being eligible : fitness or suitability to be chosen, selected, or allowed to do something. The applicants must meet all requirements for eligibility. …

Eligibility Test means the test to determine the eligibility of a Receivable for the purposes of Section 1.13 hereof, that test, being as follows: no payment due on said Receivable remains unpaid more than sixty (60) days from the specific date on which such payment was due pursuant to the terms of said Receivable.

A home loan can be yours even without monthly salary slip.

Can I get 90 percent home loan? ›

According to the guidelines issued by the Reserve Bank of India (RBI), the LTV ratio for home loans can go up to 90% of the property value for loan amounts of Rs. 30 lakh and below.

Lenders will consider a prospective borrower's income, credit score, and debt levels before deciding to offer them a loan. A loan may be secured by collateral such as a mortgage or it may be unsecured such as a credit card.

Definition of loan can be described as a property, money, or other material goods that is given to another party in exchange for future repayment of the loan value plus interest and other finance charges.

Most people cannot buy a home with available funds and rely on banks like HDFC to borrow home loans. Home loans offered by HDFC bank are good since they come at different interest rates, loan tenures, and concessions or offers based on the applicant's profile. What are the benefits offered by HDFC Bank home loan?

Features and benefits of HDFC Bank home loan

Easy and transparent process; no hidden charges. Pre-approval of home loan available. Free and safe document storage. Competitive interest rates.

As per the guidelines of RBI, you cannot get 100% home loan from a bank. So, to answer the question: which bank provide 100 percent home loan? ' the answer would be no bank can offer a 100% loan as per the protocol.

Markups (Negotiable)

It's the only area of credit card processing expense that you can negotiate. The processing markup includes the processor's rates, credit card transaction fees, monthly fees, and any fees associated with software, gateways or processing equipment. That is, any fees that the processor can control.

High Risk Processing

If your business is in the "high-risk" category, it's certain that you will have higher processing rates. If a processing company thinks you may lose them money, they'll charge you more to offset the risk. High-risk businesses can include: Industries with a high risk of chargebacks and fraud.

How is a processing fee charged? ›

To put it simply, a processing fee is a pre-set amount that a business pays every time a customer uses a credit or debit card to pay for their goods or services. The processing fee can be split into two parts: the interchange. The fees charged by the Issuer to the Acquirer. fee and the assessment fee.

Processing fee is a lump sum amount that you are required to pay as a proportionate charge on the requested loan amount. Processing fee of 0.50% to 2.00% of the loan amount is charged as the cost of credit appraisal and loan processing. Furthermore 18% of GST on this fee is also levied.

Yes, you can request a waiver of Freedom of Information Act (FOIA) processing fees.

Credit card surcharges are optional fees added by a merchant when customers use a credit card to pay at checkout. Surcharges are legal unless restricted by state law. Businesses that choose to add surcharges are required to follow protocols to ensure full transparency.

Calculating EMI has a Simple Formula, Which is As Follows: EMI = (P X R/12) X [(1+R/12) ^N] / [(1+R/12) ^N-1]. Here, P is the original loan amount or principal, R is the rate of interest that is applicable per annum and N is the number of monthly installments/ loan tenure.

How is EMI calculated? The mathematical formula to calculate EMI is: EMI = P × r × (1 + r)n/((1 + r)n - 1) where P= Loan amount, r= interest rate, n=tenure in number of months.

The EMI amount is calculated by adding the total principal of the loan and the total interest on the principal together, then dividing the sum by the number of EMI payments, which is the number of months during the loan term.

Convert large purchases on your HDFC Bank credit card into SmartEMI and enjoy stress-free repayment. Enjoy attractive interest rates, among the lowest in the market. Get credit into your HDFC Bank account in seconds and repay conveniently over 9 to 36 months. The loan is pre-approved so no documentation is required.

You can calculate your home loan EMI amount with the help of the mathematical formula: EMI Amount = [P x R x (1+R)^N]/[(1+R)^N-1], where, P, R, and N are the variables. The EMI value will change each time you change any of the three variables.

There are two ways to calculate EMI: the flat-rate method and the reducing-balance (or reduce-balance) method.

How is 3 months EMI calculated? ›

The formula to calculate EMI: E = P x r x ( 1 + r )ⁿ / ( ( 1 + r )ⁿ - 1 ) where E is EMI, P is Principal Loan Amount, r is monthly rate of interest (For eg. If rate of interest is 14% per annum, then r = 14/12/100=0.011667), n is loan duration in number of months.

Usually, the minimum tenure for home loan is 2 years, while the maximum tenure can go up to as much as 30 years.

This means, when repaying your purchase cost, you only have to pay the actual cost of the product without any interest. On the other hand, with a standard EMI facility, you would have to pay an additional cost of about 10-15% over the original price of the product.

in an effort to attract more customers, the banks and NBFCs offer two types of EMI payment options - EMI in advance and EMI in arrears.

Here's the simple interest formula: Interest = P x R x T. P = Principal amount (the beginning balance). R = Interest rate (usually per year, expressed as a decimal). T = Number of time periods (generally one-year time periods).

While availing the no-cost EMI facility, you will not have to pay any down payment, processing fee, or an interest.

Minimum amount: ₹5,000. Maximum amount: ₹5,00,000.