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Hdfc Bank Home Loan

In: Business and Management

Submitted By samarpit
Words 1383
Pages 6
HDFC BANK

INTRODUCTION

HDFC (Home Development Finance Corporation) Home Loan, India have been serving the people for around 3 decades and providing various housing loan according to their varied needs at attractive and reasonable interest rates. Owing to their wide network of financing, HDFC Home Loans provide services at doorstep and helps you find a home as per your requirements.

COMPANY PROFILE

HDFC Limited founded in 1997 by Ravi Maurya and Hansmukh bhai Parekh, is an Indian NBFS focusing on home loans. HDFC operates through almost 450 locations throughout the country with its corporate head quarters in Mumbai, India. HDFC also has an international office in Dubai, UAE with service associates in Kuwait. HDFC is the largest housing company in India for the last 27 years.
HDFC was amongst the first to receive an in principal approval from RBI to set up a bank in the private sector, as a part of the RBI’s liberalization of the Indian banking industry. It was incorporated onincorporated on 30th august 1994 in the name of ‘HDFC Bank Limited’, with its registration office in Mumbai. HDFC began its operations as a scheduled commercial bank on 16 January 1995.

HOME LOAN PRODUCTS

• Home Loan: Home loans for individuals to purchase (fresh / resale) or construct houses. Application can be made individually or jointly. • Home Improvement Loan: The interiors of any home reflect the personal preferences and tastes of its owners making it imperative to constantly upgrade to keep up with changing times. HIL facilitates internal and external repairs and other structural improvements like Painting, Waterproofing and Roofing, Plumbing and Electrical Works, Tiling and Flooring, Grills, Aluminum Windows compound walls and much more. • Home Extension Loan: HEL for adding more space to your existing home for meeting the requirements of your growing family be it an extra bedroom for your children, a reading room for yourself or a cozy coffee corner. It is easy to extend your home anyway you like. • Short Term Bridging Loan: provides you with the much-needed finance during the interim period between the sale of your old home and the purchase of a new home.

Plot Loans: to enable the direct purchase/resale purchase/refinance(balance transfer) of a plot for the construction of residential or non-residential premises. • Automated Repayment of Home loan EMI: You can give us standing instructions to repay your Home Loan EMIs directly from your HDFC Bank Savings Account, thus, saving you the trouble of procuring, signing and tracking post-dated cheques. • HDFC also offers In-house scrutiny of Property documents for your complete peace of mind

|FEES |
|0.5% of the loan amount applied plus applicable service taxes and cess. |
| |
|No Charges for |
|Replacement of cheques |
|Income Tax Certificates |
|Accelerated Repayment Option |
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|Other Charges |
| |
|The following is an indicative list of other charges / fees / outgoings that are payable depending on the nature |
|of the loan availed (*): |
|a. |
|Cheque dishonor charges : |
|Rs. 100 |
| |
|b. |
|Prepayment charges : |
| |
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|For Home Loans, Home Improvement Loans, Home Extension Loans, Short Term Bridging Loans, Plot Loans & Rural |
|Housing Finance |
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|For Loan Against Property, Non Residential Premises Loans, Top-Up Loans |
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|C. |
|Conversion fees : |
|For Home Loans, Home Improvement Loans, Home Extension Loans & Rural Housing Finance |
| |
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|For Plot Loans |
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|For Loan Against Property & Non Residential Premises Loans |
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|d. |
|Fees on account of external opinion : |
|-For advocates/technical experts, as the case may be |
|as per actuals applicable to a case |
| |
|e. |
|Insurance charges : |
|as per actuals applicable to a case |
| |
|f. |
|Charges on account of delayed payments/defaults: |
|i |
|Additional interest |
|: |
|18 % p.a. |
| |
|ii |
|Incidental charges |
|: |
|*** |
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|iii |
|Expenses |
|: |
|as per actuals applicable to a case |
| |
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|g. |
|CERSAI charges(Central Registry of Securitisation Asset Reconstruction and Security Interest of India) |
|Statutory /regulatory charges: All applicable charges on account of Stamp duty / Central Registry of |
|Securitisation Asset Reconstruction and Security Interest of India (CERSAI) or such other statutory / regulatory |
|bodies and applicable taxes shall be borne and paid (or refunded as the case may be) solely by the Borrower. |
|You may visit the website of CERSAI for all such charges at www. Cersai.org.in |
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|How to Apply |
|It's simple! You can choose any of the following ways to get in touch with us! |
|1. Call the HDFC Home Line in your city |
|2.HDFCOfficeLocator |
|HDFC have over 331 offices with flexible timings keeping in mind your work timings. The offices are conveniently located at a place |
|closer to you. |
|3. SMS HDFCHOME to 56767 |
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|DOCUMENTS REQUIRED |
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| Application Form can be downloaded and submited alongwith the following documents for an approval of loan. |
| |
|Salaried Customers |
|Self Employed Professionals |
|Self Employed Businessman |
| |
|Application form with photograph |
|Application form with photograph |
|Application form with photograph |
| |
|Identity and Residence Proof |
|Identity and Residence Proof |
|Identity and Residence Proof |
| |
|Latest Salary-slip |
|Education Qualifications Certificate and Proof of business existence |
|Education Qualifications Certificate and Proof of business existence |
| |
|Form 16 |
|Last 3 years Income Tax returns (self and business) |
|Business profile |
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|Last 6 months bank statements |
|Last 3 years Profit /Loss and Balance Sheet |
|Last 3 years Income Tax returns (self and business) |
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|Last 3 years Profit /Loss and Balance Sheet |
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|Processing fee cheque |
|Last 6 months bank statements |
|Last 6 months bank statements (self and business) |
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|Processing fee cheque |
|Processing fee cheque |
| |

REPAYMENT PLANS
Step Up Repayment Facility
Helps young executives take a much bigger loan today based on an increase in their future income, this helps executives buy a bigger home today!

Flexible Loan installments Plan
Often customers, parents and their children, wish to purchase properties together. The parent is nearing retirement and their children have just started working. This option helps such customers combine the incomes and take a long term home loan where in the installment reduces upon retirement of the earning parent.

Tranche Based EMI
Customers purchasing an under construction property need to pay interest ( on the loan amount drawn based on level of construction) till the property is ready. To help customer save this interest, we have introduced a special facility of Tranche Based EMI. Customers can fix the installments they wish to pay till the time the property is ready for possession. The minimum amount payable is the interest on the loan amount drawn. Anything over and above the interest paid by the customer goes towards Principal repayment. The customer benefits by starting EMI and hence repays the loan faster.
Accelerated Repayment Scheme
Accelerated Repayment Scheme offers you a great oppourtunity to repay the loan faster by increasing the EMI. Whenever you get an increment, increase in your disposable income or have lumpsum funds for loan prepayment, you can benefit by o Increase in EMI means faster loan repayment o Saving of interest because of faster loan repayment o You can invest lumpsum funds rather than use it for loan prepayment. The return from the investments also gives you the comfort of paying the increased EMI.

Telescopic Repayment Option
HDFC's new 30 year Telescopic Repayment Option.
If you are young, employed or self employed, and wish to purchase your own home, you will not have to wait to earn more. You could benefit from HDFC Home Loan Telescopic Repayment Option
Benefits:
o Longer Repayment Tenure of 30 Years* o Smaller EMIs o Larger home loan amount

|SECURITY |
|Security for the loan is a first mortgage of the property to be financed, normally by way of deposit of title |
|deeds and/or such other collateral security as may be necessary. Interim security may be required, if the |
|property is under construction. |
|Collateral or interim security could be assignment to HDFC of life insurance policies, the surrender value of |
|which is at least equal to the loan amount, guarantees from sound and solvent guarantors, pledge of shares and |
|such other investments that are acceptable to HDFC. To elaborate, there should not be any existing mortgage, loan|
|or litigation, which is likely to affect the title to the property adversely. |

The HDFC Advantage • Pioneers of Housing Finance in India with over 33 years of lending experience • Widest range of Home Loan Products • Most experienced and empowered personnel to ensure smooth & easy processing. • Counseling and advisory services for acquiring a property • Loan from any office for purchase of home anywhere in India • Loan approval even before a property is selected • Flexible loan repayment options • Free & safe document storage…...

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