To find out the home loan amount you are eligible for, click on ‘Check Eligibility’.
Step 4
Under the ‘Basic information’ tab, select the type of housing loan you are looking for (home loan, house renovation loans, plot loans, etc.). You can click on the link beside the loan type for more information.
Step 5
If you have shortlisted a property, click on ‘yes’ in the next question and provide the property details (state, city and estimated cost of property); if you haven’t yet decided on the property, select ‘no’. Fill in your name under ‘Applicant’s Name’. If you want to add a co-applicant to your home loan application, select the number of co-applicants (you can have a maximum of 8 co-applicants).
Under the ‘Applicants’ tab, select your residential status (Indian / NRI), provide the state and city you are currently residing in, provide your gender, age, occupation, retirement age, email ID and mobile number, gross/total monthly income, and EMI paid each month for all existing outstanding loans.
Step 7
You will then be taken to the ‘Offers’ tab where you will see home loan products that you can avail of, the maximum loan amount you are eligible for, the EMI payable and the loan tenure, interest rate and whether the interest is fixed or floating.
Step 8
Select the loan product you would like to apply for. You will be taken to the home loan application form where the details you have already provided (such as your name, email ID, etc) will be prefilled. Fill in the balance details – your date of birth and password and click on ‘Submit’.
Step 9
You will then be required to upload all the documents.
Step 10
Now all you have to do is pay the processing fees and your online housing loan application is complete.
Why Apply for a Home Loan withHDFC Bank
HDFC Bankis one of India’s leading private banks and was among the first to receive approval from the Reserve Bank of India (RBI) to set up a private sector bank in 1994.
As of March 31, 2023, the Bank had a nationwide distribution network of 7,821 branches and 19,727 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 3,811 cities / towns.HDFC Bank’s end-to-end digital home loan application process, integrated home loan branch network across the county and 24X7 online assistance can make your home owning journey a memorable one.
For example, If a person avails a loan of ₹10,00,000 at an annual interest rate of 7.2% for a tenure of 120 months (10 years), then his EMI will be calculated as under: EMI= ₹10,00,000 * 0.006 * (1 + 0.006)120 / ((1 + 0.006)120 - 1) = ₹11,714. Calculating the EMI manually using the formula can be tedious.
The lowest home loan interest rate is 8.40% p.a. Here is how your 15 Lakh home loan EMI will be with different tenure options. So, the EMI for a 15 lakh home loan at an annual interest rate of 8.40% p.a. and a loan tenure of 20 years would be Rs. 12,923/- per month.
For instance, if you're availing a Rs. 10 lakh Personal Loan at an interest rate of 10.75% for a tenure of 5 years, the monthly EMI would be approximately Rs.21,618.
Introduction: My name is Kimberely Baumbach CPA, I am a gorgeous, bright, charming, encouraging, zealous, lively, good person who loves writing and wants to share my knowledge and understanding with you.
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