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HDFC Bank Loan

HDFC, abbreviation for Housing Development Finance Corporation Limited, is India's leading housing finance company and has an immaculate record in India and international markets. Right since its origin in 1977, the company has sustained a coherent and sizable increment in its operations to keep the market leader crown in mortgages on its head. Its spectacular list of loans has an enviable million dwelling units under its belt. HDFC has developed important expertise in retail mortgage loans to different sections of the market and large corporate client base for its domiciliation associated credit facilities. With such an experience in the financial markets, a strong reputation in the market, large base of shareholders and unique consumer dealership, HDFC seemed ideally poised to promote a bank in the Indian market and indeed was amidst the first to be approved by the Reserve Bank of India (RBI) to establish as a bank in the private sector as a part of RBI's liberalisation of the Indian Banking Industry in 1994. 'HDFC Bank Limited' was the name under which this financial institution was incorporated in August of the year 1994, having its registered office located in Mumbai, India. As a Scheduled Commercial Bank, HDFC embarked on its operations in January 1995.

Customers can check the balance in their accounts and loan application status by a simple login online. The bank has offices throughout the nation from metros like Delhi, Kolkata, Chennai, Bangalore and Hyderabad to Tier II cities like Lucknow, Noida, Gurgaon, Kolhapur, Kanpur, Pune, Kottayam and Jaipur where they’re expanding their banking business. To reach out to its NRI customers, the bank has set up its offices in foreign countries like UK, Qatar, Kuwait, Singapore and Maldives which have a large number of NRI’s doing jobs out there. The bank also offers gold credit card and platinum credit card schemes.

HDFC Loans Types

The bank services various types of loans to individuals and businesses for several purposes. The bank provides loan eligibility calculators to its clientele to self-determine their eligibility for the loan they’re applying for. The kinds of loans are-

HDFC Personal Loan

They can be availed for a variety of purposes- from financing the education or wedding of an offspring to funding a vacation or home repairs. The bank’s loan department disburses loans up to Rs.15,00,000 at interest rates amongst the lowest in industry, with flexible quittance choices through easy EMI’s, straddling from 1 to 5 years. The bank provides the customer with a quick approval of loan sans any requirements of any guarantor, security or collateral. Relationship discounts are provided to salary account holders and existing loan customers wishing to top up their loan.

A service tax of 10% and Education cess of 3% is also billed by the bank which furnishes its services at the doorstep of the customer. There are no prepayment penalties after the first year of return of installments. The eligibility requirements of personal loan vary for individuals, businessmen, companies and salaried people depending upon the stability and quantum of their income and amount of loan applied for.

HDFC Home Loan

HDFC provides disbursement of home loans for customers to purchase or construct houses, either by individual or joint application. HDFC finances up to 80% of the cost of the property (including the cost of the land) based on the repayment capacity of the customer.

Features of Home loans from HDFC are-
  • Initiator of disbursing finance for housing related requirements in India.
  • Tenders the broadest range of home loan products.
  • Experienced and knowledgeable customer care and ombudsman to assure smooth & easy process, counsel and advise for taking a property.
  • Loan approval from any office for buying a house anywhere in India at pre-selection of property.
  • Flexible loan quittance choices and free storage of documents.
HDFC Home Loan Types

Home Improvement Loan

This loan facilitates renovations in the interiors and exteriors of an existing home in the possession of the customer and other structural meliorations like Painting, Waterproofing and Roofing, Plumbing and Electrical Works, Tiling and Flooring, Grills, Aluminum Windows compound walls. The cost of home improvement is funded up to 85% by the bank. The customer can choose from an array of repayment options and make a decision on whether to make his/her loan to have a fixed or floating interest rate.

Home Extension Loan

This kind of loan disbursement is taken by the borrower to increase the space in an existing home by extending the house according to the wishes of the customer. HDFC funds up to 85% of the toll of extension subject to 80% of market value as evaluated by the bank. The customer can take a call on the payment of EMI’s, fluidity of interest rates and mode of payment- whether online or in the branch of the bank.

Land Purchase Loan

HDFC Land Purchase Loan is a loan facility to suit a borrower’s necessities to purchase land either for immediate construction of a house or as an investment for the time to come. HDFC funds up to 4/5th of the cost /value of the land subject to fulfillment of eligibility criteria. Quittance of such a loan has a maximum repayment period of 15 years. The borrower can repay EMI’s directly from bank savings account to avoid the problem of securing, ratifying and tracking post-dated cheques.

A Loan Cover Term Assurance Plan (LCTAP) is also offered by HDFC Standard Life Insurance Company Ltd., contrived to guarantee that vagaries of life don’t jeopardize the borrower’s family's interests and allows for protection of their house. LCTAP furnishes a lump-sum payment on the inauspicious dying of the assured person. This pure risk plan is contrived in a manner so that the cover diminishes as the home loan is repaid, making it a low-cost premium insurance plan.

The interest rates for HDFC home loans are

Applicable Rates (Monthly Rest Basis)Fixed rates%Variable rates%Basis% RPLR
Upto and including Rs 30 lakhs12.2510.75RPLR - 5.75
Rs.30.01 lakhs to Rs.75 lakhs12.5011.00RPLR -5.50
Over Rs.75 lakhs13.0011.50RPLR - 5.00

Loan against Property

HDFC Home Equity Loans enables the debtor to encash the existing market rate of the property by taking a loan against its mortgage. Loan is disbursed for all causes like medical or education disbursals with the exception of speculation or illegal expenses. The property to be mortgaged can be either residential or commercial but should be entirely built, be freehold and have an unambiguous and vendible deed.

Loan against property is available both on fixed rates as well as adjustable rates. Any alterations in HDFC's Retail Prime Lending Rate (RPLR) has an immediate and direct bearing on Loan under Adjustable Rate. The rates are reviewed after every three months post the date of first disbursement and if the RPLR alters, the interest rate on the loan changes leaving the EMI on the disbursed home equity loan unscathed. If the interest rate increases, the component of interest in the EMI increases resulting in a decline in the principal component and an extension in the term of the loan, and vice versa if the interest rate falls down.

The maximum amount of money for which loan is granted is
  • Remainder of 3/5th of the market value and existent undischarged loan for existing customers.
  • Half of the market value of the property for new customers.
  • The minimum market value of the residential property should be at least Rs.5 lakhs and for commercial property be Rs.7.50 lakhs.

Auto Loan

This kind of loan has numerous sub-categories-

New Car Loan

This kind of loan encompasses the broadest range of cars and multi-utility vehicles in India along with numerous privileges offered to the customer like-
  • 100% finance and appealing interest rates.
  • Quick processing of loans within 2 days and glitch-free documentation.
  • Loan repayment tenure ranging from 1 to 5 years, tailor made to suit the customer with easy EMI’s.
  • Relationship discounts to HDFC Bank account, Preferred Account and Corporate Salary account bearers of the nature of lower interest rates, rapid approval and minimal corroboration.

Used Car Loan

HDFC bank helps the customers select good quality used cars manufactured in India within a certain age and offers attractive schemes like:
  • Quick lending up to 80% of the car’s depreciated price.
  • Pliant quittance choices, straddling over 12 to 60 months and giving customized EMI options.
  • Salaried professionals can borrow up to triple of their annual salary while self employed professionals can borrow up to 6 times their annual income.
  • Existing Auto loan customers having an unblemished repayment record of more than a year can get an additional loan as much as equal to their existing loan amount at an attractive interest rate.

HDFC Commercial Vehicle Finance

The bank extends commercial vehicle loans with the best terms for funding at one the most attractive interest rates in India. Loans are provided for the purchase of: Commercial Vehicles - Loans for commercial vehicles (inclusive of buses, trucks, tankers and many more), HCVs (heavy commercial vehicles), SCVs (small commercial vehicles), LCVs (light commercial vehicles and MCVs (medium commercial vehicles).

Funding is provided for all models of Tata Motors, Eicher, Volvo, Mahindra Navistar, MAN, AMW, Mahindra & Mahindra, Swaraj Mazda, Bajaj Tempo, Ashok Leyland, etc. and for both new and used vehicles. The bank gives rapid processing, tailor-made EMI structure and as much as full financing. The documentation is lucid and loans are given till up to 4 years. The bank is spread over 63 locations and 255 sub-locations throughout India and is expanding speedily.

HDFC Loan Customer Care

The bank has a robust customer care department constituted of dedicated loan officers to cater to any query, complaint or enquiry put up by its clientele.

LocationsPhone Banking Number
Ahmedabad / Bengaluru / Chennai / Delhi / Noida / Gurgaon /
Faridabad / Ghaziabad / Hyderabad / Kolkata / Mumbai / Pune
6160 6161
Chandigarh / Kochi / Indore / Jaipur / Lucknow / Patna6160 616
Andhra Pradesh99494 93333
Assam99571 93333
Gujarat98982 71111
Haryana99962 43333
Karnataka99458 63333
Kerala98956 63333
Madhya Pradesh / Chhattisgarh98936 03333
Maharashtra (except Mumbai) and Goa98906 03333
Orissa99379 03333
Punjab98153 31111
Rajasthan98750 03333
Tamil Nadu / Pondicherry98406 73333
Uttar Pradesh / Uttarakhand99359 03333
West Bengal / Sikkim98310 73333
Bihar / Jharkhand(0612) 6160 616

HDFC Customer Care toll free number is-
  • 1800 180 4333 for Jammu & Kashmir/Himachal Pradesh
  • 1800 345 3333 for Meghalaya/Tripura/Nagaland/Mizoram/Arunachal Pradesh/Manipur

The customer can also send an email by filling up an online feedback form on the
website http://www.hdfcbank.com/common/contact_us.htm.

HDFC Bank House,
Senapati Bapat Marg,
Lower Parel
Mumbai-400 013

HDFC Bank has also set up India’s first SMS based branch and ATM Locator. The customer can send an SMS to 5676712 and get the address details of 3 nearest branches/ATMs on his/her mobile and then ask for the exact address instead of just looking for the branch of the bank.

Last Updated On: 2011/09/08