HDFC Home Loan

HDFC Home Loan Transfer for Salaried Professional

hdfc home loan transfer Salaried Professional

HDFC Home Loan Transfer is the process that allows you to avail of the lower interest rates provided by other lenders. In HDFC Home Loan Transfer, if you have an existing outstanding home loan with a lender, so you can transfer your home loan, that means to shift the remaining loan amount to a different lender who charges a lower rate of interest from you. This process is also known as refinancing or simply Balance Transfer.

Read More: HDFC Home Loan Balance Transfer for Self Employed

HDFC Home Loan Transfer for Salaried Professional

At HDFC, we understand how important your home is for you. So don’t miss a chance to reduce your loan repayments when you have an option to choose HDFC Balance Transfer. Through “HDFC Home Loan Transfer”, move your Home Loan remaining balances to HDFC, pay lower monthly installments and enjoy your savings for the other things in life that really matter to you and your family.

Key Features of HDFC Home Loan Transfer

  • Transfer your remaining balance of Home Loan taken from another Bank or Financial Institution to HDFC and get an additional Top Up Loan of up to Rs.35 Lacs.
  • The most important benefit of HDFC home loan transfer is that you can save money by transferring your loan at a lower interest rate.
  • If you want to make your home loan better and affordable, so HDFC provides you home loans at attractive interest rates on HDFC home loan transfer which are easy on your pocket.
  • In HDFC home loan transfer, you also get a customized repayment option to suit your needs.
  • You can take advantage of HDFC integrated branch network to get a home loan anywhere in India.
  • HDFC has introduced a special type of Home Loan, “Army Group Insurance Fund (AGIF)” for people who employed in the Indian Army.

Loan Requirements:

You will have to apply for home loan separately or jointly if in your property you have a co-owner, he has to be co-applicants for the home loan even though all co-applicants are not required to be co-owners. Basically, Co-applicant is a close family member.

  • The age of applicant should be 18 years at the time of loan sanction.
  • For Adjustable Rate Home Loan, the maximum period of repayment shall be up to 30 years.
  • The maximum repayment period shall be up to 20 years for other Home Loan products.
  • The loan tenure depends on the customer’s profile, the age of customer at maturity of the loan, age of property at loan maturity.

Loan Eligibility Calculator

Maximum Loan Amount

Loan Amount Maximum Funding
Up to and including Rs.30 lacs 90% of the cost of the property
Above Rs.30 lacs to Rs.75 Lacs 80% of the cost of the property
Above Rs.75 Lacs 75% of the cost of the property

HDFC Home Loan Transfer Interest Rate

Festive Interest Rate Offer

HDFC has been proposed festive interest rates, under which loans will be taken before December 31, 2017, and first distributed on or before January 31, 2018. This offer is for the limited time period and ending on 31 December 2017.

Loan Slab Interest Rates (% p.a)
For Women (up to 75 lacs) 8.35 to 8.85
For Others (up to 75 Lacs) 8.40 to 8.90
For Women (Above 75 lacs) 8.40 to 8.90
For Others (Above 75 lacs) 8.45 to 8.95

TruFixed Loan – 2 Year Fixed Rate Variant:

Loan Slab Interest Rate During the 2 Year Fixed Rate Term (% p.a)
For Women (up to 75 lacs) 8.35 to 8.85
For Others (up to 75 Lacs) 8.40 to 8.90
For Women (Above 75 lacs) 8.40 to 8.90
For Others (Above 75 lacs) 8.45 to 8.95

Documents Required For HDFC Home Loan Transfer

There are following various documents that you would need to submit to all applicants / co-applicants along with the completed and signed Application Form for loan approval, all documents should be self-attested:

  • Identity proof which includes Passport, Voter ID Card, Aadhar Card, Driving License or PAN Card.
  • Residence Proof which can be the photocopy of the recent Telephone Bill or Electricity Bill or property Tax receipt or passport or Voter’s ID Card.
  • For income proof, you can provide 3-month salary slip, last 6 months bank statement, salary credit or latest form-16 and IT returns.
  • You would need to submit property related documents such as the copy of the Allotment Letter / Buyer Agreement and Receipt of payment made to the developer.
  • You would submit Employment Contract / Appointment Letter in case current employment is less than 1 year old.
  • The other documents you would need to submit is Last 6 months Bank Statements which showing repayment of any ongoing loans.
  • You will have to paste all the applicants / co-applicants passport size photograph affixed to the application form and signed across.
  • A cheque for processing fee favouring ‘HDFC Ltd.’
  • Document for balance transfer loan included the list of property documents held by the existing lender on their letterhead, latest remaining balance letter from your existing lender on their letterhead and photocopy of the property documents (including Own Contribution Proof).

Repayment Option For HDFC Home Transfer Loan

1. Step Up Repayment Facility (SURF):

Home Loans are the key to your dream home early in life. HDFC provide Step Up Repayment Facility which is for the young salaried professionals. In this facility, you can avail of a high loan amount as compared to your loan eligibility under normal Home Loans. SURF offers an option in which the repayment scheme is linked to the expected growth in your income. You can avail a higher amount of loan and pay lower EMIs in the initial years. After, the repayment is accelerated proportionately with the assumed increase in your income.

2. Flexible Loan Instalments Plan (FLIP):

Unlike from the step-down repayment facility, the flexible loan instalment plan is designed in such a way in which the EMI amount is decreases when the loan progresses. It means that FLIP offers a customized solution which is suit to your repayment capacity that likely to alter during the term of the loan. The loan is structured in such a way that the EMI is higher during the initial years and later decreases in proportion to the income. This repayment scheme is best for those people who are nearing their retirement, as these individuals can pay higher EMI amounts in the initial years, and then they have to reduce the repayment amount in proportion to their income reduction.

3. Tranche Based EMI:

This facility is for those people who have taken loans for under construction property. In this scheme, if you purchase an under construction property, you are generally required to serve only the interest on the loan amount. In case if you wish to start principal repayment immediately, you may choose to tranche the loan and start paying EMIs on the cumulative amounts. This facility is favourable to the borrowers as they started paying off EMI’s earlier and therefore they can repay the loan sooner.

4. Accelerated Repayment Scheme:

Accelerated Repayment Scheme provides a chance for borrowers who repay the loan faster by increasing their EMI amounts. They have the extra funds which they would like to use for home loan repayment. This scheme of repayment provides you with the flexibility to increase EMIs in the ratio of increase in your income every year, as a result you can repay the loan very fast.

5. Telescopic Repayment Option:

Telescopic repayment options are suitable for the younger generation, who have just started their careers, while the loan amount for which they are eligible is less. This scheme allows you to extend the tenure up to 30 years and increase the loan amount you are eligible for or reducing the amount of EMIs.

Processing Fee and Charges For HDFC Home Loan Transfer

The following is an indicator list of fees / other charges/outgoing which is payable on the basis of profit:

1. Processing Fee:

Up to 0.50% of the loan amount or ₹ 3,000 whichever is higher, plus applicable taxes.

2. Prepayment charges:

Adjustable Rate Loans (ARHL) ·         The Adjustable Rate Loans (ARHL) is applied for all loans that are sanctioned to individual borrowers. There will be no prepayment charges apply if the individual prepays the whole amount along with the interest on its account for part or full prepayments.

·         The loans that are sanctioned to individual & borrowers with company, firm, etc will have to pay co-applicant prepayment charges. These charges will be calculated at a rate of 2% and additional taxes & statutory levies will be implied as applicable at that time & on the amount that is prepaid.

Customer needs to submit documents to HDFC so as to know the source of funds at prepayment of the loan.

 Fixed Rate Loans (FRHL) ·         The Fixed Rate Loans (FRHL) has no prepayment charges for partial or full payments made from own sources except borrowing from a Bank/HFC/NBFC or financial institution.

·         The customer again needs to submit documents that HDFC may need to ascertain the source of funds.

·         There will be a prepayment charge of 2% and additional taxes & statutory levies will be implied as applicable from time to time on the outstanding amount that is prepaid by refinancing from any other Bank / HFC / NBFC or financial institution.

Note: It will include all the amounts prepaid during the given financial year & shall be applicable to all partial or full prepayments also.

Fixed and Variable Rate Loans (Combination rate) 1.During the Fixed Rate period:

·         There will be a prepayment charge of 2%, plus taxes & statutory levies & charges for all the loans sanctioned. The prepayment charge shall be applied from time to time on the outstanding amounts. It includes the prepayment that is made through refinancing from any Bank/HFC/NBFC or financial institution.

·         It will include all the amounts that are prepaid during the given financial year. It will also include all partial or full prepayments.

·         Along with this at the time of prepayment of the loan the customer needs to submit documents that indicate the source of funds being carried away.

2. During the Variable Rate period:

  • There will be no prepayment charges on account of part or full prepayments for loans that are sanctioned to the individual, borrowers.
  • The loans sanctioned to individual/borrowers that are with company or firm, or as a co-applicant, there will be prepayment charges that will be calculated at 2% and the additional taxes & statutory levies as applicable at the time & the amount being prepaid.

·         The charges above mentioned are on the date of execution of loan agreement. They are subject to change as per the HDFC Bank policies and may also vary from time to time. We request all our customers to refer www.hdfc.com for latest charges that will be applicable on prepayments.

3. Conversion Fees:

We offer our existing customer an option to decrease the applicable rate of interest on home loans by switching the spreads or switching between plans through our conversion facility. You can avail of this facility by paying a nominal fee and choose for either reducing your monthly instalment (EMI) or loan tenure. 

Sr. No Name of the Product/Service Name of Fee/Charge levied When Payable Frequency Amount in Rupees
1. Switching to Lower Rate loans in Variable rate ( Includes loans such as Housing/Extension/Improvement) Conversion Fees On Conversion On every Spread change You will be charged up to 0.50% of the total principal outstanding and un-disbursed amount (if any) at conversion time or a cap Rs. 50000 & additional taxes whichever is lower.
2. Moving towards Variable Rate Loan from Fixed Rate Loan (Includes Housing/Extension/ Improvement loans) Conversion Fees On Conversion Once Charges up to 0.50% of the outstanding principal & un-disbursed amount (if any) at conversion time or there will be a cap of Rs. 50000 plus taxes whichever lower.
3. Switching from Trufixed fixed rate to Variable rate loans Conversion Fees On Conversion Once There will be an interest of 1.75% on the principal amount that is outstanding & on the undisbursed amount (if any) & additional taxes at the time of conversion.
4. Switching to Lower Rate (Only for Non–Housing Loans) Conversion Fees On Conversion On every Spread change There will be half of the spread difference on the principal amount outstanding & on the undisbursed amount (if any) plus taxes, with a minimum fee of 0.5% & Max. 1.50%.
5. Switching to Lower Rate (Includes Plot Loans) Conversion Fees On Conversion On every Spread change 0.5% interest will be levied on principal outstanding & undisbursed amount (if any) & additional taxes at the time of conversion.

 4. Cheque Dishonour Charges

Cheque Dishonour charges shall be Rs. 200/-

5. Fees On Account Of External Opinion

In case of external opinion is required from the attorney / technical evaluation, the fees in such case may payable as per the case, the fees are directly related to the nature of the assistance provided directly to the respective Advocate / Technical Valuer Is payable.

6. Property Insurance

If the customer wants that the policy alive at all the time during the loan period, the customer shall directly pay the premium amount immediately to the insurance provider.

7. Charges On Account Of Delayed Payments

If there is any delay in repayment,  interest or EMI shall render the customer liable to pay additional interest up to 24% p.a.

8. Incidental Charges

Incidental charges & expenses are imposed to cover the costs, charges, outgoings and other monies that may have been expended in connection with the recovery of dues from a defaulting customer.

9. List Of Documents

 Up to Rs.500

10. Photo Copy Of Documents

Up to Rs.500

11. PDC Swap

Up to Rs.200

12. Disbursement Cheque Cancellation Charge Post Disbursement

Up to Rs.200

13. Re-Appraisal Of Loan After 6 Months From Sanction

Up to Rs.2,000 plus applicable taxes

14. Increase / Decrease In Loan Term

Up to Rs.500 plus applicable taxes

About the author

Pankaj Pathak

Pankaj is an Internet Entrepreneur and Digital Marketing Consultant with qualified bachelors in Information Technology in Engineering. He started his career at the age of 21 and carries about 6 years of Industry experience.

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