HDFC Reach Home Loan: At HDFC, we know that how hard work you have done and face the number of difficulties and challenges to reach your goal so far in your life. Now it is the time that you can build your own home, which is according to your taste and needs. There is nothing like your home that’s why HDFC provide an option to you so that you can gather expectations, achieve your dreams and make memories in your own space.
At HDFC, there is a sensitive approach as we understand that the sweat and blood that have this dream. The HDFC’s product is a promise to be with you in every step while you make that cozy little corner which will soon be your home.
Key Features of HDFC Reach Home Loan:
HDFC Reach Home Loan specially designed for:
- Purchasing a new home.
- Constructing your home on a freehold/leasehold plot or on a plot allotted by a Development Authority.
- Transfer to HDFC, your remaining home loan availed from another bank or financial institution.
- Increasing your house in many ways like tiling and flooring, interior and exterior plaster and painting etc.
- Extend or add space to your home.
- You can also avail Non Residential Premises Loans, Top-Up Loans and Loan Against Property.
- In HDFC Reach Home Loan there are no hidden charges.
- HDFC provides you doorstep assistance on your Home Loan.
- HDFC also provides you with an expert legal and technical counselling that help you to make the right home buying decision.
- HDFC offers customized home loan products that help you to buy a new or second-hand house.
Loan Requirements For HDFC Reach Home Loan:
You will have to apply for bridging 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.
- For Reach Home Loan the maximum home loan repayment period up to 20 years.
- For loans against property, maximum repayment period can be up to 15 years.
- For non-residential premises, the maximum repayment period should be for 10 years of the loan.
- The loan tenure depends on the customer’s profile, the age of customer at maturity of the loan, age of property at loan maturity.
- Salaried individuals can avail Reach Home Loan with a minimum income of Rs. 10,000 p.m.
- Self-employed individuals can avail Reach Home Loan with a minimum income of Rs. 2 lacs p.a.
- HDFC Reach Home loan available at the age of 24 – 60 years.
Maximum Loan Amount:
Loan For | Maximum Funding |
HDFC Reach Home Loans | 80% of the cost of the property |
HDFC Plot Loans | 80% of the cost of the property |
HDFC Non-Residential Premises Loans | 60% of the cost of the property |
Types of Home Loans:
- Adjustable Rate Home Loan:
Home loan is linked to HDFC’s Retail Prime Lending Rate (RPLR) under the adjustable rate. If any changes occur in our RPLR, the interest rate of your loan will be revised every three months, depending on the date of your first delivery or without changing the EMI. If interest rates increase, the interest component in the EMI will increase and the main component will be decreased in the enlargement of the term of the loan, and vice versa when interest rates fall.
- TruFixed Home Loan – 2 / 3 Year Fixed Rate Variant:
A TruFixed Home Loan provides you with a fixed rate period and an adjustable period you can take advantage of a fixed rate for a maximum period of 2 / 3 years, after which the loan will automatically convert to an adjustable rate, adding up to a total term of 20 years.
Read More: 12 Types of Hdfc Home Loan That Will Actually Make Your Life Better
Interest Rate For HDFC Reach Home Loan:
1) For Reach Home Loans and Plot Loans:
a. For Salaried
Loan Slab | Interest Rates (% p.a) |
Any loan amount | 10.55 or 11.55 |
b. For Self-Employed Professionals & Non Professionals
Loan Slab | Interest Rates (% p.a) |
Any loan amount | 10.55 or 11.55 |
2) For Non Residential Premises Loans:
a. For Salaried
Loan Slab | Interest Rates (% p.a) |
Any loan amount | 13.5 |
b. For Self-Employed Professionals & Non Professionals
Loan Slab | Interest Rates (% p.a) |
Any loan amount | 13.5 |
3) For Loan Against Property:
a. For Salaried
Loan Slab | Interest Rates (% p.a) |
Up to Rs. 50 Lacs | 13.00 or 14.00 |
b. For Self-Employed Professionals & Non Professionals
Loan Slab | Interest Rates (% p.a) |
Up to Rs. 50 Lacs | 13.00 or 14.00 |
Read More: Here’s How Home Loan Interest Rate Can Lower with Lower PPF Rates
Documents Required for HDFC Reach Home Loan:
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:
Purpose | Documents for Salaried | Documents for Self-employed |
Proof of both identity and residence (any 1) |
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Proof of income |
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Other documents |
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Processing Fee and Charges on HDFC Reach Home Loan:
The following is an indicator list of fees / other charges/outgoing which is payable on the basis of profit:
A. For Reach Home loans and Reach Plot Loans
For Salaried, Self-Employed Professionals & Non-Professionals Up to 1.50% of the loan amount, plus applicable taxes.
B. For Reach Non-Residential Premises Loans
For Salaried, Self-Employed Professionals & Non-Professionals 2% of the loan amount, plus applicable taxes.
C. For Reach Loan against property Loans
For Salaried, Self-Employed Professionals & Non-Professionals 1% or 2% of the loan amount, plus applicable taxes.
D. Prepayment charges:
Adjustable Rate Loans (ARHL) |
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Fixed Rate Loans (FRHL) |
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:
2. During the Variable Rate period:
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E. 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 installment (EMI) or loan tenure. Terms and conditions apply. The following options for conversion are available to an existing customer of HDFC.
The fee payable for the conversion shall be 0.5% or Rs. 7500/- plus applicable taxes of the principal remaining amount whichever is lower.
F. Cheque Dishonour Charges:
Cheque Dishonour charges shall be Rs. 200/-
G. 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.
H. 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.
I. 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.
J. 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.
K. List Of Documents:
Up to Rs.500
L. Photo Copy Of Documents:
Up to Rs.500
M. PDC Swap:
Up to Rs.200
N. Disbursement Cheque Cancellation Charge Post Disbursement:
Up to Rs.200
O. Re-Appraisal Of Loan After 6 Months From Sanction:
Up to Rs.2,000 plus applicable taxes
P. Increase / Decrease In Loan Term:
Up to Rs.500 plus applicable taxes