OUR LOAN PARTNER – HDFC
Keeping in view end to end services Yards 2 Acres Realty- assist its
customers to get the loan done to complete the transaction. HDFC has
been Number 1 choice of Home buyers due its largest service presence all over India.
HDFC Advantages
* Pioneers of Housing Finance in India with over 35 years of lending experience.
* Widest range of home loan & deposit products.
* Vast network of over 348 interconnected offices which includes 3 international offices.
* Most experienced and empowered personnel to ensure smooth & easy processing.
* Online loan application facility at www.hdfc.com and across-the-counter services for new deposits,renewals & repayments.
* Widest range of home loan & deposit products.
* Vast network of over 348 interconnected offices which includes 3 international offices.
* Most experienced and empowered personnel to ensure smooth & easy processing.
* Online loan application facility at www.hdfc.com and across-the-counter services for new deposits,renewals & repayments.
* Counseling and advisory services for acquiring a property.
* Flexible loan repayment options
* Free & safe document storage.
* Free & safe document storage.
Some frequent ask questions about Home Loan:
Who can avail a Home Loan?
Individuals Salaried Individuals: Any individual who is in permanent service in any government undertaking or any reputed private sector Company in India. We also offer loans to salaried Non Resident Indians (NRIs) working with reputed companies in select countries. Professionals: Professionals i.e. allopathic doctors, architects, chartered accountants, cost accountants, practicing company secretary, management consultants and lawyers.
Individuals Salaried Individuals: Any individual who is in permanent service in any government undertaking or any reputed private sector Company in India. We also offer loans to salaried Non Resident Indians (NRIs) working with reputed companies in select countries. Professionals: Professionals i.e. allopathic doctors, architects, chartered accountants, cost accountants, practicing company secretary, management consultants and lawyers.
Self Employed: Individuals like traders, distributors, manufacturers, service providers etc.
Non-Individual Entities
Proprietorship Firms, Partnership Firms, Private Limited Companies, Public Limited companies.
Proprietorship Firms, Partnership Firms, Private Limited Companies, Public Limited companies.
What is the maximum amount I can borrow?
You can borrow up to 80% of the cost of the property in case of Home Loans subject to your income eligibility.
You can borrow up to 80% of the cost of the property in case of Home Loans subject to your income eligibility.
How will my loan eligibility be determined?
Your repayment capacity as determined by the Bank will help decide how much you can borrow. Repayment capacity takes into consideration factors such as income, age, qualifications, number of dependants, spouse’s income, assets, liabilities, savings history and stability and continuity of occupation.
Your repayment capacity as determined by the Bank will help decide how much you can borrow. Repayment capacity takes into consideration factors such as income, age, qualifications, number of dependants, spouse’s income, assets, liabilities, savings history and stability and continuity of occupation.
Whats are the documents required for home loan?
When you apply for your Home Loan, Please make sure you keep the following documents ready:
Salaried
- Duly filled application
- Identity proof: (Pan Card / Passport / Ration card / Voter Id Card)
- Passport size Photographs of all applicants
- Address Proof
- Latest form 16 and last 3 months salary slips
- Last 6 months bank statement of salary account
- Repayment track record , if any
- Copy of Property Papers
- Processing Fee cheque
Sole Proprietorship / Partnership / Private Limited Company
- Duly filled application
- Identity proof : (Pan Card / Passport / Ration card / Voter Id Card )
- Passport size photographs of all applicants
- Business Proof
- Latest Address Proof
- Last 2 years income tax return of directors / partner
- Last 12 months bank statement of main operating account of the firm
- Audited financials
- Certified copies of MOA /AOA / Partnership deed as applicable
- Professional qualification certificate , if applicable
- Repayment track record , if any
- Copy of property papers
- Processing fee cheque
I do not have documented financials but I do have the repayment capacity, will I get a loan?
There are various options available under which we can offer you loans i.e. income based and surrogate income based loans. We have the understanding of your business and can determine your loan eligibility accordingly.
There are various options available under which we can offer you loans i.e. income based and surrogate income based loans. We have the understanding of your business and can determine your loan eligibility accordingly.
In how many years can I repay the loan amount?
You can get Home Loan from minimum 3 years to maximum 20 yrs. The term for the loan will be restricted to the retirement age or 60 yrs at loan maturity for salaried customers and 65 years for self employed customers.
You can get Home Loan from minimum 3 years to maximum 20 yrs. The term for the loan will be restricted to the retirement age or 60 yrs at loan maturity for salaried customers and 65 years for self employed customers.
Do I need a co-applicant? Who can be my co-applicant?
Yes. All the co – owners of your property will have to sign up as co-applicants. For a sole property owner or applicant, one adult member in the family will need to sign up as a co applicant. In case of partnership firm or a company, partners and promoter directors respectively need to be co-applicants.
The co-owner of a property has to be a co-applicant, but a co-applicant need not be the co-owner of the property.
Yes. All the co – owners of your property will have to sign up as co-applicants. For a sole property owner or applicant, one adult member in the family will need to sign up as a co applicant. In case of partnership firm or a company, partners and promoter directors respectively need to be co-applicants.
The co-owner of a property has to be a co-applicant, but a co-applicant need not be the co-owner of the property.
Can I get the benefit of reduced interest rates in the intervening period or the during the balance tenure of my loan? Yes you can, but only if you have opted for the Floating Interest Rate being offered by us
When will the loan be disbursed?
You can take the disbursement after technical and legal appraisals of the property have been done, and you have utilized your own contribution amount towards the property. ‘Own contribution’ is the difference between the cost of the property and the loan amount.
You can take the disbursement after technical and legal appraisals of the property have been done, and you have utilized your own contribution amount towards the property. ‘Own contribution’ is the difference between the cost of the property and the loan amount.
In how many installments can the loan be disbursed?
The loan will be disbursed in full or in suitable installments taking into account requirement of funds and progress of construction, as assessed by the Valuar of the Bank.
The loan will be disbursed in full or in suitable installments taking into account requirement of funds and progress of construction, as assessed by the Valuar of the Bank.
Does the agreement for sale have to be registered?
Yes, very much so. In many states in India, the agreement for sale between the builder and the purchaser is required by law to be registered. You are advised, in your own interest to lodge the agreement for sale at the office of the Sub-registrar appointed by the State Government under the Indian Registration Act, 1908.
Yes, very much so. In many states in India, the agreement for sale between the builder and the purchaser is required by law to be registered. You are advised, in your own interest to lodge the agreement for sale at the office of the Sub-registrar appointed by the State Government under the Indian Registration Act, 1908.
Does the property have to be insured? Your home is your pride and joy. Don’t let unplanned events take it away. Property insurance will take care of
home in case an unforeseen event strikes. That way, you’ll always have
peace of mind knowing that you and your loved ones will be assured of a
roof over their heads.
What should I do to reduce my EMI if EMI
has gone up due to increase in Rate of Interest? Will there be any
charges if I want to change my EMI?
The increase in rate of interest will impact your EMI or tenor. If you wish to reduce your EMI or tenor you can do by paying proportionate amount in your Loan Account. There would be no additional charges applicable for changing your EMI.
The increase in rate of interest will impact your EMI or tenor. If you wish to reduce your EMI or tenor you can do by paying proportionate amount in your Loan Account. There would be no additional charges applicable for changing your EMI.
What is dual rate of Interest?
In dual rate, the rate of interest is fixed for the particular period; it won’t change with the change in the Base Rate or PLR of Financial Institution till that particular period. Once that period of Fixed Rate is over, the rate of interest of your loan will be linked to the Base Rate or PLR of Financial Institution.
In dual rate, the rate of interest is fixed for the particular period; it won’t change with the change in the Base Rate or PLR of Financial Institution till that particular period. Once that period of Fixed Rate is over, the rate of interest of your loan will be linked to the Base Rate or PLR of Financial Institution.
What is pre-EMI interest?
Pending final disbursement, you pay interest on the portion of the loan disbursed. This interest is called pre-EMI interest. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of EMI.
Pending final disbursement, you pay interest on the portion of the loan disbursed. This interest is called pre-EMI interest. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of EMI.
What is the Tranche Based EMI repayment option?
For under-construction properties, customers can choose the instalments they wish to pay till the time the property is ready for possession. Anything paid over and above the interest by the customer goes towards principal repayment. The customer benefits by starting EMI and hence repays the loan faster.
For under-construction properties, customers can choose the instalments they wish to pay till the time the property is ready for possession. Anything paid over and above the interest by the customer goes towards principal repayment. The customer benefits by starting EMI and hence repays the loan faster.
What are the Income Tax Benefits for the Home Loan Borrower?
The total interest payable by you would qualify for deduction under Section 24 for income tax purpose up to overall limit of Rs. 150,000/-. Principal repayments would qualify for deduction from taxable income under Section 80C up to overall limit of Rs. 1,00,000/-.
The total interest payable by you would qualify for deduction under Section 24 for income tax purpose up to overall limit of Rs. 150,000/-. Principal repayments would qualify for deduction from taxable income under Section 80C up to overall limit of Rs. 1,00,000/-.
What is EMI under construction?
EMI Under Construction enables you to make payments through EMIs, in a partly disbursed loan for an under construction project. The loan amount is partly disbursed and EMI is set as per the sanctioned amount. The tenure of the loan keeps moving up with additional amount being disbursed. The EMI will remain constant during the tenure of the loan. Save on interest and ensure faster repayment of the loan. Since your EMI starts immediately after the 1st disbursement, your principal repayment also begins simultaneously, thereby reducing your interest burden and tenure.
EMI Under Construction enables you to make payments through EMIs, in a partly disbursed loan for an under construction project. The loan amount is partly disbursed and EMI is set as per the sanctioned amount. The tenure of the loan keeps moving up with additional amount being disbursed. The EMI will remain constant during the tenure of the loan. Save on interest and ensure faster repayment of the loan. Since your EMI starts immediately after the 1st disbursement, your principal repayment also begins simultaneously, thereby reducing your interest burden and tenure.
Can I change my current loan from a
floating rate loan to a fixed rate loan? What will be the rate that I
will get? Are there any fees that I will have to pay for conversion?
Yes, you can change your current loan from a floating rate loan to a fixed rate loan. The fixed rate of interest for home loans would be the prevailing rate as applicable at the time when you approach home loan branch for conversion from floating rate to fixed rate. To change from floating rate to fixed rate loan you will have to pay a conversion fee depends on Financial Institution on your outstanding loan amount at the time of such conversion.
Yes, you can change your current loan from a floating rate loan to a fixed rate loan. The fixed rate of interest for home loans would be the prevailing rate as applicable at the time when you approach home loan branch for conversion from floating rate to fixed rate. To change from floating rate to fixed rate loan you will have to pay a conversion fee depends on Financial Institution on your outstanding loan amount at the time of such conversion.
What is the process for changing from a floating rate home loan to a fixed rate home loan?
For changing from a floating rate home loan to a fixed rate home loan you will have to execute an amendatory loan agreement for conversion and pay a conversion fee on your outstanding loan amount.
For changing from a floating rate home loan to a fixed rate home loan you will have to execute an amendatory loan agreement for conversion and pay a conversion fee on your outstanding loan amount.
Can I repay the loan ahead of schedule? What are the charges for prepayment of my loan?
Yes. You can repay the loan ahead of schedule. Most of the banks don’t charge any Prepayment Charges Floating Rate Home Loan. For fixed rate home loan the prepayment charge is 2% of the outstanding loan amount and the amount part prepaid during last 12 months plus applicable service tax and surcharge. For one year, two year and three year fixed rate loan the prepayment charge is 2% of the outstanding loan amount plus applicable service tax and surcharge till the time loan is under fixed rate. Once loan moves into floating rate there would be no prepayment charge. There is no prepayment charge on part prepayment of your home loan.
Yes. You can repay the loan ahead of schedule. Most of the banks don’t charge any Prepayment Charges Floating Rate Home Loan. For fixed rate home loan the prepayment charge is 2% of the outstanding loan amount and the amount part prepaid during last 12 months plus applicable service tax and surcharge. For one year, two year and three year fixed rate loan the prepayment charge is 2% of the outstanding loan amount plus applicable service tax and surcharge till the time loan is under fixed rate. Once loan moves into floating rate there would be no prepayment charge. There is no prepayment charge on part prepayment of your home loan.
Can I make part pre-payment?
You can make part pre-payments of a minimum amount of Rs 50,000 after 6 months from the date of first disbursement of the loan. This payment can be made only once in a financial year subject to a maximum of 25% of the balance outstanding against your loan amount at the time of request. All part prepayments made 12 months prior to the foreclosure of the loan will be charged at the applicable foreclosure rate at the time of foreclosure.
You can make part pre-payments of a minimum amount of Rs 50,000 after 6 months from the date of first disbursement of the loan. This payment can be made only once in a financial year subject to a maximum of 25% of the balance outstanding against your loan amount at the time of request. All part prepayments made 12 months prior to the foreclosure of the loan will be charged at the applicable foreclosure rate at the time of foreclosure.
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