Purpose

• For purchase/construction / extension/ repairs /renovations/furnishing of residential house / flat including the purchase of land and construction thereon.
• Supplementary finance to complete the project financed by your employer.
• Takeover of the Housing Loan from other Banks/Housing Finance Companies.
• Purchase/Take-on of long term lease (min. 10 yrs) of house/flat from Govt. Bodies/PSUs (unexpired lease period should exceed at least 5 years of repayment period of loan).
• For purchase/construction of 2nd house/flat.
• For purchase/construction of 3rd house/flat (0.50% interest rate more than the rate applicable for 1st & 2nd unit).

Eligibility

• Individuals above 21 years, having regular income i.e. salary/ business / professionals and self-employed (PSEs) persons.
• Salaried person should be in regular & permanent service.
• Established and experienced Professional & Self Employed & Business persons should be at least 03 years in Trade or Profession.
• Business and PSEs should have 3 years of ITR.

Repair / Extension of Existing House
For Repair of Existing House / Extension of Building

• For Repairs: Rs 10 Lac (maximum) subject to submission of estimate from Chartered Engineer /Architect (the rate should corroborate the PWD rates), subject to satisfactory repayment history and available vacancy.
• For Extension: Rs 15 Lac (maximum) subject to submission of sanctioned plan by the Municipality / Corporation etc.& Certificate of construction cost by Chartered Engineer/Architect.

Margin

• (i) For borrowers having annual income upto Rs 3.00 lakh, 25% margin is to be obtained.
• (ii) For borrowers having annual income more than Rs 3.00 lakh, margin contribution will be as follows:-
  Loan upto Rs. 30 Lac 10% of Project cost
  Above Rs. 30 lac to Rs. 75 lac: 20% of project cost
  Above Rs. 75 lacs: 25 % of project cost
  For purchase of land for construction of building: 40% of maximum eligibility of the borrower subject to margin of 25% of the value of the plot/land.

Repayment

• Max. Period of 30 years and tenure is fixed on the basis of age of 1st applicant (whose income contributes major part in recovery) and remaining age of old property.
• If the salaried person satisfies the Bank that he/ she will have sufficient income after superannuation from sources like pension or interest on investment & bank deposits and/or other sources, in which case repayment period may be extended upto 70 years of age.
• For professional & self employed person the loan shall be repaid, within the age of 70 years if there is sufficient income generation for repayment.

Takeover of Loan

• Loan will be sanctioned to the extent of full take-over amount. Repayment of EMI for last 12 months should be regular and status of the account must be “Standard”.

Processing Charge

• 0.59%, Minimum Rs.1180/-; Maximum Rs.11800/-

Rate of Interest

• United Housing Loan Scheme: (irrespective of amount and repayment period)
• United Housing Loan Scheme (Floating Rate): MCLR-H i.e. 8.60%

Primary Security

• A. Mortgage of the Property to be financed
• B. Where creation of mortgage of property to be financed is not feasible, total amount of loan must be covered by securities of equivalent value of loan limit in the form of Bank‟s own Term Deposit, SV of LIP, NSC, KVP, Relief Bonds etc. or any other security acceptable to Bank or by mortgage of any other house property of adequate value

Additional Security (Spouse be made co-borrower, wherever possible)

• Nil. However, Personal Guarantee of spouse in case of married persons or parent in case of unmarried borrower shall be explored

Valuation of Property

• In case of outright purchase of ready built flat / house, valuation of property must be obtained from empanelled valuer prior to disbursement of Loan. In case of construction of house on own land or purchase of house / flat under construction, valuation to be done after completion of construction. For Loan limit of Rs. 50 Lacs and above valuation report to be obtained from 2 (two) empanelled valuers.
• Eye estimated value of the mortgaged property (Offered as primary security under United Housing Loan Scheme) is to be obtained by the Branch after every two years where the Housing Loan account is maintained. Eye estimated valuation in respect of loans above Rs. 1.00 crore must be done jointly by RO and Branch officials once in every 2 years

Prepayment Charge

• Floating Rate of Interest -
  No prepayment charge irrespective of source of fund in case of Floating Rate of Interest
• Fixed Rate of Interest -
  In case of takeover of Loan by Banks/FIs & Housing Finance Cos., 2.38% prepayment charge shall be levied. But no prepayment charge will be levied if prepayment is made out of own source of Fund.

Processing Charge

• 0.59%, Minimum Rs.1180/-Maximum Rs.11800/-

Insurance

• 1. The property is to be insured against fire and other hazards and the policy to be assigned in favour of the Bank
• 2. The Loan Liability of our eligible borrowers under the Group Credit Life Insurance should be extended under “HDFC Life Group Credit Protect Plus Insurance Plan” following the prevailing guidelines of the Bank through solicitation only.

Documents

• Salary certificate (in English) duly attested by the embassy official
• 1. Applicant should maintain NRE/NRO/FCNR/NRNR a/c with the Bank and repayment will be made by direct remittance or through such account
• 2. NRI should empower one Power of Attorney (POA) holder to deal activities with bank in India on behalf of NRI. POA holder should be resident Indian and have relation with NRI
• 3. POA must be notarised if executed in India and if outside India, must be attested by Indian Embassay & registered in India within three months of execution
• 4. POA holder will preferably be co-borrower
• 5. Guarantor should be Resident Indian and related to applicant
• 6. Margin should be paid through banking channel by direct remittance
• 7. If property is rented, realizable rent should be credited to housing loan a/c of borrower with the branch
• 8. Copy of Identity Card issued by the Current Employer
• 9. Copy of first four pages and last page of passport and pages with visa stamp
• 10. Overseas Bank Account Statement for the last 6 months
• 11. Copy of latest work permit
• 12. IT Returns for the last 3 years duly accepted by the ITO
• 13. Undertaking from the employer for remittance of monthly instalment, wherever feasible
• 14. Balance sheets and profit & loss accounts of the business/profession along with copies of individual income-tax returns for the last three years, certified by a chartered accountant
• 15. Bio-data covering educational qualifications, age, job experience, nature of profession/business etc., with necessary proof
• 16. The POA holder should have blood relation with the Borrower and it is to be supported by relevant documents

Housing Loan for Newly recruited officers

• Should be confirmed; Credit Life Ins. is mandatory; In case he/she leaves service of the bank, staff concession shall be withdrawn; Irrevocable undertaking for EMI and attachment of terminal benefits.; all other terms and conditions for UHL Scheme

Nature of Applicant

Location of House / Flat/ Property

Metro

Urban

Semi-urban

Rural

For all Categories of Borrowers

Max upto 300 Lac

Max upto 100 Lac

Max upto 45 Lac

Max upto 25 Lac