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HDFC bank provides different types of home loan. The various types of home loan are

  • Home Improvement Loan
  • Home Extension Loan
  • Land Purchase Loan
  • Short Term Bridging Loan
  • Home Equity Loan
  • Loans to Professionals for Non Residential Premises Loan.

Home loans are categorized according to the needs of people. Usually banks categorize loans depending upon the requirements of the people. They understand people. This strategy is the actual strength of the successful bank. Though we have house, we might think of extending it, for that home extension loan is there and sometimes the house may be old, for that home improvement loan is present. If somebody doesn’t have home at all, then to help them, land purchase loan is there.

HDFC bank provides different interest rates depending upon the loan amount. Up to 5 lakhs, the interest rate is 8.75%. In range of 5-30 lakh, the interest rate is 9%. For amount in range of 30 to 75 lakhs, the interest rate is 9.5%. HDFC bank has service charges. The different service charges are listed here below. Charges for late payment of EMI is 2% per month, for Payment/Cheque bouncing the charge is Rs 500, for Duplicate statements it is Rs 100 per page, Maximum amount is Rs 300, for Issue of Duplicate Interest Certificate the charge is Rs 300 and for Issue of Amortization Schedule (Duplicate)it is Rs 300.

Bank requires important documents to certify that the applicant is eligible to get the loan. The documents are identity proof, address proof and age proof. The applicant can submit Passport, Photo PAN Card, Photo ration card, Voter's identity card, Driving license, Defense identity card and Government identity card for identification purpose. The applicant can submit the following documents for address proof.

  • Passport
  • Ration card
  • Society outgoing bill
  • Telephone (land/mobile) bill
  • Electricity bill
  • Driving license
  • Voter's identity card
  • Life Insurance Policy.

The documents which can be submitted for age proof are

  • Passport
  • Birth certificate
  • Valid driving license
  • Voter's identity card
  • School leaving certificate
  • LIC Policy or Premium receipt clearly indicating the applicant's age
  • Letter from the employer stating the age of the employee.

Another important point is that passport only can be used for both personal identities as well for address proof. These are the personal documents to be submitted for loan. The important financial documents are salary slip for employees and salary certificate for self-employed applicants