Question: Is HDFC Home Loan Mandatory?

What is the eligibility for home loan in HDFC?

Home Loan Eligibility Criteria Age Limit for Salaried Individuals: 21 to 65 years .

Age Limit for Self-Employed Individuals: 21 to 65 years.

Minimum Salary: ₹10,000 p.m.

Minimum business income: ₹2 lac p.a..

Which bank is best for home loan?

These 10 banks are offering the lowest home loan interest rates for salaried individuals.BANK NAMERLLRMinimum Interest Rate (%)Union Bank of India6.806.85Bank of India6.856.85Central Bank of India6.856.85Canara Bank6.906.906 more rows•Oct 23, 2020

Is HDFC home loan processing fee refundable?

Fee refundable if loan not sanctioned/disbursed Processing Fee paid by the Customer for availing the loan is non-refundable. … submit all relevant documents as mentioned in the Sanction Letter/Loan Agreement. b. intimate HDFC of any change in his employment/contact details.

What is HDFC home loan processing fee?

For salaried individuals and self-employed professionals, HDFC charges 0.50% of the loan amount or Rs. 3,000 whichever is higher as processing fees. As for self-employed non-professionals, HDFC levies processing fees of up to 1.50% of the loan amount or Rs. 4,500, whichever is higher, plus applicable taxes.

What is the minimum cibil score for home loan?

between 650 and 749A score ranging between 650 and 749 is considered good and lenders may offer you a home loan after inquiring into your other financial details. However, lenders usually consider 650 as the minimum CIBIL score required for a home loan. Scores ranging between 550 and 649 are average and require working on.

Which is best SBI or HDFC?

This is despite the fact that SBI’s balance sheet is four times larger than HDFC Bank, has 10 times more customers, and is owned by the government of India….BankMarket capitalisation as of May 4State Bank of India₹1.6 lakh croreHDFC Bank₹5 lakh croreMay 5, 2020

Is home insurance mandatory for HDFC home loan?

Although it is essential to buy an insurance cover while taking a loan you are under no obligation to do so, not from any bank nor non-banking finance company. “It is not mandatory to purchase home loan protection plans.

Is there any pre closure charges for HDFC home loan?

While on adjustable rate home loans there are no prepayment charges, on fixed rate home loans, lenders usually charge a penalty of 2 percent of the amount being prepaid through refinance, i.e. when you borrow to prepay your home loan.

Is SBI Home Loan better than HDFC?

The lowest interest rate of SBI is lower than that of HDFC bank….Which is a better bank for Home Loan – SBI or HDFC?CategorySBIHDFCInterest Rate (Annual)6.95% – 7.50%6.95% – 8%2 more rows•Aug 31, 2020

What is the EMI for 20 lakhs home loan?

Housing Loan Interest CalculatorEMI for various home loan amounts15 years20 years₹ 20 Lakh₹ 17,921₹ 15,446₹ 25 Lakh₹ 22,401₹ 19,308₹ 30 Lakh₹ 26,881₹ 23,169₹ 50 Lakh₹ 44,802₹ 38,6151 more row

Which SBI home loan is better?

SBI Home Loan Interest Rates 2020SBI Home Loan SchemesInterest Rates for SalariedInterest Rates for Self EmployedSBI Smart Home Top Up Loan (Term Loan)8.50%8.55%SBI Smart Home Top Up Loan (Overdraft)8.55%9.05%Insta Home Top Up Loan8.20%8.20%SBI Earnest Money Deposit (EMD)10.45% onwards–7 more rows•Oct 20, 2020

Which bank is bigger SBI or HDFC?

Even as State Bank of India (SBI) has a balance sheet four times the size of HDFC Bank, the market capitalisation is just over a third of the private sector lender. SBI, the country’s largest lender, also has a customer base nearly ten times larger than HDFC Bank.