HDFC Home Loan Criteria For Salaried & Non-Salaried

An HDFC home loan is the most common way to finance the purchase of a new home. While applying for the best HDFC home loan based on your income, there are a few things to bear in mind. Your income, as well as any previous debt, decide the size of your home loan. Your monthly income determines the amount you are eligible for when applying for an HDFC home loan. HDFC customers can borrow up to 85 percent of the value of their property. You must first establish your affordability and ensure that you meet the HDFC’s eligibility conditions in order to get the most money out of a loan.

Eligibility Criteria

For All Applicants

• Complete loan application form.
• three passport-size photos.
• One Proof of Address: A recent utility bill or a copy of your Aadhaar card, driving licence, or passport.
• One proof of identity: A voter ID card, a PAN, a driving licence, or a passport are all acceptable forms of identification.
• Bank account statements for all bank accounts held by the applicant for the last six months.
• Loan account statement for the preceding year if another loan is currently active.

For Salaried Applicants

• Identity card for the employer
• Salary certificate or previous three months salary slips.
• A copy of the preceding two financial years IT returns or
• Copy of the previous two years’ Form 16

For Non-Salaried Applicants

• Returns on IT investments during the last three years.
• The past three years’ balance sheet.
• Accounts of Profit and Loss for the last three years.
• A copy of your business licence or a similar document.
• If applicable, use Form 16A or a TDS certificate.
• Professionals should provide their Qualification certificate
• Proof of business location.

Property Documents Required to Apply for HDFC Home Loan

• Occupancy Certificate Copy of Approved Blueprint (for ready-to-move property)
• Deed of Conveyance (For New Property)
• Construction permission (where applicable)
• Maintenance bill Electricity bill Property tax receipt Stamped Agreement for Sale or Allotment Letter
• Approved Plan Copies (Xerox Blueprints) & the Builder’s Registered Development Agreement, Conveyance Deed (For New Property)
• Payment receipts or bank account statements for payments to the seller or builder
• Registered Sale Agreement (for Maharashtra)
• Certificate to Share (for Maharashtra)

How to Apply?

Below is the step by step process to apply for a HDFC home loan.

1. Application Form-

   The application form is to be duly filled and submitted by the applicant to the bank. 

2. Processing Charges-

   The borrower or applicant then needs to pay the processing fee or charges in order to initiate the loan process. This fee is non refundable and the remaining processing fee is to be paid by the applicant at the time of loan disbursal.

3. Discussion with HDFC Bank-

   Once the applicant has paid the loan processing fee, the bank will investigate the applicant and verify the documents submitted by him. 

4. Verification of Documents-

   HDFC will then investigate the documents submitted by the applicant. These documents are investigated to check for any errors as well as to check their authenticity. 

5. Verification of Property-

   If all the documents are in proper order and are error free and the bank is willing to approve the loan application, then the bank will verify the property for which the loan is being applied for. HDFC bank will check if the property has ever been mortgaged. The original documents of the property are to be submitted by the applicant to the bank. 

6. Loan Approval-

   The fate of the loan application is then decided by the bank. If the bank rejects the application, then the application process for the applicant will end here and he can apply again for a home loan. But if the bank grants approval to the loan application then the applicant needs to follow a few more steps. 

7. Sanction Letter-

   After the loan is given approval, the loan sanction letter is given by the bank to the applicant. This sanction letter contains all the information that is related to the home loan. The sanction letter tells the amount that has been given approval in the form of home loan as well as the HDFC home loan interest rate that is being charged on the home loan application by the bank. 

8. Loan Disbursal-

After completing all the formalities, the original documents are submit by the applicant to the bank. The loan amount issued.