For many people, owning a home in their ideal city remains a fantasy. The satisfaction of owning your own dream home is priceless. With the help of a home loan, these goals can be realised. Applying for an HDFC home loan has never been easier. HDFC home loan interest rate is comparatively lower than other public sector banks or lenders. You obtain tax savings on the interest you pay as well as the loan amount you repay, in addition to low interest rates.
HDFC Home Loan Benefits
HDFC home loans have numerous benefits over other home loans like HDFC offers home loans for upto 90% of the property value in some cases. Some of the other benefits of HDFC home loans are as follows:
Lower Interest Rates
Since the interest rate on home loans have gone low in recent years, home loans have become relatively affordable. Lower interest rates mean lower EMIs, which makes home loans more tempting and affordable. Customers who apply for a home loan with HDFC can expect to pay the lowest possible interest rate.
GST on Purchase
The GST (Goods and Services Tax) rate on property transactions has been slashed significantly. Without the benefit of an input tax credit, the GST rate on residential home purchases is now 5% (1% for affordable dwellings) (ITC). You can take advantage of these low rates by purchasing a property now. As a result, now is a good time to apply for a home loan to take advantage of the lower GST rates and other tax benefits that come with an HDFC home loan.
Homebuyers can now choose from a wide range of options in the affordable housing market. This offers two advantages for a home buyer: on the one hand, he can afford a larger property or buy one for less money than he had budgeted. He can, on the other hand, take advantage of additional benefits of buying a home with a home loan, such as tax benefits, the ability to put down a small down payment and then use a home loan to cover the rest, and a loan payback term of up to 30 years.
The biggest benefit of a home loan is that you can become a homeowner right away rather than waiting to save up enough money. In addition, your house loan payback duration could extend up to 30 years, depending on your loan eligibility and the home loan provider’s other regulations (the longer your loan tenure, lower is the EMI amount). You should always choose a longer home loan tenure because it lowers your monthly repayment installments and allows you to budget for other costs while managing your home loan EMIs. As a result, you will be able to make payments over time without putting a strain on your resources.
In order to apply for an HDFC home loan, you can visit the official HDFC portal and submit the application form by following the on-screen instructions. Using this portal, you can also track the status of your HDFC home loan application. Apart from applying online, you can also use the offline mode to apply for a HDFC home loan. You can visit your nearest HDFC Bank branch and get in touch with an executive from the home loan department that will guide you through the whole home loan application process. Moreover it is advisable to check the HDFC bank’s eligibility criteria before applying for a home loan to avoid rejection. Multiple loan rejections can have a negative impact on your overall credit profile and can lower CIBIL score. You can use the HDFC home loan calculator to check your eligibility in order to avoid rejection.