| Fees |
| |
Payments
for fees, charges, and pre-EMI interest should be paid by remittances from abroad through
normal banking channels, your NR(E) Account and /or NR (Ordinary) account in India. EMI
payments have to be made through post-dated cheques from your NR(E) Account and /or NR (O)
account in India. You cannot pay by cash. |
| |
If
you are in the Middle East you can pay the prescribed fee in UAE Dirhams by cheque (if you
are based in Dubai only) or demand draft drawn in favour of "Housing Development
Finance Corporation Limited". Please check with the HDFC Dubai Office for the
applicable Dirham-Rupee exchange rate. |
| |
| A fee of 2.0% of
the loan amount applied for i.e. Rs. 20 per Rs. 1000 of the loan applied for is payable
when the application form is submitted to HDFC. |
| |
| |
| Rate
of Interest |
| |
| The current
applicable rate of interest in respect of the total loan approved is: |
| |
| Term of Loan |
Rate of Interest (ROI) (% Per Annum) |
Upto 5 years
6 to 10** |
11.50
12.50 |
|
| |
|
** Maximum
term of the loan is 7 years except for professionals where the maximum term is 10 years. |
| |
| Interest Rates are
calculated on annual rest |
| |
| You repay the loan
in Equated Monthly Instalments (EMIs) comprising principal and interest. |
| |
| EMI for a
loan of Rs. 1,00,000 |
| |
Term of loan (Years) |
EMI (Rs.) |
Upto 3 Years
4 Years
5 Years
6 Years
7 Years |
3440
2715
2284
2056
1856 |
|
| |
| Pending final
disbursement, you pay interest on the portion of the loan disbursed. This interest is
called pre-EMI Interest. |
| |
| No early redemption
charge is payable if the repayment of the loan is ahead of its schedule. You can
repay/prepay the loan by remittances from abroad through normal banking channels, your
NR(E) Account and /or NR (O) account in India. |
| |
| Security
for the loan |
| |
Security
for the loan is first to be financed, normally by way of deposit of title
deeds and/or such other collateral security as may be necessary. Interim security may be
required, if the property is under construction. |
|
| Disbursement |
| |
You
can take disbursement of the loan after the property has been technically appraised, all
legal documentation has been completed and you have invested your own contribution in full
(own contribution is the total cost of the property less HDFC's loan). The loan will be
disbursed in full or in suitable instalments (normally not exceeding three in number)
taking into account the requirement of funds and progress of construction, as assessed by
HDFC and not necessarily according to the builder's agreement. |
|
| How
to apply |
| |
You
need to submit the application form along with supporting documents and the processing
fees at any HDFC office that is convenient to you. |
| |
| Supporting
Documents to be attached: |
| |
| For approval of
loan |
|
| a) |
Employment/Residency related
documents: |
|
|
| Photocopies of : |
|
|
| 1. |
Employment
contract (if the contract is in a language other than English, an English translation of
the same attested by the Embassy/Employer should be given). |
|
|
| 2. |
Latest salary
slip. |
|
|
| 3. |
Latest work
permit. |
|
|
| 4. |
Identity card
issued by current employers. |
|
|
| 5. |
Visa stamped on
the passport. |
|
|
| 6. |
Continuous
Discharge Certificate (CDC) -(if applicable). |
|
|
| 7. |
Overseas Bank
Account Statement of the last four months. |
|
|
| b) |
Overseas
Bank Account Statement of the last four months. |
|
|
| 1. |
Receipts for
payments made for purchase of the residential unit. |
|
|
| 2. |
Copy of approved
drawings of proposed construction/purchase. |
|
|
| 3. |
Agreement for
sale/sale deed/detailed cost estimate from Architect/Engineer for the property to be
Constructed. |
|
|
| 4. |
Allotment letter
from the co-operative society/association of apartment owners. |
|
|
| c) |
Power of Attorney
as per HDFC's format |
|
|
| Please
take photocopies of all documents that are submitted to HDFC (including the application
form) for your personal record. |
