HDFC Reach Home Loan Scheme

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HDFC Home Loan Balance Transfer

The HDFC Reach Home Loan Scheme provides a customized financial initiative for people who desire to live in their place. Developed by HDFC, which is one of India’s leading housing finance institutions, aims to extend the accessibility of home loans. This scheme makes your life easier with its easy loan repayment flexibility without any monetary requirements. Its competitive interest rates and easy instalment choices strengthen its commitment to simplifying the home loan buying process.

Overall, the HDFC Reach Resident home loan scheme stands as the ultimate solution for a diverse range of applicants aspiring to realize their dream of owning a place. In this comprehensive guide, we will delve into the essential points of HDFC Reach Prime Home Loan, to help you determine how it’s you can apply and avail the benefits of this scheme.

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Table of Content

1. HDFC Reach Home Loan: Highlights

2. HDFC Reach Home Loan Features and Benefits

3. HDFC Reach Home Loan Interest Rates

4. HDFC Reach Home Loan Fees and Charges

5. HDFC Reach Home Loan Eligibility Criteria

6. HDFC Reach Home Loan Documents Required

Written By

Utsah Sharma

Utsah Sharma is a seasoned financial expert with a Master’s Degree in Commerce specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & Loan products. Drawing on her experience, she has established herself as a trusted voice, providing invaluable insights and guidance to seasoned investors and beginners. She is committed to breaking down the complexities of everything finance.

Reviewed By

Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

HDFC Reach Home Loan: Highlights

Let’s take a quick overview of HDFC reach resident home loan insights:

Loan Category	Home Loans
Loan Amounts	Up to 90% of the property’s value
Maximum Loan Tenure	30 years
Interest Rate	8.50%-9.40% p.a. (The ROI is based on Repo Rate)
Security	The concerned property is to be mortgage by the bank

HDFC Reach Home Loan – Features and Benefits

Here’s a tabular representation of the features and benefits of HDFC Reach Loan:

Feature	Benefit
Tailored Solutions	Purchase, extend, or renovate your existing home with HDFC reach loan
Competitive HDFC Reach Home Loan Interest Rate	Enjoy rates starting at 8.50% p.a.
Flexible Loan Tenure	Choose a tenure of up to 30 years for new homes
Hassle-Free Online Application	Apply seamlessly through the Urban Money website for a smoother process.
Pre-Approval Facility	Get pre-approved for a specific loan amount for stronger negotiating power

HDFC Reach Home Loan Interest Rates

Interest rates for HDFC Reach Home Loan offer competitive interest rates that are benchmarked to the Policy Repo Rate (currently 6.50%). This means your interest rate will be adjusted in line with changes in the Repo Rate, ensuring you benefit from potential rate reductions.

Let’s have a brief look at the HDFC reach home loan interest rate structure:

Special Home Loan Rates: Policy Repo Rate + 2.00% to 2.65% = 8.50% to 9.15% p.a.
Standard Home Loan Rates: Policy Repo Rate + 2.25% to 2.90% = 8.75% to 9.40% p.a.

HDFC Reach Home Loan Fees and Charges

Here’s an overview of the fees and charges associated with the HDFC Reach Home Loan Scheme:

Processing Fee: Up to 1.50% of the loan amount plus taxes.
Prepayment Charges: Up to 4% of the outstanding loan amount depending on the tenure remaining.
Documentation Charges: As per government regulations.
Conversion Charges: HDFC Reach loan provides borrowers with a conversion facility to reduce the interest charges by switching the schemes by simply paying normal charges. The amount and shortened loan tenure totally depend on the bank’s preference.
Minimum Retention Amount: 50% of applicable fee plus taxes.

HDFC Reach Home Loan – Eligibility Criteria

Take a look at the eligibility criteria for HDFC Reach prime home loan:

Nationality: Applicants must be an Indian citizen
Minimum monthly income: Rs. 20,000 for salaried individuals and Rs. 25,000 for self-employed individuals.
Age: 18 years to 70 years at loan maturity.
Employment stability: Minimum 2 years of continuous employment for salaried individuals and minimum 3 years of profitable business for self-employed individuals
Credit score: A good credit score is essential for loan approval.

HDFC Reach Home Loan – Documents Required

Following are the documents required while applying for an HDFC reach loan:

KYC documents (PAN card, Aadhaar card, etc.)
Income proof (salary slips, income tax returns, etc.)
Employment proof (offer letter, salary certificate, etc.)
Property documents (agreement for sale, construction agreement, etc.)
Other Documents (Passport size photograph, Own contribution proof, Cancelled cheque, Latest form 26 AS)