HDFC Home Loan For Resale Flat

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Unlike under-construction properties with waiting periods, buying a resale flat offers the advantage of moving in immediately. Established infrastructure, existing communities, and ready amenities make HDFC Home Loan for Resale Flats a practical financing option for homebuyers. These loans provide competitive interest rates, flexible repayment options, and a straightforward application process. Applicants can avail of up to 90% financing, depending on eligibility. Additionally, HDFC Home Loans offer tax benefits on both principal and interest payments, reducing the overall financial burden. Understanding eligibility criteria, required documents, and associated charges will help make an informed decision before applying for a home loan.

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Table of Content

1. HDFC Home Loan for Resale Flat Highlights

2. Eligibility Criteria on HDFC Home Loan for Resale Flat

3. HDFC Home Loan for Resale Flat Documents Required

4. HDFC Home Loan for Resale Flat Processing Fees and Other Charges

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Thejus KS

A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.

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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 Home Loan for Resale Flat – Highlights

Below is a concise overview of the key features of HDFC Home Loan for Resale Flats:

Feature	Details
Loan Amount	Up to 90% of the property’s market value
Interest Rates	Starting from 8.70% per annum
Loan Tenure	Up to 30 years
Processing Fees	Up to 0.50% of the loan amount
Prepayment Charges	Nil for individual borrowers with floating rates
Repayment Options	Flexible EMIs with step-up and step-down options
Approval Process	Quick processing with minimal documentation

Eligibility Criteria on HDFC Home Loan for Resale Flat

Applicants must meet specific criteria to qualify for an HDFC Home Loan for Resale Flat. These include being an Indian resident or Non-Resident Indian (NRI) aged between 21 and 65 years at loan maturity. Both salaried and self-employed individuals are eligible, provided they have a stable income source. A good credit score is essential, reflecting creditworthiness and influencing loan approval. The property’s age and condition are evaluated to ensure it meets HDFC’s standards.

HDFC Home Loan for Resale Flat Documents Required

Proper documentation is vital for easily processing your HDFC Home Loan for Resale Flat. The required documents include:

Identity Proof: Passport, Voter ID, or Aadhaar card.
Address Proof: Utility bills or rental agreement.
Income Proof:
- Salaried Individuals: Latest salary slips and Form 16.
- Self-Employed Individuals: Income Tax Returns and Business Financials.
Property Documents: Sale agreement, previous title deeds, and a no-objection certificate (NOC) from the society.

HDFC Home Loan for Resale Flat Processing Fees and Other Charges

Understanding the fees associated with an HDFC Home Loan for a Resale Flat is essential for effective financial planning. Below is a detailed breakdown of the processing fees and other charges:

Processing Fees:

Applicant Type	Processing Fee
Salaried/Self-Employed Professionals	Up to 0.50% of the loan amount or ₹3,000, whichever is higher, plus applicable taxes.
Self-Employed Non-Professionals	Up to 1.50% of the loan amount or ₹4,500, whichever is higher, plus applicable taxes.

Additional Charges:

Charge Type	Details
Legal and Technical Evaluation Fees	Typically, it ranges from ₹2,000 to ₹10,000, depending on the property and loan specifics.
Stamp Duty and Registration Charges	It varies according to state regulations and the property’s sale deed value.

Frequently Asked Questions (FAQs)

How long does processing an HDFC Home Loan for a resale flat take?

The processing time for an HDFC Home Loan for a resale flat typically ranges from 7 to 10 working days, provided all required documents are submitted promptly and are in order.

Does HDFC offer special schemes or discounts for resale flat home loans?

HDFC periodically introduces special schemes or discounts on home loans for resale flats, especially for women applicants or during festive seasons. It's recommended to check the latest offerings on HDFC's official website or contact their representatives for current promotions.

What is the processing fee for an HDFC Home Loan for resale flats?

The processing fee for an HDFC Home Loan for resale flats is up to 0.50% of the loan amount, subject to minimum and maximum limits. This fee covers administrative expenses incurred during loan processing.

What maximum loan amount can I get for a resale flat under HDFC Home Loan?

The maximum loan amount for a resale flat under HDFC Home Loan can be up to 90% of the property's market value, depending on the applicant's eligibility and valuation. However, the loan-to-value ratio may vary based on individual profiles and HDFC lending policies.

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