Hero Housing Finance Home Loan Interest Rates

Hero Housing Finance Home Loan Interest Rates 2024

An array of home loans are available to customers across India from Hero Housing Finance Ltd., a part of Hero FinCorp. Hero Housing Finance Home Loan’s mortgage interest rates begin at 9.50% per annum. Customers can obtain a house loan from the housing finance firm to finance newly constructed or residential properties ready to move into. The money from the loan might also be used to build a new house or to renovate and expand an existing one. Continue reading to learn more about its services.

Hero Housing Finance Home Loan Highlight

Hero Housing Finance provides financial support for a wide range of needs, with loan amounts ranging from INR 5 lakhs to INR 3 crores. They also provide financing for housing loans used to buy real estate from development agencies. The housing finance journey should be as enjoyable as the home-buying process. Hero Housing Finance Limited’s housing loans ensure that clients and customers have a seamless experience.

Hero Housing Finance Home Interest Rates on Loan schemes

Hero Housing Finance Home Loan offers four schemes to its customers. Listed below are the four schemes to use to avail of a housing loan according to your needs:

Purchasing New Property

Hero Housing Finance Limited’s property acquisition loan satisfies all your requirements at competitive interest rates. Hero Housing Finance Limited’s property acquisition loans meet all your needs at competitive interest rates. Their goal is to give the clients “the joy of being a proud homeowner,” which serves as their compass.

Extension or Renovation of an Existing Property

Hero Housing Finance Limited offer home renovation/expansion loans for financial assistance with the renovation, enlargement, or repair of your current property. Hero Housing Finance Limited offers home additions and renovation loans with a more extended loan repayment period and competitive interest rates.

Transfer of Balance

Hero Housing Finance Limited recognise the importance of one’s aspirations and the sacrifices you have made to realise them. We think that your money should work harder for you. Therefore, we provide you with the resources you need to make an informed decision about a financial partner who will meet your needs. We have you covered for everything, including affordable interest rates, excellent customer service, and simple repayment options.

Construction

Hero Housing Finance Limited also provides loans to assist in building one’s own home. Building a home is a unique experience. Hero Housing Finance Limited offers straightforward self-construction financing

Hero Housing Finance Home Loan Interest for Salaried and Self-Employed

Interest rates on personal loans from Hero Housing Finance home loan interest start at 9.5% for salaried workers and self-employed professionals. Depending on the applicant’s reputation and other relevant parameters like income, age, repayment history, etc.

Type of Employment	Offered Personal Loan Interest Rate	Processing Charges	Prepayment Charges
Salaried Employee	From 9.5% per annum onwards	Upto 2% of the approved loan amount + GST	Not Applicable
Self-Employed Professional	From 9.5% per annum onwards	Upto 2% of the approved loan amount + GST	Not Applicable

Hero Housing Finance Home Interest for Govt Employee

Hero Housing Finance Home Interest for government employees is similar to that of any other privately employed customer. The interest rates and the amount remains the same for everyone. They provide incredible offers on their housing loan schemes from time to time and ensure that they provide the best lending services. 

Hero Housing Finance Bank Home Loan Interest Rate For Women

The Hero Housing Finance Bank Home Loan Interest Rates follows all the government protocols applicable to women to empower them more and provide them with better schemes. They offer a subtle and government-approved 1-2% subsidy on a loan’s stamp duty.

Hero Housing Finance Bank Home Loan Interest Rate For NRI,

NRI customers can avail of numerous benefits from a Hero Housing Finance Bank Home loan account. Interested applicants can head to the official bank website and provide specific details to know if they are eligible for a pre-approved personal loan. Like other lenders, Hero Housing Finance Bank provides pre-approved personal loans to applicants with a healthy credit score and clean repayment track.

Hero Housing Finance Home Loan Interest Rate and Other Charges 

The table below pertains to Hero Housing Finance Home Loan Interest Rates and their service charges:

TYPE OF FEE/ CHARGES	HOME LOAN	NON-HOUSING LOAN
Initial Processing Fees (Non-refundable)	up to Rs. 5000 + Taxes	up to Rs. 5000 + Taxes
Processing Fees (Inclusive of Initial Processing Fees)	Cheque Salaried: up to 1% + Taxes Others: up to 3% + Taxes	Cheque Salaried: up to 1% + Taxes Others: up to 3% + Taxes
Current CERSAI Charges	Rs. 500 + Applicable Taxes	Rs. 500 + Applicable Tax
Statutory Charges (Stamp Duty / MOE/ MODT)	As per the local laws of the stated where the loan originated	As per the local laws of the stated where the loan originated
Disbursement Cheque Cancellation	Rs.500 + Applicable Tax	Rs.500 + Applicable Tax
Cheque/NACH dishonour Charges/ Non-payment of EMI through NACH	Rs. 1000 + Applicable tax	Rs. 1000 + Applicable tax
Cheque / Cash Collection charges	Rs. 500 + Taxes	Rs. 500 + Taxes
Penal Interest	2% per month on overdue	2% per month on overdue
Switch to Lower Rate	up to 2% of principal outstanding + Taxes	up to 2% of principal outstanding + Taxes

How to Calculate Hero Housing Finance Home Loan Interest?

Using Hero Housing Finance’s home loan EMI calculator, one can accurately calculate the interest/EMI on the home loan, and one just needs to enter some basic loan information to determine the precise EMI (Equated Monthly Instalment).

OR

One can use the following formula to calculate the EMI:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1] 

Where,

• P is the principal amount
• R is the interest rate charged on the home loan
• r is the number of instalments on the tenure of the loan

What are the Hero Housing Finance Home Loan Interest Rates for Existing Customers

The table below shows the Hero Housing Finance Home Loan Interest Rates for existing customers:

Hero Housing Loan Interest Rate 2024
Interest Rate	8.00% – 18.00%
Loan Amount	Rs. 10 Lakhs (minimum)
Loan-to-Value Ratio	Upto 90% of the property value
Loan Tenure	Salaried: Upto 30 years Self-employed: Upto 20 years
Age Limit	Salaried: Upto 65 yrs. (at the time of loan maturity) Self-employed: Upto 70 yrs. (at the time of loan maturity)

Factors that Affect Hero Housing Finance Home Loan Interest Rate and EMI

The affordability of a personal loan is substantially impacted by the interest rate:

A higher interest rate could lead to increased EMIs. The interest rates charged by various banks and lenders vary. Several factors influence this decision. The following are some key variables that substantially impact IDFC First Bank’s personal loan interest rates.

Income

Your salary will be the main factor in evaluating your loan application. Your chances of qualifying for personal loans with reduced interest rates rise as your income rises. The bank must determine your ability to repay the loan in full. Before approving a customer for a personal loan, the bank must trust them. This is only possible when their wage is more significant than a certain minimum sum.

History of Credit

Before approving a loan, lenders often look at your CIBIL score to assess your credit history. A person’s credit score is a three-digit numerical number determined by their history of timely credit repayment and provided by the Debt Rating Agency. A high credit score demonstrates your ability to manage the loan and make on-time payments carefully.

The Reputation of the Organisation

People working for respected businesses is more likely to get approved for low-interest personal loans. Banks believe that those who work for reputable companies have reasonably stable employment and will make payments on time.

History of Loan Payment

Your overall credit score and payback history will be considered when calculating your personal loan’s interest rate. If the bank or lending company sees that you have been regular with your repayments, they will typically only charge you a small interest rate on the loan. Most banks favour lending to customers who last received a payment a year ago. A high-interest rate or having their loan application rejected are the two most common outcomes for loan defaulters.

Banking Relationship

By previously creating savings accounts and fixed deposits with your bank, you would have proven to be a trustworthy customer. Being dependable can help you establish a rapport with the bank and obtain a personal loan with favourable terms. Because the bank doesn’t want to lose you to a competitor, an established relationship will provide you with some clout.