HDFC Ltd Home Construction Loan

Housing Development Finance Corporation is offering home construction loans to borrowers who want to construct their dream home. HDFC Bank offers low interest rates and a variety of loan amounts. The eligibility criteria of these loans are easy to meet, and documents can be submitted simply and hassle-free. Read this guide to Housing Development Finance Corporation home construction loans and start your home construction journey.

HDFC Construction Loan Interest Rates

Here is the detailed analysis of the Housing Development Finance Corporation home construction loan interest rate:

HDFC Construction Loan Fees and Charges

Housing Development Finance Corporation house construction loan fees and charges are as follows:

HDFC Construction Loan Eligibility Criteria for Salaried and Self-Employed

Here are the eligibility criteria for salaried professionals for the Housing Development Finance Corporation home construction loan:

• The age range for applicants is 18 to 70 years.
• Applicants can be salaried or self-employed.
• Must be a resident of India.
• The loan term can be up to 30 years.
• For loans up to ₹30 lacs, you can borrow up to 90% of the property cost.
• For loans between ₹30.01 lacs to ₹75 lacs, it’s up to 80% of the property cost.
• For loans over ₹75 lacs, you can borrow up to 75% of the property cost.
• Adding a co-applicant who earns can increase how much you can borrow.
• All co-owners of the property must be co-applicants of the loan.

HDFC Construction Loan Documents Required for Salaried

These are the documents that are required for a home construction loan at Housing Development Finance Corporation for salaried professionals:

• PAN Card or Form 60
• Identity and Address Proof (Any one of the following):

1. Passport (valid)
2. Driving license (valid)
3. Election/Voter identification card
4. Job card issued by NREGA, duly signed by a State Government officer
5. Letter issued by the National Population Register containing name and address details
6. Proof of possession of Aadhaar Number (voluntary)

• Income Proof:

1. Last 3 month’s Salary Slips
2. Last 6 month’s Bank Statements showing salary credits
3. Latest Form-16 and IT returns

• Property Documents:

1. Copy of the Allotment Letter / Buyer Agreement
2. Receipts of payments made to the developer

• Additional Documents:

1. Own Contribution Proof
2. Employment Contract / Appointment Letter (if current employment is less than a year old)
3. Last 6 months Bank Statements showing repayment of any ongoing loans
4. Passport-size photograph of all applicants/co-applicants (to be affixed on the application form and signed across)
5. A cheque for processing fee favouring HDFC Bank

HDFC Construction Loan Documents Required for Self-Employed

These are the documents that are required for a house construction loan at Housing Development Finance Corporation for salaried professionals:

• PAN Card or Form 60
• Passport (valid)
• Driving License (valid)
• Election/Voters ID Card
• Job card issued by NREGA (signed by State Government officer)
• Letter from the National Population Register (with details of name, address)
• Proof of possession of Aadhaar Number (voluntary)
• Income Tax Returns (last 2 Assessment Years, attested by CA)
• Balance Sheet and Profit & Loss A/c Statements (last 2 years, attested by CA)
• Current A/c Statements of the business entity (last 12 months)
• Savings Account Statements of the individual (last 12 months)
• Title Deeds of the Plot
• Proof of no encumbrances on the property
• Copy of the plans (approved by Local Authorities)
• Construction estimate by an Architect / Civil Engineer
• Own Contribution Proof
• Latest Form 26 AS
• Details of ongoing loans (individual and business entity, including outstanding amount, instalments, security, purpose, balance loan term, etc.)

Features of HDFC Construction Loans

Here are some key features of the Housing Development Finance Corporation home construction loan:

• Loan for plot and construction: HDFC Construction Loans can be used to buy a residential plot and build a house on it. This is helpful if you already own a plot or plan to buy one.
• High loan amount: You can get a loan for up to 100% of the construction cost, with a maximum of 90% of the plot’s market value. This covers most of the building expenses.
• Competitive interest rates: HDFC offers good interest rates for construction loans. However, these rates are usually higher than regular home loan rates.
• Flexible repayment options: HDFC provides flexible repayment plans with a maximum term of 30 years, making it easier to manage monthly payments.
• Loan disbursement in stages: The loan money is given out in stages as the construction progresses. This ensures the money is used properly and helps manage cash flow during the building process.