FAQS about HDFC Ltd Home Loans

Bank Loans Date: August 21, 2015

How will HDFC decide the loan amount I am eligible for?
ank will determine your loan eligibility mostly by your income and repayment capacity. Other important factors include your age, qualification, number of dependants, your spouse's income (if any), assets & liabilities, savings history and the stability & continuity of occupation.

Do I get tax benefits on the home loan?
Yes. You are eligible for tax benefits on the principal and interest components of your Home Loan under the Income Tax Act, 1961. As the benefits could vary each year, please do check with our Loan Counselor about the tax benefits which you could avail on your loan.

Can I get a higher loan through my existing loan account to buy a new property?
Yes, you could go in for a ‘Home Conversion Loan’ whereby your existing loan (which you took to buy your current home) could be transferred to the new house with additional funds for the incremental cost of the new house, subject to your loan eligibility. This means you can move into your new home without having to go through the hassle of pre-paying your existing loan.

What is an under construction property?
An under construction property refers to a home which is in the process of being constructed and where possession would be handed over to the buyer at a subsequent date.

Can I repay my loan ahead of schedule?
Yes, you can repay the loan ahead of schedule by making lump sum payments towards part or full prepayment, subject to the applicable prepayment charges.

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