11 July 2011
Housing Development Finance Corporation – HDFC Home Loans
From the many lending institutions in the market HDFC home loans are the cheapest. Since they boast of 30 years experience in the field of home loans let us see this option for selecting the best home loan. Like any other loan even the HDFC home loan may have certain plus and certain negative points but still many claim them to be the cheapest home loans available in the market.
Like many other loan lending institutions even HDFC offer a loan amount of maximum 80% of the total cost of home and the borrower has to arrange for the remaining 20% as down payment for booking the flat. This home loan is available with adjustable as well as fixed rate of interest. The adjustable rate of interest depends upon the HDFC bank’s Retail Prime Lending Rate (RPLR). Since they change this rate every three months they assure that there will not be any change in the EMI amount every month and if the rate increases the tenure will gradually increase for repayment of the loan.
Another important point to be considered here is that the bank allows an applicant of the home loan as well as a co-applicant even though the co-applicant may not be the owner of the flat. This offer can help many individuals who have working members in their family or siblings who offer to help in repayment of the home loan. The single borrower can club finances and apply for a single loan.
Since the maximum tenure for loan repayment is 20 years it is a reasonable time for adjusting affordable EMIs according tot he repayment capacity of the individual. The loan amount offered by HDFC bank will depend upon the qualification and work of the individual along with their financial capacity for repayment of the home loan.
Then there is the conditions apply asterisk which only clears when you personally apply for the home loan and get it approved. The promise of getting quick loan approval and pre-approval within minutes online is a first step to enquiring about any home loan. Online websites definitely help the borrower to get the amount and EMI details before hand and then the borrower can plan how to move ahead with selecting the best and cheapest home loans.