HDFC Housing loan process details

HDFC Bank is one of the leading financial institutions in India that provides housing loans to individuals for purchasing or constructing a house, renovating an existing house, or purchasing a plot of land for constructing a house.

Here is a step-by-step explanation of the HDFC housing loan process:

1: Loan Application The first step is to fill out the loan application form, which is available online or at any HDFC Bank branch. You can also apply through the bank's mobile app.

2: Verification of Documents Once you have submitted the application form, HDFC Bank will verify your documents, including your identity proof, address proof, income proof, and property papers. Proof of Identity and Residence: Valid passport / Voter ID card / Valid Driving License / Aadhaar Card, Proof of Income: Last 6 months’ bank statement / Copies of title documents of agricultural land showing land holding / Copies of title documents of agricultural land showing crops being cultivated Other Documents:statement of the loans availed over the past two years, if any, Bank statements of the past six months showing repayment of any current loans, Proof of own contribution, Passport sized photographs of all applicants or co-applicants affixed on the application form and signed across, Cheque for processing fee favouring the bank, Business Existence Proof: 3 years old Saral Copy,the Company Registration license, Shop Establishment

3: Property Valuation The bank will then conduct a valuation of the property you intend to purchase or construct. This is done to assess the value of the property and to ensure that it meets the bank's standards.

4: Loan Sanction After the property valuation, the bank will sanction the loan amount based on your eligibility and the property value.

5: Disbursement of Loan Once the loan is sanctioned, the bank will disburse the loan amount to you or the builder/seller of the property. The disbursement is done in installments based on the progress of the construction work.

6: Repayment of Loan You will need to start repaying the loan after the disbursal of the first installment. You can choose to repay the loan in equated monthly installments (EMIs) over a period of up to 30 years. The EMI amount will depend on the loan amount, interest rate, and tenure.

 7: Closing of Loan Once you have repaid the entire loan amount, HDFC Bank will release all the original property documents that were kept as security for the loan