HDFC Bank

Minimum SalaryINR 10000

Rate of Interest8.30

Max. Term20 years

Salary TransferYes

IslamicNo

Detailed Info

HDFC Bank NRI Home Loan
 
HDFC Bank offers eligible Non-Resident Indian borrowers affordable housing loans at attractive interest rates starting at 8.00% p.a. with flexible repayment options on extended tenures up to 20 years. The processing fee ranges from Rs.3,000 to Rs.4,000 or up to 1.25% of loan amount. The floating rate NRI home loans offer the benefit of zero prepayment charges in case of partial or full repayments for individual borrowers. Women borrowers are also eligible for an interest rate concession of 0.05%.

 

HDFC offers Home Loans for NRI in form of three Variants

 

 
Owning a property or buying a house is no more a mere dream for NRIs. Because, HDFC bank offers various types of loans. NRI borrowers can take loan for the purchase of bungalow, flat, existing properties, and co-operative housing society properties. With minimum documentation and flexibility, the bank provides following three types of loans:
 
TruFixed Plus HDFC NRI Home Loan with 2 Year Fixed RateThe interest rate on this loan is partly flexible and partly fixed. A maximum duration of 2 years is charged with a fixed interest rate, whereas, the loan amount for the remaining years out of 20 would be automatically transferred by adjustable rate.
 
TruFixed Plus Home Loan with 3 Year Fixed RateLikewise, 2-year variant, this loan has a similar procedure with a partly flexible and fixed rate for 3 years.

Identity Proof (any one)

  • Valid Passport (mandatory).
  • Valid Driving License.
  • Voter ID Card.
  • Aadhar Card.

Address Proof (any one)

  • Voter ID Card.
  • Valid Driving License.
  • Aadhaar Card.
  • Valid Passport (mandatory).

Income Proof

  • Copy of the Offer Letter/Appointment Letter/Employment Contract.
  • Bank Statements indicating salary credit for the last 6 months.
  • Bank Statements of the applicant’s Non-Resident External (NRE)/Non-Resident Ordinary (NRO) account in India for the last 6 months.
  • Salary Slips/Certificates indicating the applicant's name (as in the Passport), joining date, designation, salary, perquisites and passport number for the last 3 months.
  • Latest credit report issued by a recognised credit bureau.

Property Documents

  • For Resale Homes:
  • Title deeds of the property along with the previous chain of documents.
  • Receipt of the initial payment made to the seller.
  • Copy of the Agreement to Sell (if applicable).
  • For Purchase of New Homes:
  • Receipt of payments made to the developer/builder.
  • Photocopy of Buyer Agreement/Allotment Letter.
  • For Construction of Homes:
  • Encumbrance Certificate of the property.
  • Title Deeds of the plot.
  • Photocopy/blueprints of the plan approved by local authorities.
  • Estimated cost of construction by a civil engineer or an architect.

Other Documents

  • Copy of the valid resident Visa stamped on the passport.
  • Own contribution proof.
  • Occupational history.
  • Processing fee cheque in favour of ‘HDFC Ltd.’.
  • Dully filled home loan application form affixed with passport size. photographs of the applicants/co-applicants and signed across.

 

 

 

View all details

Similar Products

Bank of Baroda

Min salary AED0

compare now

State Bank of India

Min salary AED0

compare now

Syndicate Bank

Min salary AED0

compare now

Mortgage Loans FAQ

Your mortgage should remain unaffected by the corona virus pandemic in the shortterm. If you already have a mortgage, continue meeting your monthly repayments as usual. Should you face financial difficulties that impact your ability to meet your mortgage repayments, we advise you to make contact with your mortgage lender.

The Central Bank of the UAE (CBUAE) has rolled out an AED 100 billion economic stimulus package in response to the corona virus pandemic. In the circular announcing the package, it was noted that many customers may have become “exposed to the risk of temporary shortfall of their cash flows due to the outbreak of COVID-19 pandemic”. In response the CBUAE has ordered that banks grant temporary relief for a period of up to six months to their customers.

For those of you who are in the process of completing on a property purchase with a mortgage, we anticipate that this will continue as normal as banks are still operating. If you have any issues or concerns, please feel free to contact our team for advice.

Apart from the basic eligibility criteria, for a home loan the developer you select will determine which bank you can get a loan from. While some banks provide loans for all ready properties with title deeds, others restrict lending only to select developers. Be sure to check your property name with the bank you are interested in.

All UAE residents (UAE Nationals and Expatriates) and non-residents earning sufficient income from either a salary or from running a company (self-employed), are eligible to apply for a Mortgage. The applicant if an UAE resident (Nationals & Expatriates), must be aged 21 and above, and if a Non-resident must be aged 25 and above to be eligible for a mortgage loan.

Flat and reducing rates of interest are two methods of how interest can be calculated on a mortgage.A flat rate of interest is where the rate of interest to be paid remains the same for the duration of the loan as it is always calculated against the original amount borrowed (principal).

A reducing rate of interest is where the amount of interest to be paid takes into consideration the repayments that have been made, so it is calculated against the remaining loan amount or outstanding balance, rather than the original principal amount.

On occasion, a flat rate of interest may be advertised at a lower, more appealing rate than its equivalent reducing rate. When taking a mortgage it is important to establish with the bank or your mortgage broker whether a flat or reducing rate has been applied.

There is no specific cut-off score to avail mortgage in UAE but you have to manage your credit score at the best levels to get better mortgage deals. if you have a good credit score, so it’s worth making sure that your credit report is as good as it can be before applying for a mortgage. Steps like paying off any outstanding borrowed credit you owe will help to improve your credit score.

apply now

Fill in your details below and a product advisor will call you back with more details.


EMI Calculator

AED 0.00