Step-by-Step Process to Get HDFC Home Loan in India
HDFC’s home loan application process is easy and convenient. Here is a step-by-step guide to the home loan application and disbursement process.
Step 1: Application of the Home Loan
You must submit a duly filled application along with important documents such as identity proof, address proof, income proof, etc. If you are applying with a co-applicant, you must submit the same set of documents of the co-applicant, and they must sign the application form too.
If you have already short-listed a property, you must provide the details in the form and submit photocopies of the property-related documents for legal and technical assessment.
You can also apply online for a HDFC Home Loans by visiting www.hdfc.com. You can even call us on our toll-free number, and our counsellor will visit your home and assist you through the process.
Step 2: Loan Approval
After you submit the form and the documents, the appraisal process begins. We evaluate your eligibility based on specific information relating to your income, liabilities, credit score, etc.
If you are self-employed, in addition to the above information, we also assess the sustainability of business, and stability of cash flow.
At this stage, we conduct a field credit investigation, wherein our representative may call you, or visit your home/office, to validate the information you provide in the application form.
Based on our assessment, we will determine your loan eligibility.
Step 3: Legal & Technical Verification
You must submit relevant copies of the property-related documents. These include the complete chain of title documents (in case of a resale property), sale agreement with the builder, NOC (no-objection certificate), OC (occupancy certificate), and any other document that we may require to verify. We will also carry out a technical inspection of the property to check if the property is constructed as per the sanctioned plans and other applicable norms and to assess the market value.
Step 4: Home Loan Sanction
After determining your loan eligibility and verifying the legal and technical aspects of the property, we will communicate the loan amount through a sanction letter. The sanction letter will contain the following details:
- Total sanctioned loan amount.
- Home loan Interest rate
- Type of interest rate applicable (fixed or floating interest rate)
- Loan Tenure
- EMI (as applicable) payable
- Validity of the sanction letter
- Special Conditions (If any) to be fulfilled before disbursement
- Other Terms and Conditions.
Step 5: Home Loan Disbursement
After carrying out credit, legal and technical verification, we would require you to submit the original title documents. Once you submit the said documents and raise a disbursement request, we will initiate the process of preparing your disbursement cheque. You will need to sign the loan agreement before the lender hands over the disbursement cheque to you. Make sure that you read the most important details such as interest rate, interest type, loan tenure, EMI, and other terms and conditions carefully before signing the loan agreement.
If the property you want to purchase is under construction, we will disburse the sanctioned amount in instalments to the developer based on the progress of construction.