A loan is simply an amount that you borrow from an external source to help you in making the purchase that you need. The basis that, a home loan is simply a loan that you borrow to supplement your finances in order to purchase a home. Homes are expensive. At times, they may even suck up an individual’s entire life savings. In order to give you the time to earn as well as get home early on, a home loan is the best choice for you. With every loan, there is an interest component added because the funds that you are borrowing are not yours. It is a cost that you pay for the borrowed amount.
Here are the key points to know about HDFC Home Loan Interest:
- The interest rate begins at around 8.1% p.a. It is not necessary to have a credit score, however, a good credit score i.e a credit score above 800 does come with its perks of providing you with certain leniency on the interest side. A credit score is a score that helps banks & other financial institutions know about your capacity to repay the funds that you have borrowed or are going to borrow.
- The HDFC Home Loan Interest can be calculated using the HDFC Home Loan Interest calculator which is available on their website. It is a simple tool that will allow you to get an estimate of the HDFC Home Loan Interest that you would be paying.
- There are several factors that impact the HDFC Home Loan Interest. They can be the interest rate type, benchmark lending rate, loan to value ratio, financial profile of the borrower, the tenure of the repayment schedule, area of the property’s location, & the rapport in the market about the home loan provider.
Some of the important points to know about HDFC Home Loan Interest & the home loan are:
- It is available to individuals falling between the ages of 21 & 65. The individual can be an Indian or a Non Resident Indian. The individual needs to be earning an income. The amount of income that he or she should be earning is not prescribed under a minimum limit. However, the income can be from one of the following sources like employed, self employed, self employed non professional, self employed professional & more.
- The HDFC Home loan interest is based on the interest rate, tenure & the funds that you borrow. An individual can borrow funds from HDFC Bank in between the range of Rupees 1 Lakh & Rs. 10 crore. The home loan has a tenure of 30 years for repayment.
It is important to know that any loan is a liability that you are undertaking. However, undertaking a liability should not be considered as a negative aspect of what is to come. It can be a turning point. Proper financial planning alongwith some wise investment moves on the way will allow you to reach the financial levels you want to achieve.
