When it comes to availing a home loan, it would not be wrong to say that the first and foremost thing that comes to the mind is none other than the interest rates. Yes, these rates play an influential role in the overall journey of an applicant hence always grab the attention of many.
However, one thing that needs to be mentioned here is the fact that now that we are talking about the rates, it is important that we should also talk about the best lender. Yes, without an ideal lender, who would offer you the best deal? And, to keep you away from the dilemma of finding the best lender, we are here to help. How about HDFC home loan rates? Sounds good, isn’t it?
Well, of course, it is! The lender offers this credit facility to one and all at an interest rate ranges between 8.50%-9.15% per annum. Talking about the same, there is no denying the fact that this range being the lowest allows you to enjoy a hassle-free journey ,wherein you can get the pocket-friendly EMIs as well as Interest Outgo. With the help of the same, you can further have a smooth journey in the future.
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Let’s just go into the topic deep and talk about the hidden aspects that can really affect your journey.
New Customers:
Now that we have talked about the generic range, it is important that we should talk about the rates being offered to the existing customers. The rates offered by the bank, reach out to the customers after deducting a certain percentage from the Retail Prime Lending Rate (RPLR). Moreover, any fluctuation in the RPLR is going to impact both new as well as existing borrowers. Thus, the home loan interest rates also vary according to the category of the borrower and the loan amount being offered.
Rate Conversion:
If you are an existing customer of HDFC home loan, there is no denying the fact that you can opt for interest rate conversion facility. Yes, under this facility, the customers can ask the bank to reduce the applicable rates. And, in order to do the same, the customers need to pay a nominal conversion fee that ranges between 0.50%-1.75% of the principal outstanding. Hence, with the help of doing the same, the customers can either enjoy the pocket-friendly EMIs via using a home loan calculator HDFC or loan tenure.
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Balance Transfer:
If we talk about BT, both salaried, as well as self-employed individuals, can opt for the same. Under this process, an applicant can transfer his outstanding loan balance from another bank to HDFC home loan online. With the help of doing the same, an applicant can enjoy the lower repayments and can also enjoy an additional top-up loan of up to ₹35 Lakh while opting for BT. In order to enjoy this facility,the applicants need to pay a one-time processing fee of 0.50% of the principal outstanding.
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