Hi All,

I have just got my home loan sanctioned from HDFC. The overall process was smooth like butter but while reading the sanction letter I couldn't find how is the interest calculated in floating interest rate scheme.

SPECIAL CONDITIONS:
1) As per your request, this offer is being made to you under HDFC's ADJUSTABLE RATE HOME LOAN
scheme.

2) The rate of interest mentioned above is based on the currently prevailing RPLR and the same may vary
at the time of disbursement of the loan as well as during its pendency in terms of the said Loan
Agreement.


It is nowhere mentioned what is the X figure that they subtract fro m the RPLR i.e RPLR - X = ROI.

I know axis bank specifies the X figure when they link it to BPLR i.e BPLR + X = ROI.

Can any hdfc customer guide me whats happening here.


Thanks.
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  • Originally Posted by amitexpert
    Could anyone confirm if the magic number X was mentioned in the sanction letter or was it in the agreement ?

    In my case it was in the agreement
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  • Originally Posted by Ranjit.jha
    Yeah...this X also vary from customer to customer...generally more lucrative for new ones... for example I got my loan sanctioned in july 10. for me this X is 5. I had gone for floating scheme. Had I gone for some teaser scheme, it would have been 4.75
    So this is their "FAIR PRACTICE"--older the customer more to extract..!!

    guys this X is the discount from RPLR which varies from constumer to constumer depending on when u took the loan. generally higher for new constumers to woo them. however old constumers have got the option of changing their X and getting it at par with new constumers by paying some fees which is half the difference between your X and prevailing X for new constumers in terms of percentage of loan amount. for eg your X is 5 and prevailing X is 6 on a loan of 10 lakhs you pay .5 percent { (6-5)/2} % of loan amt i.e 10 lakhs which is 5000/-.
    hope it helps some of you guys whi are stuck with lesser X. you can verify this from HDFC they don't tell this themselves but it is in their policy.
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  • Hi frnds,
    I m new to real estate. Buying UniHomes-3.
    Pls suggest If I want to pay 15 lak my own and rest 20 by loan. ( I mean I want to make first 4 payments to Unitech my own and then by loan amount ).
    My question is- Can I apply for a loan and ask the bank to disburse the amount from the 4th installment or so of the CLP payment plan ?
    OR the bank will start disbursing as per the standard CLP as given by Unitech ?
    Pls clarify .

    Thankyou.
    regards,
    Viren
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  • Hello Viren

    As per your statement, Property cost is 35 Lakhs. And you wish to pay 15 Lakhs from your pocket i.e. 42%.
    Generally Banks do funding once you have have paid around 20% of project cost and here you are paying way above 20%. So if Bank has sanctioned for 80% of project, you can ask them for disbursement any time once you have already paid 20%, provided that you have received a demand letter from builder.
    Note : Your loan eligibility should be 80% of project cost in this case
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  • Dear Amit
    X stands for margin actually ROI=RPLR-margin or Base Rate+ margin
    The whole suspense lies in this X factor...
    HDFC might offer u x fixed for the entire loan amount....
    There are banks like ICICI which offers this x fixed for entire loan tenure.

    Thx.
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  • All the documents required at the time of disbursement are mentioned on the HDFC sanction letter which u received by post.

    Thx.
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  • I am thinking of taking Home loan from HDFC. Kindly suggest should I take loan directly from HDFC or through some agent. If through agent, kindly let me know contact details of some good agent.

    Thanks
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  • There is hardly any difference in going through DSA or bank in HDFC case, though some times DSA route can be bit un-transparent.

    But you should check with some DSAs, you might get some discount on processing fees as in case with other banks.

    Originally Posted by quality
    I am thinking of taking Home loan from HDFC. Kindly suggest should I take loan directly from HDFC or through some agent. If through agent, kindly let me know contact details of some good agent.

    Thanks
    CommentQuote
  • I would suggest looking out for the nearest HDFC home loan branch (remember these are not HDFC bank branches) and process your request through them. As one big disadvantage in taking loan through DSA is that you cannot (in most cases) choose the branch and home branch matters when you close or want copies of your original property documents.
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  • As I just completed a resale transaction, I thought it’s good to share entire home loan
    process and experience I got from HDFC with you so that new resale buyers can get idea about entire home loan process of HDFC. This is my first hand experience with HDFC. Though the transaction was in Pune, Maharashtra, I believe overall process is same across all the states with some minor difference.

    Note that mine was resale transaction and flat is in Apartment and NOT co-op. Hsg. society.

    I divided list of documents in 3 sets as per there types.

    List of documents for getting HDFC home loan

    SET A] For Loan Approval
    1.HDFC Home loan Application form with photograph
    2.Identity and Residence Proof (Copy of Passport , Driving license , BSNL bill, Light bill etc.)
    3.Bonafide letter from company mentioning you are employee here and designation is...
    4.Last 3 months Salary-slip
    5.Latest Form 16
    6.Last 6 months bank statements
    7.Processing fee cheque

    SET B] For Property Verification
    1. Copies of Sale deed of last chain of transactions (Between builder to first buyer and so on( if any))
    2. Copy of Deed of declaration (Conveyance deed between builder and apartment/society)
    3.Copy of Blue print of the floor plan. No need of any stamp from architect/builder. Simple jumbo Xerox will do.

    SET C] For Final Disbursement
    1. Origonal Receipts of own contribution paid - on plain paper with Rs.1 revenue stamp
    2. Copy of bank statement showing Bank debit entry of own contribution paid
    3. Source of own contribution - details on plain paper mentioning from where you are paying own contribution. So it may be MF statement from CAMS, copy of FD receipts etc.
    4. Original search and title report of last 13 years from lawyer
    5. Cancelled cheque from seller (of a bank where he will deposit the bank’s loan DD )
    6. Newly registered Original sale deed between you and seller
    7. Original old/previous chain of sale deed (Between builder and first buyer)
    8. Seller and buyers PAN card copy
    9. Two photographs of buyer and one photograph of seller (For sale deed registration only)
    10. Stamp duty cheque for home loan. stamp duty that needs to pay to HDFC on home loan.

    HDFC home loan process

    STAGE 1 LOAN APPROVAL
    First you need to contact hdfc sales for loan approval letter. HDFC sales person visited at my office to collect first set of documents mentioned above in set A] and set B]. Once you submit set A] + set B] then you need to fill loan application form mentioning your requirement for loan amount. Generally they give 80% of agreement value + stamp duty + registration. So in 10-12 days you will get loan approval letter mentioning your approved amount. HDFC will do valuation of property and after that approved the loan amount.


    STAGE 2 DISBURSMENT PROCESS
    Once you got an approval letter you need to submit first 5 docs from set C] for loan disbursement process. It will take around next 10-12 days to get copy of the disbursement cheque. In this 10-12 days you can prepare draft for sale deed, prepare D.D. for stamp duty, registration, do franking.
    If sale deed draft is ready then at the day of registration you only need to put cheque number from copy of the disbursement cheque. So once the disbursement cheque is ready, you will get copy of it so that you can put cheque number and other details in your sale deed. Then complete your sale deed registration with sub-registrar. Also note that HDFC is OK if you do NOT have any AGREEMENT TO SALE and directly execute/registered a SALE DEED. Its save your lawyer fee for preparing one more document. Generally if buyer and seller has trust between them, if they know each other well or if broker is involved , you can directly prepare SALE DEED and AGREEMT to SALE is NOT needed. It will save your time and money as you need to visit sub-registrar office only once.


    STAGE 3 SUBMIT ORIGONAL DOCUMENTS AND RECEIVED A DISBURSMENT CHEQUE
    Once sale deed is registered with the sub-registrar, you need to visit HDFC with documents 6 to 10 from set C]. There it will take an hour or so to get actual disbursement cheque. First you need to sign loan agreement, and then submit old original set of docs and newly registered sale deed.
    HDFC will verify or just go over all the original docs and within an hour or 2 hrs max., they will handover disbursement cheque. You need to carry your chequebook to pay pre emi interest from that date till the date of your first EMI. HDFC will seal all the original docs in red color docket in front of you.
    This entire process will take max 2 hrs.

    Now after 1st June 2013 onwards, banks are also registering mortgage document with the sub-registrar, It is compulsory in HDFC to registrar a property mortgage document within 30 days of your loan agreement date. A D.D. of Rs. 1000/- need to prepare for it and Rs. 300/- are documentation charges. You can register this document within 30 days and submit a receipt of it (Rs. 1000 D.D. ad Rs. 300 document charges) to HDFC. Actually HDFC also can do it, no need of you go personally because once you sign that doc, its just 10 mins job to submit it and get the receipt but they asked me to do it and I did in 10-15 mins.

    Overall I am very happy with their service. I visited HDFC only on the day of disbursement to collect a cheque and sign a loan agreement. For all other work sales person will meet you at your office/home. They will update you on every stage of process and get the required document in only as mentioned above in 3 stages. No extra document is asked other then above and entire process will get hour on flat 30 days. I submitted my first set A] and signed loan application on 20th June and disbursement cheue is ready on 22nd July so 1 month is pretty fast and need to visit only on the last day. Also once your loan is approved, you will get user id and password for your loan account and you can see all the transactions , details there .
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