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HDFC Home loan process : clarifications on few points

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HDFC Home loan process : clarifications on few points

Last updated: September 4 2013
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  • HDFC Home loan process : clarifications on few points

    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.
  • #2

    #2

    Re : HDFC Home loan process : clarifications on few points

    Also, what all are the documents required for disbursement ?

    Comment

    • #3

      #3

      Re : HDFC Home loan process : clarifications on few points

      I came to know that HDFC will need these documents-

      1-Allotment letter
      2-TPT+PTM-From builder
      3-All payment receipts of 20 % Payment
      4-Demand letter-from builder

      Comment

      • #4

        #4

        Re : HDFC Home loan process : clarifications on few points

        Documents for sanctioning

        And Whats are documents for sanctioning of loans?

        Originally posted by apanwar View Post
        I came to know that HDFC will need these documents-

        1-Allotment letter
        2-TPT+PTM-From builder
        3-All payment receipts of 20 % Payment
        4-Demand letter-from builder

        Comment

        • #5

          #5

          Re : HDFC Home loan process : clarifications on few points

          For processing-

          1-LATEST THREE MONTHS SALARY SLIPS with stamp
          2-FORM 16
          3-LATEST SIX MONTHS BANK ACCOUNT STATEMENT-SALARY+ALL EMI A/C
          4-PAN CARD + RESIDENCE PROOF.
          5-COLOR PHOTO 1 WITH ONE CHEQUE IN FAVOR OF HDFC LTD.
          6-PROPERTY DOCS-IF YOU HAVE.

          Comment

          • #6

            #6

            Re : HDFC Home loan process : clarifications on few points

            Hi Guys..
            This is HDFC Ltd ( housing loan company with Red logo ) or HDFC Bank...in discussions?

            Comment

            • #7

              #7

              Re : HDFC Home loan process : clarifications on few points

              Only HDFC Ltd handles the loan, not the bank, however all money transactions goes through HDFC BANK.

              Originally posted by saihtul View Post
              Hi Guys..
              This is HDFC Ltd ( housing loan company with Red logo ) or HDFC Bank...in discussions?

              Comment

              • #8

                #8

                Re : HDFC Home loan process : clarifications on few points

                Hi Amit, Please ask them that X magic no..

                RPLR - X = ROI

                Since HDFC is housing finance, BPLR is not applicable here. When I was discussing home loan with them few months ago, their executive said to me this 'X" is fix i.e 5.5..

                Please ask them what is in your case..as he said to me X will be fixed through out loan cycle but RPLR is keep changing which is same for all customers and transparent but X is not same for all customer where old and new customer funda lies in HDFC loan processing..I know many people who are still paying 13% ROI from HDFC bank because their X is not fix..

                hope it helps..

                Comment

                • #9

                  #9

                  Re : HDFC Home loan process : clarifications on few points

                  Hi Guys,

                  Is there any one from USA who got loan sanctioned from USA for their home loan in NOIDA ?

                  If someone is here then please send me detail of HDFC bank officials.

                  I have a very bad expereince with LIC HFL and atleast would not recommend anyone from outside India to apply home loan.

                  I applied in Jan 2011 and till April end they keep asking some document and latest salary slip every month.

                  I paid Rs. 5560 as processing fee and top of that rs. 2000 as they charged me for notary etc.. I am not getting loan.
                  When I call them either they will not pick up or if pick up then always say "We have sent your application for sanction."

                  Cost of my flat is 34 lakhs and I already paid 17+ lakh still not getting loan...

                  I am planning to take loan for 10 years but will return in 2-3 years..Can anyone suggest better option and easy loan ?

                  I have applied through LICHFL Gurgaon branch. Beware of those crocks.

                  Comment

                  • #10

                    #10

                    Re : HDFC Home loan process : clarifications on few points

                    Originally posted by ankitmittal14 View Post
                    Hi Amit, Please ask them that X magic no..

                    RPLR - X = ROI

                    Since HDFC is housing finance, BPLR is not applicable here. When I was discussing home loan with them few months ago, their executive said to me this 'X" is fix i.e 5.5..

                    Please ask them what is in your case..as he said to me X will be fixed through out loan cycle but RPLR is keep changing which is same for all customers and transparent but X is not same for all customer where old and new customer funda lies in HDFC loan processing..I know many people who are still paying 13% ROI from HDFC bank because their X is not fix..

                    hope it helps..
                    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..!!

                    Comment

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