What are the criteria for providing home loans?

At HDFC, we provide four types of home loans. We provide loans for buying new properties. For resale properties, we give loans for both land and construction. We also provide loans for home improvement. Our bank also allows balance transfer. Under this, if a person has already taken loan from some other bank and had started repayment, and then wants to transfer the balance principal amount to our bank, we provide facility for the same.

What are the restrictions for providing home loans in Jamshedpur?

In Jamshedpur, most banks do not provide home loans for Tisco areas or on leased property. But HDFC is one of the few banks to finance even leased property for security in fixed deposits, Kisan Vikas Patrikas or any land which is not on lease. However, HDFC only finances properties that are within 10 km of the Jamshedpur and Mango notified areas.

What are the prevailing rates of interest for home loans?

We offer a special rate for home loans to companies like the Tatas. The rate is is 7.25 per cent for all terms for a maximum of 20 years. For others, it is 7.5 per cent for a loan of Rs 1 to 10 lakh. For a loan of Rs 10.1 to 20 lakh, it is 7.25 per cent and 7 per cent on Rs 20 lakh-plus.

Has there been an increase in application for home loans in the recent past in Jamshedpur?

Definitely, with the increase in disposable income of consumers and reduction in prime lending rates of the Reserve Bank of India and other banks getting home loans has become an attractive and easy option for the people of the city. As a result, there has been an increase in the number of people applying for home loans.

Jasmeeta Dubey