HDFC Home Loan Payment Options

Home loan from HDFC bank has beendesigned with smart plans. A comprehensive study would give you an understandable knowledge on HDFC home loan payment options.

Flexible repayment options

The bank offers you options like Step up Repayment Facility, Flexible Loan installments Plan, Tranche Based EMI, and Accelerated Repayment Scheme.

Step up Repayment Facility

Under this scheme the borrower can apply for a higher range loan based on the prospects of increase in income in years to come. The loanee has to pay less EMI in the initial years which increase as the income grows in the upcoming years.

Flexible Loan installments Plan

The borrower gets flexible loan installment facility. In this repayment option, the borrower nearing retirement age can opt for paying higher EMI in the initial years and gradually move to paying lower installments after reaching retirement age.

Tranche Based EMI

Customers purchasing under construction property need to pay an interest (on the loan amount drawn based on level of construction) till the property is ready. This interest is termed as Pre-EMI interest, which does not get adjusted with the actual emi. To help customer save this interest, bank introduced a special facility of Tranche Based EMI. Customers can start paying the installments they wish to pay even by availing a part loan. The minimum amount payable is the interest on the loan amount drawn. Anything over and above the interest paid by the customer goes towards Principal repayment. The customer benefits by starting EMI and hence repays the loan faster.