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HDFC housing loan - what you need to know!

A HDFC housing loan is one of the best known providers of home loans in the world. Its key features are easy loan application procedures, quick approvals (almost instant) and very competitive interest rates. There is also a loan calculator on their website to assist you in working out your EMIs (Equated Monthly Instalments). Though based in India, HDFC has offices in Trafalgar Square, London and has helped many UK residents access housing affordably.

What You Need

You will need your last three payslips and your P60 form from last year, as well as bank statements from the past six months. A copy of your passport, complete with a visa stamp is also required. Your credit history will be needed, and for approval to go through your rating has to be good. Proof of residence such as a recent utility bill is also mandatory, and you will need to pay the fees of the transaction. This loan is clearly tailored for the person with a sound credit history and a steady source of income.

Other Features of the Loan

Low interest rates are a feature of a HDFC home loan. For a loan of up to £39,500, an interest rate of 10.75% per annum is charged. The repayment term stands at a maximum of 15 years. This can be extended to 20 years for professionals. The loan will cover up to 80% of the value of the house as it is with most mortgages, though this is fair considering that some lenders cover only 75% of the property value. These features have served to make the option of a HDFC housing loan an appealing option for young families.

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