Is property insurance mandatory for HDFC home loan?
Re: Is it mandatory to buy home insurance with a home loan? No, it is not mandatory to buy home insurance with a home loan. But it has become a common practice for banks to insist on this policy to secure their collateral. Banks may also require that you get their name endorsed in the policy as a financier.
Can loan be sanctioned before property is selected in HDFC Bank?
Pre-approved home loans offered by HDFC can be obtained before selecting a property unlike conventional home loans where the applicant has to provide property documents to obtain a loan.
What is the purpose of loan insurance?
Loan Insurance, also known as Loan Protection Insurance, is a product designed specifically to cover your monthly loan payouts in case of temporary/permanent disability, loss of job, or any such eventuality. It protects the borrower from defaulting on loans.
Can I cancel HDFC Ergo policy?
Customer has the option to terminate this policy any time by giving a written notice to the insurance company. The policy shall be terminated when such notice is received. If no claim has been made under the policy, then the insurance company shall refund the premium on pro rata basis.
How do I claim my HDFC Ergo?
HDFC ERGO Claim Process
- Provide NEFT details in the claim form along with cancelled cheque.
- Provide KYC ( Know your customer ) form along with photocopy of any one of following KYC documents for all claims amounting to Rs 1 lakh and above. For KYC Form Click Here.
How much home loan can I get for 50 lakhs property?
Therefore, if you want a home loan for buying a property of Rs. 50 lakhs, the maximum amount you can get is 85\% of that ie 42.50 lakhs. Banks also consider other specific criteria before accepting the property for granting a loan.
What is the age limit for home loan in India?
15 years and age of the borrower should not exceed 65 years of age at the time of maturity. Maximum loan amount Rs 100 lacs, maximum finance upto 75-85\% of the project cost. Max tenure up to 25 years. Min. Rs 1 lac and max. Rs 150 lacs. Generally the loan is extended upto 85\% of the property value.
Are you eligible for a HDFC home loan?
Check your Eligibility! HDFC offers home loans to eligible customers at affordable interest rates starting at 6.90\% p.a. The home loan can be repaid over a period of 30 years. However, you will get a loan only if the bank deems you eligible.
What is the interest rate of HDFC home loan?
HDFC offers home loans to eligible customers at affordable interest rates starting at 6.90\% p.a. The home loan can be repaid over a period of 30 years. However, you will get a loan only if the bank deems you eligible.