HDFC Bank Loan

How to Get Home with Solar Loan from HDFC Bank?

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HDFC is the largest private sector bank of India in terms of its assets and market capitalization. It is the third-largest company listed by the Indian Stock Exchanges. HDFC Bank Limited offers banking and financial services to its customers and has its headquarters in Mumbai, Maharashtra.

Summary of content

  1. Purpose
  2. Eligibility
  3. Quantum of Loan
  4. Margin
  5. Security
  6. Repayment Period
  7. Duration
  8. Forms & Documents
  9. Rate of Interest
  10. Processing Charges
  11. Nature of Facility

#1. Purpose

When we go to banks for taking loans, the foremost question they ask is the purpose of taking a loan. In this article, we will help you understand the two main important purposes with which people take a loan. Also, we will discuss all the important things that are required to be taken care of before getting the loan processed. The two main purposes are:

1. Buying a New house – When you want to buy a new house, and take a home loan you have to let the bank know, what kind of house you are buying is a new property, apartment, or villa. You can also buy a home with solar which is basically a house equipped with a solar power plant to save on your electricity bill.

2. Renovation – You can take a consumer loan to get your house renovated, get any electronic gadget or appliance including television, AC, refrigerator, or modular kitchen.

#2. Eligibility

All Indian residents who fulfill the eligibility criteria can apply for a home loan. Just take care of the following criteria before applying:-

Age: For all the salary persons, the age limit is 18 years to 60 years. For self-employed persons, the age limit is 18 years to 65 years.

Income: The person should be a citizen of India and earn a minimum income of Rs. 20,000 per month (resident of Delhi, Mumbai, Bangalore, Pune, and Chennai). For all the other cities, the minimum income should be Rs. 15,000 per month. Your salary is important to determine the amount of loan you are eligible to get.

Also, you need to submit the proof of property that you are going to buy from the loan amount.

#3. What is the Quantum of Loan amount?

It is the maximum amount that you can get as a loan from the bank and it mainly depends on the amount of salary you get. You have to submit proof of income which makes you eligible for getting a home loan. Higher-income allows you to get a higher loan. The tenure and interest rate will also determine the loan amount.

#4. What is the Margin and Security for a home loan?

Margin is the amount of home loan that the borrower pays from his side as a contribution to the bank loan. HDFC usually lends 80%-90% of the property’s value as a home loan and the rest is the investment done by the person who is buying the house.

When you are buying a home, the property of your house itself is kept as security with the bank. In case of non-repayment of the loan EMIs and its subsequent failure, the bank can take the charge of the property.

#5. How long is the Repayment Period to pay the loan?

The maximum period offered by HDFC bank to repay your home loan is 30 years. Although, you can choose the number of years of repayment and this will affect your monthly EMIs and the rate of interest.

#6. What all Forms & Documents do you require to apply for a home loan?

For home loan approval at HDFC, all these forms and documents are required to be submitted for the applicant and the co-applicant (if any):

  • HDFC’s Home loan application form (duly filled and signed)
  • Proof of Identity and residence (KYC)
  • Property related documents
  • Proof of Income
  • Proof showing own contribution for buying the property
  • Last 6 months bank statements
  • Passport size photograph

#7. What is the Rate of Interest for taking a home loan?

A home loan interest rate is the percentage of the loan amount that the lending bank charges on the amount taken as a home loan from the borrower over a specific period of time. The rate of Interest of HDFC bank lies between 6.70% to 7.60% (Terms and Conditions apply).

In 2021, during the festive season, the rate of interest for home loans is at its minimum which is 6.8%, and it is expected to remain the same till March 2022.

#8. How much are the Processing Charges at HDFC for home loans?

HDFC provides home loans by charging a processing fee of 0.5% of the total loan amount availed. It may vary from bank to bank. Always choose a loan provider who is transparent in terms of processing fees and other charges. 

#9. Different Nature of Facilities provided by the banks:

It refers to the policies of banks regarding the foreclosure of a home loan or transfer of an existing loan to another bank and so on. Different banks have policies regarding the surrender of loans as well in case the owner is not able to pay the loan EMIs.

How to buy solar panels of HDFC debit card EMI option?

You can also get solar panels on the HDFC debit card EMI option, to know more about pre approved limit of your HDFC bank debit card by just following these steps.

  • Send SMS ‘MYHDFC’ to 5676712 from your registered mobile number.
  • Send message ‘DCEMI’ from your HDFC whatsapp number ‘7065970659’ from your registered mobile number.

#10. The benefit of buying a home with Solar:

Many banks are coming up with ideas to provide loans on homes with solar. In the coming 10 years, homes will come with solar power which will bring y our electricity bill to zero. You can save up to Rs. 1 lakh on your electricity bill annually when you get a solar power plant installed in your home.

When you install a solar power plant and take a loan for the same, you need to pay an interest rate of around 15%. Whereas, if you purchase a home with solar, you get a solar power-packed home at the same usual rate of a home loan of around 6.8%.


Thus we can conclude that buying a home with solar by getting a home loan from any bank will help you not only buy your dream home but also make your electricity bill zero, that too under the same interest rate. To understand more about the concept of home with solar, you can visit Roop Solar’s official website. Roop Solar is a solar company that provides information to the real estate industry about solar financing and its benefits. 

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