HDFC Home loan is the worst bank to take your home loan from. I had previous experience with SBI, and I found it way better. In SBI you can repay any time, any amount, and Online. Whereas in HDFC they will make you cry if you wanna do a prepayment. HDFC doesn't give a damm after they have sold the loan to you. You are now trapped, they will rip you.
For me as well, I mailed them to provide me online link to do the prepayment. They denied me by saying since I have some undisbursed amount in sanctioned amount and one can make digital payment only if loan is Fully disbursed.
Thank you so much for making these detailed videos. Super helpful. One very basic question, for offline prepayment do we have to go to the exact HDFC home loans branch where loan was sanctioned or it can be done in any nearby branches too?
1. Should I visit hdfc home loan branch or Hdfc bank for the prepayment/enquiry? 2. Co owners bank account is not registered with them , still I can do payment from non regis account or I need to register it first?
While doing the pre-payment in the bank (offline) Is cheque the only mode of payment or can the bank officer provide us a link (web) over sms to do an online payment via net banking ? Also if I want to do a pre payment of a top up loan ( top up on home loan) is it the same procedure ? will there be a max pre-payment amount for Top up loan ?
My EMI is 17k per month. Can you please tell that how much prepayment I can do ? Suppose, if I have 10k which I need to pay as a prepayment, so can I do that ?
Making part prepayment even on 25th day of the month with corresponding simple interest is still better than waiting for the next month and making the same part prepayment?
Hi Lester, I am planning to do a prepayment. Could you please tell what is simple interest they charge and how does is get calculated. What if i visit the branch on 1st of a month, will their by any charges. And what if do the same on lets say 15th of a month. Please advise. Your reply would be highly appreciated.
Hey for what's simple interest and how its calculated you can check on Google. When you go to visit on 1st, the bank will ne super crowded. On 15th you will find it less crowded but more amount to pay in simple interest
Thanks bro for the video. Have some questions My HDFC home loan is two years old planning to pre pay for first time Do they ask for to fill form, bank statement, pay slip etc when send email for online payment (will pay from linked account for EMI) Do they activate payment link in portal and hope only net banking mode is allowed. Can i send email in month end and pay by 1st of next month to avoid interest. What is validity of payment link once it is activated.
@@TheCreditLifeThanks got all answers from the video. Hope bank statement required will be only from bank which I will be paying - one from were EMI deducted or all banks which I have.
GRreat JOB of explaining in detail but One clarification. I am really confused with the conversion enquiry. So basically we are paying them to reduce the interest rate . Few questions, 1)every year if/when RBI reduces REPO rate the interest, does the ROI is reduced automatically or for that also we should raise a conversion enquiry? 2) EBLR and REPO linked ? I saw a comment on your old video of you as every 3 months interest rate changes? Is it the same for REPO as well? 3) The conversion enquiry we made and the changes are applied once that's done and again after 3 months there will be a change of interest rate as per HDFC, will it get reflected in our account. ? If yes what's the benefit of paying only for 3 months . And get a couple of thousands reduced which is more or less same to the conversion fee we pay? Please let us know 🥺
We don't have to keep paying. It's a one time thing. I ended up having to do it multiple times , because at that point of time the Repo rates kept increasing. However it's been stable since many months now. I took my loan around 2021, so yet to live in times when RBI has reduced the rates , so will have to see what happens then, but my guess is that HDFC will automatically lower it
Really helpful! One question I had was, do we get option to reduce emi/reduce tenure in offline procedure? I want to reduce emi instead of tenure, is it possible offline?
I have asked this offline at their office, but they always tell you to drop an email to Customer service to request this. And yeah it's our choice if we want to reduce EMI OR tenure.
Thanks for sharing this information, it is very helpful to me. Recently I have contacted HDFC bank on the minimum amount for prepayment, i got a response saying we can do minimum 25K or above as prepayment, looks like they removed the concept of 2xEMI/3xEMI. can you please correct if this is the right information?
Is it true that now with the merger interest rate rest cycle is monthly for all home loans? They say its monthly as now they are Bank and its a monthly cycle for Banks. Do you have any idea on this?
Sir, can I do prepayment immediately after 3 or 6 months from the time of taking loan and will that prepayment amount included in principle or interest
Thank you for reply, HDFC better or PSU bank ? can you suggest , i want 19L for 10 year . which one should i choose ?i want to make part repayment as my payment terms are not that fix. @@TheCreditLife
These videos are extremely helpful for the borrowers. Much appreciated! I have one question though. You have explained conversion of interest rates only during rising ROI. Say, rbi starts cutting ROI in coming year in a phased manner, what would be expected outcome
How many prepayments can i do in a year.. i mean if i want to prepay 6 times in a year.. is that possible or is there a cap in the loan year or financial year?
@@yashwantkumar2096 I have done twice already without issues.. so once is not the limit fir sure.. and as far as I know for individuals there is no limit.. but I have not done it more than twice..
I have reduced my interest rate in last month but now when i saw my quarterly report and on the HDFC home loan website my tenure is reseted..i talked to HDFC customer care and they are saying every time you do conversation we will reset your tenure...its almost 2+ years i m paying emi..what to do now??
Not sure I got your question correct. When you do a conversion, you are given a choice, if you want to reduce EMI OR tenure. If you chose tenure, it will always decrease and not increase. Login to your HDFC Home Loan portal and check your interest rate movements and balance tenure there
@@TheCreditLife actually I have done conversion and reduced my interest rate from 9.20% to 8.65% on my current HDFC Home loan where the emi is same..before conversion my tenure was 214 months and after conversion HDFC Bank increased my tenure to 300 months..when I called their customer care they are saying that it is reset it to the original tenure if you do conversion..so I wanted to ask what should I do.. because already I m paying emi from almost 3 years and now they have increased my tenure again
Somethings not adding up, how can your interest reduce but not your EMI. Plus when you opt for conversion you get to see what your new tenure/emi is before opting. What you've done doesn't seem to be a conversion enquiry, rather a renegotiation of your loan.
9,60,000 for 15 year 7.8%, 3 year before, but at this time rate of interest 9.60 And remaining emi 170 how its ? Whare is my 3 year EMI ? And In HDFC can increase my EMI approx 50000 it's possible or not? Can i finished my loan if pay all amount
Banks increase tenure when repo rates increase and not EMI. If you can pay more write to the bank and ask to increase EMI and reduce Tenure. They will do it
Hey. Nice videos. I have reduced my tenure for HDFC home loan by 50%. Now I want to do pre payment as well. Post pre payment does the EMI amount get reduced(and number of EMIs remain same)or it remains the same for the rest of tenure and number of EMIs reduce ??
When you do a prepayment, you have to mention if you want your EMI reduced or tenure. The bank will do as you say. The number of EMI's getting reduced depends on the amount being prepaid vs the current balance.
Hello, Thank you so much for sharing the information. Just need to know that what is the reason we should not pay Rs. 5900/- and pay Rs. 2950/- for conversion of ROI? is there any information of that? Thank you!
Hello sir, i have taken loan 2 years back for 18,50,000 for 20 years. The interest rate at that time was 6.90 & now it is 9.40. i have not done anything about this so the tenure has shifted to 30+ yrs. Now i want to do a pre-payment of 3,00,000 & also want to reduce the tenure to 20 years. Should i do both these things at the same time or what way do you suggest?
When you do a prepayment, you get the option to Reduce EMI OR Reduce Tenure. So you can choose the option to Reduce Tenure. It's always the best thing to do
i think, now it is only one pre-payement in one year not every month. Can you please confirm the same it is one pre-payement in every month or Year ? because they have mentioned it in my individual and Mortage application form. "No prepayment charges shall be applicable for part prepayment once during a financial year only if the amount being prepaid does not exceed 25% of the principal amount outstanding at the time of such prepayment."
I recently spoke with the HDFC, they said i can only pay thrice of my EMI as a prepayment!! So i can email to the support team and ask for the payment link as much as my desired price?? My EMI is 70k per month!! Can i pay 50k as prepayment?? 2nd question: So if i pay the prepayment of 50k now will it be added to my principal amount directly?? Is there any interest going from that 50k ?? And thank you for so much valuable information!! ❤❤❤❤
My EMI is 30k monthly, which was not thrice but definitely more than my monthly EMI. I'd suggest emailing them and advising that you want to male a 50k payment. I don't think there will be any issues. Also 50k will go directly to principal. Interest they charge separately and that will be included when you go to do the payment.
@@TheCreditLife thank you for the reply! Will follow the same!! Keep making these kind of videos may be not only HDFC home loans but also other secrets!! Love your videos!! So much to learn and to grow!!
Hi im new to hdfc home loan. I paid pre emi last month and 1st emi two days back. But still balance term (months) and payable amount is not changed. When will this change in the portal? 2nd question- in portal can we see how much principal and interest amount we need to pay?
1) It changes on the 1st of the next month 2) No, but you can use this app to check how much goes towards principal/interest ua-cam.com/video/yDdwJ2IWfWY/v-deo.html
Customer service replied: Online Payment can be made only through the registered bank account with us. You can make 25% of the year opening balance. One payment can be made in a calendar month Minimum 25000/- can be paid as a part payment
After doing the online prepayment. Do we have to submit the prepayment letter to the bank with 6 months bank statement? I done prepayment yesterday and in prepayment letter it is written so.
@@TheCreditLife Can you check your any recent prepayment letter. Whether below text is there in bottom somewhere? You are required to submit the Prepayment Request Letter in the prescribed format, along with your bank statements (at least for last 6 months) and documents evidencing the sources/flows of funds to substantiate the amount of the payment.
HDFC Home loan is the worst bank to take your home loan from. I had previous experience with SBI, and I found it way better. In SBI you can repay any time, any amount, and Online. Whereas in HDFC they will make you cry if you wanna do a prepayment. HDFC doesn't give a damm after they have sold the loan to you. You are now trapped, they will rip you.
Agree
Yes
how many time they allow to do the pre payment ?
@@VivekNarkhede-s5y I think you can pay maximum 25% of principal outstanding in a financial year
For me as well, I mailed them to provide me online link to do the prepayment. They denied me by saying since I have some undisbursed amount in sanctioned amount and one can make digital payment only if loan is Fully disbursed.
Can the cheque for prepayment be from a different bank account in the borrower's name instead of the EMI's bank account?
I don't think so. But I've also never tried it to be honest.
Thank you so much for making these detailed videos. Super helpful.
One very basic question, for offline prepayment do we have to go to the exact HDFC home loans branch where loan was sanctioned or it can be done in any nearby branches too?
Any nearby HDFC Home loan branch will do
Hello,
How many times part payment is allowed during the tenure period?
Once per month
@@TheCreditLife Thank you Sir. Can we pay extra 1 month emi in HDFC home loan. (12 months + 1 month). If yes, can you please explain the procedure?
Hey check my other hdfc vids. Shown how to go about it
ua-cam.com/video/Qtyao2N6NqM/v-deo.html
@@TheCreditLife Thanks much..
1. Should I visit hdfc home loan branch or Hdfc bank for the prepayment/enquiry?
2. Co owners bank account is not registered with them , still I can do payment from non regis account or I need to register it first?
1) You can do prepayment/enquiry online also.
2) Far as it's the co-owners account, should be fine
While doing the pre-payment in the bank (offline) Is cheque the only mode of payment or can the bank officer provide us a link (web) over sms to do an online payment via net banking ?
Also if I want to do a pre payment of a top up loan ( top up on home loan) is it the same procedure ?
will there be a max pre-payment amount for Top up loan ?
They can provide the link via email or the app. You can then do the online payment via netbanking whilst at the bank
My EMI is 17k per month.
Can you please tell that how much prepayment I can do ?
Suppose, if I have 10k which I need to pay as a prepayment, so can I do that ?
Yeah you can. They say it has to be thrice your EMI. But I've done similar lower value ones.
Thanks for your video..!!
Is it mandatory to pay alteasy thrice of your emi in case you do prepayment.?? Please confirm
For online I suppose it's yes. As online I've always done it 3 times more. But offline I've paid even less than my monthly EMI and they accepted it
@@TheCreditLife this means we can do offline numerous pre payments and the amount can be less than your emi as well right?
@@sagaragarwal4816 Once per month. And yeah amount can be less than EMI
@@TheCreditLife thanks a lot for your info..!!
Making part prepayment even on 25th day of the month with corresponding simple interest is still better than waiting for the next month and making the same part prepayment?
Yes, but depends on amount being prepaid and Tenure left. You'll need to do that calculation to see how much is that difference
Is there a cap on the pre payment?
No
Hi Lester,
I am planning to do a prepayment. Could you please tell what is simple interest they charge and how does is get calculated.
What if i visit the branch on 1st of a month, will their by any charges. And what if do the same on lets say 15th of a month.
Please advise. Your reply would be highly appreciated.
Hey for what's simple interest and how its calculated you can check on Google.
When you go to visit on 1st, the bank will ne super crowded. On 15th you will find it less crowded but more amount to pay in simple interest
Your videos are so helpful. By seeing ur last videos only, I got some awareness on the conversion enquiry and done that.
That's great!
Thanks bro for the video.
Have some questions
My HDFC home loan is two years old planning to pre pay for first time
Do they ask for to fill form, bank statement, pay slip etc when send email for online payment (will pay from linked account for EMI)
Do they activate payment link in portal and hope only net banking mode is allowed.
Can i send email in month end and pay by 1st of next month to avoid interest.
What is validity of payment link once it is activated.
Watch this video, you should get all your answers. If still any doubts, feel free to reply ua-cam.com/video/Qtyao2N6NqM/v-deo.html
@@TheCreditLifeThanks got all answers from the video.
Hope bank statement required will be only from bank which I will be paying - one from were EMI deducted or all banks which I have.
Just the one you'll be paying from that is linked to the EMI
@@rajeshrajan9795 Only the bank from where the EMI is deducted. Most times they do not even ask for bank statement.
Hi, Helpful video..can we only prepay 25% of the outstanding amount in a given financial year as bank people told me ?
Thats what they say, but that can't be true. I've yet to reach that stage where I can try to prepay more than 25% though
GRreat JOB of explaining in detail but One clarification.
I am really confused with the conversion enquiry. So basically we are paying them to reduce the interest rate . Few questions,
1)every year if/when RBI reduces REPO rate the interest, does the ROI is reduced automatically or for that also we should raise a conversion enquiry?
2) EBLR and REPO linked ? I saw a comment on your old video of you as every 3 months interest rate changes? Is it the same for REPO as well?
3) The conversion enquiry we made and the changes are applied once that's done and again after 3 months there will be a change of interest rate as per HDFC, will it get reflected in our account. ? If yes what's the benefit of paying only for 3 months . And get a couple of thousands reduced which is more or less same to the conversion fee we pay?
Please let us know 🥺
We don't have to keep paying. It's a one time thing.
I ended up having to do it multiple times , because at that point of time the Repo rates kept increasing. However it's been stable since many months now.
I took my loan around 2021, so yet to live in times when RBI has reduced the rates , so will have to see what happens then, but my guess is that HDFC will automatically lower it
Really helpful! One question I had was, do we get option to reduce emi/reduce tenure in offline procedure? I want to reduce emi instead of tenure, is it possible offline?
I have asked this offline at their office, but they always tell you to drop an email to Customer service to request this. And yeah it's our choice if we want to reduce EMI OR tenure.
Thank you for the reply 😊
Is it possible to change the EMI date from 10th to 5th?
Can I do it online or I need to visit the branch?
Send an email to them
Thanks for sharing this information, it is very helpful to me. Recently I have contacted HDFC bank on the minimum amount for prepayment, i got a response saying we can do minimum 25K or above as prepayment, looks like they removed the concept of 2xEMI/3xEMI. can you please correct if this is the right information?
Yeah your correct. Haven't had the time to make a new video. But will be doing soon.
Why they are charging interest because while taking they mentioned that for floating interest loan there is no extra pre payment charge..
Can i make monthly pre payments towards my HDFC home loan? Does HDFC allow that ?
Yeah you can. I've uploaded a vid on how to go about with it. You'll find it on my channel. 12 prepayments are allowed in a year. Once per month
Is it true that now with the merger interest rate rest cycle is monthly for all home loans? They say its monthly as now they are Bank and its a monthly cycle for Banks. Do you have any idea on this?
I've heard they will be switching everyone to a monthly cycle.
Sir, can I do prepayment immediately after 3 or 6 months from the time of taking loan and will that prepayment amount included in principle or interest
Yeah. Any prepayment is and always will be towards principal amount only
How many time prepayment allowed in a year ? how much we need to prepay any condition on it ? @Lester Pareira
1 per month. They say it has to be thrice your EMI, but I've done even less than that and not had any issues
Thank you for reply, HDFC better or PSU bank ? can you suggest , i want 19L for 10 year . which one should i choose ?i want to make part repayment as my payment terms are not that fix. @@TheCreditLife
Very helpful video! Any idea when the RBI might change the interest rate? I am planning to do the convertion today or tom.
No idea, but I don't think it will be anytime soon.
@@TheCreditLife Thank you for your response👍 Keep making such content which may benefit many.
@@TheCreditLifeshould we visit only hdfc homeloan home branch or can visit any nearby branch for prepayment ??
@@praveenkumarreddy8399 hdfc homeloan branch only
Hdfc or sbi which bank is good for home loan. Thanks in advance.
Whichever gives you the lowest rate of interest
sir kya hdfc lap loan mein Prepayment or foreclosure charges lagte ha
Simple interest Charges lagta Hai. Not anything else
@@TheCreditLife wo kitna lgta ha
@@indiaweb3 Depends on the date its being paid and other factors. Differs from person to person
These videos are extremely helpful for the borrowers. Much appreciated! I have one question though. You have explained conversion of interest rates only during rising ROI. Say, rbi starts cutting ROI in coming year in a phased manner, what would be expected outcome
I'm still waiting for that day. I've not experienced those days yet. When it does happen, will check how HDFC proceed and will make a vid on that
We will take some insurance amount for the home loan. Will conversion enquiry is applied for that insurance loan account also??
Ideally it should. I closed my insurance loan within 6 months, so never got a chance to check that.
How many prepayments can i do in a year.. i mean if i want to prepay 6 times in a year.. is that possible or is there a cap in the loan year or financial year?
One per month is the capping. 6 times a year is fine
once during a financial year they have mentioned in my format. if you got to know please let me know
@@yashwantkumar2096 I have done twice already without issues.. so once is not the limit fir sure.. and as far as I know for individuals there is no limit.. but I have not done it more than twice..
What's the difference between increasing the home loan EMI amount by 5000/- v/s pre-paying home loan with 5000/- every month? What is more beneficial?
I have a video for a home loan calculator. You can use that to check both scenarios.
I have reduced my interest rate in last month but now when i saw my quarterly report and on the HDFC home loan website my tenure is reseted..i talked to HDFC customer care and they are saying every time you do conversation we will reset your tenure...its almost 2+ years i m paying emi..what to do now??
Not sure I got your question correct. When you do a conversion, you are given a choice, if you want to reduce EMI OR tenure. If you chose tenure, it will always decrease and not increase. Login to your HDFC Home Loan portal and check your interest rate movements and balance tenure there
@@TheCreditLife actually I have done conversion and reduced my interest rate from 9.20% to 8.65% on my current HDFC Home loan where the emi is same..before conversion my tenure was 214 months and after conversion HDFC Bank increased my tenure to 300 months..when I called their customer care they are saying that it is reset it to the original tenure if you do conversion..so I wanted to ask what should I do.. because already I m paying emi from almost 3 years and now they have increased my tenure again
Somethings not adding up, how can your interest reduce but not your EMI. Plus when you opt for conversion you get to see what your new tenure/emi is before opting. What you've done doesn't seem to be a conversion enquiry, rather a renegotiation of your loan.
9,60,000 for 15 year 7.8%, 3 year before, but at this time rate of interest 9.60 And remaining emi 170 how its ? Whare is my 3 year EMI ? And In HDFC can increase my EMI approx 50000 it's possible or not? Can i finished my loan if pay all amount
Banks increase tenure when repo rates increase and not EMI.
If you can pay more write to the bank and ask to increase EMI and reduce Tenure. They will do it
@@TheCreditLife thanks sir
Hey. Nice videos. I have reduced my tenure for HDFC home loan by 50%. Now I want to do pre payment as well. Post pre payment does the EMI amount get reduced(and number of EMIs remain same)or it remains the same for the rest of tenure and number of EMIs reduce ??
When you do a prepayment, you have to mention if you want your EMI reduced or tenure. The bank will do as you say. The number of EMI's getting reduced depends on the amount being prepaid vs the current balance.
How to change the tenure
Can I do pre payment if my loan is not fully disbursed?
No
Hello,
Thank you so much for sharing the information. Just need to know that what is the reason we should not pay Rs. 5900/- and pay Rs. 2950/- for conversion of ROI? is there any information of that?
Thank you!
Unfortunately, no idea about that.
@@TheCreditLife ohh okay.
Thank you for your reply. 👍
My home loan is commencing in April2024.
Can i start making Prepayment from June2024, when i get some bonus?
Yes can do
@@TheCreditLife thank you
Hello sir,
i have taken loan 2 years back for 18,50,000 for 20 years.
The interest rate at that time was 6.90 & now it is 9.40.
i have not done anything about this so the tenure has shifted to 30+ yrs.
Now i want to do a pre-payment of 3,00,000 & also want to reduce the tenure to 20 years.
Should i do both these things at the same time or what way do you suggest?
When you do a prepayment, you get the option to Reduce EMI OR Reduce Tenure.
So you can choose the option to Reduce Tenure. It's always the best thing to do
i think, now it is only one pre-payement in one year not every month. Can you please confirm the same it is one pre-payement in every month or Year ?
because they have mentioned it in my individual and Mortage application form. "No prepayment charges shall be applicable for part prepayment once during a financial year only if the amount being prepaid does not exceed 25% of the principal amount outstanding at the time of such prepayment."
It's one max every month.
For me every 3 month we can pay but need to visit branch
Is HDFC homeloan now a bank or still a NBFC? please help answer
I recently spoke with the HDFC, they said i can only pay thrice of my EMI as a prepayment!! So i can email to the support team and ask for the payment link as much as my desired price?? My EMI is 70k per month!! Can i pay 50k as prepayment??
2nd question:
So if i pay the prepayment of 50k now will it be added to my principal amount directly?? Is there any interest going from that 50k ??
And thank you for so much valuable information!! ❤❤❤❤
My EMI is 30k monthly, which was not thrice but definitely more than my monthly EMI. I'd suggest emailing them and advising that you want to male a 50k payment. I don't think there will be any issues. Also 50k will go directly to principal. Interest they charge separately and that will be included when you go to do the payment.
@@TheCreditLife thank you for the reply! Will follow the same!! Keep making these kind of videos may be not only HDFC home loans but also other secrets!! Love your videos!! So much to learn and to grow!!
This is wrong by HDFC, prepayment of homeloan should be easy online process, no asking for link and all this bullshit
After doing conversion from 9.25% to 8.65% roi my term of loan increased even if my emi is same as earlier. Why this happened?
That's not possible. Unless the last time you checked your term was before the Repo Rate hikes
Please make a detailed video on conversion inquiry.
Alresdy made ua-cam.com/video/MP8FR5Fba84/v-deo.html
Hi im new to hdfc home loan. I paid pre emi last month and 1st emi two days back. But still balance term (months) and payable amount is not changed. When will this change in the portal?
2nd question- in portal can we see how much principal and interest amount we need to pay?
1) It changes on the 1st of the next month
2) No, but you can use this app to check how much goes towards principal/interest ua-cam.com/video/yDdwJ2IWfWY/v-deo.html
Customer service replied:
Online Payment can be made only through the registered bank account with us.
You can make 25% of the year opening balance.
One payment can be made in a calendar month
Minimum 25000/- can be paid as a part payment
I believe this 25% rule is only for online payments
After doing the online prepayment. Do we have to submit the prepayment letter to the bank with 6 months bank statement?
I done prepayment yesterday and in prepayment letter it is written so.
That's new to me. Never done that before
@@TheCreditLife Can you check your any recent prepayment letter. Whether below text is there in bottom somewhere?
You are required to submit the Prepayment Request Letter in the prescribed format, along with your bank statements (at least for last 6 months) and documents evidencing the sources/flows of funds to substantiate the amount of the payment.
@@anupa5702 Yes its there, even in the older ones. But never done that.
@@TheCreditLife i also didn't visit the place. Still the records are updated on the portal.
Bro, What are the hidden charges+ processing fee for HDFC home loan.
Can you please share the number.
ua-cam.com/video/mNFmovMFUPQ/v-deo.html
Very good information
SBI is Best Bank For home Loan
Worst bank to take home loan. You have to visit the bloody branch to do pre-payments 🤦🏻♂️ in this digital era
You can do prepayments online aswell
Hindi me bnyo?