हिंदी में पढ़े
Disclaimer: Hero Housing Finance is not a Paisabazaar partner and all content herein is strictly informative in nature. Paisabazaar is not affiliated with, sponsored by or in any way connected to Hero Housing Finance for home loans. No offers/services from Hero Housing Finance are being provided by Paisabazaar for home loans. For further information about Hero Housing Finance for home loans, users are required to reach out directly to Hero Housing Finance.
| Hero Housing Finance Home Loan Highlights | |
| Interest rate | 15% p.a. onwards |
| Loan amount | Rs 3 crore |
| Tenure | Up to 30 years |
| Processing Fees | Initial Processing Fees- Up to Rs 5,000
Processing Fees including initial processing fee- · Up to 1% for cheque salaried · Up to 3% for others |
Rates as of 14th October 2024
Table of Contents
Hero Housing Finance Home Loan Interest Rate
Hero Housing Finance Home Loan interest rates start from 15% p.a. onwards The lender has not disclosed differential interest rates based on the credit score, monthly income, employment profile, employer’s profile, loan amount, etc. of its home loan applicants. However, the lender may consider these factors while setting its home loan interest rates, just like many lenders do.
Compare Home Loan Interest Rates of Top Banks & HFCs
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
| SBI | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | Apply Now |
| HDFC Bank Limited | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.50% - 10.35% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Check interest rates on Home Loans for other Banks and HFCs Compare Now
Types of Hero Housing Finance Home Loan
Hero Home Loan for Purchase of New Property
Purpose: Hero Housing Finance offers home loan for Purchase of New Property to finance the purchase of properties like Lal Dora, Freehold, Gram Panchayat, Municipal Corporation, Approved Property, Society Patta, Gunthewari Property, etc.
Loan Amount: Up to Rs 3 crore
Tenure: Up to 30 years
Hero Home Construction Loan
Purpose: Consumers can avail Home Construction Loan from Hero Housing Finance to raise funds for construction of home.
Loan Amount: Up to Rs 3 crore
LTV Ratio:
| Loan Amount | LTV Ratio |
| Up to Rs 30 lakh | Up to 90% of property market value |
| Rs 30 lakh-Rs 75 lakh | Up to 80% of property market value |
| Above Rs 75 lakh | Up to 75% of property market value |
Tenure: Up to 30 years
Hero Plot Loan (Development Authority)
Purpose: Hero Housing Finance offers Plot Loan to its applicants to finance the purchase of plot for home construction.
Loan Amount: Up to Rs 3 crore
LTV Ratio:
| Loan Amount | LTV Ratio |
| Up to Rs 30 lakh | Up to 90% of property market value |
| Rs 30 lakh-Rs 75 lakh | Up to 80% of property market value |
| Above Rs 75 lakh | Up to 75% of property market value |
Tenure: Up to 30 years
Hero Home Renovation Loan
Purpose: The lender offers Home Renovation Loan to its applicants for making addition, extension, alteration to their existing home property.
Loan Amount: Up to Rs 3 crore
LTV Ratio:
| Loan Amount | LTV Ratio |
| Up to Rs 30 lakh | Up to 90% of property market value |
| Rs 30 lakh-Rs 75 lakh | Up to 80% of property market value |
| Above Rs 75 lakh | Up to 75% of property market value |
Tenure: Up to 30 years
Hero Home Loan Balance Transfer with Top-up
Purpose: Existing home loan borrowers of other banks and HFCs can avail Hero Housing Home Loan Balance Transfer facility for transferring their existing home loans to Hero Housing Finance at lower interest rates. Such borrowers can also avail top-up loan over and above their existing home loans to meet their personal requirements.
Loan Amount: Up to Rs 3 crore
LTV Ratio:
| Loan Amount | LTV Ratio |
| Up to Rs 30 lakh | Up to 90% of property market value |
| Rs 30 lakh-Rs 75 lakh | Up to 80% of property market value |
| Above Rs 75 lakh | Up to 75% of property market value |
Tenure: Up to 30 years
Check interest rates on Home Loans for other Banks and HFCs Compare Now
Eligibility Criteria for Hero Housing Finance Home Loan
- Minimum age at the time of loan application- 21 years
- Minimum age of non-income applicant at the time of loan application- 18 years
However, Hero Housing Finance may also consider the credit score, employment profile, employer’s profile, monthly income, etc. of its applicants, just like many lenders do while evaluating the home loan eligibility of their applicants.
Documents Required for availing Hero Housing Finance Home Loan
- ID Proof- Aadhar card, PAN card, Passport, Voter ID issued by Election Commission, Driving License issued by the RTO
- Address Proof- Aadhar card, Driving License, Voter ID, Passport
- Relationship Proof- Aadhar card, PAN card, Passport, Voter ID issued by Election Commission, Driving License issued by the RTO
- Age Proof- Passport, Aadhar card, Driving License, PAN card
For Salaried Individuals
Income Documents-
- Salary slip for last 2 months (6 months’ salary slip in case of variable)
- Form 16
- Bank statement for last 3 months reflecting salary credits
- Appointment letter with salary breakup if current employment is less than an year old
Property Documents-
- Previous chain of atleast last 13 years
Details of current loans-
- Bank statement reflecting last 6 months EMI payment/SOA of running loans
For Self-employed Individuals
- ITR for last 2 years, P&L and Balance Sheet with notes to accounts (latest ITR for those who have filed ITR only for last year and no ITR for those who do not file ITR)
- GST return for last 1 year, if available
- Bank statement for last 6-12 months of all active business accounts
Details of current loans-
- Bank statement reflecting last 6 months EMI payment/SOA of running loans
Property Documents-
- Previous chain of at least last 13 years
Check interest rates on Home Loans for other Banks and HFCs Compare Now
Hero Housing Finance Home Loan Processing Fees and Charges
| Particulars | Charges | |||||||||||||||||||||||
| Initial Processing Fees (non-refundable) | Up to Rs 5,000 | |||||||||||||||||||||||
| Processing Fees (inclusive of initial processing fees) | Cheque salaried- Up to 1%
Others- Up to 3% |
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Home Loan Plus program fees |
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| Current CERSAI charges | Rs 500 | |||||||||||||||||||||||
| Statutory charges | As per the local laws | |||||||||||||||||||||||
| Disbursement cheque cancellation | Rs 500 | |||||||||||||||||||||||
| Penal interest | 2% per month | |||||||||||||||||||||||
| Switch to lower rate | Up to 2% of outstanding principal | |||||||||||||||||||||||
| Cheque dishonour charges | Rs 1,000 | |||||||||||||||||||||||
| Cheque/cash collection charges | Rs 500 | |||||||||||||||||||||||
| Account statement | Soft Copy- NIL
Hard Copy- Rs 500 |
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| Income Tax Certificate for current financial year | NIL | |||||||||||||||||||||||
| Legal and Incidental Expenses | As per actual | |||||||||||||||||||||||
| Documents Retrieval | · Document copies from HHFL custody- Rs 2,000 (not applicable on first copy of current resale deed)
· Original document retrieval charges for specific activity like production at SRO or Development Authority or Endorsement- not applicable for endorsement of share certificates in Maharashtra · For other locations- Rs 5,000 |
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Hero Housing Finance Home Loan EMI Calculator
Hero Home Loan EMI Calculator can be used for calculating the EMIs and interest cost payable depending on the loan amount, loan tenure and interest rate. Alternatively, applicants may also use the home loan EMI calculator available on the Paisabazaar website to find out their optimum EMI and tenure based on their repayment capacity.
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
FAQs on Hero Housing Finance Home Loan
1. What is the current home loan interest rate of Hero Housing Finance?
Ans. Hero Housing Finance offers home loan interest rate starting from 15% p.a. onwards depending on the credit profile of its applicants.
2. How can I apply for Hero Housing Finance Home Loan?
Ans. You can apply for Hero Housing Finance Home Loan either through the official website of the HFC or by visiting any branch of the HFC. Applicants should also visit online financial marketplaces like Paisabzaar.com to compare the home loan interest rates offered by other lenders.
3. What is the minimum credit score required to avail Hero Housing Finance Home Loan?
Ans. Hero Housing Finance has not disclosed the minimum credit score for its home loan applicants. However, home loan lenders usually prefer home loan applicants having credit scores of 700 and above.
4. What are the foreclosure charges for availing home loan from Hero Housing Finance?
Ans. Hero Housing Finance charges no foreclosure fee for home loans sanctioned to individual borrowers at floating rates. The lender also does not charge foreclosure fee for fixed rate home loans sanctioned to individual borrowers wherein the foreclosure is made out of the borrower’s own source of funds. In other cases, including the balance of fixed rate home loans, the lender charges a foreclosure fee of 2-3% for home loans.
5. Can I get a 100% home loan from Hero Housing Finance?
Ans. Hero Housing Finance has not disclosed the LTV ratio at which the home loan is offered. However, as per RBI regulations, LTV ratio is capped at 90% of the property cost for loan amount of up to Rs 30 lakh, 80% of the property cost for loan between Rs 30 lakh to Rs 75 lakh and up to 75% of property cost for loans above Rs 75 lakh.
6. Can I transfer my home loan balance to Hero Housing Finance?
Ans. Hero Housing Finance offers home loan balance transfer facility to its existing home loan borrowers. Here, the existing home loan borrowers of other banks and HFCs can transfer their existing home loans to Hero Housing Finance at lower interest rates.