u/Accomplished_Yam_447

Hey. Your Home Loan Advisor from Credwise is back with another home loan updates. A lot of people approached me saying agents/builder team is promising them 7.15% rate. I wanted to clarify on this.

If you're an HDFC home loan applicant or have been planning to apply, heads up — the bank has revised its home loan rates.

Here's a quick breakdown of what's new.

As per the latest official circular, HDFC has updated its home loan rates effective May 1. The earlier 7.15% rate is no longer available, and the rates now start from 7.20% onwards, varying based on your CIBIL score slab.

What's changed?

• ❌ The 7.15% rate offer has been discontinued

• ✅ New starting rate is 7.20% for CIBIL 800+ subject to approval

• Rates across different CIBIL score slabs have been revised upward (Both Residents & NRI)

CIBIL | Rate

800 & above | 7.20%

780- 799 | 7.25% to 7.30%

750-789 | 7.35% to 7.50%

If your agent is promising concession on these rate, please know it is very difficult irrespective of your Loan amount. Those who overpromise will waste your time, and by the end, you'll have no choice but to accept whatever is on the table. Don't wait until you're in that corner.

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VERY IMPORTANT 👇 -

Rates are now "subject to approval" across ALL cases.

Your sanction rate for all will be 7.75%. Your final rate will only be revealed after the banker gets approval at end of disbursement.

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What this means for you:

Check with your banker for latest updates and get new rate confirmation before proceeding. If you were planning to apply banking on the 7.15% rate, that window is now closed.

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🤔 Here's the interesting part — can anyone guess WHY?

The RBI hasn’t changed the repo rate in a while. Rates have been stable. So why would HDFC quietly revise its home loan rates Now.

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Confused about home loans?

Drop a question if you have any doubts related to Home Loan?

- Which lender offers the best rate for your profile

*- How your *CIBIL score impacts your eligibility**

- What to expect during the **approval process**

- How to **compare offers** across banks before you commit

Home Loans | LAP | PLOT+CONSTRUCTION | B KHATA | A KHATA

Hey all. Your Home Loan Advisor from Credwise is back. I have seen that a significant number of NRI cases I handle start the same way. Someone wants to buy a plot back home, they are confused about plot purchase loan options. So let me break this down for you.

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Can NRIs get a plot loan in India?

Yes. But with conditions worth understanding before approaching any bank.

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What you can and cannot buy?

NRIs can purchase residential plots, plotted developments, and commercial land freely. What's completely off limits under FEMA is agricultural land, farmhouses, and plantation properties. No bank will finance these and there's no legal workaround.

If you're looking at a RERA registered plotted project or an approved residential layout — you're eligible.

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Key conditions

Most lenders fund 70–75% of plot value. In some cases, we can extend the loan percentage. The rest comes from your NRE or NRO account — foreign currency transfers directly aren't permitted under RBI guidelines.

One condition that catches people off guard — banks require construction to begin within 2–3 years of purchase. If you're buying purely as a land investment, some lenders will decline. Worth clarifying upfront.

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The GPA — most underestimated part

A General Power of Attorney to a trusted family member is essential since most NRIs aren't physically present. It needs to be signed at the Indian Embassy in your country and then adjudicated at the Sub-Registrar office in India. A notarised copy alone is not accepted by banks. This step adds 3–4 weeks if not done in advance.

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Worth knowing — composite loan

Banks offer plot purchase loan with mandatory construction condition in India. If you plan to construct eventually, ask about a composite loan — plot plus construction under one facility. Get some construction funds added to your loan part. Construction funds disburse in stages, you pay interest only on what's released, and it often gets you a better rate than a standalone plot loan.

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What usually goes wrong?

Most rejections come down to — plot not in an approved layout, GPA not adjudicated properly, wrong bank approached, or income documents not reflecting the full picture. None of these are deal breakers if caught before the application goes in.

Happy to answer specific questions in the comments.

TAG WITH A FRIEND WHO IS HOUSE HUNTING!!

Hey 👋

Home Loan advisor from Credwise here.

Sharing this for anyone actively looking for a home loan or considering a balance transfer. Decent offer from BOB right now — a few features that most people don't know about.

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Rate Slab by CIBIL Score

| CIBIL Score | Without Insurance | With Life Insurance |

| 825 & above | 7.25% | 7.20% |

| 800 – 824. | 7.35% | 7.30% |

| 751 – 799 | 7.45% | 7.40% |

| 726 – 750 | 7.70% | 7.65% |

| 701 – 725 | 7.75% | 7.70% |

| Below 701 | 9.00% | 8.95% |

| No CIBIL (-1) | 7.80% | 7.75% |

Extra concessions:

• Resale / full disbursement cases → 0.10% off

• Applicant below 40 years → 0.10% off

• Women borrower → 0.05% off

Minimum effective rate stays at 7.20% regardless of stacked concessions.

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🏠 For New Home Buyers — Two Big Advantages

1. OD Linked Home Loan from Day 1 on Underconstruction flats

This is genuinely underutilised. BOB offers an overdraft-linked home loan where your loan account works like an OD facility. Any surplus money you park in the account — salary, savings, bonus — reduces your principal on a daily basis, cutting interest without locking your money. You can withdraw it anytime.

For someone with a decent monthly surplus, this can shave 2–4 years off the tenure without any extra commitment. Most salaried people don't even know this option exists at origination.

2. Registration + Interior Funding

BOB has a program where they'll sanction up to 75% of your registration and stamp duty amount into the loan itself — along with interior/furnishing costs. So instead of scrambling for cash at registration time or post-possession, it's all rolled into one loan.

🔄 For Balance Transfer

If you've paid 12+ EMIs on your existing home loan without any defaults, BOB will process your transfer based on repayment track record alone. No salary slips, no new ITR. Quite rare for a nationalized bank.

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What's Free:

Zero processing fee. No pre-closure charges. No part-payment penalty.

What's Not:

Legal & technical charges of ₹10,030 at file login (₹4,130 for APF projects) — non-negotiable.

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Happy to help anyone figure out if this makes sense for their specific case — outstanding amount, tenure left, whether OD structure works for your income pattern.

Drop a question incase of any doubt.

Hey all. Your Home Loan Advisor from Credwise is back. I have seen that a significant number of NRI cases I handle start the same way. Someone wants to buy a plot back home, they are confused about plot purchase loan options. So let me lay this out plainly.

---

Can NRIs get a plot loan in India?

Yes. But with conditions worth understanding before approaching any bank.

---

What you can and cannot buy?

NRIs can purchase residential plots, plotted developments, and commercial land freely. What's completely off limits under FEMA is agricultural land, farmhouses, and plantation properties. No bank will finance these and there's no legal workaround.

If you're looking at a RERA registered plotted project or an approved residential layout — you're eligible.

---

Key conditions

Most lenders fund 70–75% of plot value. In some cases, we can extend the loan percentage. The rest comes from your NRE or NRO account — foreign currency transfers directly aren't permitted under RBI guidelines.

One condition that catches people off guard — banks require construction to begin within 2–3 years of purchase. If you're buying purely as a land investment, some lenders will decline. Worth clarifying upfront.

---

The GPA — most underestimated part

A General Power of Attorney to a trusted family member is essential since most NRIs aren't physically present. It needs to be signed at the Indian Embassy in your country and then adjudicated at the Sub-Registrar office in India. A notarised copy alone is not accepted by banks. This step adds 3–4 weeks if not done in advance.

---

Worth knowing — composite loan

If you plan to construct eventually, ask about a composite loan — plot plus construction under one facility. Get some construction funds added to your loan part. Construction funds disburse in stages, you pay interest only on what's released, and it often gets you a better rate than a standalone plot loan.

---

What usually goes wrong?

Most rejections come down to — plot not in an approved layout, GPA not adjudicated properly, wrong bank approached, or income documents not reflecting the full picture. None of these are deal breakers if caught before the application goes in.

Happy to answer specific questions in the comments.

We advise on Home Loan options - no extra costs for you.

TAG WITH A FRIEND WHO IS HOUSE HUNTING!!