Hero Housing Finance Interest Rate
Hero Housing Finance Ltd. is a subsidiary of Hero FinCorp that offers housing loans at competitive interest rates to help aspiring homeowners meet their financial goals. The Hero Housing Finance rate of interest begins at an affordable 9.50% per annum. The NBFC offers a maximum repayment duration of 30 years to salaried applicants and 20 years to self-employed borrowers. Besides the applicant can choose between floater and fixed packages for Hero Housing Finance Limited rate of interest.
Hero Housing Finance EMI Calculator
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Hero Housing Finance Home Loan Key Highlights
| Amount of Loan | Up to Rs. 5 crores |
|---|---|
| Rate of Interest | 9.50% p.a. onwards |
| Processing Fees |
Up to Rs. 5000 + Taxes |
| Max Tenure for Loan Repayment | Salaried: 30 years | Self-Employed: 20 years |
Hero Housing Finance Interest Rates in 2024
Hero Housing Finance Ltd. (HHFL) continues to be a significant player in the housing finance sector, offering competitive interest rates tailored to meet the diverse needs of home loan borrowers. Home loans are easily available to both salaried and self-employed applicants, who meet the eligibility criteria set by the NBFC at a rate of interest starting from 9.50% per annum.
Feel free to check out the table below that displays the latest Hero Housing Finance interest rate 2024:
| Loan Category | Rate of Interest on Home Loan |
|---|---|
| Salaried Applicants | 9.50% p.a. onwards |
| Self-Employed Applicants | 9.50% p.a. onwards |
Standard Home Loan Rates of Interest for Salaried and Self-Employed Applicants
Repo Linked Lending Rate (RLLR)
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loan | 9.50% p.a. onwards |
Hero Housing New Home Loan Interest Rates
| Loan Slab | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loans | 9.50% p.a. onwards |
Top-Up Loans Interest Rates
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| Top-Up for Existing Customers | 9.50% p.a. onwards |
Interest rates were last updated on 28th May 2024
Hero Housing Finance Interest Rates for All Schemes in India
For years, Hero Housing Finance Ltd. has been helping aspiring homeowners to get convenient housing loan schemes. Be it for purchasing a new home, a plot, constructing a home on a plot, or a balance transfer of an existing housing loan from another lender, Hero Housing Finance can be your ideal financial service provider. Listed below are the top housing loans offered by HHFL and their rate of interest:
| Hero Housing Finance Home Loan Schemes | Rates of Interest for Each Plan |
|---|---|
| Hero Home Loan for New Property Purchase | 9.50% p.a. onwards |
| Hero Home Construction Loan | 9.50% p.a. onwards |
| Hero Plot Purchase Loan | 9.50% p.a. onwards |
| Hero Home Renovation Loan | 9.50% p.a. onwards |
| Hero Home Loan Balance Transfer | 9.50% p.a. onwards |
| Hero Home Loan Top-Up | 9.50% p.a. onwards |
Hero Housing Finance Interest Rates for Balance Transfer, Top Up and Overdraft
Hero Housing Finance Ltd. (HHFL) knows that home loan borrowers may need extra financial help along with their home loan, so as to assist them in this journey, it offers them three more convenient housing loan schemes:
Hero Housing Finance Home Loan Balance Transfer
The Hero Housing Finance Balance Transfer allows borrowers to transfer their existing housing principal amount from another lender to HHFL with flexible terms and conditions. It is a great way for these customers to avail of a cheaper rate of interest, better loan terms, and improved customer service. The rate of interest for the Hero Housing Finance balance transfer loan scheme begins at 9.50% per annum.
Hero Housing Finance Home Loan Top-Up
Secondly, there is an option to choose a flexible top-up on Hero Housing Finance housing loan. It allows the customer to avail additional funds over their existing housing loan. The main benefit of this plan is to help the borrower meet various financial needs for personal or professional reasons. The Hero Housing Finance home loan top-up interest rate begins at 9.50% per annum.
Hero Housing Finance Home Loan Overdraft Option
The Hero Housing Finance overdraft facility is the third way through which home loan customers can enjoy additional flexibility in managing their home loans. This facility combines the features of a home loan and an overdraft account, allowing the customer to deposit surplus funds and withdraw them as needed. The Hero Housing Finance overdraft (OD) facility begins at 9.50% per annum.
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Compare Hero Housing Finance Interest Rate with Top Banks
As a potential home loan borrower, it is a wise decision to compare Hero Housing Finance’s interest rates with those offered by other top banks and NBFCs. Not only will it help you stay confident about your financial service provider selection but also helps the borrower to make an informed decision. To help you in this, we are now presenting a table of comparison in terms of the interest rate and processing fee for HHFL and other competitors:
| Bank/NBFC | Rate of Interest on Home Loan | Processing Fee |
|---|---|---|
| Hero Housing Finance | 9.50% p.a. onwards | Up to Rs. 5000 + Taxes |
| Shriram Housing Finance | 9.50% p.a. onwards | Up to 2.50% of the loan amount + taxes |
| YES Bank | 9.40% p.a. onwards | Up to 1.50% of the loan amount or Rs. 10,000 (whichever is higher) + GST |
| AU Small Finance Bank | 8% - 22% p.a. | Up to 2% of the loan amount |
| Piramal Housing Finance | 11.00% p.a. onwards | Up to 3% of the loan amount +GST |
| DCB Bank | 9.75% p.a. onwards | Up to 2% of the loan amount (Min. Rs. 5,000) |
Hero Housing Finance Balance Transfer Interest Rates
Choosing the Hero Housing Finance Balance Transfer Scheme can offer several advantages for borrowers who are looking to transfer their existing housing loan from another lender. Lower interest rates, reduced EMI burden, flexible repayment options, and minimal documentation are some of the key benefits a customer can enjoy by opting for the HHFL BT scheme.
The Hero Housing Finance Balance Transfer interest rate starts at 9.50% per annum, however, it is subject to change as per the prevailing market conditions and other conditions of the NBFC. If you are keen to shift your outstanding loan balance to HHFL through a Balance Transfer (BT) scheme, then follow these easy steps:
- First, go to the BASIC Home Loan official website and click on the Repay Right option
- Fill out the online application form with the required information
- Proceed ahead by clicking ‘Next’ and you will be directed to the next page
- You can now see in detail the savings you will make by opting for the Hero Housing Finance Home Loan BT option
- On the other hand, you may call the BASIC Home Loan staff to help you apply for an HHFL balance transfer loan option
Get Home Loan Starting at 8.5%*
How to Calculate Hero Housing Finance Interest Rates?
Why take trouble manually calculating the EMI on your HHFL home loan, when you can easily use the online EMI Calculator available at https://www.basichomeloan.com/emi. For your quick reference, we are now presenting a detailed table with an idea of monthly EMI payable for different tenures ranging from 10 to 30 years for Hero Housing Finance housing loans at a 9.50% rate of interest:
Hero Housing Finance Home Loan EMI Calculator 2024
| Loan Amount | Rate of Interest | EMI for 10-Year Loan Tenure | EMI for 20-Year Loan Tenure | EMI for 30-Year Loan Tenure |
|---|---|---|---|---|
| Rs. 10 lakh | 9.50% p.a. | Rs. 12,940 | Rs. 9,321 | Rs. 8,409 |
| Rs. 20 lakh | 9.50% p.a. | Rs. 25,880 | Rs. 18,643 | Rs. 16,817 |
| Rs. 30 lakh | 9.50% p.a. | Rs. 38,819 | Rs. 27,964 | Rs. 25,226 |
| Rs. 40 lakh | 9.50% p.a. | Rs. 51,759 | Rs. 37,285 | Rs. 33,634 |
| Rs. 50 lakh | 9.50% p.a. | Rs. 64,699 | Rs. 46,607 | Rs. 42,043 |
| Rs. 60 lakh | 9.50% p.a. | Rs. 77,639 | Rs. 55,928 | Rs. 50,451 |
| Rs. 70 lakh | 9.50% p.a. | Rs. 90,578 | Rs. 65,249 | Rs. 58,860 |
| Rs. 80 lakh | 9.50% p.a. | Rs. 1,03,518 | Rs. 74,570 | Rs. 67,268 |
| Rs. 90 lakh | 9.50% p.a. | Rs. 1,16,458 | Rs. 83,892 | Rs. 75,677 |
| Rs. 1 crore | 9.50% p.a. | Rs. 1,29,398 | Rs. 93,213 | Rs. 84,085 |
The above table aims to give you a rough idea of the EMI payable monthly at a rate of interest of 9.50% p.a. Available at Hero Housing Finance Ltd. Please note, that these figures will change with any change in the loan tenure, loan amount, and rate of interest.
FAQ's
Yes, you can reduce the home loan tenure with Hero Housing Finance by either opting for a prepayment, or increasing your monthly EMI payment, or with a balance transfer scheme.
Yes, Hero Housing Finance Ltd. is available PAN-India offering convenient home loans at affordable rates of interest.
Yes, it is possible to negotiate the interest rate on your home loan with HHFL. Some factors that may help you get a better rate of interest at Hero Housing are your credit score, income stability, loan amount, tenure, and existing relationship with the NBFC.
Hero Housing Finance interest rates may change as per the changing market conditions, the repo rate set by the RBI, and the terms and conditions of the NBFC.
The minimum salary required for a Hero Housing Finance home loan is Rs. 15,000 per month.
You can easily check your eligibility for a Hero Housing Loan by visiting the official website or using the eligibility calculator tool available at the BASIC Home Loan website by entering details like loan amount, tenure, income, age, and other similar information.