Took a home loan from HDFC? Three EMI payment methods you should know

HDFC provides several modes through which home loan customers can pay their EMIs. These include electronic methods (ECS and special arrangement with HDFC Bank), non-electronic methods (Post-dated cheques and direct payments) and bulk payment (through an arrangement with Employers).

HDFC says on its official website that in the case of electronic methods, collection of the revised amount usually happens from the next month. Customers are required to pay the differential amount separately for the current month.

In the case of post-dated cheques, there is an option either to change the old cheques completely or issue Post Dated Cheques only for the differential amount.

“Differential amounts for more than a month can be aggregated and paid through a single cheque in advance,” says HDFC.

HDFC also allows bulk payments where Deduction at Source (DAS) facilities are available from the customers’ employers. For this, fresh authorisations are required to be signed and differential payment has to be done till the time the new instructions are implemented.

HDFC says that under any of the methods of payment, the total EMI is required to be paid before the due date.

Increase EMI

HDFC allows customers to increase the EMI during the life of a loan and no cost is charged for this facility.

When a customer increases the EMI, the loan term gets reduced, which in effect reduces the total outflow substantially if the customer regularly exercises this option.

Also Read: Rs 60 lakh profit on buying Rs 50 lakh house than renting for Rs 20,000/month

No need to transfer account

HDFC says that it has over 200 offices, integrated into a central server. Customers can do any post-disbursement transaction from any office regardless of where the loan was sourced. Therefore, there is no need for customers to request for transfer of accounts to a local branch.

Change in EMI

HDFC says any change in EMI needs to be updated in the customer’s account so that the Amortisation can happen with the right EMI. The service is provided across all HDFC offices without any cost. The new EMI becomes payable with effect from the date that is agreed upon between the customer and HDFC in this regard.