HDFC-HDFC Bank Merger: All you need to know about its impact on home loan customers

HDFC Bank, the largest private sector bank in the nation, and Housing Development Finance Corporation( HDFC ), a mortgage lender, will merge as of July 1. After receiving approval from the table, owners, and regulatory authorities, the twin entities initially announced their intention to get hitched on April 4, 2022.

Chairman Deepak Parekh, in a letter to owners of HDFC on June 30, offered some perspectives to HDFC Bank regarding the home mortgage business:" Dealing with home mortgage users requires immense patience. It is about understanding the needs and feelings of a home loan client, assuaging their stress during this complex deal, customising options, explaining financial implications of a loan product, and lending properly to ensure that a user is not overstretched".

The mortgage text of the merged entity is expected to increase by 38.77 cent to Rs 22.21 lakh crore as against Rs 16 lakh crore as on March 31, as per the buyer display of HDFC Bank.
Here are the solutions to some issues that consumers of HDFC does have.

No, the applicable rate of interest for your home loan shall now be linked to the external benchmark lending rate ( EBLR ). This is in compliance with regulatory guidelines regarding floating rates of interest. Nevertheless, from the successful day of the merger, there will be no instant change in the rate of interest. Just changes made in the future will be based on the EBLR.

My home loan was disbursed recently and the equated monthly instalments ( EMI ) are yet to begin. What impact does the acquisition have on my loan?

There will be no effect on your home loan. The repayment period of the mortgage remains the same and the EMIs may be processed as per the mortgage repayment plan. Additionally, there will be no change in the terms and conditions, and the applicable interest rate may also remain the same. In case of any modifications, HDFC Bank will speak the same to borrowers.

Likewise read | Deepak Parekh in final letter to HDFC shareholders:' It is time to suspend my boots'
After the merger, where may I go to inquire about payment?

For queries about prepayment of your home loan, you can visit HDFC Bank( erstwhile HDFC branches ). You can also email consumer. or get in touch with their call center at service @ hdfc.com.
I do not have an account with HDFC Bank. May I check my house loan details on the corporation's website?

Login information for a home loan account is different from online banking information. So, HDFC home loan users who do not have either a savings or a current account with HDFC Bank can obtain their home mortgage information through the house payment portion of the HDFC Bank site.

You can also remain to obtain the HDFC site even after the merger with your existing login credentials.
Existing HDFC Bank customers with either a savings or a current accounts may access home mortgage details through the bank's online bank portal.