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  • HDFC Bank Loan Against Property

    Immovable properties are one of the most important assets a person can have. Homes can shelter and provide comfort, and also prove to be ready sources of liquidity when the need arises. But how can one access this liquidity without actually selling it and losing the property?

    The answer is HDFC's Loan Against Property that provides the way out to access this liquidity. This scheme allows the property owner to get cash against the property while still being the owner of the property. Loan Against Property lets one avail funds for any kind of number requirement.

    To avail HDFC's mortgage loan, both commercial and residential properties can be used as loan collateral.

    Features and Benefits of HDFC Bank Loan Against Property

    • Loans are extended against freehold, fully constructed residential/commercial properties for the following:
    1. Business needs.
    2. Medical expenses, marriage and any such personal needs.
    3. Loan transfer to HDFC availed from other Financial Institutions/Banks.
    • HDFC Loans Against Property offers longer loan tenures, resulting in smaller EMIs.
    • HDFC offers attractive rates of interest for Loans Against Property.
    • The entire process of getting loan is made easy with simple documentation procedure.
    • Easy loan repayment through EMIs.
    • Integrated network of branches to help customers avail loan servicing anywhere in India.
    • Value of the property, as assessed by HDFC.

    Interest Rates for HDFC Bank Loan Against Property

    HDFC offers two types of interest rates on Loan Against Property, both at the current RPLR (Retail Prime Lending Rate) of 16.15%. The two types of rates are as follows:

    • Adjustable Rate Loan
    Loan Slab Interest Rates
    Residential Properties 9.60% P.A. to 11.60% P.A.
    Commercial Properties 10.10% P.A. to 11.60% P.A.
    • True Fixed Loan - 2 and 3 Year Fixed Rate Variant
    Loan Slab Interest Rates for the 2 and 3 year duration of Fixed Rate Term
    Residential Properties 9.50% P.A. to 11.50% P.A.
    Commercial Properties 10.00% P.A. to 11.50% P.A.

    The Tenure of Loan Against Property

    • The minimum loan term for mortgage loan is 12 months.
    • The maximum loan tenure for self-employed or salaried individuals seeking loan against property is 15 years.
    • The tenure of loan for depends on the following factors:
    1. Profile of the customer.
    2. Customer’s age at loan maturity.
    3. Property’s age at the time of loan maturity.
    4. The particular repayment scheme opted for.
    5. Any term which might be applicable as per the prevalent norms of the bank.

    The Quantum of Loan Against Property

    • Existing HDFC Customers: The cumulative outstanding principal of all loans currently existing with the bank, and of the new Loan Against Property, should not be more than 60% of the mortgaged property’s Market Value as per the bank’s assessment.
    • New HDFC Customers: The quantum of Loan Against Property should not be more than 50% of the mortgaged property’s Market Value as per the bank’s assessment.

    HDFC Bank Loan Against Property for Self-Employed:

    Eligibility Criteria:

    • Any Self-Employed individual undertaking one of the following positions:
    1. Self-Employed Professional (SEP): Lawyer, Engineer, Doctor, Chartered Accountant, Consultant, Architect, Company Secretary, etc.
    2. Self-Employed Non-Professional (SENP): Commission Agent, Trader, Contractor, etc.
    • Borrowers can be individuals or joint borrowers for Loan Against Property for the self-employed. However, all registered owners of the property in question mandatorily have to be co-applicants.

    Documents Required:

    Purpose Documents
    Both identity and address proof (any one)
    • Valid Passport.
    • Aadhar Card.
    • Voter ID Card.
    • Job card issued by NREGA.
    • Valid Driving Licence.
    Income proof
    • Income Tax Returns along with computation of income for the last 3 Assessment Years.
    • Profit and Loss Account Statements, Balance Sheet with Schedules/Annexures of both the business and the individual over the past 3 years, attested by a CA.
    • Current Account Statements of the business and Savings Account Statements of the individual for the past 6 months.
    Other documents
    • Business Profile.
    • If the business is a company, List of Shareholders and Directors with individual shareholdings certified by a CS/CA.
    • Latest Form 26 AS.
    • If the business is a partnership firm, then produce the Partnership deed.
    • Articles of Association (AA) and Memorandum of the Company.
    • All details of current outstanding loans taken by the individual and the company including outstanding amount, remaining loan term, instalments, purpose, security, etc.
    • Passport size photo of all applicants and co-applicants affixed and signed across in the Loan Application Form.
    • Processing fee cheque drawn in favor of ‘HDFC Ltd’.
    • Documents and declaration stating clearly what the loan is to be used for.
    • Proof of Own Contribution.
    Documents related to Property
    • Title Deeds, including documents showing previous property ownership chain.
    • No Encumbrances proof for the property.
    • An approved plan, if there is one.

    HDFC Bank Loan Loan Against Property for Salaried:

    Eligibility Criteria:

    • Borrowers can be individuals or joint borrowers for Loan Against Property for the Salaried.
    • All registered owners of the property in question mandatorily have to be co-applicants. However, all non-owners can be co-applicants as well.

    Documents Required:

    Purpose Documents
    Both identity and address proof (any one)
    • Valid Passport.
    • Aadhar Card.
    • Voter ID Card.
    • Job card issued by NREGA.
    • Valid Driving License.
    Income proof
    • Salary Slips for the past 3 months.
    • Bank Statements of the past 6 months, showing salary being credits.
    • Latest IT returns and Form-16.
    Other documents
    • Appointment Letter/Employment Contract if current employment duration is of less than 1 year.
    • Bank Statements of the past 6 months showing ongoing loans repayments, if any.
    • Passport size photo of all applicants and co-applicants affixed and signed across in the Loan Application Form.
    • Processing fee cheque drawn in favour of ‘HDFC Ltd’.
    • Documents and declaration stating clearly what the loan is to be used for.
    • Proof of Own Contribution.
    Documents related to Property
    • Title Deeds, including documents showing previous property ownership chain.
    • No Encumbrances proof for the property.
    • An approved plan, if there is one.
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