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  • HDFC Short Term Bridging Loan

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  • HDFC Bank is one of the leading banks in India that offers amazing financial products and services. The short term bridging loan offered by this bank is designed as per the needs and requirements of the customers.

    Short Term Bridging Loan for the Salaried Individuals:

    Once you have finalised your new home, it is only normal that you feel impatient to move in to that house. However, you might have to wait till your current house is sold out. The Short Term Bridging Loan offered by HDFC Bank supports you between the sale of the old house and the purchase of a new house.

    Features of Short Term Bridging Loan for the Salaried Individuals:

    The features of Short Term Bridging Loan for the Salaried Individuals are mentioned below:

    • Avail funds for immediate purchase of a new home while you wait for the sale of your present house.
    • There are no hidden charges associated with this loan.
    • Repayments are carried out via the monthly instalments of the simple interest. The lump sum repayment of the principal is done at the end of the tenure.
    • There are no prepayment charges for Short Term Bridging Loan for the salaried individuals.
    • The documentation process is easy and hassle free.

    Interest Rate for Short Term Bridging Loan for the Salaried Individuals:

    The rate of interest table for HDFC Short Term Bridging Loan for the salaried individuals is mentioned below:

    HDFC Short Term Bridging Loan Interest Rate for Salaried Individuals
    Loan Slab Rate of Interest
    Any amount of loan for the Commercial properties 13.15%
    Any amount of loan for the Residential properties 12.30%

    Documents Required Short Term Bridging Loan (Salaried Individuals)

    Proof of Identity and Proof of Residence:

    • Driving licence
    • Aadhaar card
    • Voter ID
    • Passport

    Proof of Income:

    • Income Tax Returns and Latest Form 16.
    • Bank statement for the past six months.
    • Salary slips for the last three months.

    Other Documents:

    • Appointment letter if employment is for a period less than a year.
    • Employment contract.
    • Bank Statement showing the status of ongoing loans, if any.
    • Processing Fee cheque in favour of HDFC Ltd.

    Documents related to property:

    • No encumbrance proof on property.
    • Title deeds that include chain of previous property documents.

    Fees and Charges:

    A processing fee of 0.5% of the total loan amount is applicable along with taxes.

    Short Term Bridging Loan for the Self-Employed Individuals:

    After an individual finalises to purchase a brand new house, he/she would naturally be excited to move in to the new property. However, sometimes he/she might have to wait and sell the existing property before moving into the new one. HDFC Short Term Bridging Loan for the Self-Employed Individuals allows supports the home buyer during the period of sale of the existing house and purchase of the new home.

    Features of Short Term Bridging Loan for the Self-Employed Individuals:

    The features of Short Term Bridging Loan for the self-employed Individuals are mentioned below:

    • There are no hidden charges for this loan.
    • Avail the funds for instant purchase of a new home while you wait for the sale of your current house.
    • The documentation process is hassle free and easy.
    • There are no prepayment charges for Short Term Bridging Loan for the self-employed individuals
    • Repayments are carried out via the monthly instalments of the simple interest. The lump sum repayment of the principal is done at the end of the tenure.

    Interest Rate for Short Term Bridging Loan for the Self-Employed Individuals:

    The rate of interest table for HDFC Short Term Bridging Loan for the self-employed
    Loan Slab Rate of Interest
    Any amount of loan for the Commercial properties 13.15%
    Any amount of loan for the Residential properties 12.30%

    The adjustable rate for loans stands at 16.15%.

    Documents Required Short Term Bridging Loan (Self-Employed Individuals)

    Proof of Income:

    • Salary slips for the last three months.
    • Bank statement for the past six months.
    • Income Tax Returns and Latest Form 16.

    Documents related to property:

    • Title deeds that include chain of previous property documents.
    • No encumbrance proof on property.

    Other Documents:

    • Appointment letter if employment is for a period less than a year.
    • Employment contract.
    • Bank Statement showing the status of ongoing loans, if any.
    • Processing Fee cheque in favour of HDFC Ltd.

    Proof of Identity and Proof of Residence:

    • Driving licence
    • Voter ID
    • Passport
    • Aadhaar card

    Fees and Charges:

    A processing fee of 0.5% of the total loan amount is applicable along with taxes.

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    HDFC Short Term Bridging Loan Reviews

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