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    HSBC Home Loan Reviews

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    Home Loan BYTES FROM OUR KITCHEN

    HSBC Holdings plc is a British multinational banking and financial services company headquartered in London, United Kingdom. It is one of the world's largest banks. It was founded in London in 1991 by the Hongkong and Shanghai Banking Corporation to act as a new group holding company.We understand that buying a house is one of the most important decisions in life, for people across the world. We also know that while most people dream of owning a perfect home, achieving that goal can be quite a challenge, especially when it comes to arranging the finance required to make such an expensive purchase.Now you fulfill this dream by opting for a Home Loan from HSBC.


     

    You’re probably eligible for an HSBC Home Loan if you are

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    HSBC Home Loan Minimum Age

    At least 21 years old

     HSBC Home Loan Maximum Age

    Less than 58 years old

    HSBC Home Loan Eligible Employment Type

    Salaried / Self-employed
    with regular income

    HSBC Home Loan Minimum Income

    Minimum income required
    5, 00,000 per annum


     

    Your HSBC Home Loan amount eligibility is based on these factors

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    HSBC Home Loan Minimum Salary

    EMI limited to about 50%
    of monthly income

    HSBC Home Loan Maximum Loan to property value

    Loan capped @ Max – Rs. 10,00,00,000

    HSBC Home Loan EMI

    EMIs of other loans lower
    your eligibility


     

    Increase your eligible HSBC Home Loan amount by these steps

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    HSBC Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    HSBC Home Loan Maximum Tenure

    Choose longer tenure loan up to 25 years

    HSBC Home Loan Add parents as Co-applicant

    Alternatively add your parents


     

    Documentation needed to apply for an HSBC Home Loan

    • 1. Signed application form with photograph
    • 2. Photo and age proof
    • 3. ID and Signature Proof
    • 4. Present address Proof
    • 5. Documentation for salaried applicants:

      - Last 3 months Salary-slips

      - Last 3 months bank statements showing salary credits

    • 6. Documentation for self-employed applicants:

      - IT returns for last 2 years

      - Last 2 years P&L account, balance sheet certified by CA

      - Last 6 months bank statements


     

    HSBC Home Loan Interest RatesUpdated on 27 Sep 2016

    HSBC Home Loan Details
    Interest Rate 9.35% to 10%
    Processing Fees 1% of the loan amount or Rs.10000,whichever is higher
    Loan Tenure 25 years
    Pre-closure Charges Nil

     

    HSBC Home Loan Overview:

    We all fantasize about the day of finally not answering to our tenant and owning our own homes. We all know about the staggering expense of purchasing our own home as well. If you thought it is impossible for you to achieve that dream, think again. HSBC Home Loan provides the most affordable and flexible housing loans so that you can turn your dream of owning your home into a reality.

    Features and Benefits of HSBC Housing Loan:

    1. Loan amount: You can avail home loans which amounts to anything from Rs. 3 lakhs to Rs. 10 crore.
    2. Loan tenure: You may avail loan tenures up to 20 years. If you are a salaried customer, you may avail one for even up to 25 years.
    3. Property types: Both Resident Indians and Non-Resident Indians (NRIs) can apply for HSBC Smart Home loans. Customers can get loans for ready properties, properties which are under construction (must be approved by HSBC), home improvement, to buy a plot of land and self-construction. If you are an NRI applicant, you must have a local contact person or a local co-applicant to apply for this loan.
    4. Interest Rate: Home Loans are offered at floating rate of interest. Sometimes it is also offered at fixed rate for specific loan tenures. You can talk to your Relationship Manager or visit a HSBC branch if you want to see if fixed rate special offering is applicable in your case. You can also see if there are any other features that you could use, as well as about the applicable terms and conditions.

    HSBC Bank Home Loans Interest Rate @ 9.35%:

    The applicable interest rates on HSBC Home Loans are:

    Type of customer Regular home Smart loan
    Salaried 9.35% p.a. 9.95% p.a.
    Self-Employed 9.45% p.a. 10% p.a.

    HSBC Home Loan MCLR:

    For top-up loans, the interest rate will be the same as original loan if the top-up amount is less than 150% of the original loan amount. Any amount higher than 150% of the base loan will attract an additional interest rate of 0.5%.

    Loan Tenor MCLR
    Overnight 8.4%
    1 month 8.4%
    3 months 8.5%
    6 months 8.5%
    1 year 8.4%

    HSBC’s home loan use the 3-month MCLR as the base rate. This rate will be revised every 3 months, but the home loan interest will be reset annually based on the 3-month MCLR in vogue at the time of reset. The bank will also add a margin or spread to the MCLR to arrive at the home loan rate of interest.

    HSBC Home Loan EMI Calculator:

    If you are unsure of whether you will be able to afford a loan EMI or not, the simplest way to solve the dilemma is to use an online EMI calculator. BankBazaar’s EMI calculator gives you accurate results, factoring in the rate of interest, tenure, processing fees and any pre-payments you can make.

    • Visit BankBazaar.com and go to the Menu tab at the top right corner of the page.
    • You will find the EMI calculator under ‘Finance Tools’. Select it.
    • On the page, you can use the slider to input the Loan Amount and Tenure.
    • Interest Rate and Processing Fee of HSBC bank needs to be input in the next columns.
    • You can select ‘Yes’ or ‘No’ for pre-payment, and if you intend to make any pre-payments you can enter the payment frequency, amount, pre-payment fee and the applicability.
    • Click on ‘Calculate’ once all values are entered.
    • The EMI wizardry will estimate not only the EMI, but also the total interest payable and the total amount you’ll be paying the bank over the period of loan.

    HSBC Home Loan Fees & Charges:

    1. Processing fee:
      1. Of the loan amount that has been sanctioned, 1% will be charged as processing fee or the amount of Rs. 10,000 (whichever is higher). Additionally, you will be charged with service tax.
      2. The fee will be collected in two parts: Rs. 5,000 + Service Tax. This should be paid together with the loan application.
      3. The balance Processing Fees amount + Service Tax must be paid before disbursal of the loan.
      4. The Processing Fees once paid is non-refundable.
    2. For Home Loan you will not be charged for prepayment.
    3. Copy of property documents held with the bank will be charged Rs. 500
    4. For Delayed installments on account of cheque or SI (standing instruction) dishonors will be charged Rs. 250 per instance
    5. For amount more than 25% of the loan amount sanctioned in every financial year you will be charged 3% of the amount prepaid
    6. For expenses incurred on Proceedings under Proceedings under Sec138 of NI Act / SARFAESI Act and/ or other Litigation on the account, you will be charged as per actuals applicable to an overdue / delinquent account.

    HSBC Housing Loan Eligibility:

    These are the criteria that you must fulfill in order to be eligible for a HSBC Smart Home Loan:

    Should be a earning a minimum of Rs. 5, 00,000 p.a. if you are salaried Rs. 7, 50,000 p.a. if you are self-employed
    Minimum age 21 years
    Maximum age on maturity of loans 58 years if salaried employee 60 years if government employees / public limited 65 years if self employed
    Minimum Loan Amount Rs. 3,00,000
    Maximum Loan Amount Rs. 10,00,00,000
    Maximum Tenure period If you are a salaried applicant, 25 years

    Documents Required for HSBC Home Loan:

    1. Completed application form along with one passport-size photograph. Please make sure that all documents are self-attested.
    2. Any one of the following as Proof of Identity (PI):
      • Passport
      • Election/Voter’s ID
      • Permanent driving license
      • Permanent Account Number (PAN) card
      • Aadhaar Card
    3. Any one of the following as Proof of Present Residential Address (PRA):

      • Passport
      • Election/Voter’s ID
      • Permanent driving licence
      • Society outgoing bill (only from registered societies)
      • Electricity/water/telephone bill
      • Gas bill (pipeline connection only)
      • Property tax bill
      • Domicile certificate with address issued by Municipal Corporation
    4. Proof of age (any one)
      • Passport
      • Permanent driving licence
      • PAN Card
    5. Resident Indians will need to provide the following Financial / Income documents:

      (All documents need to be self-attested. Only the basic documents required are mentioned below. Please speak to your Relationship Manager or visit a HSBC branch for more details.)

      Salaried individuals:

      • Latest 3 months’ salary slips which show statutory deductions. and
      • last 3 months’ Bank statements which show last 3 salary credits

      Self-employed individuals:

      • Last 2 years’ acknowledged IT returns (including e-acknowledgement)
      • Balance sheet certified/ audited by a CA, P&L account.
      • Computation of income for last 2 years along with all annexures and auditor’s report
      • Primary bank account statements for the last 6 months. Partnership Deed is also needed.
      • For Partners of the Partnership firm, additionally Partnership Deed is required

      Directors of Private limited companies, in addition to the above documents, will need to provide the following:

      • Shareholding pattern/Memorandum and Articles of Association duly attested by a CA
      • List of Directors

      Consultant / Self-employed Professional:

      • Last 2 years’ acknowledged IT returns (including e-acknowledgement)
      • Balance sheet certified/ audited by a CA, P&L account.
      • Computation of income for last 2 years along with all annexures and auditor’s report
      • last 6 months’ Primary bank account statements
    6. Non Resident Indian (NRI) will need to provide the following Financial/Income documents

      Salaried individuals:

      • Copy of Indian passport (valid) which show Visa stamps/ copy of foreign passport/ other equivalent documents

      • Copy of work permit/ valid Visa/ equivalent documents which support the NRI status of the applicant accountholder

      • Latest contract copy which shows the salary/ wage slips/ salary certificate
      • Overseas bank account statements for last 3 months showing salary credits
      • 3 months NRE/NRO account statements
      • Local bureau report of the country where customer is based
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