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  • Home Loan BYTES FROM OUR KITCHEN

    HSBC Smart Home Loan

    Your own home is something that is on the bucket list for most of us. However, saving up and buying one, in these times of inflation, and not to mention all the other responsibilities that you have to meet, is easier said than done. If you are looking for a loan that helps you to save on interest payments and in so doing reduces the loan’s tenure, HSBC Smart Home Loan is the way to go.

    Features and Benefits of HSBC Smart Home Loan:

    1. Save on interest payments: Think of your Smart Home account as a Current Account. It has an overdraft limit which equal to the amount of the loan disbursed. In other words, your Smart Home account would be your loan account. Simply use your Smart Home account like a normal current account and put in your usual savings into it. This way, the quantum of interest paid can be reduced depending on the savings that you put in the Smart Home account. This will in turn reduce the tenure of your loan.
    2. Loan amount: You can get home loans which amounts to anything from Rs. 5 lakhs to Rs. 10 crore
    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. 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.
    5. If you are taking out a loan for a property under construction, the loan will be disbursed in tranches. The interest will be levied only on the amount disbursed. Pre-Equated Monthly Instalment (Pre-EMI) is payable until the final disbursement of the loan. Only after the loan is fully disbursed will the Equated Monthly Instalment (EMI) be payable.

    Fees & Charges for HSBC Smart Home Loan:

    1. Processing fee:

      • 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, GST will levied on the amount.
      • The fee will be collected in two parts: Rs. 5,000 + GST. This should be paid together with the loan application.
      • The balance Processing Fees amount + GST must be paid before disbursal of the loan.
    2. The Processing Fees once paid is non-refundable.

    3. For Smart Home Loan you will not be charged for prepayment.
    4. Copy of property documents held with the bank will be charged Rs. 500
    5. For Delayed installments on account of cheque or SI (standing instruction) dishonors will be charged Rs. 250 per instance
    6. For amount more than 25% of the loan amount sanctioned in every financial year you will be charged 3% of the amount prepaid
    7. 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.

    Eligibility Criteria for HSBC Smart Home Loan:

    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. 5,00,000
    Maximum Loan Amount Rs. 10,00,00,000
    Maximum Tenure period If you are a salaried applicant, 25 years
    Interest rate type Floating rate (Fixed rate is not offered)

    HSBC Smart House Loan Documentation:

    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

      Working in Merchant Navy:

      • Latest contract copy. If on ‘home port’ for more than 6 months this year, future contract copy is required
      • Latest Continuous Discharge Certificate (CDC) for 3 years’ employment proof
      • Copy of passport for proof of identity
      • Primary bank account statements for last 3 months
      • Local bureau report of the country where customer is based (applicable if country of residence is other than India)

      Self –employed:

      • Trade license or any other equivalent document
      • Overseas bank account statements for 6 months, as well as NRE/NRO account statements
      • Last three years’ computation of income, P&L account and balance sheet.
      • Passport copy with valid Visa stamp
      • A brief profile of the business and of the applicant.
      • Local bureau report of the country from where the customer is originally from.
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