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 GET LOAN AGAINST PROPERTY WITH HDFC BANK

Get Loan against property with HDFCs- (A)

HDFC offers instant home loans to people who need financing to meet their business and personal needs against the mortgage on their existing property.

Taking an HDFC instant loan offers the following advantages:

  • PAN India branch network
  • Affordable and attractive interest rates
  • Multiple payment options to pay for your EMI
  • Zero prepaid fees for individual non-commercial borrowers

HDFC variable rate home loan:

HDFC mortgage rates

HDFC floating home loan 9.40% – 9.65%

HDFC property loan 9.75%

HDFC loans on floating assets rent

Up to rs.25 lakh 9.40%

Rs.25 Lakh – rs.50, 000,000 9.40%

Rs. 50 Lakh – rs.99.99 999 9.65%

Over rs.100 Lakh 9.65%

The loan against the HDFC property tax rate depends on:

Loan Amount: The interest rates on HDFC home loans depend on the instant loan amount you are applying for. You can get a minimum loan of £ 5 lakh from HDFC.

Your monthly net income: Income helps you determine your interest rate. The higher the income, the higher your creditworthiness, which increases your eligibility for a higher loan amount.

Selected loan type: HDFC offers different interest rates for different client profiles as well as fixed and variable interest rates. The loan compared to real estate interest rates may be higher or lower for a specific loan product.

Property Type: In principle, loans for first-class residential properties are easier to obtain and can be used at lower interest rates than loans for commercial and industrial properties.

Your job: HDFC can charge an employee a higher mortgage rate than a freelancer or contractor. A professional or independent entrepreneur should report loan income for productive purposes in his work or business, compared to employees who are likely to take out a mortgage loan for their personal use.

Interest rate and its impact on the HDFC loan in relation to the eligibility of real estate

The HDFC has detailed criteria for determining the suitability of a potential borrower for mortgages. Some of the most important criteria are:

Details of eligibility criteria:

Age: 24 to 60 years old

Minimum income: Rs. 25,000

Loan amount: rs.5 lakh to Rs. 5 cr

Minimum year of commercial existence: 1 year

Minimum professional experience of 5 years

A minimum score of 650 and above

Credit value ratio up to 50%

FAIR (Fixed Bonds to Income Ratio) 0.65

HDFC Loan Eligibility Calculator:

Eligibility for HDFC home loans is based on the amount of the loan you can draw on based on an assessment of your repayment capacity and the value of the property. You can use the fee calculator to get a fairly accurate estimate of your potential fees based on the information you provide.

HDFC Mortgage EMI and Interest Calculator

You can also use the HDFC Calculator EMI online instant loan to calculate the EMIs of the loan. EMI is a fixed amount that you must pay each month to pay off your loan until the end of your term.

With the HDFC EMI calculator, you can calculate your monthly EMI at different interest rates and check and compare the lowest lakh EMI per LAP.

The higher the loan amount, the higher the EMI. You can compare the estimated EMI with your monthly payment capacity to decide the level of EMI you can comfortably attend without causing a financial burden.

HDFC loan is required against ownership documents:

For the self-employed:

Loan request completed

2 passport photo

RTI for the last 3 years

Proof of identity: passport / driving license / voter registration card / PAN

Proof of home address: license and license / registered rental agreement/electricity bill (up to 3 months), passport

Commercial proof such as sales tax/service tax, information on setting up a business, proof of business address, profit and loss account and CA certified balances, copy of company certificate and proof of commercial existence and company profile

For employees:

Loan request completed

2 passport photo

RTI for the last 2 years

Proof of identity: passport / driving license / voter registration card / PAN

Proof of home address: license and license / registered rental agreement/electricity bill (up to 3 months), passport

Income documents: 6-month salary slip, 16-year-old form 16, 6-month account statement with details of salary credit and EMI fees

Ownership documents

Purchase contract concluded / discount / rental contract

Chain of past sales contracts (each transaction linked to this property since the first sale)

Latest tax return/housing tax

Approved municipal business plan

Additional Reading – Loan Against Property: All You Need to Know

Check our maximum Eligibility for Loan Against Property

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