HSBC Home Loan Interest Rate Oct 2017
HSBC Bank Home Loan Interest Rates
| Interest Rate | 8.65% - 8.65% Check Best Offers |
| Processing Fee | Upto 1.00% Maximum Rs. 10,000 |
| Max Tenure | 25 years |
| Lowest EMI | Rs. 815 per lakh |
| Prepayment, Foreclosure Charges | Allowed with Nil charges for floating rate loans |
| Age | Min 21 and Max 60 years for Salaried Min 21 and Max 65 years for Self Employed |
HSBC Bank Home Loan
HSBC Bank offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan. Taking a loan from HSBC Bank has the following benefits:
Home Loan Interest Rates HSBC Bank
HSBC Bank offers attractive home loan rates in the range of 8.65% to 8.65%, with special discounted rates for specific category of borrowers such as ladies borrowers for whom the bank offers the lowest interest rate of 8.65%. Compare and click on details in the table to get slab wise interest rates of different HSBC Bank housing loan offers.
HSBC Bank Floating Rate Home Loans
| Home Loan HSBC Bank | Interest Rates | ||||||||||||||
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| HSBC Bank Home Loan Floating | 8.65% Details - |
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HSBC Bank home loan rate depends upon
- Loan amount: Housing loan rate in HSBC Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
- Your Salary: Income helps you in identifying your rate of interest. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate
- Type of loan opted for: HSBC Bank also offers differential rates for women borrowers and also under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers.
Interest Rate and its impact on HSBC Bank Home Loan Eligibility
HSBC Bank has detailed criteria to determine a potential borrower’s eligibility for housing loans. These eligibility criteria determine the loan amount you can avail. Interest rate offer by HSBC Bank also impacts the amount of loan you can avail from HSBC Bank.
Some of the key eligibility criteria are summarized in the table below:
| Interest Rate | 8.65% - 8.65% |
| Age | 21 - 60 years |
| Minimum Income | Rs. 40,000 |
| Minimum Credit Score | 650 and above |
| Loan Amount | Rs. 300,000 to Rs. 100,000,000 |
| Loan to Value Ratio | Upto 80% |
| FOIR (Fixed Obligations to Income Ratio) | Up to 0.65 |
Home Loan Charges Applicable (Other than Interest)
In addition to interest rates, home loan also carry some other charges which include:
- Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. HSBC Bank allows prepayment of house loan with Nil prepayment charges
- Processing Fee - HSBC Bank charges a processing fee of 1.00% of loan amount Maximum Rs. 10,000 with applicable tax
- Other Charges - Bank also charges technical and legal charges which are explained to the customer during the loan process.
Home Loan HSBC Products
HSBC Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:
HSBC Bank Home Loan Eligibility Calculator
HSBC Bank Home Loan Eligibility is the amount of loan you can avail based on an assessment of your repayment capacity as well as the value of property. It is important to calculate eligibility for housing loan from HSBC Bank. You can use eligibility calculator to get a fairly accurate estimate of your potential eligibility subject to the information provided by you.
HSBC Bank Home Loan EMI and Interest Calculator
Further, you can also use the HSBC Bank Home Loan EMI Calculator online to calculate your house loan EMI. EMI is a fixed amount that you pay each month towards the repayment of yourloan till the end of tenure
- EMI calculator of HSBC Bank helps you to calculate your monthly EMI at different rate of interest and also check and compare lowest EMI per lakh on home loan
- You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
- Rate of interest is an important factor which affects your EMI. Higher the rate, higher will be the EMI. You can also estimate the interest amount you pay over the tenure of the loan at various loan tenure as well as interest rates. Home loan interest rate comparison of different banks will allow you to choose the cheapest loan and hence, improve your eligibility
- Loan tenure matters equally as higher tenure reduces your EMI
What are the benefits of calculating HSBC Bank Housing Loan EMI?
- EMI calculator helps you to calculate your monthly EMI at different rate of interest
- HSBC Bank Home Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
- You get a rough idea about your monthly EMI and can plan your monthly budget accordingly
Housing Loan HSBC documents required
For Salaried employee
- Filled up loan application form
- 2 Passport Size Photo
- Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
- Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
- Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
For Self-Employed
- Filled up loan application form
- 2 Passport Size Photo
- Identity Proof - Passport/ Driving License/ Voter ID/ PAN
- Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
- Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
Frequently Asked Questions
HSBC Bank housing loan interest rates are 8.65% to 8.65% depending on eligibility, loan amount, loan tenure and type of property. If you are an existing customer with a salary account in the bank, then you are eligible to get low interest rates on loan.
What is HSBC Bank home loan processing fees?HSBC Bank charges a home loan processing fees of up to 1.00% of the loan amount. Processing fees charged is between Rs. 0 to Rs. 10,000
What is HSBC Bank home loan procedure?You can apply for a HSBC Bank home loan by contacting the bank directly or by approaching them through online marketplaces like myloancare.in. Approaching the bank through an online market place improves the chances of getting best loan rates, low processing fees and special offers in the form of cash backs. Once you approach the bank, they will collect your documents and initiate the loan process which includes checking your CIBIL score, property valuation, technical and legal checks on property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results.
Why to take home loan from HSBC Bank?HSBC Bank offers housing loan at 8.65% rate with the lowest EMI of Rs. 815 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to HSBC Bank.
What is the maximum loan tenure I can opt under HSBC Bank house loan?HSBC Bank offers you a longer tenure of 25 years to repay your loan with a benefit of paying less EMI per month.
Do I get tax benefit on home loan from HSBC Bank?As per Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and interest components of a home loan under the section 24 and section 80C of Income Tax Act.
Can I foreclosure my home loan? What are the charges applicable?Yes, you can foreclose your loan with Nil charges.
Can I transfer my house loan from another bank to HSBC Bank?Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Loan balance transfer to HSBC Bank offers you to pay lower EMIs and save money.
Can I club the income of my spouse with mine and apply for joint home loan?You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.
What is the benchmark applicable for housing loan?The benchmark applicable for home loan in HSBC Bank is 1 Year MCLR.
What is the effect of part payments on HSBC Bank housing loan EMI ?Part payments help you in reducing the outstanding amount of loan which in turn will reduce the interest amount due. After making part payments, paying the same EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.
How to increase my eligibility on HSBC Bank housing loan?If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get loan.
How will interest rate on HSBC Bank housing loan change in future?- Floating rate on HSBC Bank housing loan is linked to its 1 Year MCLR Rate, which is currently at 8.05%. When Bank offers a home loan at 8.65%, it applies a premium of 0.6% to its MCLR Rate to arrive at this home loan rate.
- When RBI increases rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.
