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HSBC Home Loan

HSBC Housing Loan 2021

Last Updated 12th Nov 2021

HSBC Bank is a large Foreign Bank with the lowest home loan percent rate in India. Currently, the bank offers home loans beginning from 6.45% with quick approval and online process. Home Loan in HSBC Bank is quite popular with its special features and attractive rates under various HSBC Bank home loan schemes for different income and occupation groups. Some of the key features of HSBC Bank housing loan are:

  • HSBC Bank also offers pre-approved housing loans at low rates for existing bank customers with strong credit history.
  • HSBC Bank has an online application process where the KYC, income and property documents submission can be done digitally.
  • You can easily check the status of your HSBC Bank home loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
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HSBC Bank Home Loan Details

HSBC offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan HSBC

Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Repayment Tenure 25 years
Interest Rate 6.45%
Interest Rate Linked To RLLR
Processing Fee Upto 1.00%, Maximum ₹ 10,000
Lowest EMI Per Lakh ₹ 672
  • Purpose of Loan: HSBC house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of HSBC Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 80%.
    • Loan Tenure can range from 5 to 25 years.
    • Interest rates in the range of 6.45% to 6.45%.
    • HSBC home loan EMI per lakh starts from ₹ 672. However, you can calculate your home loan EMI using HSBC home loan calculator 2021.
  • Special schemes: HSBC offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of HSBC Bank Home Loans

Some of the features and benefits of HSBC Bank Home Loans are listed as follows:-

  • HSBC Bank Home Loan Interest Rate starts from 6.70%.
  • HSBC Bank charges a processing fees of Upto 1.00%, Maximum ₹ 10,000.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from HSBC Bank is per lakh offered at the lowest interest rate of 6.70% at the longest loan tenure of 30 years.
  • HSBC Bank allows prepayment of home loans with Nil charges on floating rate loans.

How to Get Easy Home Loan from HSBC Bank?

Getting a home loan from HSBC is fairly easy with an online application process. 5 Steps for HSBC Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of HSBC and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
  • Step 2: An official of HSBC or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
  • Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a HSBC’s representative will visit your home or office to collect your documents.
  • Step 4: HSBC will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
  • Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from HSBC and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

HSBC Bank Home Loan Documents Required

To apply for a home loan in HSBC, the bank asks you to submit the following HSBC Home Loan Documents .

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or HSBC account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank accounts held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

HSBC Bank Home Loan EMI Calculator

HSBC home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. HSBC Bank Home loan calculator helps the loan borrower pre-plan their home loan in advance.

HSBC Bank Home Loan Eligibility Calculator

HSBC Bank Home loan eligibility calculator is an online tool that helps the HSBC home loan borrowers estimate their home loan eligibility. The eligibility calculator considers various factors such as the income of the applicant, age, work experience, employment and credit score. Therefore, the eligibility helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Compare HSBC Bank Home Loan with Other Banks

FAQs

What are the documents required for home loan HSBC?

To apply for HSBC Bank Home Loan, you will be required to submit HSBC home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from HSBC Bank ?

Below-mentioned is the reason why you must avail a home loan from HSBC

Can I apply for an HSBC home loan online?

Yes, you can apply for a HSBC home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best HSBC home loan scheme?

Choosing the best HSBC home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best HSBC home loan scheme is based on one’s needs.

Is HSBC good for a home loan?

HSBC is one of the best home loan lenders in the country. Currently, HSBC home loan interest rate 2021 starts at 6.50%.

How can I check my HSBC home loan status?

One can check their HSBC home loan status on HSBC’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the HSBC mobile app

What is the eligibility for a Home Loan of HSBC Bank?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

What is HSBC Bank Home Loan procedure?

There are two methods to complete the application for HSBC Bank Home Loan Process online:

  • Apply online at HSBC Bank official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

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 the benefit of paying less EMI per month.

Does HSBC Bank check CIBIL for home loan?

Yes, to avail home loan from HSBC Bank, you must fulfill HSBC Bank Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

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. Availing loan transfer to HSBC Bank can allow you to save interest, 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 Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in HSBC Bank is RLLR . RLLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In RLLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


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HSBC Home Loan News - Dec 2021
  • 2021-10-19 : HSBC Bank Cuts Home Loan Interest Rate
    HSBC Bank has reduced home loan interest rate by 35 basis points. Currently, the bank is offering a home loan at an interest rate of 6.45 percent. The processing fee on a home loan is Rs 10,000.
  • 2021-10-04 : HSBC Bank Reduces Home Loan Balance Transfer Rates
    HSBC Bank has reduced home loan balance transfer rates by 10 basis points (bps). Now the bank is offering a home loan at 6.45% to the borrowers who want to transfer the loan. The lender has also waived off processing fees for the borrowers.
  • 2021-08-24 : HSBC Bank reduces home loan rate by 0.56%
    HSBC Bank- India’s leading financial institution- has revised the home loan interest rate. The interest rate charged on a home loan is 6.64%, earlier it was 7.20%. A processing fee of a total of 1% of the loan amount sanctioned or ₹10,000 (whichever is lower) will be charged.
  • 2021-08-11 : HSBC Bank increases interest rate on home loan
    HSBC Bank has increased home loan interest rate by 0.40%. Now, the lender is offering home loans at 7.20% to the salaried employees and the interest rate for self-employed and businessmen is 7.30%.
  • 2021-01-15 : HDFC Bank revised its home loan rates
    HDFC banks revised its home loan rates. The lowest home loan for customers above the CIBIL score of 750 is 6.80%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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