HDFC Loan Against Property Interest Rate Calculator - Sep 2017
Last Updated 21st Sep 2017
HDFC Loan Against Property Interest Rates
| Interest Rate | 9.60% - 11.60% Check Best Offers |
| Lowest EMI | Rs. 1,050 per lakh |
| Max Tenure | 15 years |
| Processing Fee | Upto 1.25% |
| Prepayment, Foreclosure Charges | Allowed with nil charges for floating rate loans to individuals |
| Age | Min 24 and Max 60 years for Salaried Min 24 and Max 65 years for Self Employed |
Apply Loan Against Property @ 8.50%*
HDFC Loan Against Property
HDFC offers Loan Against Property to the customers if they need to expand their business or want money for personal use. The loan is given upto 50% of the market’s value for tenure of 15 years.
Loan Against Property HDFC
Loan Against Property interest rates offered by HDFC depends upon PLR
- Floating rates changes with a single change in HDFC PLR rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates
HDFC offers Property Loan based on PLR which is currently 16.15%
HDFC mortgage loan interest rate depends upon
- Loan amount: HDFC mortgage loan rate depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate
- Company where you work: HDFC has a list of companies to which they lend Loan Against Property. Interest rate will be less if your company is listed
- Your Salary: Income helps you in identifying your rate of interest. HDFC interest rate varies with your monthly income. Higher the income, less will the rate of interest
Loan Against Property Charges
Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. HDFC allows prepayment of loan against property with Within 3 Years 2%, after that- Nil prepayment charges
Processing Fee - HDFC asks for a processing fee of 1.25% of loan amount with applicable service tax
HDFC Loan Against Property EMI Calculator
Loan Against Property EMI of HDFC is a fixed amount that you pay each month towards the repayment of your Loan till the end of tenure
- HDFC Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on Loan Against Property
- 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 interest rate, higher will be the EMI
- Loan tenure matters equally as higher tenure reduces your EMI
What are the benefits of calculating HDFC Loan Against Property EMI?
- HDFC Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest
- HDFC EMI calculator for Loan Against Property 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
HDFC Loan Against Property Eligibility Calculator
Loan Against Property eligibility criteria HDFCEligibility of Loan Against Property in HDFC relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
- Age: HDFC offers loan against property for a maximum tenure of 15 years if the borrower’s age does not exceed above 60 years for salaried and 65 years if you are self employed. Apply for loan at smaller age, higher will be the chances of loan approval
- Value of the property: HDFC decides your loan amount based on the market value of the property which you place as your collateral for the loan. HDFC lends less than the market value of the property. As per RBI guidelines, the borrower also has to show some contribution. Ratio of loan amount to value of home is called Loan to Value (LTV) ratio. HDFC gives maximum LTV of 50% for property loans depending upon market value of the property
- Repayment capacity of the borrower: Your eligibility to take loan against property depends upon the maximum EMI that you can pay. HDFC checks your past CIBIL history, repayment record of credit cards and existing loans that can impact your loan against property eligibility. If you have any other loan running whose EMI you are paying currently, then you are supposed to close your loan to get higher loan against property eligibility. HDFC does not specify any particular CIBIL score for being eligible for a property loan. However, it is observed that a score of 700 and above is desirable
To reduce your burden of higher EMIs, HDFC gives you a maximum tenure of 15 years for a maximum loan amount of Rs.50,000,000 with a minimum spread of % over PLR. Opt for a loan tenure that suits you and higher the loan tenure, higher will be loan amount eligibility - Income: Loan against property are mostly taken by the people who are self employed in order to expand their business. However, in order to increase the loan amount you may club the income of family members like your spouse, parents, children and siblings
Business person should be in business from the past 1 years and minimum ITR of last 2years is required as proof to HDFC
Popular Products:
- Loan Against Residential Property
- Commercial Property Mortgage Loan
HDFC Floating Rate Loan Against Property
HDFC Loan Against Property Floating
Upto Rs. 2,500,000 - 9.60%
Rs. 2,500,001 - 7,500,000 - 9.60%
Rs. 7,500,001 - 20,000,000 - 9.60%
Above Rs. 20,000,000 - 9.60% linked to PLR
Upto Rs. 2,500,000 - 9.60%
Rs. 2,500,001 - 7,500,000 - 9.60%
Rs. 7,500,001 - 20,000,000 - 9.60%
Above Rs. 20,000,000 - 9.60% linked to PLR
HDFC Loan Against Property Top up, Transfer
Transfer of Loan Against Property from another bank to HDFC?HDFC offers loan against property balance transfer from another bank. This is subject to your meeting other eligibility criteria of HDFC
You can avail additional top-up loan against property from SBI, subject to your eligibility
Loan Against Property HDFC documents required
Loan Against Property for Salaried employee HDFC documents required
- Filled up loan application form
- 2 Passport Size Photo
- ITR of last 2 years
- 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
Loan Against Property for Self-Employed HDFC documents required
- Filled up loan application form
- 2 Passport Size Photo
- Identity Proof - Passport/ Driving License/ Voter ID/ PAN
- ITR of last 2 years
- 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
Property documents for Loan Against Property from HDFC
- Registered Sale Deed/ Conveyance/ Lease Deed
- Past Sale Deeds Chain (each transaction in respect of this property since first allotment
- Latest House Tax Return/ Receipt
- Approved Building Plan from Municipal Corporation
Frequently Asked Questions
What are the five things to check before applying for loan against property in HDFC ?
- Property on which you intend to take loan is not a vacant land, has an approved map plan and is in municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
- Your existing EMI’s on all loans and credit cards (from HDFC and other banks) are no more than 60 - 70% of your net monthly income
- You have not defaulted on loans or credit card dues to HDFC and other banks and all EMI's have been paid. Note that HDFC can see record or status of your EMI defaults to all banks and NBFC’s in India and not just to HDFC in your CIBIL report. Estimate your CIBIL score for free by using CIBIL score estimate calculator
- If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan applicantion
- If you are self employed in your own business or practice, your business must have been in existence for at least three years and last three income tax returns with audited financials must be available
- Floating interest rate on HDFC loan against property is linked to its PLR, which is currently 16.15%. So, when HDFC offers a loan against property at 9.60%, it applies a 6.55% discount to its PLR to arrive at this rate
- In case the interest rates in the market move up by 0.50%, HDFC may increase its PLR by 0.50% to 16.65%, thereby increasing the applicable rate for both old customers and new customers to 10.1%
- In case the interest rates in the market trend down by 0.50%, it may do one of the following. It may choose to reduce the PLR by 0.50% from 16.15% to 15.65%, thereby reducing the applicable interest rate for both new and old customers to 9.1%. Alternatively, it may choose to keep the PLR unchanged at 16.15% and increase the discount for new customers to 7.05% instead of 6.55% for old customers. So, the old customers will continue to pay the old interest of 9.60% while the new customers will get loan against property at 9.1%. The decision whether to pass on the benefit on lower rates to both new and old customers or only to new customers is that of the lender and cannot be predicted in case of PLR benchmarked loans
- It has been observed that customers often complain that applicable rate of interest on PLR benchmarked loans tends to go up in line with market rates but rarely goes down when rates go down. However, since there is no prepayment or foreclosure charge on floating rate loan against property, customers may choose to transfer the loan to a new lender and thus save interest cost. MyLoanCare has helped customers save Rs. 98556874 so far by refinancing their loans at lower rates. Base rate benchmarked loans offer a more transparent mechanism for transmission of interest rates and appear to be more favorable option for the borrowers
- Current PLR of HDFC, its past trend and comparison with RBI repo rate are given here for your reference
- You can prepay loan against property (LAP) without any penalty or charges in case:
- Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest
- The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP
For loans from banks and NBFC's, refer to RBI circulars RBI/ 2013-14/ 582/ DBOD. Dir. BC. No. 110 /13.03.00/ 2013-14 dated May 7, 2014 and RBI/ 2014-15/121/ DNBS(PD). CC. No. 399/ 03.10.42/ 2014-15 dated July 14, 2014 for more details.
For loans from Housing Finance Companies, refer to NHB circulars NHB(ND)-DRS-Policy-Circular-63-14-15 dated Aug 14, 2014 and NHB-ND-DRS-Policy-Circular-No-66-2014-15 dated Sep 03, 2014 for more details.
Please contact myloancare at 0124-4603660 or care@myloancare.in in case you need any assistance or clarification on this subject.
HDFC Loan Against Property in India
HDFC Loan Against Property Customer Care Number, Email, Application Status, Branches
| City | Customer Care Number |
|---|---|
| Agra | 0562-66307000 |
| Ahmedabad | 079-66307000 |
| Ambala | 0172-3989123 |
| Anand | 02692-66307000 |
| Aurangabad | 022- 66636000 |
| Bangalore | 080-41183000 |
| Bhilai | 0771-4243100 |
| Bhilwara | 987-508-8888 |
| Bhiwadi | 022- 66636000 |
| Bhopal | 0731-4433333 |
| Bhubaneswar Cuttack | 0674-2395060 |
| Bikaner | 987-508-8888 |
| Chandigarh | 0172-3989123 |
| Chennai | 0422-4301100 |
| Cochin | 938-776-6666 |
| Coimbatore | 0422-4301100 |
| Dehradun | 1860-420-4222 |
| Delhi | 011-41115111 |
| Durg | 0771-4243100 |
| Faridabad | 011-41115111 |
| Gandhinagar | 02712-2308400 |
| Ghaziabad | 0120-3989123 |
| Goa | 1800-22-7227 |
| Greater Noida | 0120-3989123 |
| Gurgaon | 011-41115111 |
| Guwahati | 1800-22-7227 |
| Gwalior | 0731-4433333 |
| Hyderabad | 040-66475001 |
| Indore | 0731-4433333 |
| Jabalpur | 0731-4433333 |
| Jaipur | 987-508-8888 |
| Jalandhar | 0172-3989123 |
| Jodhpur | 987-508-8888 |
| Kanpur | 0512-3989123 |
| Karnal | 0172-3989123 |
| Kolhapur | 022- 66636000 |
| Kolkata | 033-66556655 |
| Kota | 987-508-8888 |
| Kozhikode | 999-599-8000 |
| Lucknow | 0522-3989123 |
| Ludhiana | 0172-3989123 |
| Madurai | 0422-4301100 |
| Meerut | 0121-3989123 |
| Mehsana | 1800-22-7227 |
| Mohali Sas Nagar | 0172-3989123 |
| Mumbai | 022- 66636000 |
| Mussoorie | 1860-420-4222 |
| Nagpur | 0712-2566000 |
| Nashik | 0253-6606000 |
| Noida | 01191-3989123 |
| Noida Extn | 01191-3989123 |
| Panipat | 011-41115111 |
| Patna | 0612-2502522/ 0612-2502523 |
| Pondicherry | 1800-22-7227 |
| Pune | 020-25505000 |
| Raipur | 0771-4243100 |
| Rajkot | 0281-4433333 |
| Ranchi | 1800-22-7227 |
| Rohtak | 0172-3989123 |
| Roorkee | 1860-420-4222 |
| Salem | 0422-4301100 |
| Shimla | 1800-22-7227 |
| Sonepat | 011-41115111 |
| Surat | 0731-4433333 |
| Trichy | 0422-4301100 |
| Udaipur | 987-508-8888 |
| Vadodara | 0265-2308400 |
| Varanasi | 0542-3989123 |
| Vijaywada | 0866-6633131 |
| Vizag | 0866-6633131 |
