HDFC Loan Against Property
HDFC Mortgage Loan Interest Rates 2022
HDFC loan against property is available to people who are in instant need of funds for their business and personal requirements against the mortgage of their existing property. These loans come with benefits of online sanction facility, affordable interest rates, multiple repayment options and are available for residential, commercial or industrial land. HDFC Loan Against Property interest rate begins at 7.65%. Besides, the processing fees on HDFC Loan Against Property starts at 0.50% of the total loan amount. The Bank offers several LAP products to meet the varied criteria of its customers. Some of the products offered under the HDFC Loan Against Property are Balance Transfer of LAP from another bank to HDFC, Loan Against Residential Property, Loan against Commercial Property. Check Best Offers
Interest Rates | 7.65% to 7.80% |
Processing Fee | Upto 0.50% |
Max Tenure | 15 years |
Lowest EMI per lakh | ₹ 936 |
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 |
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HDFC Loan Against Property
HDFC offers loan against property to meet your business and personal needs against the mortgage of your existing residential or commercial property. Taking a loan from HDFC has the following benefits:
- Online sanction facility in lockdown
- Affordable interest rates
- Multiple repayment options
- PAN India branch network
HDFC Loan Against Property Fees and Other Charges
Along with HDFC Loan against Property Rates, HDFC also charges various fees and charges when a borrower takes a loan against property:-
- Processing Fee on HDFC Loan against Property Loan is 0.50%. This fee is charged by HDFC to maintain the applicant’s loan account and to process the loan application.
- Advocate's fee for property search and title investigation report.
- Valuer's fee for valuation report.
- Stamp duty payable for Loan agreement and mortgage.
- Property insurance premium.
- CERSAI Registration Fee of ₹ 50 + GST up to ₹ 5 Lakh limit and ₹ 100 + GST for limits above ₹ 5 Lakh.
Loan Against Property Interest Rates in HDFC for Salaried Employees
The mortgage loan interest rates in HDFC for salaried employee are listed in the table:-
Interest Rate for Salaried for Residential Property
Loan Amount | Rate | Rate for women Borrowers |
---|---|---|
Upto ₹ 30 Lakh | 7.80% | 7.80% |
₹ 30 Lakh - ₹ 75 Lakh | 7.65% | 7.65% |
₹ 75 Lakh - ₹ 1 Cr | 7.65% | 7.65% |
Above ₹ 1 Cr | 7.65% | 7.65% |
Interest Rate for Salaried for Commercial Property
Loan Amount | Rate | Rate for women Borrowers |
---|---|---|
Upto ₹ 30 Lakh | 7.80% | 7.80% |
₹ 30 Lakh - ₹ 75 Lakh | 7.65% | 7.65% |
₹ 75 Lakh - ₹ 1 Cr | 7.65% | 7.65% |
Above ₹ 1 Cr | 7.65% | 7.65% |
HDFC Property Loan Interest Rate for Business Man or Self-Employed Person
The interest rate for mortgage loans for Self-employed people are listed in the table:
Interest Rate for Self-Employed for Residential Property
Loan Amount | Rate | Rate for women Borrowers |
---|---|---|
Upto ₹ 30 Lakh | 7.80% | 7.80% |
₹ 30 Lakh - ₹ 75 Lakh | 7.65% | 7.65% |
₹ 75 Lakh - ₹ 1 Cr | 7.65% | 7.65% |
Above ₹ 1 Cr | 7.65% | 7.65% |
Interest Rate for Self-employed for Commercial Property
Loan Amount | Rate |
---|---|
Upto ₹ 30 Lakh | 8.25% |
₹ 30 Lakh - ₹ 75 Lakh | 8.10% |
₹ 75 Lakh - ₹ 1 Cr | 8.10% |
Above ₹ 1 Cr | 8.10% |
Steps to Apply for HDFC Loan Against Property
Apply With MyLoancare
To get the best offers on SBI Loan against Property, you can apply for a Loan against Property at MyLoanCare. The online marketplace helps you compare the best offers, check eligibility, calculate EMI. To apply for a loan against property click here
Apply With SBI Website
- You can also apply for SBI Loan against Property with SBI through online and offline modes.
- To apply for a loan offline, visit the official SBI bank branch and fill out the application form along with the required documents for a loan against property.
- The bank will then complete the verification process and will sanction the loan on loan approval. Once the loan is approved, you will receive the amount in your bank account.
- To apply online for SBI Loan against Property online, visit the official website of SBI and navigate to Loan Against Property.
- Before applying, now check your eligibility for SBI Loan against Property. If you are satisfied and have cross verified all the details, fill out the application form and upload the required documents.
- On successful verification, the bank will sanction the loan amount in 10-15 days.
Compare HDFC Loan Against Property Interest Rate with Top Banks
HDFC offers multiple schemes for loan against property at affordable interest rates. However, you must compare SBI and other bank’s home loan rates before applying:-
Particulars | HDFC | SBI | ICICI Bank |
Interest Rate | 7.65% - 8.80% | 8.80% - 13.10% | 8.75% - 9.90% |
Processing Fees | Upto 0.50% Min ₹ 7,500 |
Upto 1.00% Max ₹ 50,000 |
Upto 0.50% |
Loan Tenure | 15 Years | 10 Years | 15 Years |
Maximum Loan Amount | ₹ 5 Cr | ₹ 7.50 Cr | ₹ 7 Cr |
Age | Min 24 and Max 65 years | Min 18 and Max 70 years | Min 21 and Max 65 years |
Benchmark Rate | PLR | RLLR | RLLR |
Lowest EMI Per Lakh | ₹ 936 per lakh | ₹ 1,256 per lakh | ₹ 999 per lakh |
As on 28 May, 2022, HDFC offers the lowest rate starting at 7.65%. HDFC Loan against property rates have been hiked by 0.15%, from the earlier rate of 7.50% with effect from 17 May, 2022.
HDFC Mortgage Loan | Interest Rates |
---|---|
HDFC Loan Against Property Floating | 7.65% - 7.80% |
HDFC Loan Against Property Balance Transfer | 8.75% - 8.90% |
HDFC Reverse Mortgage Loan | 8.00% |
HDFC Loan Against Property Floating | |||
Loan Amount | Current Loan against Property Rates | ||
---|---|---|---|
Upto ₹ 30 Lakh | 7.80% | ||
₹ 30 Lakh - ₹ 75 Lakh | 7.80% | ||
₹ 75 Lakh - ₹ 1 Cr | 7.80% | ||
Above ₹ 1 Cr | 7.80% | ||
special offer for female borrower | |||
Loan Amount | Rate | ||
Upto ₹ 30 Lakh | 7.80% | ||
Above ₹ 30 Lakh - ₹ 75 Lakh | 7.80% | ||
Above ₹ 75 Lakh - ₹ 1 Cr | 7.80% | ||
Above ₹ 1 Cr | 7.80% |
HDFC Loan Against Property Rate Trends of Last 1 Year
Last Updated Date | Interest Rates |
---|---|
17 May, 2022 | 7.80% |
13 May, 2022 | 7.80% |
10 May, 2022 | 8.00% |
28 Apr, 2022 | 7.50% |
04 Oct, 2021 | 8.90% |
20 Jul, 2021 | 8.75% |
16 Jul, 2021 | 8.90% |
08 Jun, 2021 | 8.00% |
07 Jun, 2021 | 8.90% |
Factors Affecting HDFC Loan against Property Interest Rates
Some of the factors that impact HDFC Loan Against Property rates are listed as follows:
- Loan amount: Property loan rates in HDFC depend upon the loan amount you apply. You can get a minimum loan of ₹ 5 Lakh from HDFC.
- Your Net Monthly Income: Income helps you in identifying your rate of interest. Higher the income, higher will be your repayment capacity increasing your eligibility for a higher loan amount.
- Type of loan opted for: HDFC offers differential rates for customers' different profiles, for fixed and floating rate schemes. Loan against property interest rates may be higher or lower for special loan products.
- Type of property: Typically, loans against prime residential properties can be availed easily at the lowest rates compared to loans against commercial and industrial properties.
- Your profession: HDFC may charge a higher interest rate on a mortgage loan to a salaried person than a self-employed professional or a businessman. A self-employed professional or businessman is expected to deploy loan proceeds for productive purposes in his occupation or business compared to salaried people who will most likely take a mortgage loan for his personal purposes.
HDFC Loan Against Property Eligibility Criteria
HDFC has detailed criteria to determine a potential borrower’s eligibility for mortgage loans. Some of the key criteria are:
Eligibility Criteria | Details |
---|---|
Age | 24 to 60 years |
Minimum Income | ₹ 18,000 |
Loan Amount | ₹ 5 Lakh to ₹ 7 Cr |
Minimum years of business existence | 1 years |
Minimum work experience | 5 years |
Minimum Credit Score | 650 and above |
Loan to Value Ratio | Upto 60% |
FOIR (Fixed Obligations to Income Ratio) | 0.65 |
HDFC Mortgage Loan Interest Rate and EMI Calculator
You can use an online HDFC Loan against property EMI Calculator to calculate loan EMIs at different rates of interest and check and compare the lowest EMI per lakh on Loan against Property. Higher the interest rate, higher will be the EMI. However, your cumulative interest outgo will be significantly higher in a longer tenure loan than a short tenure loan.
HDFC offers mortgage loan balance transfer from another bank, subject to your meeting other eligibility criteria of HDFC at an affordable interest rate, higher loan amount and convenient loan tenure. HDFC loan against property balance transfer helps you make your loan repayment convenient and opt for a beer customer service. Current loan against property balance transfer rates in HDFC are 7.65%. Along with that, you can also avail of additional top-up on your loan against property.
Loan Against Property HDFC Products
HDFC 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:
Loan Against Residential Property
- Get loans up to 60% of the value of your residential property with a loan against residential property.
- You can avail loan against your residential property for personal needs such as a wedding, home renovation, travel and business needs such as the expansion of business etc.
- Loan against residential property is available for tenure up to 15 years.
- Salaried and self-employed professionals can avail a loan against residential property.
Commercial Property Mortgage Loan
- Avail Commercial Property Mortgage Loan individually or with joint owners for a tenure upto 15 years.
- You can take Commercial Property Mortgage Loan for the purchase of new/ existing clinic or office.
- Self-employed professionals who have commercial property are eligible to take this loan.
- Self-employed professionals and non-professionals can avail Commercial Property Mortgage Loan.
HDFC Loan Against Property Documents Required
For Self-Employed
- Filled up loan application form
- 2 Passport Size Photo
- ITR of last 3 years
- Identity Proof - Passport/ Driving License/ Voter ID/ PAN
- Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 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
- Filled up loan application form
- 2 Passport Size Photo
- ITR of last 2 years
- Identity Proof - Passport/ Driving License/ Voter ID/ PAN
- Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
- Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
- 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
Check Loan Against Property Interest Rate in Major Banks
- SBI
- ICICI Bank
- Axis Bank
- Citibank
- PNB Housing Finance
- LIC Housing Finance
- Kotak Bank
- Yes Bank
- Bajaj Home Finance
- IDFC First Bank
- RBL Bank
- Syndicate Bank
- IDBI Bank
- IndusInd Bank
- Karur Vysya Bank
- HSBC Bank
- Standard Chartered Bank
- Edelweiss
- Corporation Bank
- Indian Bank
- Indian Overseas Bank
- OBC
- PNB
- HDFC Bank
- Indiabulls
- DCB Bank
- Dhan Laxmi Bank
- Karnataka Bank
- South Indian Bank
- Federal Bank
- Jammu And Kashmir Bank
- Lakshmi Vilas Bank
- Allahabad Bank
- Andhra Bank
- Bank of India
- Canara Bank
- Central Bank of India
- Punjab and Sind Bank
- UCO Bank
- Union Bank of India
- United Bank of India
- DBS Bank
- India Shelters
- Piramal Housing Finance
- Cholamandalam
FAQs
✅What is HDFCs loan against property interest rate?
HDFC offers loan against property at a rate of 7.65% with the lowest EMI of ₹ 936. If you are currently paying a higher interest rate than the HDFC rate, you can opt for a balance transfer of loan to HDFC.
✅Did HDFC Loan against property rates drop?
No, HDFC lowest rates on loan against property have been increased from 17 May, 2022. The new rates have been hiked to 7.65% from 7.50% earlier.
✅How to increase my eligibility on HDFC Mortgage 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 a loan.
✅Can I foreclose my Mortgage loan? What are the charges applicable?
Yes, you can foreclose your HDFC loan against property anytime you want with Nil foreclosure charges.
✅What is the maximum loan tenure I can opt under HDFC Property loan?
HDFC offers a maximum tenure of 15 years to repay your loan.You can choose the tenure for your
✅What is the benchmark rate applicable for Mortgage loan?
The benchmark rate applicable for property loans in HDFC is PLR
✅Can I transfer my Loan against Property from another bank to HDFC?
Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Loan balance transfer to HDFC offers you to pay lower EMIs and save money and enables you to choose better customer service, if you are not satisfied with your existing bank. Current Balance transfer rates in HDFC are 7.65%.
✅What is HDFC mortgage loan processing fees?
The loan processing fee charged is 0.50% of the total loan amount.
✅What security do I need to provide for HDFC Mortgage Loan?
HDFC requires a registered mortgage of the property against which the bank will provide you a loan.
- Property on which you intend to take a loan is not vacant land, has an approved map plan and is in a municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
- Your total EMIs 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 the 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 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 application
- If you are self employed, your business must have been in existence for at least three years and last three income tax returns with audited financial must be available
✅Are prepayment or foreclosure charges applicable on HDFC loan against property?
You can prepay a loan against property 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
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