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HDFC Loan Against Property

HDFC Mortgage Loan Interest Rates 2021

Last Updated 21st Sep 2021

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 8.75%. Check Best Offers

Processing Fee Upto 0.75%
Max Tenure 15 years
Lowest EMI ₹ 999 per lakh
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

    Online sanction facility in lockdown

    Apply for Loan Against Property @ 6.90%* Get upto ₹ 1,000* Cashback Get Online Sanction in Lockdown Period

    HDFC Loan Against Property

    HDFC offers loan against property to meet your business as well as 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 LAP Loan is 0.75%. 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
    Upto ₹ 25 Lakh 8.90%
    ₹ 25 Lakh - ₹ 50 Lakh 8.75%
    ₹ 50 Lakh - ₹ 100 Lakh 8.75%
    Above ₹ 100 Lakh 8.75%

    Interest Rate for Salaried for Commercial Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 8.90%
    ₹ 25 Lakh - ₹ 50 Lakh 8.75%
    ₹ 50 Lakh - ₹ 100 Lakh 8.75%
    Above ₹ 100 Lakh 8.75%

    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
    Upto ₹ 25 Lakh 8.90%
    ₹ 25 Lakh - ₹ 50 Lakh 8.75%
    ₹ 50 Lakh - ₹ 100 Lakh 8.75%
    Above ₹ 100 Lakh 8.75%

    Interest Rate for Self-employed for Commercial Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 9.20%
    ₹ 25 Lakh - ₹ 50 Lakh 9.20%
    ₹ 50 Lakh - ₹ 100 Lakh 9.05%
    Above ₹ 100 Lakh 9.05%

    Steps to Apply for HDFC Loan Against Property

    You can apply for HDFC Loan against property through online as well as offline modes. To apply for a loan through offline mode, you need to visit the official HDFC bank branch and fill the application form along with the required documents for 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 HDFC Loan against Property online, you need to follow these steps:-

    • Visit the official website of HDFC and navigate to Loan Against Property.
    • Before applying, now check your eligibility for HDFC Loan against Property.
    • Check various details about the loan, such as interest rates and other charges.
    • If you are satisfied and have cross verified all the details, fill the application form and upload the required documents.
    • On successful verification, the bank will sanction the loan amount in 10-15 days.

    Apart from that, you can also visit online marketplaces like MyLoanCare to apply for a HDFC Loan against property. Here, you can compare offers HDFC with other top banks and can use the EMI and Eligibility calculators to plan your expenses and loan repayments. HDFC Loan against property application process at MyLoanCare is hassle-free and transparent.

    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 Citibank
    Interest Rate 8.75% - 9.90% 8.80% - 13.10% 6.90% - 7.90%
    Processing Fees Upto 0.75%
    Upto 1.00%
    Max ₹ 50,000
    NIL
    Loan Tenure 15 Years 10 Years 15 Years
    Maximum Loan Amount ₹ 5 Cr ₹ 7.50 Cr ₹ 5 Cr
    Age Min 24 and Max 65 years Min 18 and Max 70 years Min 23 and Max 65 years
    Benchmark Rate PLR RLLR TBLR
    Lowest EMI Per Lakh ₹ 999 per lakh ₹ 1,256 per lakh ₹ 893 per lakh
    HDFC Floating Rate on Loan Against Property

    As on 22 Sep, 2021, HDFC offers the lowest rate starting at 8.75%. HDFC Loan against property rates have been hiked by 0.75%, from the earlier rate of 8.00% with effect from 20 Jul, 2021.

    HDFC Mortgage Loan Interest Rates
    HDFC Loan Against Property Floating 8.75% - 8.90%
    HDFC Loan Against Property Balance Transfer 8.75% - 8.90%
    HDFC Reverse Mortgage Loan 8.00%
    HDFC Loan Against Property Floating
    Loan AmountCurrent LAP Rates
    Upto ₹ 25 Lakh 8.90%
    ₹ 25 Lakh - ₹ 50 Lakh8.90%
    ₹ 50 Lakh - ₹ 100 Lakh8.90%
    Above ₹ 100 Lakh 8.90%

    HDFC Loan Against Property Rate Trends of Last 1 Year

    Last Updated Date Interest Rates
    20 Jul, 2021 8.75%
    16 Jul, 2021 8.90%
    08 Jun, 2021 8.00%
    07 Jun, 2021 8.90%
    28 Apr, 2021 8.90%
    01 Apr, 2021 8.40%
    31 Mar, 2021 8.40%
    09 Dec, 2020 8.40%

    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 higher loan amount.
    • Type of loan opted for: HDFC offers differential rates for customers different profiles and also 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 are easier to get and can be availed at the lowest rates compared to loans against commercial and industry 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 ₹ 0 Cr
    Minimum years of business existence 1 years
    Minimum work experience 5 years
    Minimum Credit Score 650 and above
    Loan to Value Ratio Upto 70%
    FOIR (Fixed Obligations to Income Ratio) 0.65

    HDFC Mortgage Loan Interest Rate and EMI Calculator

    You can also use an online HDFC Loan against property EMI Calculator to calculate loan EMIs. EMI is a fixed amount that you are required to pay each month towards the repayment of your loan till the end of tenure

    • The HDFC Mortgage Loan EMI calculator helps you calculate your monthly EMI at different rates of interest and check and compare the lowest EMI per lakh on LAP.
    • You can compare the estimated EMI with your monthly repayment capacity to decide on a level of EMI you can comfortably service without creating financial burden.
    • Loan tenure matters equally as higher loan tenure reduces your EMI.
    • Another factor that affects your EMI is the loan against property interest rate. 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. Loan against property interest rate comparison of different banks will allow you to choose the cheapest loan and hence, improve your eligibility.
    Loan Against Property Top up, Transfer in HDFC

    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 8.75%. 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
    For Salaried employee
    • 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
    Property documents
    • 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

    FAQs

    What is HDFCs loan against property interest rate?

    HDFC offers loan against property at a rate of 8.75% with the lowest EMI of ₹ 999. If you are currently paying a higher interest rate than 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 20 Jul, 2021. The new rates have been hiked to 8.75% from 8.00% 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 LAP loan as per your convenience and repayment ability.

    What is the benchmark rate applicable for Mortgage loan?

    The benchmark rate applicable for property loans in HDFC is PLR

    Can I transfer my LAP 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 8.75%.

    What is HDFC mortgage loan processing fees?

    The loan processing fee charged is 0.75% 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 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 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

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    HDFC Loan Against Property News - Sep 2021
    • 2021-03-08 : HDFC cut its PLR to 16.05%
      HDFC reduced its Prime lending rate to 16.05%. The revised rates are effective from March 2021.
    • 2021-03-05 : HDFC cut its home loan rates to 6.70%
      ICICI Bank cut its home loan rates for March 2021. The new home loan rate starts at 6.70%.
    • 2020-04-28 : HDFC revised its loan against property rates
      HDFC changed its loan against property rates. The new rates for loan amount upto Rs. 50 lakhs stands between 9.10% and 10.40%. Further, the rate for loan amount above Rs. 50 lakhs is between 8.95% to 10.25%.
    • 2020-01-08 : HDFC revised interest rates on Loan against property
      The interest rate for the self-occupied residential property is revised to 9.40% and the interest rate for Non- self-occupied residential property and commercial property is 9.65%. The revised rates are in effect from 6 January 2020.
    • 2019-08-14 : HDFC reduces home loan rates by 15 basis points
      One of the leading home loan NBFC, HDFC has revised its housing loan rates. For loan amount up to Rs. 30 Lakh, the rate has been revised to 8.40% as compared to 8.55% earlier. While for loan amount above Rs. 2 crores, has been revised to Rs. 8.80%.
    *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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