HDFC Bank Loan Against Property
HDFC Bank offers all sorts of financial services to salaried and self-employed applicants for business or personal purposes. One such offering from the bank comes in the form of an HDFC loan against property (LAP). Borrowers can avail the HDFC LAP for up to 65% of the property value as the loan amount for a tenure of up to 15 years. The HDFC Bank loan against property rate of interest starts at 9.50% per annum.
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HDFC Bank Loan Against Property Interest Rate
If HDFC Loan Against Property is your first choice, you will feel more confident about your decision after going through the table below comparing the rate of interest for LAP of HDFC with other leading banks and non-banking financial companies:
| Rate Package | Rate of Interest |
|---|---|
| Floater | 9.50% - 11.00% p.a. |
| Fixed Rate | 11.80% - 13.30% p.a. |
HDFC Bank Loan Against Property Eligibility Criteria
It is crucial to check the loan against property eligibility for HDFC Bank to understand your chances of qualifying for this loan. Meeting the eligibility criteria ensures that both the lender and the borrower are protected, and the loan process is smooth and safe.
The table below will update you with the HDFC Bank loan against property eligibility criteria:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 21 - 65 years | 21 - 65 years |
| Nationality | Indian Residents | Indian Residents |
| Minimum Income Earned | Rs. 25,000 per month | Rs. 25,000 per month |
| Credit Score | 650 and Above | 650 and Above |
HDFC Bank Loan Against Property Fees and Charges
HDFC Bank charges some processing fee to process the loan against the property scheme. Besides, the bank also charges on account of prepayment, cheque dishonor, and other similar factors to meet the expenses and to ensure a smooth loan disbursement procedure.
Have a look at the table below to understand the HDFC loan against property processing fees and other charges:
| Processing Fee | Up to 1% of the loan amount or Minimum: Rs. 7,500 |
|---|---|
| Dishonor Charges | Up to Rs. 300 |
| PDC Swap Charges | Up to Rs. 500 |
| Copy of Documents | Up to Rs. 500 |
| Prepayment Charges |
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| Disbursement Cheque Cancellation Charges | Up to Rs. 500 |
| Loan Reappraisal After 6 Months of Sanction | Up to Rs. 2000 |
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Compare Interest Rates on Loan Against Property for Top Banks & NBFCs
If HDFC Loan Against Property is your first choice, you will feel more confident about your decision after going through the table below comparing the rate of interest for LAP of HDFC with other leading banks and non-banking financial companies:
| Bank/ NBFC Name | Rate of Interest | Processing Fee |
|---|---|---|
| HDFC Bank | 9.50% - 11.00% p.a. | 1% of the loan amount (minimum of Rs. 7,500) |
| LIC Housing Finance | 9.50% - 11.55% p.a. | 1% of the loan amount |
| ICICI Bank | 10.85% - 12.50% p.a. | 1.50% of the loan amount or Rs. 11,000 (whichever is higher) |
| SBI | 10.00% - 11.30% p.a. | 1% of the loan amount |
| Axis Bank | 10.40% - 12.75% p.a. | 1% of the loan amount or Rs. 10,000 (whichever is higher) |
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Documents Required For HDFC Bank Loan Against Property
Interested applicants must also go through the HDFC loan against property documents required list to avoid disappointment when applying for the same. The bank requires a general set of KYC documents to verify the age, identity, address, and income of the applicant. Listed below are the documents required for HDFC LAP:
1. For Salaried Loan Applicants
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Address or Identity Proof: Aadhaar Card, PAN Card, Passport, Voter ID Card, etc.
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Income Proof: Latest ITR/ Form 16, Salary Slips for the previous 3 months, Bank Account Statements for the previous 6 months
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Documents of Property: Approved Plan, Title Deeds, No Encumbrance Proof, and so on
- Other Documents: Processing Fee Cheque, Duly-Filled Application Form, Appointment Letter/ Employment Contract, Own Contribution Proof, and Latest Passport Size Photographs
2. For Self-Employed Loan Applicants
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Address or Identity Proof: Like Aadhaar Card, PAN Card, Passport, and Voter ID Card
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Income Proof: ITR/ Form 16 for the previous 3 years, Profit and Loss Account Statements and Balance Sheets for the previous 3 years, Savings Account Statement/ Current Statement of the Business Entity for the previous 6 months, Business Profile, Form 26AS
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Documents of Property: Approved Plan, Title Deeds, No Encumbrance Proof, etc.
- Other Documents: Processing Fee Cheque, Recent Passport Size Photographs, Duly Filled Application Form, Own Contribution Proof, Declaration and Documents mentioning the end use of the loan, Partnership Deed if the business entity is in partnership, and the List of Stakeholders
FAQs
The maximum tenure for an HDFC loan against property is up to 15 years.
Yes, a borrower may pre-close the loan against the property account by requesting the bank and the bank may charge a prepayment fee for the same.
Yes, HDFC Bank may charge a delay fee as a penalty for non-payment of the EMI on the loan against property repayment.
The interest rate on HDFC Bank LAP for floating packages ranges between 9.50% - 11.00% p.a.; whereas, it is between 11.80% - 13.30% p.a. for fixed-rate packages.
Yes, HDFC Bank offers a top-up facility on existing loan against property. This allows borrowers to borrow additional funds over and above the existing loan.