HDFC Loan Against Property
HDFC business loans have been curated, keeping in mind the needs of its customers. It offers flexible tenures, competitive interest rates, and minimal documentation to create a hassle free environment for its borrowers. HDFC Bank provides attractive loan opportunities for self employed professionals and MSMEs. The HDFC business loan interest rate ranges from 11.90% p.a. to 21.35% p.a.
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HDFC Loan Against Property Overview
HDFC Bank provides a loan for 65% of your property’s value so that you can finance your planned needs like children’s education, a family wedding, or home renovation. HDFC Loan Against Property interest rates are attractive and feasible so that the loan does not feel like a burden.
You can borrow against commercial or rental property and choose from an EMI-based term loan or drop-line overdraft loan according to your convenience.
Banks and financial institutions offer a secured loan that is sanctioned based on the property pledged as collateral. HDFC Bank is one of the leading banks to offer this loan with pocket-friendly interest rates. Apply for HDFC Loan Against Property with a hassle-free application process.
Benefits and Features of HDFC Loan Against Property
You will be benefited from the following features if you apply for HDFC Loan Against Property.
High Amount of Loans
With HDFC Bank you can avail of a loan of up to 65% of the property’s market value. These high loan amounts are accompanied by flexible and long repayment tenures along with alluring interest rates.
Customised Loan
HDFC Bank accepts both commercial and residential properties as collateral. The money received through HDFC Bank’s Loan Against Property can also be used for various business or personal purposes.
Easy Repayments
You have an option of a Dropline Overdraft Facility or can repay the loan amount in low EMIs with the help of competitive interest rates.
Transparent Processing
All the charges are communicated at the time of loan disbursement. There are no hidden charges that you would not be aware of.
Efficient Services
You can apply for HDFC Loan Against Property easily through quick and efficient services. HDFC Bank provides doorstep services for your convenience.
Advantages for Self Employed
HDFC Bank offers specialised and designed programmes along with customised loan options to the self-employed individuals applying for loans.
Debt Consolidation
HDFC Loan Against Property acts as a brilliant debt consolidation tool.
Eligibility Criteria to Apply for HDFC Loan Against Property
These individuals can fulfil the HDFC Loan Against Property eligibility criteria:
- Salaried individuals working in private or government offices.
- Self-employed individuals who are engaged in various business activities. HDFC Bank offers special schemes and offers for self-employed individuals.
HDFC Loan Against Property Fees and Charges
Have a look at the table below to learn about the charges for HDFC Bank’s Loan Against Property.
Basic Charges
Fees | Loan for commercial property/Loan Against Property | Dropline Overdraft Against Property | Loan Against Rent Receivables (LARR) |
Rack Interest Rate Range | Policy Repo Rate* + 4%- 4.95% = 8.00%-8.95% *Policy Repo Rate- 4% | Policy Repo Rate* + 4%- 4.95% = 8.00%-8.95% *Policy Repo Rate- 4% | Policy Repo Rate* + 4%- 4.95% = 8.00%-8.95% *Policy Repo Rate- 4% |
Loan Processing Charges | Maximum limit of 1% of the loan amount (* Minimum PF of ₹7500/-) | Maximum limit of 1% of the loan amount (* Minimum PF of ₹7500/-) | Maximum limit of 1% of the loan amount (* Minimum PF of ₹7500/-) |
Foreclosure/Pre-payment Charges
Fees | Loan for commercial property/Loan Against Property | Dropline Overdraft Against Property | Loan Against Rent Receivables (LARR) |
Term loan with floating interest rate availed by Individual applicants for Business Purpose | 2.5 % of the Principal Outstanding amount 60 months after the disbursement of the Loan/Facility – No Charges | Maximum 4% of the operating limit prevailing at the time of prepayment within 12 months of the date of disbursement. After 12 months, maximum 2% of the operating limit prevailing at the time of prepayment . | 2.5 % of the Principal Outstanding amount 60 months after the disbursement of the Loan/Facility – No Charges |
Term loan with floating interest rate availed by Individual applicants for End Use applications apart from Business Purpose | NIL | Maximum 4% of the operating limit prevailing at the time of prepayment within 12 months of the date of disbursement. After 12 months, a maximum of 2% of the operating limit prevailing at the time of prepayment . | NIL |
Floating rate term loans availed by MSMEs and Closure from Own Source | NIL | NIL | NA |
Floating rate term loans availed by MSMEs and Closure from borrowed funds | 2% of the Principal Outstanding amount 60 months after the disbursement of the loan/facility – No Charges | 2% of the operating limit amount prevailing at the time of prepayment. | NA |
Floating Rate term loans which have been availed by Non Individual borrowers* *Prepayment is not permitted until 6 months of repayment for non individual borrowers. | Post 6 months from the disbursement of loan/facility and upto 60 months – Maximum of 2.5% of the principal outstanding. 60 months after the disbursement of the loan/facility – No Charges | Maximum of 4% of the operating limit prevailing at the time of prepayment within 12 months of the date of disbursement. After 12 months, a maximum of 2% of the operating limit prevailing at the time of prepayment . | Post 6 months from the disbursement of loan/facility and upto 60 months -Maximum of 2.5% of the principal outstanding. No charges will be levied after 60 months of facility/loan disbursement |
Part prepayment charges for loans *Part pre-payment cannot be made until 6 months of repayment in case of Non-Individual borrowers. | No prepayment charge upto a maximum of 25% of outstanding loan, once every financial year. If the amount being prepaid is more than 25%, then the charges shall be applicable on the entire amount being prepaid and not only on the amount in excess of said 25%. No prepayment charges will be charged for the prepayment after 60 months after the date of last disbursement of the loan. | NA | No prepayment charge upto a maximum of 25% of outstanding loan, once every financial year. If the amount being prepaid is more than 25% then the charges shall be applicable on the entire amount being prepaid and not only on the amount in excess of said 25%. No prepayment charges will be charged for prepayment after 60 months after the date of last disbursement of the loan. |
Charges for late payment of EMI | 2% per month on overdue EMI amount | NA | 2% per month on overdue EMI amount |
Interest Charged for over utilised amount for Dropline Overdraft | NA | 18% per annum on the amount utilised above the available credit limit | NA |
Account Maintenance Charges (AMC) | NA | ₹5000 annually | NA |
Commitment charges on the overdraft accounts (*Minimum charges are Rs 5000/-) | NA | If average quarterly utilisation is > 30%, no commitment fee will be charged. If average quarterly utilisation < 30% charges upto 0.10% will be levied on the difference between the actual utilisation and expected average utilisation of 30%. Charges to be levied quarterly | NA |
Penal Interest charged for Non Adherence of ESCROW Account (according to sanction conditions and terms) | NIL | NIL | 2% per annum additional on existing ROI. |
Interest Charged on over utilised amount for Drop Line Overdraft | NA | NA | 18% per annum on the amount utilised above the available credit limit |
Fees | All Categories |
Stamp Duty and other statutory charges | Based on the laws valid in the particular state |
EMI/Cheque Bounce Charges | 1st return at Rs.450 + taxes 2nd at Rs.500 + taxes and 3rd onwards Rs.550 + taxes (10% discount for Senior Citizens) |
Repayment schedule charges | ₹200 per schedule |
Cheque/ECS/SI/NACH swapping charges | ₹500 |
Repossession/Legal and Incidental charges | At actuals |
Conversion charges for change in reference rate (BPLR/ Base rate/MCLR to Policy Repo Rate (for existing customers) | NIL |
Property Document Retention charges | ₹1000 per calendar month, after 2 calendar months from date of closure of all loans/facilities linked to the collateral |
Revision in spread | 0.1% of Principal Outstanding OR Rs. 5000 whichever is higher per proposal |
Penal Interest charged for not complying with the submission of the required deferral documents | 2% p.a. additional on existing ROI |
Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI) charges | ₹500/customer |
Property Swapping / Partial Property Release | 0.1% of the loan amount, Minimum Rs. 10,000 |
Document retrieval charges post disbursement | ₹500/document |
Bounce Cheque Charges | ₹550 + GST |
Penal Interest charged for not complying with the submission of the required deferral documents- >90 DPD | 2% additional on existing ROI |
Documents required for HDFC Loan Against Property
For salaried individuals
- Residence proof (a copy of any of the following)
- Ration card
- Telephone bill
- Electricity bill
- Voter’s ID Card
- Identity proof (a copy of any of the following)
- Voter’s ID card
- Employer’s card
- Passbook for proof of salary or income for the last 6 months/latest bank statement
- Salary slip for the preceding 6 months showing all the deductions
- Form 16 for the last 2 years
- The copies of all property documents of the property which is being pledged for the loan
For individuals/self-employed professionals
- Financial statement (certified) for the last 3 years
- Residence proof (a copy of any of the following)
– Ration card
– Telephone bill
– Electricity bill
– Voter’s ID card
- Identity proof (a copy of any of the following)
- Voter’s ID card
- Employer’s card
- Passbook for proof of salary or income for the last 6 months/latest bank statement
- The copies of all property documents of the property which is being pledged for the loan
HDFC Loan Against Property Interest Rates
The interest rates for Loan Against Property vary for different categories.
Policy Repo Rate* + 4% to 4.95%= 8.00% to 8.95%
*Policy Repo Rate- 4%
How Does the EMI Calculation Work for HDFC Loan Against Property?
You can check your loan EMIs in an instant with the HDFC EMI calculator. All you need to do is to insert the value of the loan amount that you need, your desired tenure in years, and the interest rate. The results in your monthly EMIs will be displayed on your screen. Apply for HDFC Loan Against Property with flexible EMIs.
HDFC Loan Against Property Customer Care Number
To enquire about the HDFC Loan Against Property requirements you can reach out on HDFC customer care number at 1800 202 6161/1860 267 6161 which is accessible pan India.
FAQs
The maximum tenure for which you can avail of a Loan Against Property is between 15 to 20 years.
No, the HDFC Loan Against Property interest rates are flexible.
Yes, all banks check the CIBIL score of the applicants before approving their loan applications. A 750 CIBIL score is considered ideal by the banks.
HDFC Loan Against Property requirements include the KYC documents like identity proof, residence proof, and age proof for your Loan Against Property application.
Yes, HDFC Bank levies a processing fee of 1% of the loan amount with the minimum fee being ₹7,500.