| Loan Amount | Up to 65% of the property value |
|---|---|
| Rate of interest | 8.00% p.a. onwards |
| Tenure | Up to 15 Years |
| Age Limit | 18 – 70 Years |
| Processing fee | 1% of loan amount + GST |
HDFC Loan Against Property (LAP) is a quick and simple answer for all your monetary necessities, including business development, working capital or personal vitalities. Loan Against Property can profit against your self-owned properties of both residential and commercial standards.
HDFC Loan against Property is accessible to individuals who are in immediate need of funds for their business and individual prerequisites that can be taken by pledging the mortgage of their existing Property.
The costs of an HDFC Bank Loan against Property starting at a minimal Interest rate of 8.00% is a remarkable suggestion that offers advances for a longer tenure of up to 15 years, at a lower interest rate, resulting in lower commitments for the Borrower.
Additional Info: You can also avail HDFC Home Loan
| AMOUNT NEEDED | INTEREST RATE |
| Up to Rs. 25,00,000/- | 7.25% |
| Between Rs. 25,00,000/ – Rs. 50,00,000/- | 8.00% |
| Between Rs. 50,00,000/- Rs. 1,00,00,000/- | 8.00% |
| Above Rs. 1,00,00,000/- | 8.00% |
With the influx of significant capital readily made available by keeping your Property on the mortgage, you can definitely avail key financial landmarks with a wide array of benefits, including:
Tip: Check cibil score before applying for a loan
Some key features and benefits of opting HDFC Loan Against Property include:
With a value that goes up to 65% of the market value of your property, you can immediately receive a significant amount of money to fulfil your current requirements without breaking a sweat. The amount is made available at a lower interest rate as compared to other sorts of loans and for a longer tenure, making repayments a smooth process.
Additional Info: You can also check Best Home Loan Interest Rates
You can place your residential or commercial land as collateral and use the money that you’ll receive for various strategic financial growth at both personal and professional levels. There is no end to the utilisation of this kind of amount that will result in your improved quality of life when used wisely.
The HDFC Loan Against Property interest rates are highly competitive with the current market trends and makes the entire process of repayment convenient with low EMIs, or Dropline Overdraft Facility.
You can check all kinds of charges and rates on your loan beforehand and calculate the EMIs for the entire period. With everything laid on the table at the time of processing itself and no hidden charges or surprises saved for later, you can plan the blueprint of your finances easily.
HDFC offers a doorstep service of getting an expert to assist you with the loan, help you with the application process, and make the transaction quick and smooth. All of this, made available at your convenience and disposal.
Moreover, if you want to apply for personal loan or want to open saving account the hdfc bank video KYC process will helpful to verify the customer’s identity digitally.
Furthermore, there are considerable benefits for Self-employed individuals with HDFC’s specially tailored plans and deals in the programme with its easy debt consolidation tool.
Additional Reading: How to get loans for bad credit?
The three types of HDFC mortgage loan that you can consider are:
Also known as the fixed interest rate made available at the time of applying. Here, basis the trends of the market, you can opt for a fixed rate of interest on your loan and plan the EMI for the entire period beforehand. These rates are generally higher than the adjustable rates to comply with the anticipated fluctuations in the market over the period of the loan taken.
Adjustable rates are the floating interest rates that are in the higher preference, given that there is a larger possibility that you end up paying a lesser amount of total EMI as compared to the fixed rate. Here, the only inconvenience is in the instability of the market and its effects on your monthly EMI whenever the floating rates go higher.
HDFC has introduced a special category of loan, where you can opt for the fixed interest rate for a period of 2 years with automatic conversion to adjustable rates after the tenure is over. It will be connected to the date of the primary payment. This saves you from the trouble of going through the charges and procedure of changing the rates while also understanding and planning your expenses in the given two years.
Additional Info: You can also avail Loan Against Property without Income Proof and ITR
HDFC Loan Against Property eligibility is made pretty simple and straightforward. Here’s what you need to know:
Additional Info: HDFC Home Loan Customer Care Number
Here is a list of HDFC loans against property documents required for both the categories of individuals:
Additional Info: Also check HDFC Home Loan EMI Calculator
Interest rates for residential properties as well as Commercial Properties
| AMOUNT NEEDED | INTEREST RATE |
|---|---|
| Up to Rs. 25,00,000/- | 8.00% |
| Between Rs. 25,00,000/ – INR 50,00,000/- | 8.00% |
| Between Rs. 50,00,000/- – INR 1,00,00,000/- | 8.00% |
| Above Rs. 1,00,00,000/- | 8.00% |
Interest rates for residential properties as well as Commercial Properties
| AMOUNT NEEDED | INTEREST RATE |
|---|---|
| Up to Rs. 25,00,000/- | 8.00% |
| Between Rs. 25,00,000/ – Rs. 50,00,000/- | 8.00% |
| Between Rs. 50,00,000/- Rs. 1,00,00,000/- | 8.00% |
| Above Rs. 1,00,00,000/- | 8.00% |
In addition to the above-mentioned rates, here is an assessment of the market values made available from January 2021 to March 2021. This gives a fair idea of the competitiveness of HDFC Loan Against Property interest rate
| Bank Internal rate of return (IRR) | Bank Annual percentage rate (APR) | ||||
|---|---|---|---|---|---|
| Min | Max | Avg | Min | Max | Avg |
| 6.50% | 9.50% | 7.37% | 6.50% | 9.50% | 7.37% |
On understanding the amount of loan needed from your end and the rate of interest given by the Bank, you now need to settle on a repayment tenure to calculate your EMI. EMI is basically derived after the input of the following information:
To further break down the HDFC EMI Loan Against Property at various rates and residency, you can enter the exact above-mentioned values in the Loan against property EMI calculator, and get an immediate crunch value that you’ll be needed to pay moving forward with the loan.
The table below shows the HDFC EMI estimation at the different blends of loan amounts and a longer tenure at the most reduced rate of 8%.
| EMI basis the Loan Tenure | |||
|---|---|---|---|
| Loan Amount (Rs.) | 10 Years | 15 Years | 20 Years |
| 15,00,000/- | Rs. 18,199 | Rs. 14,335 | Rs. 12,547 |
| 25,00,000/- | Rs. 30,332 | Rs. 23,891 | Rs. 20,911 |
| 40,00,000/- | Rs. 48,531 | Rs. 38,226 | Rs. 33,458 |
| 60,00,000/- | Rs. 72,797 | Rs. 57,339 | Rs. 50,186 |
The above table is a further demonstration of how to fix the amount against a certain tenure of time basis for your own monthly stability and scope.Additional Info: Also check Pan Number for Banks
In addition to the interest rates paid on the acquired loan, here are some additional charges and their terms and conditions that you must be aware of before going through with your application.
Here are HDFC Loans Against Property processing Fee, late fees, and other notable dues and rates for your knowledge to avoid an increase in incurred costs:
| Charges | Loan Against Property |
|---|---|
| Interest rate range | 8% to 8.95% |
| Loan Processing Charges* | Maximum of 1% of loan amount with a minimum of Rs. 7500/- |
| Prepayment Charges | |
| Adjustable-rate loan acquired by the borrowers for utilisation in business and related management | 2.5% of the outstanding amount of loan If paid in more than 60 months after the receival of the acquired amount – NIL Charges |
| The adjustable-rate loan is acquired by the borrowers for personal utilisation and not for any professional or business needs. | NIL |
| Adjustable-rate loan acquired by MSMEs (Micro & Small Enterprises) and is being paid from your own source | NIL |
| Adjustable-rate loan acquired by MSMEs (Micro & Small Enterprises) and is being paid from borrowed sources. | 2% of the outstanding amount of loan If paid in more than 60 months after the receival of the acquired amount – NIL Charges |
| Adjustable-rate loan acquired by Non Individual borrowers* | From 6 months to the first 60 months of the transfer of the loan amount to the account – a maximum of 2.5% of the outstanding amount of the loan If paid in more than 60 months after the receival of the acquired amount – NIL Charges |
| *Prepayment cannot be made until 6 months of repayment in case of Non Individual borrowers. | |
| In case of partly prepayment done for the acquired loan | NIL charges in case the amount paid is a maximum of only 25% of the outstanding loan amount, applicable only once in a financial year. In case the prepayment amount holds a value of above 25% then the charges shall be applicable on the entire amount that is being transferred under prepayment and not only on the amount in excess of said 25%. If paid in more than 60 months after the receival of the acquired amount – NIL Charges |
| Other Charges | |
| Late payment fee on the EMI locked | 2% every month on the overdue amount of the proposed EMI |
| Stamp Duty & other statutory charges | As per applicable laws of the state |
| In case the cheque/EMI payment bounces | Rs. 550/- + GST |
| Fees for a repayment schedule | Rs. 200/- per schedule |
| Charges for swapping Cheque/SI/ ECS/NACH | Rs. 500/- + GST |
| Legal/Repossession & Incidental charges | As per the charges of the actuals |
| Account Maintenance Charges | NA |
| Commitment charges for overdraft accounts | NA |
| Conversion charges for Change in the type of rate structure allocated for the loan | NIL |
| Property Document Retention charges | INR 1000/- for every calendar month for the first 2 months, post the same, the calendar months from the date of closure of all loans linked to the collateral |
| Revision in spread | 0.1% of the amount outstanding of the loan, or Rs. 5000/- whichever turns out to be higher at that given point |
| Penal Interest for Non-Adherence of ESCROW Account | NIL |
| Penal Interest for not complying with submission of deferral documents | Additional 2% per annum on existing ROI |
| Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI) Charges | Rs. 500/- per individual |
| Property Swapping/Partial property Release | 0.1% of the loan amount up to a minimum of Rs. 10,000/- |
| Document Retrieval charges post Disbursement | Rs. 500/- per document set. |
Furthermore, a quick takeaway is that the above charges are selective of duties and legal tolls as appropriate every once in a while. The above charges are the maximum ranges of their categories. The bank maintains all authority to defer any of the above charges every once in a while with due implication to the client. Changed Charges will be conveyed to the client through the Bank’s website or by any other credible and acceptable method of correspondence.
Additional Info: Looking for 30 Lakh Home Loan? Check EMI & Apply
Coming towards the end of the article, let us now understand the application procedure for applying for an HDFC Loan Against Property ourselves:
Additional Info: You can also Check Banglarbhumi West Bengal Land Record
A traditional approach preferred by those who like to have personalised communication is not tech-savvy or needs added guidance.
With the digitisation of almost every process of life, you can apply for HDFC Loan against property through an online medium just as conveniently as an offline mode. The objective here is to further simplify the entire procedure and get past the conventional approach of standing in long queues when everything can be done at a single stop without having to move an inch.
To apply online for an HDFC Loan against Property, follow these simple routine steps:
Additional Reading: Cibil score check free online by pan number
Check out the HDFC website and avail the best offers and competitive rates on your loans. You can also get an expert to visit your house for personalized assistance and an understanding of the deal you are getting into.
Schedule your appointment by simply giving a missed call on +91 9289200017
Additional Info: HDFC Home Loan Customer Care Number
ICICI bank loan against property up to Rs. 5 Crore can be availed of online as well as offline by salaried and self-employed applicants. The LAP can be for applied for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holiday and much more. Higher loan amounts are available for select customers.
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