HDFC Bank Loan Against Property
About HDFC Bank
Housing Development Finance Corporation Bank was established in the year 1994, headquartered in Mumbai. The bank initiated its operations as a commercial bank in January 1995. HDFC Bank offers an extensive range of financial products and services including several loan products such as personal loan, business loan etc. The bank has also been honored as India?s largest private sector lender by assets.
About HDFC Bank Limited Loan Against Property
HDFC Bank's loan against property can be utilised to fulfil several professional and personal needs. The bank ensures high loan amount along with the speedy disbursal of loan. The bank offers loan against the property at a competitive rate of interest with flexible loan tenor.
HDFC Bank Loan Against Property Features
HDFC Bank LAP has several features and benefits:
- Loan to Value: Loan to Value of HDFC Bank loan against property can go up to 70% of property value.
- Property Type: HDFC Bank offers loan against residential, commercial and industrial property.
- Repayment options: The loan can be repaid via several options including EMIs or bank's special overdraft facility.
- Customised loan: HDFC Bank is India's first bank to offer customised loan to self-employed individuals based on the requirements.
- Loan tenor: The bank offers a loan with a flexible loan tenor that can go up to 15 years.
- Foreclosure of loan: A loan from HDFC Bank can be foreclosed by simply putting a written request at the nearest Retail loan Service Centre.
- Overdraft facility: HDFC Bank is country's first bank that facilitates overdraft facility for a loan against rent receivables.
- Loan approval: HDFC Bank's quick process helps you to get a loan against property within 3 days after submitting loan application and documents.
- Prepayment of loan: Prepayment of loan can be made after six months from the date of loan disbursement.
HDFC Bank LAP eligibility
Your loan eligibility depends upon following factors:
- Age: you should be at least of 21 years at the time of loan commencement and maximum age at the time of loan maturity should be 65 years.
- Income: One of the important factors that affect loan eligibility is income. Higher the income, higher will be the loan amount.
- Repayment capacity: Another important factor affecting loan eligibility is repayment capacity of the borrower. More you are capable to pay, more are your chances to get high loan amount.
- Value of property: The value of the property also affects loan eligibility. The more your value of the property is, the more will be the loan amount.
HDFC Bank Fees and Charges
Following are different types of fees charged by HDFC Bank:
|Fee Type||Amount Charged|
|Processing Fee||Min. 0.25% and max. 0.5% of loan amount|
|Annual Fee||Up to Rs. 5,000 p.a.|
HDFC Bank Loan Against Property Documentation
Following documents are required for HDFC Bank LAP:
|Type of Document||Salaried Employee||Self-Employed|
|Salary slips/ Income Tax Return||Salary slips of recent 3 months or Salary Certificate/ Bank statement/ Copy of passbook of recent 3-6 months||Income Tax Return of recent 2 years duly certified by CA/ Bank statement/ Copy of passbook of recent 3-6 months|
|Salary proof/ Business statements||Form 16/ PF statement/ Appointment Letter||Balance Sheet and P&L Statement for recent 3 years including schedules and Annexures|
|Identity proof||Passport/ Voter ID /PAN/ Driving License/ Aadhar Card||Passport/ Voter ID /PAN/ Driving License/ Aadhar Card|
|Job/ Business stability||Full-time job stable for years|
Proof of business registration:
GST/ VAT/ Service Tax or incorporation certificate
|Residential address proof||Registered rent agreement/ Passport/ Utility bill (up to 3 months old)/ Leave and license||Registered rent agreement/ Passport/ Utility bill (up to 3 months old)/ Leave and license|
|Other documents||Cheque of processing fee in favor of HDFC Bank along with application fee|
Other Available products from HDFC Bank limited
- Home Loan
- Home loan Balance Transfer
- Personal Loan
- Loan against securities
Total Interest Payable
Total of Payments
(Principal + Interest)