HDFC loan against property eligibility can be instantly assessed online using a LAP Calculator. The basic HDFC LAP eligibility factors include age, income, repayment capacity and property value. The minimum age should be 21 years for maximum loan amount of up to 60% of property value. Both salaried and self-employed can apply for HDFC LAP for planned & unplanned expense for a maximum of up to 15 years.
HDFC, India's premier home loan financing institution, offers non-housing loans to go along with its popular home loans. The non-housing loan products include the following:
Following are some attractive features and benefits of HDFC Loan Against Property:
Note: The bank has launched the consent-based Video KYC facility for personal loan and saving accounts to verify the customer’s identity digitally.
The details of the loan are given below:
|Loan Against Property|
Purpose of the loan
Type of loan
Who can apply for this loan?
Maximum quantum of loan
Rate of interest
To apply for the loan, applicants must meet the eligibility criteria mentioned below:
|Loan Against Property|
General Eligibility Norms
Following documents need to be submitted when applying for the loan:
KYC Documents - Identity and Residence Proof
Property Related Documents
|Self-Employed Individuals or Professionals|
Income Proof Documents
a) List of shareholders with individual shareholding - certified by a CA/CS
b) MOA and AOA of the Company
a) Partnership deed
Following factors determine the borrower's eligibility for HDFC Loan Against Property:
Applicants can improve their eligibility for the loan by following these tips:
The rate of interest on individual loan plays a vital role in deciding the eligibility. It is because your EMI depends on the rate of interest. The following factors affect the interest rate on your Loan Against Property:
Following are some key differences between HDFC Loan Against Property and HDFC Home Loan:
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All resident Indians can apply for an HDFC Loan Against Property. The applicant can be either a salaried person or a self-employed individual. Non-individuals can also apply for an HDFC Loan Against Property. The eligible borrower should have a regular source of income and a residential or commercial property in his or her name. The property should be freehold and fully-constructed.
No, HDFC does not finance against vacant plots, residential or commercial. There should be an entirely constructed house or a commercial establishment over the land. It does not matter if the property is vacant, self-occupied, or rented. Vacant, entirely constructed properties are treated as self-occupied by HDFC.
No, HDFC does not accept agricultural land as a mortgage. The property should either be residential or commercial. The company does not take vacant residential or commercial plots, as well.
HDFC offers a floating and fixed rate of interest on Loan Against Property. Usually, customers prefer the floating rate of interest, also known as Adjustable Rate. HDFC offers a unique product, TruFixed rate of interest where the interest rate remains constant for two years. Subsequently, it switches over to the floating rate structure.
Generally, the floating rate of interest is preferable. Hence, you have the floating rate of interest at a lower level when compared to the fixed rates. If there are extreme fluctuations in the interest rate, the fixed rate is preferable. In today's scenario, the rates are uniform. Hence, a floating rate of interest is the better option
One of the most prominent advantages of the floating rate structure is that the individual borrower does not have to pay any pre-payment penalty. It is not so in the case of a fixed rate of interest loans.
The Loan Against Property is available to cater to individual and business requirements. Individual needs can be anything from medical expenses to marriage. The borrower has to ensure that he/she does not use the loan for speculative purposes. HDFC seeks a declaration in this regard. Therefore, this declaration states that the borrower will not use the loan for speculative uses.
Any activity that promises high returns within a short period is a speculative activity. Such activities are risky because there is a higher chance of losing the investment altogether. Some of the examples of speculation are indulging in gambling, racing events, investing in bullion and real estate.
No, the interest rate structure is the same for both salaried and self-employed individuals. It was different in the case of home loans. However, it is not so in the loans against property.
If you have a home loan with HDFC, you can offer the same property for a Loan Against Property. However, you should satisfy all the eligibility norms regarding income and repaying capacity. The value of the security should meet the LTV ratio stipulations for both the loans put together.