HSBC
Home Loan

The bank serves more than 39 million customers today through its four global businesses: Retail Banking & Wealth Management, Commercial Banking, Global Banking & Markets, and Global Private Banking. The wide network of the bank covers 66 countries and territories in Asia, Middle East, Europe, and Africa, North America, and Latin America.

The bank understands that purchasing a house of your own is one of the most important financial decisions in people's lives across the world. Most people dream of owning a home of their own, however, achieving that dream can be quite challenging when it comes to arranging the funds required to make such an expensive purchase. However, fulfilling this dream has become easier now with HSBC Home Loans. The bank offers housing loans to salaried as well as self-employed people of Indian origin and non-resident Indians (NRI) as well.

• HSBC home Loan Interest rates start at 8.45% for salaried and self-employed applicants.
• Loan amount from 3 Lakhs to 40 Crores
• Maximum tenure up to 20 years (25 years for salaried)
• Loans available for resident as well as non-resident Indians
• Having a local co-applicant/ contact person is mandatory for NRI applicants
• Minimum age required to apply for the home loan is 21 years
• The property must be insured against loss by fire, floods, earthquake, and any other damages with an insurance company.
• The bank offers two types of housing loans, viz. Home Loan and Smart Home Loan
• The Smart Home Loan account acts as a Current Account having an overdraft limit, that is equal to the amount of disbursed loan.
• On completion of loan repayment, customers get the option to continue their Smart Home Loan account as a current account.

Also Read - Tax Benefits on the Second Home Loan

HSBC Home Loans come at floating rates of interest that are linked to the bank's 3-month Marginal Cost of Fund Based Lending Rate (MCLR). Any change in 3-month MCLR will impact your Home Loan interest rate, thus, impacting your Equated Monthly Instalment (EMI) and loan tenure.

Here's the table for current HSBC Home Loan interest rates 2024:

* Interest rates are updated as on 2024

Additional Info: Also check HSBC Bank Loan Against Property

To avail a Home Loan from HSBC, the following eligibility criteria have to be met:

• Minimum annual net income: 5 Lakhs for salaried and 7,50,000 for self-employed
• Minimum age of the applicant should not be below 21 years at the time of applying for the loan
• Maximum age of the applicant should not be above 58 (for salaried), 60 (for public limited or government employees), and 65 (for self-employed) at the time of loan maturity
• Having a local co-applicant/ contact person is mandatory for NRI applicants
• The property must be insured against loss by fire, floods, earthquake, and any other damages with an insurance company.

Factors That Affect Your Eligibility for HSBC Home Loan

• Income or salary of the applicant
• Repayment capacity
• Track record of past loan and Credit Card repayment (if any)
• Applicant's age
• CIBIL score: Should be 650 or above
• Availability of an eligible co-applicant

How to Improve Your Eligibility for HSBC Loan

• Choose a long tenure if possible to reduce the burden of EMI amount
• Know the complete eligibility criteria set by the bank
• Bring in a co-applicant with good income and credit score to apply for the loan
• Prepay your existing short-term unsecured loans in full
• Improve your credit score before applying for the loan

Additional Info: Also check Home Loan Eligibility

Common Documents for All Applicants

• Complete and signed loan application form
• 1 recent passport-sized photograph
• Identity proof acceptable by the bank
• PAN Card copy
• Address proof:
• Passport
• Voter's ID
• Driving licence
• Society outgoing bill (from registered societies)
• Electricity/ telephone/ water bill
• Gas bill (for pipeline connection only)
• Bill of property tax
• Domicile certificate issued by Municipal Corporation mentioning address
• Age proof
• Income proof: ITR and Salary Slip/ Certificate
• Letter of Authority to the bank to debit your HSBC Account each month for the EMI amount till the end of the loan tenure.
• Title documents related to the property (as required by the bank)
• For under construction properties, if the property is not registered at the time of sanction or loan disbursement, but is registered on completion of construction: All title documents relating to the mortgaged property have to be submitted to the bank.
• Receipts of payment of dues made to the builder/ society/ limited company
• Evidence that all approvals, consents, and permissions needed for availing the loan or creation of security have been obtained.
• Evidence of a contract for the sale of the flat in favour of the borrower from the builder/ society/ limited company.
• Fire insurance policy against the flat
• Security documents must be stamped at your expense as per local stamp duty laws

Additional Documents for NRI Applicants

• Salaried NRIs: Indian Passport with overseas stamps or copy of Visa/ Work Permit; Overseas salary stub & NRO/ NRE Account deposit information.
• Merchant Navy NRIs: Proof of employment and report from the local bureau
• Self-Employed NRIs: Bank account statement (Overseas/ NRE/ NRO), relevant operating licenses, Profit & Loss statements, etc. along with Indian Passport and VISA.

Additional Info: Also check Documents Required For Home Loan

HSBC Home Loans come with the following charges:

HSBC offers the following types of Home Loans to its customers:

Home Loan

This regular housing loan scheme can be availed to purchase your own home at competitive interest rates. Not just house purchase, you can also avail this loan from house construction and home improvement.

Key Highlights of the Scheme

Smart Home Loan

This loan scheme enables the borrower to save on interest payment, thereby reducing the loan tenure. Your Smart Home Loan is operated via a Smart Home account which acts as a Current Account having an overdraft limit equivalent to the loan amount disbursed. You just need to put your usual savings in the Smart Home account and depending on the savings put by you in the Smart Home account, the quantum of interest paid can be reduced, thereby reducing your loan tenure.

Key Highlights of the Scheme

Check Interest Rate for 25 lakh home loan EMI and apply ease on MyMoneyMantra.

It is useful to calculate the equated monthly instalment (EMI) for your proposed HSBC Home Loan before applying for the loan. Doing so will help you in financial planning so that you can repay the loan in time without any default. You can also choose another product if the minimum EMI is not in your budget.

With MyMoneyMantra's online EMI Calculator, calculating EMI is a matter of just a few seconds. This tool gives you accurate EMI with a complete amortisation schedule.

Here are the steps to follow to Calculate your HSBC Home Loan EMI using MyMoneyMantra's EMI Calculator:

• Click on Financial Tools at MyMoneyMantra's home page
• Select EMI Calculator
• Enter the Loan Amount, Rate of Interest, and Repayment Tenure and click on the Calculate button

As soon as you click on the calculate button, you will get the desired results.

Tip - Check Cibil Score before applying for a Home Loan

You can contact the HSBC bank at the below-mentioned toll-free numbers:

• 1800 103 4722
• 1800 266 3456

You can also visit the nearest branch and meet their Relationship Manager.

All grievances or escalations should be marked to:

The Manager, Customer Care Centre,

The Hongkong and Shanghai Banking Corporation Limited,

Rajalakshmi, No. 5 and 7, Cathedral Road, Chennai - 600 086

Also Read - Home Loan Tax Benefits