HDB Financial Loan Against Property

Purpose

• Meet all kinds of business and personal emergencies
• Easy finance against your property
• Mortgage your residential or commercial property

Features of the Loan

• The maximum loan available up to the extent of 10 Crores
• Loans available up to 60% of the market value of the property
• Secure repayment options with a tenure extending up to 180 months
• Competitive rates of interest
• Quick processing
• Transfer existing balances from other banks and financial institutions
• Lease rental discounting facility available by availing loan against rent receivables
• Purchase a new shop or office for your business using the Loan Against Property

Eligibility Criteria

• No specific criteria
• The borrower should have unencumbered residential or commercial property in their name
• Should have sufficient income to repay the EMIs
• Salaried and self-employed individuals are eligible

Documents Required

A) Salaried Individuals

ID proof - One document among the following should suffice

1. Passport
2. Driving Licence
3. Voter's ID card
4. PAN card
5. Aadhar Card

Address Proof - One document from the list below

• Post-paid telephone bill
• Electricity bill - not more than two months old
• Voter's ID card
• Driving Licence
• Employer's ID Card

Income Proof

1. Three months' salary slip displaying all deductions
2. Form 16 for a minimum of two years
3. IT Returns if available
4. Latest Bank statement for a minimum of six months evidencing the credit of the salary into the account

• Copies of all property documents
• If you are servicing any loan at present, provide the sanction letter and the payment track record.

B) Self-employed individuals or professionals and Non-individuals

Financial statements for the previous two years

• Proof of ID and Address of the individuals, partners, and directors of the company
• Latest statement of the bank account for one year (both current and savings)
• Property documents - copies of all documents to establish the chain of ownership
• In case of an existing loan, the sanction letter and payment track record
• Sale deed and agreement
• Company registration licence
• IT returns for the previous three years accompanied by the computation of income certified by an auditor
• Audited Balance Sheet and P&L Statements along with the Tax Audit Report
• In the case of professionals - submit the professional degree certificate
• Proof of investments, fixed deposits, shares, and fixed assets, and so on
• Passport-sized colour photographs

This product is similar to the Loan Against Property but with subtle differences.

The quantum of the loan depends on the following factors:

• The value of the property
• The value of the residual lease rentals
• The repaying capacity of the borrower

The maximum amount of LAP is 10 Crores with an LTV ratio of 60%.

The borrower should ensure to credit the lease rentals into the loan account.

The security for this loan is an equitable mortgage of the property and the assignment of lease rentals in the company's favour.

Eligibility Criteria

• No specific criteria
• The borrower should possess a residential or commercial property that is let out on rent to reputed corporate concerns, Government departments, and so on.
• There should be a valid lease rental agreement in force