|Loan Amount||Up to 65% of the property’s market value|
|Rate of interest||9.50% - 11.00% p.a. onwards|
|Tenure||Up to 15 Years|
|Age Limit||18 - 70 Years|
|Processing fee||up to 1% of the loan amount + GST|
Note: HDFC Bank is powered by https://www.hdfcbank.com/ and the information mentioned here is provided by HDFC Bank.
HDFC Bank Important Links: https://www.hdfcbank.com/personal/useful-links/important-messages/product-features-and-policy
Below is the table for the current HDFC LAP interest rate:
|Property Type||Interest Rate|
|Loan Against Property (LAP)||9.50% to 11% p.a.|
|Loan for Commercial Property (LCP)||9.50% to 11% p.a.|
|Loan Against Rent Receivables (LARR)||9.50% to 11% p.a.|
The HDFC Bank loan against property interest rate may vary from borrower to borrower depending on their eligibility.
Recently HDFC has shifted its benchmark rates for Loan Against Property(LAP), Loan Against Commercial Property(LCP), Loan Against Rent Receivables( LARR) to Policy Repo Rate and they charge a spread of 3% to 4.5% over their Policy Repo rate which is 6.50% right now. This makes the cumulative lending rate in the range of 9.50% - 11.00%.
Compare Banks to get lowest Mortgage Loan Interest Rate.
|Name of the Lender||Interest Rate (% p.a.)||Tenure|
|State Bank of India||10% - 11.55%||15 Years|
|IDFC First Bank||9.00% - 20.00%||15 Years|
|Federal Bank||12.60%||15 Years|
|Home First||12.80% - 18.50%||15 Years|
|HDFC Bank||9.50% - 11.00%||15 Years|
|Kotak Mahindra Bank||9.15% - 10.50%||15 Years|
|PNB Housing Finance||9.25% - 12.45%||15 Years|
|Bank of Baroda||10.85% - 16.50%||15 Years|
|L&T Housing Finance||9.60%||15 Years|
|LIC Housing Finance||9.70% - 11.55%||15 Years|
|Godrej Housing Finance||9.75% onwards||15 Years|
|ICICI Bank||10.85% - 12.50%||15 Years|
|Tata Capital||10.10%||15 Years|
|Bajaj Housing Finance||9.75% - 18%||15 Years|
|Axis Bank||10.50% - 10.95%||15 Years|
In addition to the HDFC Bank LAP loan interest rates of 9.50% - 11.00% p.a., HDFC Bank also levies the following fees and charges on its mortgage loan:
|Charges||Loan Against Property|
|Loan Processing Charges*||Up to 1% of the loan amount (minimum Rs. 7,500)|
|Adjustable-rate loan acquired by the borrowers for utilisation in business and related management||2.5% of the outstanding amount of the loan. Nil, if paid in above 60 months after receiving the acquired amount.|
|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 the loan. Nil, if paid in above 60 months after receiving the acquired amount.|
|Adjustable-rate loan acquired by Non Individual borrowers*|
· From 6 to 60 months of the transfer of the loan amount to the account: Up to 2.5% of the outstanding loan amount.
· If paid in more than 60 months after receiving the acquired amount - Nil.
|*Prepayment cannot be made until 6 months of repayment in the case of Non Individual borrowers.|
|In case of partly prepayment done for the acquired loan|
|Late EML payment||18% p.a. on the overdue amount|
|Stamp Duty & other statutory charges||As per applicable laws of the state|
|Payment return charges||Rs. 450|
|Amortization schedule charges||Rs. 50 per instance (schedule can be downloaded for free from website)|
|Repayment mode change charges||Rs. 500|
|Legal/repossession & incidental charges||At actuals|
|Property document retention charges||Rs. 1,000 for every month for the first 2 months|
|Revision in spread||0.1% of the outstanding loan amount or Rs. 5,000 (whichever is higher)|
|Penal interest for not complying with submission of deferral documents||2% p.m. on principal outstanding (maximum Rs. 50,000)|
|CERSAI charges||Rs. 500/ property|
|Property swapping/ partial property release||0.1% of the loan amount (minimum Rs. 10,000 & maximum Rs. 25,000)|
|Document retrieval charges post disbursement||Rs. 75 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.
You can also check Loan Against Property Without Income Proof and ITR
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.
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.
You can also check different offers on HDFC Credila Loan Against Property
HDFC Loan Against Property eligibility is made pretty simple and straightforward. Here's what you need to know:
If you meet the above eligibility criteria, you can avail of the best HDFC Bank mortgage loan interest rate offer.
Here is a list of HDFC loan against property documents required for both the categories of individuals:
To get a loan against property without income proof HDFC Bank is not possible. Hence, you must submit the list of the documents mentioned above to apply for loan against property HDFC.
You can also Check the necessary Documents required for Loan Against Property
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.
You can also Check Different EMI options for Bank of Baroda Loan Against Property
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 9.50% - 11.00%.
|EMI Based on Loan Amount & Tenure|
|Loan Amount (Rs.)||10 Years||15 Years||20 Years|
|15,00,000/-||Rs. 19,410||Rs. 15,663||Rs. 13,982|
|25,00,000/-||Rs. 32,349||Rs. 26,106||Rs. 23,303|
|40,00,000/-||Rs. 51,759||Rs. 41,769||Rs. 37,285|
|60,00,000/-||Rs. 77,639||Rs. 62,653||Rs. 55,928|
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.
You can also use HDFC Loan Against Property EMI Calculator to find out how much you will save on interest and how it affects your Loan EMI.
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
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Up to Rs. 5 Crore loan against property can be availed by Salaried and self-employed applicants online as well as offline. The LAP can be used 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.
To apply for a loan, you can visit your nearby branch or call a loan expert at your doorstep for personalised assistance and ease of communication. Now with the facility of shifting virtually to pretty much every interaction of life, you can apply for HDFC Loan against property through online mode by visiting their official website. The target here is to additionally improve on the whole method and move beyond the traditional methodology that often causes unnecessary delays. Follow a few simple steps and get your loan within 15 days.
The processing fee of HDFC Bank Loan Against Property sums up to a maxim of 1% of the overall loan amount.
The rate of interest of HDFC Bank Loan Against Property starts from 9.50% - 11.00% on loans taken for both residential and commercial properties.
The only variable factor that you have control over is your income statement. Being a salaried individual, make sure that while applying for the loan, you have been an employee of your current organization for over a period of two years with a stable growth chart. The more years and improvement in growth, the better is your eligibility. Being a self-employed individual, you can assure a stable income and a rising chart in the cash flow statement of your business to avail credibility and benefits while applying for the loan.
Currently, HDFC offers a maximum repayment tenure of 15 years. Before applying for the tenure, check your amount’s monthly division in the current rate of interest to have a better understanding of your breakdown. The basis that a decision on the tenure can be made. Always remember, the longer the tenure is, the lower is the EMI. However, you certainly end up paying more interest.
Yes, it is indeed a very smooth and trouble-free facility that HDFC has, allowing you to transfer your Loan Against Property from any other bank to theirs. This is partly why most of the banks go out of their way to ensure the levels of their customer satisfaction. In case you are unsatisfied with your current Bank where the loan has been taken from, you can make a transfer to HDFC, where you'll have to pay lower EMIs and save more money.
EMI is your monthly repayment value or instalment that you are required to pay to the bank as a reimbursement for the amount of loan taken spread over a fixed period of time. The decision of the amount of the loan taken and the tenure you choose to repay it to the bank largely are the two parameters that determine your EMI on the given rate of interest at that period of time. HDFC’s EMI calculator takes all these pointers into consideration and gives you an exact figure that you need to allocate on a monthly basis. Once you know the exact amount of funds needed, make sure you check your EMI on the calculator and make an informed decision regarding your tenure.
A Loan Against Property (LAP) is a secured loan acquired from the banks. LAP is an advance given against Property, being a literal translation of its name. It serves as the guarantee to the lender for the duly repayment of the amount they dispense. In case of any default in the payment, they hold complete rights over the Property pledged and can sell the same to get back the amount due.
It is nothing but a contract of your property against the required loan amount. The credit sum dispensed depends on the worth of the property. Contingent upon different standards, the credit value can be estimated at the 60% market value of the property put as collateral at that given point of time.
Yes, HDFC enables you to pre-close your loan against a property account. However, the charges for the same are variable depending on the below-mentioned pointers:
Adjusting loan rate: Prepayment charges are nil for individual borrowers. For Non-individual borrowers, 2% of the amount being prepaid is applicable within the first six months of the loan. In case of prepayment after six months, you have the option of depositing up to 25% of the principal value with no charges. 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%.
Standard loan rate: Prepayment charges are zero if the same is being done through your own funds. In case of the prepayment being arranged from borrowed funds, a fee of 2% on the outstanding amount is applicable for individual borrowers. For non-individual borrowers, the terms are the same as Floating Interest Rate's terms and conditions.
Yes, under the Income-tax Act, 1961, you will be eligible for the tax benefits and get a rebate on your final tax amount. The benefits may vary each year depending on the loan policies and the market trends; hence, it is advised to consult a specialist about these benefits each year.
LAP rate of interest HDFC ranges from 9.50% - 11.00% per annum.
Currently, HDFC Bank, SBI, ICICI, Kotak Mahindra Bank, and PNB Housing Finance are some of the best banks for loans against property.
Currently, the HDFC mortgage loan rate of interest varies between 9.50% - 11.00% p.a.
HDFC mortgage loan interest rate 2023 ranges from 9.50% - 11.00% p.a.