HDFC BANK
Loan Against Property

Some key features and benefits of opting HDFC Loan Against Property include:

Significant monetary assistance

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.

Meet your needs

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.

Convenient repayment

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.

Seamless and clear processing

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. 

Effective assistance

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.

Additional Info: You can also check Best Home Loan Interest Rates

HDFC Loan Against Property (LAP) is a quick and simple answer for all your monetary necessities, including business development, working capital or personal vitalities. Loan Against Property can profit against your self-owned properties of both residential and commercial standards. 

HDFC Loan against Property is accessible to individuals who are in immediate need of funds for their business and individual prerequisites that can be taken by pledging the mortgage of their existing Property. 

The costs of an HDFC Bank Loan against Property starting at a minimal Interest rate of 8.95% is a remarkable suggestion that offers advances for a longer tenure of up to 15 years, at a lower interest rate, resulting in lower commitments for the Borrower.

HDFC LAP Interest rate for Salaried & Self-Employed Individuals

With the influx of significant capital readily made available by keeping your Property on the mortgage, you can definitely avail key financial landmarks with a wide array of benefits, including: 

• Beneficial interest rates
• Seamless and hassle-free documentation
• Convenient repayments through EMIs
• An integrated banking system with branches PAN India
• Doable and not too high EMIs that make monthly expenses feasible.

Additional Info: You can also avail HDFC Home Loan

Additional Info: Also check SBI MCLR Rate Today

The three types of HDFC mortgage loan that you can consider are:

HDFC Loan Against Property Standard Rate Loan

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.

HDFC Loan Against Property Adjustable-Rate Loan

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 Loan Against Property TruFixed Loan – 2 Year Fixed Rate Variant

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.

Additional Info: You can also avail Loan Against Property without Income Proof and ITR

In addition to the interest rates paid on the acquired loan, here are some additional charges and their terms and conditions that you must be aware of before going through with your application.

Here are HDFC Loans Against Property processing Fee, late fees, and other notable dues and rates for your knowledge to avoid an increase in incurred costs:

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.

Additional Info: Looking for 30 Lakh Home Loan? Check EMI & Apply

HDFC Loan Against Property eligibility is made pretty simple and straightforward. Here's what you need to know:

• Status - Salaried/employed, or Self-employed/entrepreneur
• Age - Should be between 20 years to 60 years for salaried individuals and 25 years to 65 years for self-employed individuals.
• Monthly income - Needs to be at a minimum of INR 25,000/- for both categories.

Tip: Best Home Loan for Salaried Person before applying for a loan

Here is a list of HDFC loans against property documents required for both the categories of individuals:

Documents needed from Salaried/employed Borrower

• Address Proof, documents valid - Ration Card, Telephone Bill, Aadhar card, Electricity Bill or Voter's ID Card
• ID Proof, documents needed - Voter's Card, Driver's License, Aadhaar card, PAN Card
• Bank statement/passbook record of last six months
• Income slip of last six months
• Form 16 from the current organisation for the previous two years.
• Valid and legal ownership documents of the Property being pledged.

Documents needed from Salaried/employed Borrower

• Address Proof, documents valid - Ration Card, Telephone Bill, Aadhar card, Electricity Bill or Voter's ID Card
• ID Proof, documents needed - Voter's Card, Driver's License, Aadhaar card, PAN Card
• Certified income statement of last three years
• Bank statement/passbook record of last six months
• Valid and legal ownership documents of the Property being pledged.

Additional Info: Also check Loan Against Property Document

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:

• Loan Amount
• Interest Rate
• Repayment Tenure

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 8.95%.

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.

Additional Info: Also check How to Calculate Home Loan Eligibility on Your Own?

Coming towards the end of the article, let us now understand the application procedure for applying for an HDFC Loan Against Property ourselves:

OFFLINE

A traditional approach preferred by those who like to have personalised communication is not tech-savvy or needs added guidance.

• Go to your nearest brand: HDFC has branches and networks in Pan India making it simpler for you to apply for the loan by simply visiting your nearest HDFC bank branch.
• Get an expert on your doorstep: Going out of the way to provide convenience and assistance to their customers, HDFC also has a feature of giving a missed call on their helpline numbers and waiting for a representative to connect with them. Further, a time and date are booked for the specialist to visit the customer’s house for convenient processing of the application.

ONLINE

With the digitisation of almost every process of life, you can apply for HDFC Loan against property through an online medium just as conveniently as an offline mode. The objective here is to further simplify the entire procedure and get past the conventional approach of standing in long queues when everything can be done at a single stop without having to move an inch.

To apply online for an HDFC Loan against Property, follow these simple routine steps:

• Log in to the official website of HDFC and navigate your way to the application page of HDFC Loan Against Property.
• Check your eligibility for the desired loan and proceed further.
• Keep a note of all the associated rates and charges being offered by the bank and lookout in case of any profitable deals in the pipeline.
• On finishing the checklist of your requirements and with a proper understanding of the loan features, you can upload scanned copies of all the necessary documents once the application form is filled and finished.
• As simple as it was, your application is now processed and on further verification of all your information input and uploaded documents, the bank will sanction the required value within the next 10-15 days.

Also Check multiple offer on LRD Loans

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

Additional Info: HDFC Home Loan Customer Care Number