HDFC Bank Loan Against Property

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HDFC Bank Loan Against Property

About HDFC Bank

Housing Development Finance Corporation Bank was established in the year 1994, headquartered in Mumbai. The bank initiated its operations as a commercial bank in January 1995. HDFC Bank offers an extensive range of financial products and services including several loan products such as personal loan, business loan etc. The bank has also been honored as India's largest private sector lender by assets.

About HDFC Bank Limited Loan Against Property

HDFC Bank's loan against property can be utilised to fulfil several professional and personal needs. The bank ensures high loan amount along with the speedy disbursal of loan. The bank offers loan against the property at a competitive rate of interest with flexible loan tenure.

Key details about HDFC Bank Loan Against Property are mentioned below:

HDFC Bank Loan Against Property

 

Loan to Value (LTV)

LTV up to 60% of the property value

Loan Tenure

Up to 15 years

HDFC Loan Against Property could be used for:

  • Expenses of higher education
  • Acquiring assets
  • Business Investment

Who can apply?

  • Salaried Individuals
  • Self-employed Individuals, Professionals and Business owners

Type of Property pledged

  • Residential property
  • Commercial property

Loan Processing Fee

Up to 1% of the loan amount

Loan Prepayment

  • Floating Rate of Interest- Allowed at the NIL charges
  • Fixed Rate of Interest- Allowed at the charges up to 2.5% of the outstanding principal amount

HDFC Bank Loan Against Property Features

HDFC Bank LAP has several features and benefits:

  • Quick Loan Approval: HDFC Bank provides quick loan approval. Typically, the loan is approved within few business working days after the loan documents are submitted to the bank.

  • Dropline Overdraft Facility: The borrower can also avail dropline overdraft facility with HDFC Bank.

  • Customised loan: HDFC Bank is India's first bank to offer customised loan to self-employed individuals based on the requirements.

  • Loan tenure: The bank offers a loan with a flexible loan tenure that can go up to 15 years.

  • Foreclosure of loan: A loan from HDFC Bank can be foreclosed by simply putting a written request at the nearest Retail Loan Service Centre.

  • Prepayment of loan: Prepayment of loan can be made after six months from the date of loan disbursement.

Apply for a LAP

HDFC Bank LAP eligibility

Your loan eligibility depends upon following factors:

Eligibility Factors

 

Age

  • 21 years at the time of loan application
  • 65 years at the time of loan maturity

Credit Score

Good credit score - ideally 700 or above is considered a good score

 

  • Income: One of the important factors that affect loan eligibility is income. Higher the income, higher will be the loan amount.
  • Repayment capacity: Another important factor affecting loan eligibility is repayment capacity of the borrower. More you are capable to pay, more are your chances to get high loan amount.
  • Value of property: The value of the property also affects loan eligibility. The more your value of the property is, the more will be the loan amount.

 

HDFC Bank Fees and Charges

Following are different types of fees charged by HDFC Bank:

Fee Type

Amount

Processing Fee

Up to 1% of the loan amount

Annual Fee

Up to 5,000 p.a.

  • Interest Rate 9.10% - 10%
  • Loan Amount 10L - 50Cr
  • Processing Fee 0.50% - 1%
  • Tenure15 Years

  • Quick Apply

HDFC Bank Loan Against Property Documentation

Following documents are required for HDFC Bank LAP: 

 

Type of document

Salaried employee

Self-employed

Salary slips/ Income Tax Return

salary slip of 6 months

 

Certified financials for the last 3 years

Salary proofs/ Business statements

Form 16 of last 2 years

Balance sheet and P&L statement for last 3 years including schedules and Annexures

Identity proof

 

  • Aadhar Card
  • Voter ID Card
  • Driving License
  • Employer's Card
  • Valid passport

 

 

  • Aadhar Card
  • Voter ID Card
  • Driving License
  • Employer's Card
  • Valid passport

 

Photographs

2 passport size photographs signed across

2 passport size photographs signed across

Residential address proof

Registered rent agreement/passport/ utility bill (up to 3 months old)/ leave and license

Registered rent agreement/passport/ utility bill (up to 3 months old)/ leave and license

Other documents

  • Employment contract or Appointment letter if job is less than 1 year old
  • Cheque of processing fees in favor of HDFC Ltd

Cheque of processing fees in favor of HDFC Bank

Property related documents

  • Title deed including the previous chain of property documents
  • Proof of any other claim on property

 

  • Title deed including the previous chain of property documents
  • Proof of any other claim on property

 

Other Available products from HDFC Bank limited

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