Hero Housing Finance Loan Against Property

Below are the key details of the Hero Housing Finance loan against property:

• Get loans easily on different kinds of properties, including the loan against built-up residential property, loan against commercial property, loan against mixed-use property, and loan for commercial property purchase.
• The loan-to-value ratio is up to 65% for built-up residential properties and 60% for commercial property and mixed-use properties.
• Maximum loan amount up to Rs. 1 Crore.
• Flexible tenure of 1 to 15 years.
• Availability of the option of part prepayment as well as foreclosure of the loan.

Hero Housing Finance loan against property interest rates starts from just 11% - 24% p.a p.a. and can go up to a maximum of 24% p.a., basis profile (cheque salaried/ cash salaried/ self-employed professional/ self-employed non-professional) and property (residential/ commercial/ mixed) of the customer.

The interest rate mainly depends on the repayment capability of the applicant and the type of loan to be availed of. HHFL has not mentioned differential mortgage loan interest rates based on the borrower’s CIBIL score, monthly income, loan amount, employment or employer’s profile. However, the lender may consider these factors when deciding its interest rates like other lenders.

Hero Housing Finance offers the following types of loans against property:

• Loan Against Property on Mixed-use Property: A mixed-use property is a property that combines commercial and residential options. It may also include industrial units. Under this loan, the borrower can use the property as collateral to avail a loan against it to further meet certain financial needs.
• Loan Against Property on Built Up Residential Property: A built-up residential property is a property where 100% construction has been completed. Such a property can either be self-occupied or have been let out. 
• Loan Against Property on Commercial Property: A commercial property can be a great asset in times of financial need. Commercial properties mainly include hotels, restaurants, office buildings, etc.

Following are the processing fee and other charges associated with the Hero Housing Finance loan against property:

• Hero Housing Finance provides different kinds of mortgage loans, including Loan Against Property on Built-up Residential Property, Loan Against Property on Commercial Property, and Loan Against Property on Mixed-use Property.
• You can apply for the loan with any co-applicant (including your business partner/ immediate blood relative like father, mother, wife, son, etc.) to improve your loan eligibility.
• Hero Housing Finance cater to all consumer segments, including cash salaried individuals.

The list of documents required for Hero Housing Finance Loan Against Property are mentioned below:

Documents required for salaried:

• Identity proof: Valid Passport/ Aadhar Card/ E Aadhar issued by UIDAI/ Driving License issued by the RTO/ PAN Card/ Voter ID Card issued by EC
• Address proof: Valid Passport/ Aadhar Card/ E Aadhar issued by UIDAI/ Voter ID Card issued by EC/ Driving License issued by the RTO
• Relationship proof: Valid Passport/ Aadhar Card/ E Aadhar issued by UIDAI/ Driving License issued by the RTO/ PAN Card/ Voter ID Card issued by EC
• Age Proof: Valid Passport/ PAN Card/ Aadhar Card/ E Aadhar issued by UIDAI/ Driving License issued by the RTO
• Income documents:
  • Salary slips of last 2 months (6 months in case of variable)
  • Form 16 of the latest year
  • Last 3 months’ bank statements reflecting salary credits
  • Appointment letter along with salary breakup (if the current employment is less than 1 year old)
• Property-related documents: Previous chain of at least the last 13 years
• Details of current loans: Bank statement mentioning the EMI payment of last 6 months/ SOA of running loans

Documents required for self-employed: 

• Identity proof: Valid Passport/ Aadhar Card/ E Aadhar issued by UIDAI/ Driving License issued by the RTO/ PAN Card/ Voter ID Card issued by EC
• Address proof: Valid Passport/ Aadhar Card/ E Aadhar issued by UIDAI/ Voter ID Card issued by EC/ Driving License issued by the RTO
• Relationship proof: Valid Passport/ Aadhar Card/ E Aadhar issued by UIDAI/ Driving License issued by the RTO/ PAN Card/ Voter ID Card issued by EC
• Age Proof: Valid Passport/ PAN Card/ Aadhar Card/ E Aadhar issued by UIDAI/ Driving License issued by the RTO
• Income documents: Latest 6 to 12 months’ bank statement of all active business accounts, last 2 years ITR, Profit & Loss and Balance Sheet with Notes to accounts, and GST Return for last 1 year, if available
• Property-related documents: Previous chain of at least the last 13 years
• Details of current loans: Bank statement mentioning the EMI payment of last 6 months/ SOA of running loans

NOTE: All documents must be self-attested. The above documents list is indicative in nature and additional documents can be asked for.

The following are the eligibility criteria for Hero Housing Finance loan against property:

• Eligible profiles: Cheque/ cash salaried, self-employed professional/ non-professional (ITR based, assessed income/ informal income program, banking based).
• Minimum age: At least 21 years 
• Maximum age: 60 years for salaried applicants and 65 years for self-employed applicants.
• Minimum CIBIL score: At least 650 or above; New to Credit (NTC).
• Maximum cash salary eligibility: Up to Rs. 20,000.
• Minimum property area: 150 sqft.
• Maximum loan amount eligibility: 60% to 65% of the property's market value.
• Property type: Hero Housing Finance offers loan against only fully constructed properties. Funding against plot is not available.