Hinduja Housing Finance Loan Against Property

At present, Hinduja Housing Finance offers only one type of loan against property, i.e., a loan against self-owned residential property. This loan allows you to leverage your property’s value to meet important financial needs without losing the ownership of your asset.

This loan can be used for a wide range of personal and professional requirements, including supporting business needs, managing an unexpected financial situation, or funding significant life milestones.

The Hinduja Housing Finance loan against property interest rate is a Hybrid (Semi-Fixed) rate. For the first 3 years, the interest rate will remain fixed, and after that, the rate will switch to variable and will be revised in line with changes to the HHF PLR (Prime Lending Rate).

The interest rate starts from 14% per annum and may vary based on the type and quantum of the loan. The interest is calculated on a monthly reducing balance basis, which means the principal reduces every month from the EMI net of interest accrued.

The key features and benefits of the Hinduja Housing Finance loan against property are as follows:

• Loan amount: Up to 90% of the property cost, subject to a maximum of Rs. 45 Lakhs, depending on your repayment capacity, loan purpose, and property’s cost/value.
• Tenure: Up to 10 years for assessed income and up to 15 years for declared income.
• Repayment: Repayment has to be made via EMIs through National Automated Clearing House (NACH). 
• Prepayment: You can prepay your loan in full or in part before the completion of the repayment tenure. Pre-closure charges may apply if the prepayment is made within the fixed interest rate period. No prepayment charges will be applicable once the loan enters the floating interest rate phase.
• Interest rate type: The rate offered by the lender is a Hybrid rate of interest (Semi-fixed), wherein the interest rate will be fixed for the first 3 years, then switch to a floating rate of interest. 

Interest rate: Hinduja Housing Finance offers one of the best home loan interest rates and loan against property interest rates. Based on the loan amount and type, interest rates may vary. For a loan against property, the rates start from 14% p.a.

The eligibility criteria required for the Hinduja Housing Finance loan against property are as follows:

• An individual engaged in employment, profession, or self-employment. Non-individual entities like Private & Public Limited Companies, and Partnership Firms cannot be the applicant/ owner of the pledged property.
• The age of the salaried applicant must be at least 21 years and maximum retirement age or not more than 60 years at the time of maturity of the loan.
• The age of the self-employed applicant must be at least 21 years and a maximum of 65 years at the time of maturity of the loan.
• The primary security will be the first mortgage of the property to be financed.
• You have to deposit the Title Deeds with the lender.
• The property title should be clear, marketable, and free from encumbrances.
• If required, the lender may ask for additional security, such as LIC Policies or a Third-party guarantee.
• The requirement for a guarantor for a loan application depends on the credit appraisal process on a case-by-case basis. 
• The minimum income of salaried individuals must be Rs. 10,000 per month.
• The minimum income of self–employed individuals must be 15,000 per month.

Below are the basic documents required to apply for a Hinduja Housing Finance Loan Against Property:

Documents Required for Salaried:

• Proof of identity, age and address
• Bank statements for the last 6 months
• Last 3-month Salary Slips/ Salary Certificate
• Form 16 - Income Tax Deduction Certificate issued by the Employer

Documents Required for Self-employed:

• Proof of identity, age and address
• Business Profile
• Income Tax Returns (ITR) and Tax Paid Challan for the last 3 years
• Profit & Loss Account and Balance Sheet for the last 3 years
• Bank Statements for the last 6 months

Property Documents: Based on the loan product, property documents may differ, but typically, you will need to submit the following:

• Title Deed
• Sale Agreement
• Tax Receipts
• Construction Plan Approval
• Occupancy Certificate
• Encumbrance Certificate
• Revenue Records like chitta, patta, khasra, khatian etc.,

You can get a Loan Against Property Without Income Proof and ITR, as no formal income proof is needed by the lender. On checking these basic documents, if further documents are required, they must be furnished.

The following are the charges associated with the Hinduja Housing Finance Loan Against Property:

• Processing fee: Minimum 1% of the loan amount + applicable taxes. 
• Login fees (non-refundable): Rs. 3,999 (part of processing fee). 
• Cheque/ ECS return penal charges: Rs. 250 per bounce/ return. 
• CERSAI charges for creation of security interest: Rs. 100 + applicable taxes. 
• Statement of Account: NIL once every year & Rs. 750 + applicable taxes for every additional request. 
• Change of repayment mode from PDC to PDC or ECS to ECS, PDC/ ECS to ACH/ NACH/ ENACH: Rs. 500 + applicable taxes.
• EMI payment fee for non- submission of PDC/ ECS/ ACH/ NACH/ ENACH: Rs. 300 + applicable taxes per transaction. 
• Part/ full prepayment of loan (fixed interest rate) by individual/ non- individual borrower(s) being applicant/ co-applicant: 3% of principal prepaid + applicable taxes.
• Part/ full prepayment or cancellation of loan (floating interest rate) by non-individual borrower(s) being applicant/ co-applicant: 2% of principal prepaid + applicable taxes.
• Loan pre-closure statement: Rs. 1,000 + applicable taxes.
• List of original property documents: Rs. 1,000 + applicable taxes.
• Photocopy of original property documents: Rs. 1,000 + applicable taxes.
• Overdue charge: 3% per month on overdue amount.
• Recovery charges: As per actuals.
• Loan cancellation charges: Rs. 10,000 + applicable taxes (non-refundable).
• Switch of interest rate from floating to fixed & vice versa: Up to 3% on principal outstanding amount + applicable taxes.
• Expenses to cover incidental costs: As per actuals applicable on a case-by-case basis.

You can use the Loan Against Property EMI Calculator available on the official website of the lender or on our portal to calculate the Hinduja Housing Finance loan against property EMI. Just enter the three main parameters into the calculator, i.e. Loan Amount, Interest Rate, and Tenure, to know your EMI. The inputs can be reset as per your liking until you come to a suitable result.

You can get in touch with the Hinduja Housing Finance loan against property customer care team through the following ways:

• Helpline Number: 1800 203 6898
• Email ID: customercare@hindujahousingfinance.com
• Registered Office Address: No. 27A, Developed Industrial Estate, Guindy, Chennai – 600032
• Head Office Address: No. 167-169, 2nd Floor, Anna Salai, Saidapet, Chennai – 600015