HSBC Loan Against Property

HSBC is one of the largest banking and financial services organisations is serving numerous customers through Retail Banking and Wealth Management, Global Banking and Markets, Commercial Banking, and Global Private Banking. They are at present operating in 65 countries and territories.

Their origin of HSBC in India is 160 years old and was a result of taking over of Mercantile Bank of India in the year 1959. The Mercantile Bank of India was established in the year 1953 in Mumbai. Ever since the bank has contributed immensely to the development of the Indian Banking Industry and gave the first ATM to India in 1987.

The bank offers various retail and corporate sector products with flexible terms and conditions. The HSBC Bank Loan Against Property is one of the products devised to cater to the requirements of the retail, corporate and MSME sectors.

The rate of interest for Loan Against Property is 9.75% p.a. The rate of interest for Smart Loan Against Property is 12.75% p.a. with a commitment fee.

Other charges:

Processing charges

Processing charges at 1% of the loan amount with a minimum of 10000/-. 5000/- to be paid at the time of submitting the application and the balance to be paid before disbursement of the loan.

Security:

Equitable mortgage of the property against which the loan will be granted.

The advantage of availing HSBC Loan Against Property is:

• Simple documentation.
• Quick approval
• Competitive rate of interest on loan against property
• A loan up to 40.00 Crores.
• Flexible repayment period up to 15 years.
• Transparency in the charges and fees collected.
• Hassle-free loan process.
• A loan will be granted against residential property.

• The minimum entry age is 21 years.
• The maximum age at the time of maturity of the loan is 58 years for the salaried. The maximum age for individuals employed with Government Organizations/PSUs is 60 years and for the self-employed, it is 65 years.
• The minimum net annual income for the salaried is 3 lakhs and for the self-employed it is 4 crores.

The following are the documents required for HSBC Loan Against Property. The documents have to be self-attested.

Proof of present Residence Address (anyone)

• Voter's ID Card
• Aadhar Card
• Society outgoing bill (only registered society)
• Electricity Bill
• Gas Bill
• Property Tax Paid Receipt.
• Domicile Certificate with age (issued by Municipal Corporation)

Photo ID Proof (anyone)

• Permanent Driving Licence
• Passport
• Pan Card
• Passport
• Voter's ID

Age Proof(anyone)

• Passport
• Pan Card
• Valid Driving Licence

Income Proof for Salaried Individuals

• Salary slips of the last 3 months showing salary credit
• Bank Statement of salary account for the last 3 months showing 3 salary credits.

Income Proof for self-employed individuals

• Audited financial statements like balance sheet and P & L Account for the last 2 years.
• IT returns with acknowledgement for the last 2 years.
• Bank statement of the primary account for the last 6 months.
• Partnership deed for Partnership Firms.
• Shareholding pattern, MOA, AOA attested by a Chartered Account and the List of Directors required for a Private Limited Company.
• Copy of Qualification Certificate for professionals like Doctors, Engineer, Chartered Accountant, etc.

Income Proof for NRI-Salaried

• Copy of Indian passport that is valid with visa stamping or copy of foreign passport/any other equivalent document.
• Copy of valid work permit/visa/equivalent document proving the NRI status of the applicant.
• Latest salary certificate/wage slips/contract copy proving the source of income.
• 3 months' bank account statement of overseas account with salary credits.
• Credit bureau report of the country where the applicant is located.

Income proof for applicants working in Merchant Navy

• Contract copy (latest). If posted on homeport for more than 6 months in the current year, then a copy of the future contract has to be submitted.
• Continuous Discharge Certificate (latest) for employment proof for 3 years.
• Proof of identity by way of a copy of Passport
• Operative bank account statement for the last 3 months.
• Credit Bureau report of the country where the applicant is located.

Income proof for NRI- self-employed

• Trade licence or any other comparable document
• Audited balance sheet and P & L Account for the last 3 years.
• ITwith computation of income for the last 3 years.
• Profile of the applicant in brief in the prescribed format.
• Valid passport with visa stamping.
• Credit bureau report of the country where the applicant is located.
• Bank account statement of overseas account for the last 6 months.

Property Documents

Copies of all the property documents required against loan to prove a marketable title.

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