HSBC Home Loan

Highlights

  • Buy your dream home with HSBC Bank home loans.
  • Check HSBC home loan details to apply now.

Looking to buy a property this year? In recent years, people have shifted from their rented property to a home of their own once they have understood the reality. Now people are realizing that it is better to pay EMI than paying the rent which increases every year and is at the end of the getting you nothing. If you are also tired of paying the rent, you can take a home loan from HSBC Bank and buy your dream home. The details of the loan are mentioned below:

Home Loan

Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure

    Almost done, few more details required.

    HSBC Bank Home Loan Interest Rates

    Look at the interest rates and other a home loan related details such as the processing fee, prepayment charges and tenure.

    ParticularsDetails
    Interest Rate

    8.55% - 9.05%

    TenureFor salaried- 25 years
    For self-employed- 20 years
    Loan Amount₹10,00,00,000
    Processing fee1% of the disbursed loan amount or ₹10,000 whichever is higher + GST
    Prepayment chargesNil

    How much is the processing fee for home loans?

    A total of 1% of the loan amount sanctioned or ₹10,000, whichever is higher, will be applicable. There is an additional GST of 18% on the processing fee as well. The fee is collected in two parts: ₹5,000 + GST is to be paid upfront along with the loan application. The remaining amount is to be paid before disbursal of the loan.

    What about the prepayment charges?

    At HSBC Bank, there is no prepayment charge on home loans so you can close your loan without paying any fee.

    What is the eligibility for HSBC Bank home loans?

    Just like any other loan, you must match the eligibility criteria set by the bank if you want to apply for home loans. The criteria include the details as mentioned in the table below:

    ParticularsRequirements
    Minimum Net Income (₹)₹5,00,000 p.a (salaried)
    ₹7,50,000 p.a (self-employed)
    Minimum Age (in years)21
    Maximum Age (in years) on maturity of loans58 (salaried)
    60 (public limited/government employees)
    65 (self-employed)
    Minimum Loan Amount (₹)₹300,000

    What are the documents required to apply for HSBC home loans?

    At HSBC Bank, you have to have all the documents as mentioned below to apply for a home loan and to get the loan approval. Since both salaried as well as self-employed people can apply for home loans, the documentation is also different for both. It is also important to note that all the documents need to be self-attested by the applicant before submitting it to the bank.

    • Completed application form with one passport-size photograph
    • Proof of Identity (PI) (any one of the following)
      • Passport
      • Election/Voter’s ID
      • Permanent driving licence
      • Permanent Account Number (PAN) card
      • Aadhaar Card
    • Proof of Present Residential Address (PRA) (any one)
      • Passport
      • Election/Voter’s ID
      • Permanent driving licence
      • Society outgoing bill (only from registered societies)
      • Electricity/water/telephone bill
      • Gas bill (pipeline connection only)
      • Property tax bill
      • Domicile certificate with address issued by Municipal Corporation
    • Proof of age (any one)
      • Passport
      • Permanent driving license
      • PAN Card

    Financial/Income documents required for Resident Indian

    Salaried individuals

    • Latest 3 months’ salary slips showing statutory deductions
    • Bank statements for last 3 months showing last 3 salary credits

    Self-employed individuals

    • Acknowledged IT returns for last 2 years (including e-acknowledgement)
    • P&L account, balance sheet certified/ audited by a CA and computation of income for last 2 years with all annexures and auditor’s report
    • Primary bank account statements for last 6 months
    • For Partners of the partnership firm, additionally Partnership Deed is required
    • For Directors of the Private Limited companies additionally required:
    • -Shareholding Pattern or Memorandum and Articles of Association duly attested by a CA
    • – List of Directors

    Consultant / Self-employed Professional

    • Acknowledged IT returns for last 2 years (including e-acknowledgement)
    • P&L account, balance sheet certified/ audited by a CA and computation of income for last 2 years with all annexures and auditor’s report
    • Primary bank account statements for last 6 months

    Financial/Income documents required for Non-Resident Indian

    If you are a non-resident Indian, you must have the documents as listed below:

    Salaried

    • Copy of valid Indian passport showing Visa stamps or copy of foreign passport/equivalent documents
    • Copy of valid Visa/work permit/equivalent documents supporting the NRI status of the applicant account holder
    • Latest contract copy evidencing salary/salary certificate/wage slips
    • Overseas bank account statements for last 3 months showing salary credits
    • 3 months NRE/NRO account statements
    • Local bureau report of the country where customer is based

    Working in Merchant Navy

    • Latest contract copy. If on ‘home port’ for more than 6 months this year, future contract copy is required
    • Latest Continuous Discharge Certificate (CDC) for 3 years’ employment proof
    • Copy of passport for proof of identity
    • Primary bank account statements for last 3 months
    • Local bureau report of the country where customer is based (applicable if country of residence is other than India)

    Self -employed

    • Trade licence or equivalent document
    • 6 months overseas bank account statements and NRE/NRO account statements
    • Computation of income, P&L account and balance sheet for last 3 years certified by a CA/CPA or any other relevant authority as the case may be (or equivalent company accounts)
    • Passport copy with valid Visa stamp
    • Brief profile of the applicant and business in the specified format
    • Local bureau report of the country where customer is based

    How can you calculate your home loan EMI?

    You know that an EMI on loans is directly dependent on the interest and also its duration. If the interest rate is low but the tenure is shorter, EMI is more as compared to the scenario when the loan is taken for the longer period of time. For calculation purposes, a loan EMI calculator is used which takes into account the rate of interest, loan amount and tenure. Based on this, it shows the EMI, total repayment amount and total interest outgo.

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 15,00,0008.70%1₹ 1,30,969₹ 71,624₹ 15,71,624
    ₹ 15,00,0008.70%2₹ 68,321₹ 1,39,700₹ 16,39,700
    ₹ 15,00,0008.70%3₹ 47,490₹ 2,09,656₹ 17,09,656
    ₹ 15,00,0008.70%4₹ 37,114₹ 2,81,484₹ 17,81,484
    ₹ 15,00,0008.70%5₹ 30,920₹ 3,55,175₹ 18,55,175
    ₹ 15,00,0008.70%6₹ 26,816₹ 4,30,717₹ 19,30,717
    ₹ 15,00,0008.70%7₹ 23,906₹ 5,08,093₹ 20,08,093
    ₹ 15,00,0008.70%8₹ 21,743₹ 5,87,286₹ 20,87,286
    ₹ 15,00,0008.70%9₹ 20,077₹ 6,68,277₹ 21,68,277
    ₹ 15,00,0008.70%10₹ 18,759₹ 7,51,042₹ 22,51,042
    ₹ 15,00,0008.70%11₹ 17,694₹ 8,35,557₹ 23,35,557
    ₹ 15,00,0008.70%12₹ 16,818₹ 9,21,795₹ 24,21,795
    ₹ 15,00,0008.70%13₹ 16,088₹ 10,09,726₹ 25,09,726
    ₹ 15,00,0008.70%14₹ 15,472₹ 10,99,320₹ 25,99,320
    ₹ 15,00,0008.70%15₹ 14,947₹ 11,90,545₹ 26,90,545
    ₹ 15,00,0008.70%16₹ 14,497₹ 12,83,366₹ 27,83,366
    ₹ 15,00,0008.70%17₹ 14,107₹ 13,77,747₹ 28,77,747
    ₹ 15,00,0008.70%18₹ 13,767₹ 14,73,653₹ 29,73,653
    ₹ 15,00,0008.70%19₹ 13,469₹ 15,71,044₹ 30,71,044
    ₹ 15,00,0008.70%20₹ 13,208₹ 16,69,883₹ 31,69,883

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    1₹ 29,137₹ 1,29,356₹ 14,70,862
    2₹ 31,776₹ 1,26,718₹ 14,39,085
    3₹ 34,653₹ 1,23,840₹ 14,04,431
    4₹ 37,791₹ 1,20,702₹ 13,66,640
    5₹ 41,214₹ 1,17,280₹ 13,25,425
    6₹ 44,946₹ 1,13,548₹ 12,80,479
    7₹ 49,016₹ 1,09,478₹ 12,31,463
    8₹ 53,454₹ 1,05,039₹ 11,78,008
    9₹ 58,295₹ 1,00,199₹ 11,19,712
    10₹ 63,574₹ 94,920₹ 10,56,138
    11₹ 69,331₹ 89,163₹ 9,86,806
    12₹ 75,609₹ 82,884₹ 9,11,197
    13₹ 82,456₹ 76,038₹ 8,28,740
    14₹ 89,923₹ 68,571₹ 7,38,817
    15₹ 98,066₹ 60,428₹ 6,40,751
    16₹ 1,06,946₹ 51,548₹ 5,33,804
    17₹ 1,16,631₹ 41,863₹ 4,17,173
    18₹ 1,27,192₹ 31,302₹ 2,89,981
    19₹ 1,38,710₹ 19,784₹ 1,51,271
    20₹ 1,51,366₹ 7223₹ 0

    What is the trick to get the lowest rate?

    Suppose, the property you have selected is in the remote areas, in this case, you might not get a desired rate of interest. The reason is, banks considered certain factors based on which they approve the rate for your application. These factors include your property location, income, age, property documents, credit history, etc. So, the best way to get the lowest rate is to make sure you buy a property or a home in an authorized location so that the legal formalities are successfully done.

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