HDFC Bank Loan Against Property
Last Updated : Oct. 26, 2016, 5:12 a.m.
HDFC Bank is one of the leading private sector banks in India that provides loans. One of the most opted products of the bank is the loan against property. HDFC bank offers higher loan amount with speedy approvals (within 7 days) with longer tenure. This mortgage loan is available at competitive interest rates ranging from 9.25% - 10.35% per annum that makes it one of the lowest interest rates for a loan against property.
HDFC gives the loan against residential property or commercial property to salaried, self-employed as well as businessmen for multi-purposes. To know more about the details of the mortgage loan scheme, read this article.
Loan Against Property
HDFC Bank Loan Against Property
To apply for the loan against property at HDFC Bank, please refer the below given table:
| Particulars | Details |
|---|---|
| Interest Rates | 9.25% - 10.35% |
| Maximum Amount | Up to 60% of the market value of the property |
| Repayment Tenure | As per bank's guidelines |
| Processing Fee | Up to 1% of the loan amount |
| Processing Time | 7 to 25 days |
| Eligibility | Salaried individual/ Self-employed professional or individual |
How to apply for HDFC Bank Loan Against Property?
Here are the steps to apply for the loan against property at HDFC Bank.
- Apply Online
- Submit required documents
- Fill in all the details as mentioned in your documents
- Submit all the required details
HDFC Bank Loan Against Property EMI Calculator
EMI (Equated Monthly Instalment) calculator lets you know the monthly installment you will have to pay to your bank for the loan against property that you have taken. At HDFC Bank, there is flexible repayment facility available for you to decide whether you want to go for EMI based loan or and overdraft facility as per your convenience. To know your EMI per month, you just need to fill in the principal amount, the rate of interest and the tenure period. For eg., if you are taking a loan against the property of ₹20,00,000/- at the interest rate of 10.10% per annum for a tenure period of 10 years, the EMI per month is ₹26,541/-.
To know the EMI for ₹20,00,000/- for the tenure period of 10 years on 10.10% p.a. the interest rate, please refer the below given table:
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 1,22,039 | ₹ 1,96,453 | ₹ 18,77,960 |
| 2 | ₹ 1,34,951 | ₹ 1,83,540 | ₹ 17,43,008 |
| 3 | ₹ 1,49,231 | ₹ 1,69,261 | ₹ 15,93,777 |
| 4 | ₹ 1,65,021 | ₹ 1,53,471 | ₹ 14,28,756 |
| 5 | ₹ 1,82,481 | ₹ 1,36,010 | ₹ 12,46,274 |
| 6 | ₹ 2,01,790 | ₹ 1,16,702 | ₹ 10,44,484 |
| 7 | ₹ 2,23,141 | ₹ 95,351 | ₹ 8,21,343 |
| 8 | ₹ 2,46,751 | ₹ 71,741 | ₹ 5,74,591 |
| 9 | ₹ 2,72,860 | ₹ 45,632 | ₹ 3,01,731 |
| 10 | ₹ 3,01,952 | ₹ 16,761 | ₹ 0 |
HDFC Bank Loan Eligibility Criteria & Documents Required
The applicants are suggested to check if they are eligible for the HDFC bank loan against property and then apply for the same. You must fulfill the criteria to avail the benefits of the loan against your property.
If you are a salaried individual, you must have:
- Residence proof
- Identity proof
- Latest bank statement/passbook of last 6 months salary
- Salary slip from the last 6 months with all deductions shown and a Form 16 from the last 2 years as well
- Photocopies of all property documents on which you are taking loan
If you are a self-employed individual, you must have:
- Certified financial statement for the last 3 years
- Residence proof
- Identity proof
- Latest bank statement/passbook to show last 6 months income
- Photocopies of all the property documents on which you are taking loan
Benefits & Features of HDFC Bank Mortgage Loan
- Higher loan amount (up to 60% loan)
- Lower EMI
- Attractive interest rates from 9.60% p.a. onwards
- Loan against both residential and commercial property
- Speedy loan approval
- Flexible repayment facility
- Longer tenure period
- Specially designed loan for self-employed individuals
- Multi-purpose loan facility
- Loan can be applied online
HDFC Bank Loan Against Property Interest Rate
HDFC bank offers the rates on the mortgage loan on the basis of the 1 Year MCLR and the new 1 year MCLR rate of the bank is 8.70%. Hence, if you are applying for a loan against property residential/commercial property, the starting rate of interest offered is 9.60% p.a. The detail about the rate of interest offered is as follows:
For loan against property/loan for commercial property – 8.75% - 10.40% per annum
HDFC Bank Loan Application Form
The procedure to apply for HDFC bank loan against property is very simple. You just need to fill in the below-given details in your application form as per the documents submitted.
- Personal details
- Professional details
- Property details
- Address details
HDFC Bank Moratorium Process
The process to stop your loan EMIs at HDFC Bank is as follows-
- Visit the HDFC Bank website or use the mobile app
- Click on the link where the option of moratorium period is popping out
- On the application page, mention your registered mobile number, name, email address
- After that enter your date of birth and select the type of loan
- Enter your loan number and mention your EMI amount
- Then make a decision and choose a suitable service
- Click on the EMI deferment option that says I agree to pay the accrued interest on the outstanding balance
- Click on the ‘Submit’ button
- The bank will check the details thoroughly and process your moratorium request
- You’ll be given a reference upon the successful completion of the process.on your registered mobile number and email address
However, if you don’t want to defer EMI, you must click on the second option after the deferment option. This will ensure EMI payments as scheduled with no extra interest charged on it.
- and select the defer option if your answer is yes otherwise your EMI debited as it was doing in the past
HDFC Bank representatives can also get in touch with you via WhatsApp or call regarding the moratorium process.