HDFC Bank Loan Against Property Interest Rates 2016

Loan Against Property

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 ranging from 12 months to 9 years. This mortgage loan is available at competitive interest rates from 10.75% p.a. onwards 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. 

HDFC Bank Loan Against Property

To apply for the loan against property at HDFC Bank, please refer the below-given table:

ParticularsDetails
Maximum AmountUp to 60% of the market value of the property
RepaymentFlexible repayment facility
Interest RatesLoan Against Property/Loan for commercial property - 10.75% to 12.25% p.a.
Loan Against Rent Receivables – 10.75% to 12.25% p.a.
Dropline Overdraft Against Property/Commercial OD Against Property – 11.50% to 13% p.a.
Processing FeeUp to 1% of the loan amount
Processing Time7 to 25 days
EligibilitySalaried individual/ Self-employed professional or individual
Tenure Period12 months to 9 years

How to apply for HDFC Bank Loan Against Property?

Here are the steps to apply for the loan against property at HDFC bank.

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  • 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 Rs 20,00,000/- at the interest rate of 11.20% per annum for a tenure period of 9 years, the EMI per month is Rs 29,473/-.

To know the EMI for Rs 20,00,000/- for the tenure period of 9 years on 11.20% p.a. the interest rate, please refer the below-given table:

Table for EMI per month, Total Interest Outgo, and Total Amount  

Loan AmountLoan TenureInterest Rate (p.a.)EMITotal Interest OutgoTotal Amount (EMI+Interest)
Rs. 20,00,0001 year11.20% - 13.45%Rs. 1,76,950 - Rs. 1,79,057Rs. 1,23,399 - Rs. 1,48,685Rs. 21,23,399 - Rs. 21,48,685
Rs. 20,00,0002 years11.20% - 13.45%Rs. 93,401 - Rs. 95,507Rs. 2,41,636 - Rs. 2,92,166Rs. 22,41,636 - Rs. 22,92,166
Rs. 20,00,0003 years11.20% - 13.45%Rs. 65,667 - Rs. 67,822Rs. 3,64,013 - Rs. 4,41,600Rs. 23,64,013 - Rs. 24,41,600
Rs. 20,00,0004 years11.20% - 13.45%Rs. 51,886 - Rs. 54,103Rs. 4,90,505 - Rs. 5,96,933Rs. 24,90,505 - Rs. 25,96,933
Rs. 20,00,0005 years11.20% - 13.45%Rs. 43,685 - Rs. 45,968Rs. 6,21,076 - Rs. 7,58,091Rs. 26,21,076 -  Rs. 27,58,091
Rs. 20,00,0006 years11.20% - 13.45%Rs. 38,273 - Rs. 40,625Rs. 7,55,681 - Rs. 9,24,984Rs. 27,55,681 - Rs. 29,24,984
Rs. 20,00,0007 years11.20% - 13.45%Rs. 34,456 - Rs. 36,875Rs. 8,94,266 - Rs. 10,97,500Rs. 28,94,266 - Rs. 30,97,500
Rs. 20,00,0008 years11.20% - 13.45%Rs. 31,633 - Rs. 34,120Rs. 10,36,768 - Rs. 12,75,512Rs. 30,36,768 - Rs. 32,75,512
Rs. 20,00,0009 years11.20% - 13.45%Rs. 29,473 - Rs. 32,027Rs. 11,83,116 - Rs. 14,58,877Rs. 31,83,116 - Rs. 34,58,877
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Amortization Table

YearPrincipal PaymentInterest OutgoBalance Amount
1Rs. 136,543 - Rs. 122,704Rs. 217,133 - Rs. 261,620Rs. 1,863,457 - Rs. 1,877,296
2Rs. 152,646 - Rs. 140,266Rs. 201,030 - Rs. 244,058Rs. 1,710,811 - Rs. 1,737,030
3Rs. 170,649 - Rs. 160,340Rs. 183,027 - Rs. 223,984Rs. 1,540,162 - Rs. 1,576,690
4Rs. 190,775 - Rs. 183,287Rs. 162,901 - Rs. 201,037Rs. 1,349,387 - Rs. 1,393,403
5Rs. 213,273 - Rs. 209,515Rs. 140,403 - Rs. 174,809Rs. 1,136,114 - Rs. 1,183,888
6Rs. 238,423 - Rs. 239,499
Rs. 115,253 - Rs. 144,825Rs. 897,691 - Rs. 944,389
7Rs. 266,542 - Rs. 273,773Rs. 87,134 - Rs. 110,551Rs. 631,149 - Rs. 670,616
8Rs. 297,977 - Rs. 312,953Rs. 55,699 -  Rs. 71,371Rs. 333,172 - Rs. 357,663
9Rs. 333,445 - Rs. 358,017Rs. 20,561 - Rs. 26,584RS. 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 10.75% 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
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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 8.90. Hence, if you are applying for a loan against property residential/commercial property, the starting rate of interest offered is 10.75% p.a. The detail about the rate of interest offered is as follows:

For loan against property/loan for commercial property- 10.75% p.a. to 12.25% p.a. (1 Year MCLR + 1.85% to 1 Year MCLR + 3.35%) 

For loan against rent receivable- 10.75% p.a. to 12.25% p.a. (1 Year MCLR + 1.85% to 1 Year MCLR + 3.35%) 

Dropline overdraft against property/commercial OD against property- 11.50% p.a. to 13% p.a. (1 Year MCLR + 2.60% to 1 Year MCLR + 4.10%)

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 Loan Processing Fee

The processing fee of HDFC bank loan against property is up to 1% of the loan amount.