HSBC Bank Loan Against Property
Last Updated : June 10, 2017, 1:14 p.m.
About HSBC Bank Loan Against Property
Being a British- based multinational banking and financial services company headquartered in London, HSBC needs no introduction. It is the world’s fourth-largest bank by assets and is worldwide known for offering reliable services to all its customers. With the plethora of banking and financial investment services, HSBC Bank ensures to satisfy all its customers and the loan against property is one of those products.
HSBC Bank facilitates the loan against commercial and residential property with the attractive combination of low-interest rates and flexible repayment options. To know more about the HSBC Bank Loan Against Property, go through this article.
HSBC Bank Loan Against Property Details
| Particulars | Details |
|---|---|
| Interest Rates | 8.60% |
| Loan Amount | Up to 10 Crores |
| Tenure | Up to 15 Years |
| Processing Fees | 1% of the Loan Amount |
| Prepayment Charges | 0-4% |
Eligibility Criteria for HSBC Bank Loan Against Property
| Particulars | Details |
|---|---|
| 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) | 58 (salaried), 60(public limited/government employees) and 65 (self employed) |
| Minimum Loan Amount | ₹3,00,000 |
| Maximum Loan Amount | ₹10 Crores |
| Maximum Loan Tenure (in years) | 15 |
HSBC Bank Loan Against Property Eligibility
When it comes to the loan against property, banks have certain parameters on the basis of which it provides the loan amount. Just like any other banks, the main factors that affect the eligibility of HSBC Bank are: monthly salary of the applicant, savings, monthly expenses, market value of the property, loan tenure, interest rate, and the current EMI (if any).
So, the perfect balance between the earnings and expenses along with the market value of the property, the higher loan amount you can get.
HSBC Bank Loan Against Property EMI Calculator
An EMI calculator is the tool that tells you the EMI or Equated Monthly Installment that you have to pay to the lender for the loan that you have applied for. The calculator works on the basis of the loan amount, tenure and rate of the interest of the loan. The calculator will compute the interest component and then the principal amount that you will have to pay towards your loan.
So, if you are planning to take a loan against property and want to know the monthly installments, here is an example. For Example: If you are interested in availing a loan of ₹25,00,000 from HSBC for 15 years at an interest rate of 9.85% p.a., then you must be wondering about the EMI, total interest outgo and total amount payable from your pocket will be ₹26,636,₹22,94,512, and ₹47,94,512 at the end of your loan tenure.
For your reference there is a table below, wherein you can also know your EMI, interest and total amount payable on the same amount of loan for different tenures.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Year
Principal
Interest
Balance Amount
1
₹ 76,789
₹ 2,42,845
₹ 24,23,210
2
₹ 84,704
₹ 2,34,930
₹ 23,38,506
3
₹ 93,434
₹ 2,26,199
₹ 22,45,071
4
₹ 1,03,065
₹ 2,16,569
₹ 21,42,006
5
₹ 1,13,688
₹ 2,05,946
₹ 20,28,318
6
₹ 1,25,406
₹ 1,94,228
₹ 19,02,911
7
₹ 1,38,331
₹ 1,81,302
₹ 17,64,580
8
₹ 1,52,589
₹ 1,67,044
₹ 16,11,990
9
₹ 1,68,317
₹ 1,51,317
₹ 14,43,672
10
₹ 1,85,665
₹ 1,33,968
₹ 12,58,007
11
₹ 2,04,802
₹ 1,14,831
₹ 10,53,204
12
₹ 2,25,911
₹ 93,722
₹ 8,27,292
13
₹ 2,49,196
₹ 70,437
₹ 5,78,095
14
₹ 2,74,881
₹ 44,752
₹ 3,03,213
15
₹ 3,03,430
₹ 16,420
₹ 0
Documentation Required for HSBC Bank Loan Against Property
| Salaried | Self-employed Individuals |
Self-employed Professionals
|
|---|---|---|
| Complete Application Form with Passport Size Photograph | Complete Application Form with Passport Size Photograph | Complete Application Form with Passport Size Photograph |
| Proof of Identity | Proof of Identity | Proof of Identity |
| Proof of Residential Address | Proof of Residential Address | Proof of Residential Address |
| Proof of Age | Proof of Age | Proof of Age |
| Latest 3 months salary slip showing statutory deductions | Acknowledged IT returns for last 2 years | Acknowledged IT returns for last 2 years |
| Bank statements for the last 3 months showing last 3 salary credits | P&L account, Balance sheet certified / audited by CA & Computation of Income for the last 2 years with all Annexure and Auditors Report | P&L account, Balance sheet certified / audited by CA & Computation of Income for the last 2 years with all Annexure and Auditors Report |
|
NA
|
Primary Bank account statements for the last 6 months | Primary Bank account statements for the last 6 months |
|
NA
|
For Partners of the Partnership firm additionally Partnership deed is required | NA |
|
NA
|
Share holding Pattern or Memorandum and articles of association duly attested by CA | NA |
|
NA
|
List of directors | NA |
Features & Benefits of HSBC Bank Loan Against Property
- Higher Loan Amount
- Attractive Interest Rates
- Convenient Loan Repayment Options
- Both Residential and Commercial Property accepted as collateral
- Minimal Documentation and Faster loan approvals
- Balance Transfer Facility