How to Get HDFC Bank Mortgage Loan in a few minutes and what is the process of getting an HDFC Bank Mortgage Loan. Click here for all information.
HDFC Bank Mortgage Loan – Of the many loan options offered by banks in India, one of the most popular products is property loan, also called mortgage loan. This product is popular among borrowers as it allows one to borrow large sums in case of a financial emergency. At such critical times, HDFC Mortgage Loan or Loan Against Property can get you more money to meet business needs and personal needs.
HDFC Bank Mortgage Loan – HDFC Limited Mortgage Loan comes with easy documentation, a quick approval process, flexible repayment options, and low-interest-rate benefits. Borrowers can avail of this loan by mortgaging their immovable property with the bank as security. The amount given in lieu of this can be used for any purpose.
HDFC Bank Mortgage Loan – Unlike a personal loan, an HDFC mortgage loan is a secured loan as the borrower has to keep his residential or commercial property as collateral with the bank. However, the property is still owned by the owner, not the bank, which holds only the title deed. Ownership transfer is possible only in case of default on a loan.
Mortgage Loan from HDFC Bank for 2022 – The same monthly installment (EMI) on an HDFC mortgage loan or loan on the property is usually lower due to lower interest rates. This allows customers to use the funds without having to worry about the overall cost of the loan or the repayment amount. In addition, there are many other benefits of HDFC mortgage loans or property loans. Some of these are briefly discussed here:
HDFC Bank Mortgage Loan Features 2022
The loan on the property offered by HDFC Bank comes with many attractive features including:
• Interest Rates: The bank offers attractive interest rates on loans on the property.
• High loan amount: A borrower can get a high loan amount against his property for the long term.
Faster processing and quick approval with minimal documentation.
HDFC Bank accepts both residential and commercial assets as security.
• The bank offers customized loan options for self-employed persons.
Benefits of HDFC Bank Mortgage Loan
A borrower can get the following benefits with an HDFC Bank loan (mortgage loan) on the property:
The amount received as a loan on the property can be used for financing personal and business needs.
You can choose your repayment options at your convenience. You can repay through the Dropline Overdraft facility or similar monthly installments.
• The bank offers higher loan amounts with lower monthly EMI.
Eligibility for HDFC Mortgage Loan
A salaried person working in a private organization and government.
Self-employed persons engage in various business activities. Therefore, the bank offers special offers and plans for self-employed professionals.
Documentation Required for HDFC Mortgage Loan
The following documents are required for salaried and self-employed persons:
For Salaried individuals
Proof of Residence (Do one of the following documents – Ration Card, Telephone Bill, Electricity Bill or Voter Identity Card)
Proof of Identity – (Voter Card, Driver’s License or Employer – Any of the following documents will be accepted)
Bank statement/passbook for last 6 months.
• Salary slip for last 6 months.
Form 16 for the last 2 years.
Legal documents of the property concerned.
For self-employed individuals
Certified financial statements for the last 3 years.
Proof of residence – (ration card, telephone bill, electricity bill, and voter card – anyone will document).
Proof of identity – voter card, driving license, and employer card – one of the two will do)
• Latest bank statement or passbook.
Copies of all property documents you wish to use as collateral.
For Self Employed Professionals and Individuals
• Address Proof- Ration Card, Telephone Bill, Electricity Bill, Voter Identity Card, Ration Card
• Identity Proof – Voter Identity Card, Employer ID Card
Latest bank details of 6 months salary submitted
Copies of all property documents
HDFC Bank Mortgage Loan Interest Rates
Type Property type Interest Rates
A Loan against Property / Loan for Commercial Property 11.35% to 12.85%
• Loan against Rent Receivables 11.35% to 12.85%
• Dropline Overdraft against Property / Commercial OD against Property 12.10% to 13.35%
• The borrower can choose between fixed-rate or floating rate as per his need.
Interest rates are as follows:
Category Residential Properties Commercial Properties
Fixed Interest Rate 9.50% to 11.50% per annum 10% to 11.50% per annum
Floating Interest Rate 9.60% to 11.60% per annum 10.10% to 11.60% per annum