HDFC offers loans against property @ 8.95% onwards for a loan amount of up to INR 60% of the property value and for a period of up to 15 years. It is basically offered to both salaried and self-employed applicants for personal or for business purposes. myfoxboston
| HDFC Loan Against Property- A Snapshot | |
| Interest Rate | 8.95% – 10.25% p.a. |
| Loan Amount | For Existing Customers: Up to 60% of property value For New Customers: Up to 50% of property value |
| Tenure | Up to 15 years |
| Processing Fee | Up to 1.50% of the loan amount or INR 4,500, whichever is higher |
Features of HDFC Loan against Property
- High Loan Amounts: it allows one to get a loan worth 65% of the market value of the property. Also, it has longer repayment tenures and attractive interest rates.
- Fulfill all Needs: Collateral may be in the form of residential or commercial properties. And the money raised can be used for personal or business needs.
- Easy Repayment Options: the loan can be easily repaid in low EMIs, or a Drop Line facility can be chosen.
- Transparent Processing: All the charges are well informed at the time of processing of the loan i.e. no hidden charges or fees.
- Quick & Efficient Servicing: It is a quick & easy service as the loan is processed quickly with the help of doorstep service.
- Benefits for Self-Employed: With the help of customized loan options and specially designed programs self-employed individuals can get benefits.
- Easy Debt Consolidation: HDFC bank loan against property is an excellent debt consolidation tool.
Interest Rates
Standard Interest Rates (Floating)
For Salaried/Self-employed Professionals/Self-employed Non-Professionals
| Loan Slab | Interest Rates (p.a.) |
| Self-occupied residential property | 8.95%-9.95% |
| Non-self-occupied residential property | 9.25%-10.25% |
| Commercial property | 9.25%-10.25% |
Comparison of Interest Rates on Loan against Property with Top Banks
| Name of the Lender | Interest Rate (% p.a.) |
| State Bank of India | 10.60-11.30 |
| Bank of Baroda | 10.85-16.50 |
| PNB Housing Finance | 9.65-13.00 |
| IDFC First Bank | 8.75-16.25 |
| HDFC | 8.95-10.25 |
| L&T Housing Finance | 9.60 onwards |
| LIC Housing Finance | 9.50-11.55 |
| Godrej Housing Finance | 9.75 onwards |
| ICICI Bank | 10.85-12.50 |
| Tata Capital | 10.10 onwards |
| Bajaj Housing Finance | 8.50-18.00 |
| Axis Bank | 9.90-10.35 |
| Kotak Mahindra Bank | 9.15 onwards |
Eligibility Criteria
Below mentioned are the eligibility criteria to apply for HDFC Loan against Property:
- Age: 21-65 Years
- Nationality: Indian Resident
- Profession: Salaried/Self-Employed Professionals/Self-Employed Non-professionals
Documents Required
Below mentioned are the documents required to apply for HDFC Loan against Property:
- In the case of Salaried Employees:
- Ration Card
- Telephone Bill
- Electricity Bill
- Voter’s ID Card
A copy of any of the following as proof of identity:
- Voter’s ID Card
- Employer’s Card
Latest Bank Statement/Passbook from where you can show a salary/income being credited for the previous 6 months
Salary slip for the previous 6 months showing all deductions
Form 16 for the previous 2 years
Copies of all the property documents of the concerned property to be pledged for the loan
- In the case of Self Employed Individuals:
Certified Financial Statement for the previous 3 years
- A copy of any of the following as proof of residence:
- Ration Card
- Telephone Bill
- Electricity Bill
- Voter’s ID Card
- A copy of any of the following as proof of identity:
- Voter’s ID Card
- Employer’s Card
- Latest Bank Statement/Passbook from where you can show a salary/income being credited for the previous 6 months
- Copies of all the property documents of the concerned property to be pledged for the loan
Fees & Charges
An applicant is required to check the fees for HDFC Loan against property despite the fact that whether he/ she has to apply for an SBI Loan against property or HDFC. Let us now go through the fees & charges to be incurred to apply for HDFC Personal Loan:
| Charges | Loan Against Property (LAP) / Loan for Commercial Property (LCP) / Loan Against Rent Receivables (LARR) | Drop line Overdraft Against Property |
| Rack Interest Rate Range | Policy Repo Rate* + 3.00% to 4.50%= 9.50% to 11% | |
| *Policy Repo Rate- 6.50% | ||
| Loan Processing Charges* | Maximum of 1% of loan amount (* Minimum PF of Rs.7500/-) | |
| Pre-Payment /Part Payment Charges | ||
| Pre-Payment /Part Payment Charges | No prepayment charges shall be applicable for part prepayment once during a financial year only if the amount being prepaid does not exceed 25% of the principal amount outstanding at the time of such prepayment. 2.5% + Goods and Services Tax (GST) of principal outstanding being prepaid or at such rates as decided by the Bank if the amount being prepaid is more than said 25%. Charges shall be applicable on the amount in excess of said 25%. | Not Applicable |
| Premature closure charges | ||||
| Floating rate term loans availed by Individual borrowers for Business Purposes | 2.5 % of the Principal Outstanding | Maximum of 4% of the operating limit prevailing at the time of prepayment within 12 months of the date of disbursement. | ||
| >60 months after the disbursement of the Loan – NIL Charges | Post 12 months maximum of 2% of the operating limit prevailing at the time of prepayment. | |||
| Floating rate term loans availed by Individual borrowers for End Use other than Business Purposes | NIL | Maximum of 4% of the operating limit prevailing at the time of prepayment within 12 months of the date of disbursement. | ||
| Post 12 months maximum of 2% of the operating limit prevailing at the time of prepayment. | ||||
| Floating rate term loans availed by Micro, Small Enterprises and Closure from Own Source | NIL | |||
| Floating rate term loans availed by Micro, Small Enterprises and Closure Through Takeover by any financial Institutions | 2 % takeover charges of the Principal Outstanding | 2% of the Operating limit amount prevailing at the time of Prepayment. | ||
| >60 months after the disbursement of the Loan – NIL Charges | ||||
| Floating Rate term loans availed by Non Individual borrowers* | Maximum of 2.5% of the Principal Outstanding. | Maximum of 4% of the operating limit prevailing at the time of prepayment within 12 months of the date of disbursement. | ||
| >60 months after the disbursement of the Loan – NIL Charges | Post 12 months maximum of 2% of the operating limit prevailing at the time of prepayment. | |||
| Delayed Instalment Payment Charge | 18% per annum on amounts due | |||