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HDFC Bank offers one of the most popular schemes that is- ‘loan against property’, which offers you to borrow large amounts of money for financial emergencies, business needs or other personal needs.
The HDFC mortgage loan comes with various features such as easy documentation, speedy approval, flexible repayment options and low-interest rates. The loan is a secured loan as the borrower has to put their residential or commercial property as the Collateral with the bank.
Under this HDFC Home Loan or mortgage loan, the EMI is generally low due to the lower interest rates. This enables the borrower to use the funds without worrying about the loan or the repayment. There are several benefits of the HDFC mortgage loan you can avail. Read on to know about it.
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The eligibility criteria for HDFC mortgage loan are as follows:
For the loan against a property following documents are required:
The borrower can choose an either fixed-rate or Floating Rate as per their needs.
The 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 |
The loan against property relies on the following features:
In HDFC Bank, the property loan rates rely on the loan amount you apply for. But, you can get a minimum loan amount of Rs. 5 lakh.
Income aids you to identify your rate of interest. If you have a higher income, then there will be a higher repayment capacity and will increase your eligibility for a higher loan amount.
Usually, loans against residential properties are easier to get and the interest rate can be availed at lower rates. For loans against commercial and industrial property interest rates may vary.
HDFC may charge you a higher interest rate on a mortgage loan by a salaried person as compared to self-employed or businessman. A self-employed person or a businessman takes loan proceeds for productive purposes for their occupation or business as compared to a salaried person who takes a mortgage for his personal purposes.
Under the HDFC housing loan, home loan and mortgage loan, both are secured loans, which works in different ways. In a home loan, you take a loan for a sole purpose to purchase a house. While, in the mortgage loan, you can use it for any purpose like emergency, wedding, education and so on.