HDFC Mortgage Loan- Fulfill your Desired Needs!

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.

HDFC Bank Mortgage Loan Features

• The bank offers a loan up to 60% of the Market value of the property and it comes with a longer repayment tenure and attractive interest rate.
• You can use commercial as well as residential property as collateral. The loan availed from the bank can be used for various purposes - such as personal use, business needs, medical emergency and so on.
• Under mortgage loan, you can get lower EMIs with competitive interest rates.
• You can get easy doorstep service and experience transparent processing of your mortgage loan with no hidden charges.
• For self-employed individuals, there are customised loan options and specially designed programmes because of various business activities.

Eligibility

The eligibility criteria for HDFC mortgage loan are as follows:

• Salaried individuals working in a private organization and government.
• Self-employed individuals engage in various business activities. So, the bank offers exclusive offers and schemes for the self-employed professionals.

Documentation

For the loan against a property following documents are required:

• Residence proof- Ration card, Telephone bill, Electricity bill, Voter’s ID
• Proof of identity- Voter’s ID, Employer’s ID
• Latest bank statement of the salary credit transactions of the past 6 months
• A salary slip of previous 6 months is required with all the deductions
• Form 16 for the previous 2 years
• Copies of all the property documents

For Self Employed Professionals and Individuals

• Residence proof- ration card, Telephone bill, Electricity bill, Voter’s ID, Ration card
• Identity proof- Voter’s ID, Employer ID Card
• Latest Bank statements of salary credited of 6 months
• Copies of all property documents

HDFC Bank Mortgage Loan Interest Rates 2024

The borrower can choose an either fixed-rate or Floating Rate as per their needs.

The interest rates are as follows:

Loan Against Property

The loan against property relies on the following features:

1. Loan Amount

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.

2. Monthly Income

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.

3. Type of Property

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.

4. Individual’s Profession

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.

Difference Between HDFC Home Loan and HDFC Mortgage Loan

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.