HDFC Bank - 9.35% for Loan Against Property - Loan Against Commercial Property

HDFC loan against property is available to people who are in instant need of funds for their business and personal requirements against the mortgage of their existing property.

These loans come with benefits of online sanction facility, affordable interest rates, multiple repayment options and are available for residential, commercial or industrial land.

HDFC Loan Against Property interest rate begins at  9.35% – 12.25% p.a.*

Interest Rate	9.35% – 12.25% 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 loan amount or Rs 4,500, whichever is higher

 

HDFC Loan Against Property 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	9.35%-9.75%
Non-self occupied residential property	9.85%-11.00%
Commercial property	9.85%-12.25%

 

Taking a loan from HDFC has the following benefits:

1. Affordable interest rates

2. Multiple repayment options

3. PAN India branch network

4. Loan is offered to both salaried and self employed applicants.

 

Factors Affecting HDFC Loan against Property Interest Rates:

Loan amount: 

Property loan rates in HDFC depend upon the loan amount you apply.

You can get a minimum loan of ₹ 5 Lakh from HDFC.

 

Your Net Monthly Income: 

Income helps you in identifying your rate of interest.

Higher the income, higher will be your repayment capacity increasing your eligibility for higher loan amount.

 

Type of loan opted for: 

HDFC offers differential rates for customer’s different profiles and also fixed and floating rate schemes.

Loan against property interest rates may be higher or lower for special loan products.

 

Type of property: 

Typically, loans against prime residential properties are easier to get and can be availed at the lowest rates compared to loans against commercial and industry properties.

 

Your profession: 

HDFC may charge a higher interest rate on a mortgage loan to a salaried person than a self-employed professional or a businessman.

A self-employed professional or businessman is expected to deploy loan proceeds for productive purposes in his occupation or business compared to salaried people who will most likely take a mortgage loan for his personal purposes.

 

HDFC Loan Against Property Documents Required:

For Self-Employed:

1. Filled up loan application form

2. 2 Passport Size Photo

3. ITR of last 3 years

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport

6. Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

 

For Salaried employee:

1. Filled up loan application form

2. 2 Passport Size Photo

3. ITR of last 2 years

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport

6. Income Documents – 6 months’ pay slip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

 

Property documents:

1. Registered Sale Deed/ Conveyance/ Lease Deed

2. Past Sale Deeds Chain (each transaction in respect of this property since first allotment

3. Latest House Tax Return/ Receipt

4. Approved Building Plan from Municipal Corporation

 

Loan against Property Top up, Transfer in HDFC

HDFC offers mortgage loan balance transfer from another bank, subject to your meeting other eligibility criteria of HDFC at an affordable interest rate, higher loan amount and convenient loan tenure.

HDFC loan against property balance transfer helps you make your loan repayment convenient and opt for a beer customer service.

Current loan against property balance transfer rates in HDFC are 9.35% – 12.25% p.a.*. Along with that, you can also avail of additional top-up on your loan against property.

 

Loan against Property HDFC Products

HDFC offers customized products for specific customer segments designed to meet their loan requirements.

Some of the popular products with their basic features are as follows:

 

1. Loan against Residential Property:

Get loans up to 60% of the value of your residential property with a loan against residential property.

You can avail loan against your residential property for personal needs such as a wedding, home renovation, travel and business needs such as the expansion of business etc.

Loan against residential property is available for tenure up to 15 years.

Salaried and self-employed professionals can avail a loan against residential property.

 

2. Commercial Property Mortgage Loan:

Avail Commercial Property Mortgage Loan individually or with joint owners for a tenure up to 15 years.

You can take Commercial Property Mortgage Loan for the purchase of new/ existing clinic or office.

Self-employed professionals who have commercial property are eligible to take this loan.

Self-employed professionals and non-professionals can avail Commercial Property Mortgage Loan.

 

Frequently Asked Questions:

 

Q. What is HDFCs loan against property interest rate?

Ans. HDFC offers loan against property at a rate of 9.35% – 12.25% p.a.* with the lowest EMI.

If you are currently paying a higher interest rate than HDFC rate, you can opt for a balance transfer of loan to HDFC.

 

Q. Did HDFC Loan against property rates drop?

Ans.No, HDFC lowest rates on loan against property have been increased.

 

Q. How to increase my eligibility on HDFC Mortgage loan?

Ans.If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan.

The combination of both of your income will help you in increasing your eligibility to get a loan.

 

Q. Can I foreclose my Mortgage loan? What are the charges applicable?

Ans.Yes, you can foreclose your HDFC loan against property anytime you want with nil foreclosure charges.

 

Q. What is the maximum loan tenure I can opt under HDFC Property loan?

Ans.HDFC offers a maximum tenure of 15 years to repay your loan. You can choose the tenure for your LAP loan as per your convenience and repayment ability.

 

Q. What is the benchmark rate applicable for Mortgage loan?

Ans.The benchmark rate applicable for property loans in HDFC is PLR

 

Q. Can I transfer my LAP from another bank to HDFC?

Ans.Yes, Bank gives you the facility to transfer your existing loan with a hassle free process.

Loan balance transfer to HDFC offers you to pay lower EMIs and save money and enables you to choose better customer service, if you are not satisfied with your existing bank.

Current Balance transfer rates in HDFC are 7.50%.

 

Q. What is HDFC mortgage loan processing fees?

Ans.The loan processing fee charged is 0.75% of the total loan amount.

 

Q. Are prepayment or foreclosure charges applicable on HDFC loan against property?

Ans.You can prepay loan against property (LAP) without any penalty or charges in case:

Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest

The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP

 

HDFC Loan Against Property News - March 2023:

 

2021-11-02: HDFC Bank net profit rises by 32 percent.

HDFC reported a 32 % year -on -year (YOY) rise in the net profit at RS.3,780.5 crore.

The lenders total revenue from operations rose 4.1% on year to Rs. 12,215.95 crore in the quarter the assets under management stood Rs.5.97 lakh crore at the end of the September.

Quarter as against Rs.5.40 lakh crore in the year ago quarter.

 

2021-10-18: HDFC Bank posts 17.2% profits in Q2.

private sector bank, HDFC bank has posted a 17.6 percent rise in the net profit at Rs. 8,834.3 crore in the second  second quarter ended september 30,2021.

The lender had posted a net profit of Rs.7,513.1 crore in Q2 of 2020.

 

2021-03-08 : HDFC cut its PLR to 16.05%

HDFC reduced its Prime lending rate to 16.05%. The revised rates are effective from March 2021.

 

2021-03-05 : HDFC cut its home loan rates to 6.70%

ICICI Bank cut its home loan rates for March 2021. The new home loan rate starts at 6.70%.

 

2020-04-28 : HDFC revised its loan against property rates

HDFC changed its loan against property rates.

The new rates for loan amount upto Rs. 50 lakhs stands between 9.10% and 10.40%

. Further, the rate for loan amount above Rs. 50 lakhs is between 8.95% to 10.25%.

 

2020-01-08 : HDFC revised interest rates on Loan against property

The interest rate for the self-occupied residential property is revised to 9.40% and the interest rate for Non- self-occupied residential property and commercial property is 9.65%.

The revised rates are in effect from 6 January 2020.

 

2019-08-14 : HDFC reduces home loan rates by 15 basis points

One of the leading home loan NBFC, HDFC has revised its housing loan rates.

For loan amount up to Rs. 30 Lakh, the rate has been revised to 8.40% as compared to 8.55% earlier.

While for loan amount above Rs. 2 crores, has been revised to Rs. 8.80%.