HDFC Sales Loan Against Property

HDFC Sales
4.5
For your personal or corporate purposes, HDFC offers favourable loan against property (LAP) rates. For the purpose of obtaining a loan against property, both residential and commercial properties may be mortgaged. Both salaried and self-employed people can borrow money against their property with ease and no difficulty thanks to HDFC. The loan against property offered by HDFC is a simple solution to your financial requirements.

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HDFC Sales

HDFC Sales LAP

  • Interest Rate

    8.25% - 11.2%

  • Loan Amount

    -

  • EMI Per Lakh

    ₹2,040 - ₹2,184

  • Processing Fees

    Up to 1% of loan amount (minimum Rs 75,000)
  • Pre-Payment Charges

    • NIL, if the prepaid amount does not exceed 25% of the principal amount

Features & Benefits of HDFC Sales Loan Against Property

When you apply for HDFC Sales LAP, you unlock an array of features and benefits. Here is what to expect when applying for HDFC Sales Loan Against Property:

  • Secure loan on commercial and residential properties.
  • Comes with the flexible end use, including marriage, medical expenses, debt consolidation, etc. 
  • Quick approval and easy disbursement.
  • Attractive interest rates.
  • Available for both salaried and self-employed professionals. 
  • Simple loan repayments through easy-to-pay EMIs
  • Can get up to 60% of the property value as a loan against property.

HDFC Sales Loan Against Property Overview

In times of financial uncertainty, having access to quick and reliable funding can make all the difference. For individuals and businesses looking for a secure way to access funds, HDFC Sales Loan Against Property can be an excellent option.

An HDFC Sales LAP allows you to leverage the value of your owned property to access funds at lower interest rates compared to other unsecured loans. According to recent statistics, the loan against property segment has grown by 22% over the past year, with HDFC Sales being a prominent player in the market.

This type of loan can be used for a variety of purposes, from funding your child's education, expanding your business, or even consolidating your debt. With HDFC Sales' loan against property, you can avail of loan amounts up to 60% of the property's market value, with flexible repayment options and attractive interest rates.

HDFC Sales Loan Against Property Interest Rates

HDFC offers a loan against property (LAP) to help individuals meet their personal or business financial needs. Individuals can easily apply for HDFC Sales Loan Against Property on either a residential or commercial property. Both salaried and self-employed individuals can avail of a loan against property from HDFC Sales with utmost ease. However, the HDFC Sales Loan Against Property interest rates may vary from one applicant to another based on certain factors such as the applicant's credibility, property value, location, etc.

Factors Affecting HDFC Sales Loan Against Property Interest Rates

HDFC Sales Loan Against Property interest rates are influenced by several factors that impact the overall cost of borrowing. To crack the best mortgage deal, an individual must know these factors. Here are the main factors affecting loan against property interest rates:

  • Loan Amount: Typically, the higher the loan amount, the lower the interest rate. Lenders may offer lower rates for higher loan amounts.
  • Property Value: The actual value of the mortgaged property is also essential in determining the HDFC Sales Loan Against Property interest rate. You can get a better deal in terms of the interest rate for a higher-valued property.
  • Annual Income and Credit Score: A borrower's annual income and credit score also play a significant role in determining HDFC Sales LAP interest rates. Higher-income and better credit scores may result in lower interest rates.
  • Loan Repayment Tenure: The loan tenure, or the duration of the loan, is another factor that can affect interest rates.
  • Market Conditions: HDFC Sales LAP interest rates are also impacted by market conditions, such as inflation, economic growth, and interest rate trends.
  • Lender Policy: Finally, the policies of the lender offering the loan against the property can also impact the interest rate. Different lenders may have different criteria and policies for determining interest rates.

HDFC Sales Loan Against Property Fees and Charges

Just being familiar with the HDFC Sales Loan Against Property interest rates isn't enough, as several other things account for the overall cost of the mortgage. Getting familiar with the associated fees and charges is equally important as you must pay them initially and during loan repayment.

Processing Fees

HDFC Sales charge a processing fee for Loan Against Property (LAP) up to 0.50% of the approved loan amount or INR 3,000.

Charges On Account Of Delayed Payments

In case of delayed interest payments or Equated Monthly Installments (EMI), the customer will be liable to pay additional interest of up to 24% per annum. This is a penalty charge for not making timely payments on the LAP. Additionally, make on-time payments to avoid default charges and penalties.

Other Charges

Type Charges
Check Dishonour Charges INR 300
To get the list of submitted documents Up to INR500
Photocopy Of the Submitted Documents Up to INR 500
PDC Swap Up to INR 500
Re-Appraisal Of the LAP after six months from the loan sanction date Up to INR 2,000 along with applicable taxes
Reversal of Provisional Prepayment  INR 250 along with the applicable taxes

Documents Required for HDFC Sales Loan Against Property

To get HDFC Sales Loan Against Property with utmost ease, you must submit a set of documents.

Proof of Identity and Residence

  • Aadhar Card
  • Passport 
  • PAN Card
  • Voter ID or Ration Card
  • Utility Bills

Proof of Income

  • Salary slip for last three months
  • Bank statement of last six months mentioning salary credits 
  • Form-16 and previous two years' Income Tax Returns

Property Related Documents

  • New Homes: Copy of the Allotment Letter or Buyer's Agreement along with Receipt/(s) of payment/(s) towards the developer.m 
  • Resale Homes: Title Deeds, Receipt of initial payment, Copy of Agreement
  • For Construction: Title Deeds of the Plot, Proof associated with no encumbrances on the property, Copy of the plans, and Estimate of Construction by the Civil Engineer

How Does the EMI Calculation Work for HDFC Sales Loan Against Property?

The EMI Calculation on HDFC Sales Loan Against PRoperty works as per a simple mathematical formula, i.e. EMI = [P*R (1+R) *N] / [(1+R) N-1]

Where,

  • P denotes the Principal LAP Amount
  • R is the HDFC Sales Loan Against Property Interest Rate
  • N is the loan repayment tenure

However, an individual can easily compute the dedicated EMIs through Urban Money's Loan Against Property Calculator.

With this AI tool, the user can quickly calculate the payable monthly instalments towards the borrowed loan amount.

FAQs

From refinancing to reducing your interest, we have the answers right here.

What is the interest rate of a loan against property in HDFC Sales?

HDFC Sales offer loans against property at affordable interest rates. However, these rates may vary from one applicant to another based on their creditworthiness.

What are the benefits HDFC Sales provides on loan against property?

HDFC Sales Loan Against Property is one of the foremost mortgage instruments which offers several benefits to the borrowers, including loan amount of up to 60% of the collateral (property), affordable interest rate, flexible end use and repayment tenure, hassle-free application process, quick disbursal, and much more.

Do HDFC Sales check for CIBIL score for loan against property?

Like other lenders, HDFC Sales also checks applicants' CIBIL score to determine their credibility. It helps the lender understand applicants' financial abilities and ability to repay the borrowed amount.

What is the maximum loan against the property amount I can get from HDFC Sales?

At maximum, an applicant can secure 50 to 60% of the property value as a loan against the property from HDFC Sales. 

What KYC documents will I have to submit to apply for a loan against property from HDFC Sales?

To apply for HDFC Sales Loan Against Property, you must submit KYC documents, including Aadhaar and PAN cards.

What is the processing fee on an HDFC Sales loan against property?

When you apply for HDFC Sales Loan Against Property, you must pay associated processing charges, usually 0.50% of the applied loan amount. 

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