Hero Housing Finance Loan Against Property

Features and Benefits of Hero Housing Finance Loan Against Property

With quick approval and minimum documentation, you can acquire a loan for up to 70% of the property value. The Hero Housing Finance Loan Against Property, comes with a number of advantages, including doorstep services, a flexible payback term of up to 60 years, quick agent response, and minimal qualifying conditions.

Eligibility Criteria and Factors Affecting Hero Housing Finance Loan against Property Eligibility

To be eligible to get a loan from Hero Housing Finance, there are certain requirements you need to fulfil. These are some Hero Housing Finance Loans against Property requirements to be eligible.

• For a salaried employee, you have to be within 21-60 years of age or 65 if you are considering a pension income. 
• For any self-employed non-professionals, the age limit is within 20-70 years, only if your second generation is in the same business. However, if not, then the age limit is 65 years. 
• The minimum salary you need to earn 20,000 every month. This is true for both salaried and self-employed non-professionals. 

However, if you are planning to purchase a plot against the Loan, there are some extra eligibility criteria that you have to follow. The Hero Housing Finance Loan against Property eligibility to apply are:

• You have to be a resident of India
• You should be an Agriculturist
• You have to be a small farmer
• You have to be between the age bracket of 21 to 70 years

Hero Housing Finance Loan against Property Fees and charges

Hero Housing Finance Loan against Property Interest Rates

As mentioned earlier, you can get a loan against property from Hero Housing Finance. These are secured personal loans, which can also be called mortgage loans. This is the Hero Housing Finance Loan Against Property interest rate chart:

Factors affecting Hero Housing Finance Loan against Property interest rates

Although Hero Housing Finance has made their Loan against property scheme quite affordable and easily acquirable, there are some factors that can affect how much money you can get from them. These are a few things you should keep in mind.

• Credit score

Your credit score is one of the first things that this bank checks. It is preferable that you keep your credit score more than at least 650; you will get better interest rates on your loans. 

• Borrower’s profile

Another factor that plays an integral role in the interest rates that you are offered is your profile. This mainly includes the borrower’s age, city of residence, occupation, monthly income and other similar topics. 

• Type of property to be mortgaged

The interest rates can also vary depending on the type of property you are mortgaging, mainly if it is a residential property or a commercial one. Usually, residential properties are preferred at Hero Housing Finance. The location and age of the property are also considered. 

• Loan Tenor

The most important factor influencing the interest rates is the amount of time you are taking the Loan for. This mainly means how long you are taking to repay the Loan. While long-term commitments have lower monthly payments, short-term tenures are higher EMIs. For a short-term loan, you might be asked to pay a higher interest rate at Hero Housing.

Documents required for Hero Housing Finance Loan against Property

To be able to avail of the Loan, you will need to submit some basic documents to the bank. The good thing about Hero Housing Finance is that they do not require your ITR or income proof. Apart from that, these are the documents required for Hero Housing Finance Loan Against Property:

• Bank account statements for the last 3 months
• Address proof
• PAN Card and Aadhar card
• A copy of the documents of the property about to be mortgaged

How the EMI Calculation Process works for Hero Housing Finance Loan Against Property

A loan against property might be an excellent approach to meet financial obligations. LAP can be costly due to the large sums of money involved, which can range from lakhs to crores in some circumstances. You will be bound to debt repayment for decades, so make sure you plan ahead before taking out a loan against property. Planning ahead of time will help to settle the loan amount efficiently and without falling behind on payments.

Calculating these figures beforehand will help you assess whether the monthly repayments or EMIs are within your budget. To make it seamless, Square Yards provide you with a handy LAP calculator that may assist you in availing and repaying LAP. By entering the loan amount, payback period, and applicable interest rate, this AI-based calculator can calculate monthly equated instalments.

You will be able to see the results based on the dependent information that you enter in the associated fields. Continue with your decision to take out a Hero Housing Finance Loan Against Property if the monthly instalments and repayment fit your budget.

Hero Housing Finance Loan against Property Customer Care Number

For any questions or queries, you can directly get in touch with an executive from hero Housing finance via:

• Phone number: 1800-212-8800
• Email-ID: customer.care@herohfl.com 

Hero Housing Finance Loan against Property online applications are also available on their online portal.