HSBC Home Loan

4.5

HSBC Home Loan is a great option for homeowners looking to finance their dream home. With competitive rates and flexible repayment terms, HSBC offers a range of home loan options to suit your needs. Whether you're looking for a fixed or adjustable-rate loan, HSBC has the solution. Furthermore, they offer free consultation services to help customers find the right home loan for their needs.

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HSBC Home Loan

  • Interest Rate

    8.45%

  • Loan Amount

    ₹3L - ₹30Cr

  • EMI Per Lakh

    ₹2,049

  • Processing Fees

    Up to 2% of the disbursed loan amount. Processing fee paid/deducted is non refundable
  • Pre-Payment Charges

    • 5% within 1 year of tenure,
    • 4% within 2 years,
    • 3% within 3 years,
    • 2 % after 3 years.
    ... more

Features & Benefits of HSBC Home Loan

HSBC, being one of the finest institutions, facilitates you with the HSBC Home Loan so that you can easily plan and make your dream of buying a house come true. HSBC provides home loans at an affordable interest rate which starts from 8.35% and floats according to your employment status which can be Salaried, Self-employed or Balance Transfer Loans etc. HSBC issues loam amount starting ranging from INR 3 lakhs up to INR 40 crores with a repayment tenure of up to 25 years in case of a salaried person and INR 20 years for a self-employed individual. You can avail of better offers as HSBC provides great schemes for their customers.

But at the same time, there are many questions that come to your mind like how to apply for an HSBC Home Loan, or what the interest rates will be etc., This piece covers every bit of information about HSBC Home Loans and what you should keep in mind while applying for one.

The features and benefits of the HSBC Home Loan scheme are mentioned below:

  • You don’t have to bother much about any extra surcharges or fees and it requires less paperwork to file an application for a home loan.
  • You are liable to repay the EMI amounts at the cost of your comfort and convenience.
  • You get various options in interest rates which depend on the category of Home Loan by the bank.
  • You get easy access to home loan bank transfers.

Note - You get 24*7 assistance and a doorstep guide to help you in any case of any financial or account-related emergency from the HSBC bank.

HSBC Home Loan Fees and Charges

HSBC charges a very nominal processing fee on home loans and they are compiled in the table below:-

PROCESSING FEE
HSBC BANK UPTO 1.00% OR INR 10,000 PLUS GST(WHICHEVER IS HIGH)
PREPAYMENT CHARGES ON HOME LOAN
FIXED RATE NIL IF LOAN AMOUNT IS SANCTIONED AT 25.00% IN EVERY FINANCIAL YEAR and 3.00% IF IT IS SANCTIONED AT MORE THAN 25.00%
FLOATING RATE NIL
OTHER CHARGES
IF INSTALLMENTS ARE DELAYED OR DISHONOR OF SI INR 250
COPIED DOCUMENTS OF PROPERTY INR 500
CONVERSION CHARGES INR 5000+GST WHEN CONVERTING LOAN FROM NORMAL TO SMART OR VICE VERSA
PENAL INTEREST UPTO AND ABOVE 2.00% ON EXISTING RATE

Documents Required for HSBC Home Loan

The documents required for an HSBC Home Loan are mentioned below:

  • You can have any of the following identity proofs like an Aadhaar Card/ PAN Card/ Voter’s ID/ Passport etc.
  • You can choose from any of the following address proofs like an Aadhaar Card/ Driving License/ Voter’s ID/ Passport etc.
  • You must have your income proof, i.e. the last 3-6 months salary slip as asked by the bank.
  • If this loan stands against your property, then you must have your property papers along with all the documents mentioned above.

Types of HSBC Home Loan

HSBC, a leading financial institution, offers a range of home loan products tailored to meet customers' diverse needs and preferences. These offerings include the standard HSBC Home Loan, providing the flexibility to utilise funds for purchasing a property, transferring an existing loan, or home renovations.

For those seeking to optimise interest payments and reduce loan tenure, HSBC provides the HSBC Smart Home loan, allowing overdraft facilities against residential property. Borrowers can access up to Rs. 30 crore, or 75% of the property value, repayable over a tenure of up to 25 years, with interest rates ranging from 9% per annum to 9.5% per annum.

HSBC also offers Loan Against Property, enabling customers to leverage their residential or commercial property for various personal or business needs. Borrowers can access funds up to Rs. 30 crore, or 75% of the property value, with a repayment tenure of up to 15 years and an interest rate of 9.75% per annum Additionally, the HSBC Smart Loan Against Property allows for interest savings and accelerated loan repayment, functioning as an overdraft facility against the property, with interest rates ranging from 9.85% per annum to 10.1% per annum.

For Non-Resident Indians (NRIs) looking to invest in Indian real estate, HSBC offers specialised solutions. The HSBC NRI Home Loans provide funding up to Rs. 30 crore, or 80% of the property value, with a repayment tenure of up to 25 years, commencing at an interest rate of 8.45% per annum.

HSBC Home Loans Schemes / Products with Interest Rates

HSBC Home Loans Schemes / Products with Interest Rates offers various home loan schemes and products with different interest rates and features. Some of the HSBC home loan schemes and products with interest rates are:

Scheme / Product Interest Rate Features
HSBC Home Loan 8.45% p.a - 8.85% p.a Flexible tenure of up to 25 years. The loan amount can be up to Rs. 30 crore or 21 times the monthly salary. Easy documentation and quick disbursal.
HSBC Smart Home 9% p.a - 9.5% p.a Flexible tenure of up to 25 years. Loan amount up to Rs. 30 crore, or 75% of the property value. Overdraft facility with interest savings.
HSBC Loan Against Property 9.75% p.a Tenure up to 15 years. Loan amount up to Rs. 30 crore or 75% of the property value. Funds for any personal or business needs.
HSBC Smart Loan Against Property 9.85% p.a -10.1% p.a Tenure up to 15 years. Loan amount up to Rs. 30 crore or 75% of property value. Overdraft facility with interest savings.
HSBC NRI Home Loans 8.45% p.a onwards Tenure up to 25 years. Loan amount up to Rs. 30 crore or 80% of the property value. Loans for the purchase or transfer of property in India.
HSBC NRI Loan Against Property 9.75% p.a Tenure up to 15 years. Loan amount up to Rs. 30 crore or 75% of the property value. Funds for any personal or business needs in India.

How Does the EMI Calculation Work for an HSBC Home Loan?

For EMI calculation, you first need to convert the loan repayment tenure into months and the annual interest rate into the monthly interest rate. HSBC charges customers on a minimum interest rate of 8.35%. You can calculate the EMI value by using this formula:

EMI= [P x R x (1+R)^N]/[(1+R)^N-1]

where,

  • P is the Principal amount or the total loan amount,
  • R is the interest rate, 
  • N is the period in months

You can use the HSBC home loan EMI calculator to estimate your monthly repayments and total interest based on the loan amount, interest rate, and tenure. For example, if you take a loan of Rs. 50 lakhs for 20 years at an interest rate of 8.75% p.a., your estimated EMI would be Rs. 44,186, and your estimated total interest would be Rs. 56,04,640.

By using this EMI calculator, we have compiled a table as shown below for your reference only,
Home Loan Amount ₹50,00,000
Loan Tenure 20 Years
Rate of Interest 8.75% p.a
Home Loan EMI ₹44,186
Interest Payable ₹56,04,640
Total Amount Payable ₹1,06,04,640

Disclaimer: This above table is for your reference only. The interest rate mentioned as per November 2023.

HSBC Home Loan on Balance Transfer

HSBC gives their customers a unique feature so that they can easily transfer their home loan back to their bank accounts which in turn helps them as the interest rates are lower compared to the normal rates like they are between 6.00% - 7.00% from 8.35%. This facility helps customers to rely on their finances during an untimely emergency. For further details, you can contact their customer care number.

FAQs

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

Does HSBC Provide Home Loan at the best rate?

HSBC provides Home loans at a very minimal interest rate starting from 8.35 % with almost nil processing fee and upto 150% top up at the same rate.

What is the interest rate of Home Loan in HSBC?

The range of interest rates for HSBC Home Loan category depends on the individual background as if the person is salaried/ self-employed etc. The interest rate starts from 8.35% and varies depending on the nature of personnel’s income source.

What are the benefits HSBC Provides on Home Loan?

HSBC provides you a great deal in terms of interest rate, easy dispersal of loan amount, nil processing fee, top up of 150% at the same rate, long and easy repayment policy.

Does HSBC Checks for CIBIL Score for Home Loan?

Yes, HSBC checks for CIBIL score for Home Loan and considers 750 and above as an optimum value and gives the customers with this much score a great deal in interest rate and loan amount.

What is the maximum and minimum housing loan amount I can get from HSBC?

HSBC issues minimum of INR 3 lakh and goes upto a maximum of INR 40 Crore as loan amount which suffice the need of almost every group of people.

What are the KYC documents I will have to submit to apply for a home loan from HSBC?

You need any of the mentioned ID proof i.e. Aadhaar Card, PAN Card, Passport, Driving License etc., any address proof like a Driving License, Voter’s ID, Ration Card, Passport, Aadhaar Card etc., last 3-6 months' salary slip as per mentioned by the bank, and property papers if the loan is against the property.

Will I be penalised for not paying my EMI on the HSBC housing loan?

It is an important clause of the bank that one must repay the bank on due dates to be saved from any future hustle. And if one fails to do so, HSBC bank levies up to and above a 2.00% charge on the existing rate.

What is the processing fee on the HSBC home loan?

HSBC charges their customer either 1% or INR 10,000 (whichever is high) on the loan amount.

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