How do I apply for a Home Loan/Loan against Property (LAP) from HSBC?
To apply for a Home Loan/LAP you may: a) Walk in to the HSBC India branch or b) Reach out to your Relationship Manager or c) Call our PhoneBanking numbers or d) Apply through the online tools on HSBC’s website and we will arrange for a bank representative to visit you.
What is the minimum and maximum Home Loan amount I can avail of?
The minimum and maximum loan depends on city of property and property type. Home Loan amount in ` Type of properties City 5,00,000 to 10,00,00,000 Ready and under-construction Mumbai and Delhi [NCR] 3,00,000 to 7,50,00,000 Ready and under-construction Bengaluru, Chennai, Pune, Ahmedabad, Chandigarh, Jaipur and Hyderabad 3,00,000 to 3,00,00,000 Purchase of plot of land Mumbai and Delhi 3,00,000 to 3,00,00,000 Purchase of plot of land Bengaluru, Chennai, Pune, Ahmedabad, Chandigarh, Jaipur and Hyderabad Home Loan amount in ` Type of Loan City 3,00,000 to 1,00,00,000 Self-construction loan Mumbai, Delhi [NCR], Bengaluru, Chennai, Pune, Ahmedabad, Chandigarh, Jaipur and Hyderabad 3,00,000 to 25,00,000 Home improvement loan Mumbai, Delhi [NCR], Bengaluru, Chennai, Pune, Ahmedabad, Chandigarh, Jaipur and Hyderabad For an HSBC Premier customer, maximum loan amount is `10,00,00,000 for all sourcing cities for ready and under construction properties.
For Smart Home, the minimum loan amount is `5,00,000 for all property types. The minimum agreement and market value of the property to be funded for Mumbai and Delhi is `25,00,000 and for all other sourcing cities is `15,00,000.
What is the minimum and maximum Loan against Property amount I can avail of?
The minimum and maximum loan is dependent on city of property and property type. Loan Against Property amount in ` City 3,00,000 to 10,00,00,000 Mumbai and New Delhi (NCR) 3,00,000 to 7,50,00,000 Bengaluru, Chennai, Pune, Ahmedabad, Chandigarh, Jaipur and Hyderabad For HSBC Premier customer, maximum loan amount is `10,00,00,000 for all sourcing cities. For Smart Home, the minimum loan amount is `5,00,000 for all property types. The minimum market value of the property to be funded for Mumbai and Delhi is `25,00,000 and for all other sourcing cities is `15,00,000.
Frequently Asked Questions (FAQs) on Mortgages 1 2 3
What are the rate options available for Home Loan/LAP from HSBC?
Home Loan: We offer fixed rate and floating rate Home Loans. Fixed rates are offered for tenures of 12 months. Floating rate a corresponding impact on your Equated Monthly Instalment (EMI) and/or loan tenure depending on the Bank’s prevailing policy. LAP: We offer only floating rate of interest for Loan Against Property. If I opt for a Fixed Rate Home Loan, what happens post the completion of the Fixed RateTenure? We offer fixed rate loan tenures of 12 months. Post the completion of the fixed rate tenure, your rate will move to Floating rate, which will be linked to then prevailing Base Rate. The applicable margin over the Base Rate will be decided upfront while availing the Fixed rate loan. Fixed Rate loan is not offered for under construction loan and/or interest servicing loans.
Are there any charges that need to be paid while availing of the Home Loan/LAP facility from HSBC?
Your Home Loan/Loan Against Property facility is subject to certain fees/charges applicable before and after disbursement. These charges include processing fees, paid partly on loan application and the balance before disbursement. Please refer to the ‘Loan Service Charges and Fees’ section on our website www.hsbc.co.in for further details. Additionally, your security documents need to be stamped/franked as per local stamp duty laws.
Are prepayment charges applicable for the Home Loan facility from HSBC?
Prepayment charges applicable for Home Loans are as follows: Floating Rate Loans: Floating rate loans do not attract any prepayment charges. Fixed Rate Loans: Fixed rate loans are subject to prepayment charges as follows: - Upto 25% of the loan amount sanctioned in every fi nancial year: Nil. - For amount more than 25% of the loan amount sanctioned: 3% of amount prepaid. Prepayment is permitted after a minimum of 6 months following disbursal of the loan. The prepayment charges mentioned above shall be applicable during the fixed rate tenure of the loan. In case of the loan switching to floating rate, prepayment charges will not be applicable.
Are prepayment charges applicable if I prepay my LAP?
Yes, prepayment charges are levied for LAP which is as follows: For LAP: - Upto 25% of the outstanding loan amount once in every fi nancial year: Nil. - For amount in excess of 25% of the outstanding loan amount or prepayment more than once: 4% of amount prepaid. For SmartLAP: - Upto 25% of the limit outstanding* once in every fi nancial year: Nil. - For amount in excess of 25% of the limit outstanding* or prepayment more than once: 4% of amount prepaid. *Limit outstanding means the principal portion (limit defi ned on system) that is outstanding as on that day. This is not inclusive of any interest or principal portion of the ledger balance that is overdue for payment.
The limit is reduced on a monthly basis in line with the principal payment expected. Prepayment is permitted after a minimum of 6 months following the loan disbursal. For processing prepayment 6 7 4 5 8 requests, you are requested to send HSBC a written instruction communicating your desire to prepay with the intent of wanting to reduce the loan tenure or EMI. In case no clear instruction is received to reduce loan tenure or EMI, we will by default reduce the loan tenure based on the prepayment amount received.
How do I repay my Home Loan/LAP?
Your loan is to be repaid in monthly instalments on the due date as mentioned in the Facility Advice Letter sent along with the welcome kit. The instalment amount would comprise of principal and interest which are payable in Equated Monthly Instalments (EMIs), as set out in the Loan Agreement/Facility Advice Letter. The repayment of EMIs will be vide standing instructions to your HSBC account. In case your company is a co-applicant to the loan, then we also accept ECS from the company’s current account to repay the EMIs. HSBC also has a Smart Home product.
Can I switch my regular Home Loan to a Smart Home after disbursement?
Yes, this is possible. Your existing Home Loan will have to be closed and a fresh Smart Home will be disbursed. While there will not be a fresh credit assessment, the legal and disbursal documentation will have to be done afresh. This may attract stamp duty as applicable in the state where the property exists. Also, switching charges apply. For details, please visit the ‘Loan Service Charges and Fees’ section on our website www.hsbc.co.in. HSBC also has a Smart Loan Against Property (SmartLAP).
Home Extension Loan is useful when you want to add more space to your existing home. We make it easy for you to extend your existing residential property as per your requirements. You often renovate your home to suit your changing needs. This loan can be used to carry out repairs / improvements within your existing owned residential properties.
Personal loans are taken primarily for fulfilling your personal aspirations such as vacation, a perfect wedding, home renovation or a much desired gadget. In addition to being relatively easy to apply for, personal loans are unsecured loans which means that you don't need any collateral to take this loan. They are one of the simplest form of loans with customer-friendly repayment terms.
A sudden requirement of funds is an unavoidable circumstance of business or personal life. Whether a personal necessity (hospitalization, child's marriage) or a professional one (expanding business operations on a priority basis), every person requires immediate financial backing at key moments.
In this context, it is pertinent to consider an invaluable alternative source of finance known as Loan Against Property (LAP). This is a loan borrowed by placing one's owned property as collateral. The funding may be given by financial institutions after scrutinizing the validity of the said property and its current market value.
Running a business is not easy. You have to constantly think of ways and means to keep it going and growing. As a part of the growth plan, you require financing for expanding operations or to buy new equipment or inventory or simply increase the working capital. To help you with your financing needs we offer Business Loans that will help your business grow.
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