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Key Features of HDFC Mortgage Loans

  • Purpose of Loan: - The loan can be used for various purposes, such as business expansion, working capital, debt consolidation, education, medical expenses, or other personal needs.
  • Loan Amount: - Minimum: ₹10 lakh (may vary based on location and profile).
    - Maximum: Up to ₹15 crore (subject to property value and repayment capacity).
    - Typically, you can borrow up to 50-60% of the market value of the property (Loan-to-Value ratio).
  • Property Types Eligible: - Residential properties (self-occupied, rented, or vacant).
    - Commercial properties (offices, shops, etc.).
    - In some cases, industrial properties or plots (subject to approval).
  • Repayment Tenure: - Loan tenures of up to 15 years for salaried individuals and 10–12 years for self-employed individuals, allowing for lower EMIs and easier cash flow management.
  • Flexible Repayment Options: - Offers step-up/step-down EMIs to match income growth or financial needs.
    - Dropline overdraft facility reduces interest costs by charging only on the utilized amount, ideal for businesses with fluctuating cash flows.
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    • Interest Rates: Competitive floating or fixed interest rates, starting from around 8.75% to 12% per annum (varies based on borrower profile, property type, and market conditions).
      Rates are linked to HDFC’s benchmark rate (PLR - Prime Lending Rate) and may fluctuate for floating-rate loans.
    • Loan Tenure: Up to 15 years for salaried individuals. Up to 10-12 years for self-employed individuals. Longer tenures help reduce EMI burden but increase total interest paid.
    • Eligibility: Available for salaried individuals, self-employed professionals, and non-professionals (business owners). Age criteria: Typically 21-65 years (at loan maturity). Stable income source and good credit score (preferably 700+). Property must be free of legal disputes and have clear title.
    • Repayment Options: Flexible EMI options with step-up or step-down repayment plans. Dropline overdraft facility available, allowing interest to be charged only on the utilized amount, similar to a business overdraft. Prepayment allowed with minimal charges (nil for floating-rate loans for individuals; charges may apply for fixed-rate or non-individual borrowers).
    • Processing Fees and Charges: Processing fee: Up to 1% of the loan amount (plus GST), subject to a minimum and maximum cap. Other charges: Valuation fees, legal fees, and documentation charges (as applicable).
      No hidden costs; transparency in fee structure.
    • Quick Processing and Disbursal: Simplified documentation for faster approval. Disbursal typically within 7-10 working days, subject to complete documentation and property verification.
    • Balance Transfer Facility: Option to transfer an existing mortgage loan from another lender to HDFC for lower interest rates or better terms.
      Top-up loan facility available for existing customers.
    • Tax Benefits: No direct tax benefits on mortgage loans unless used for specific purposes like business (consult a tax advisor for details). Interest paid on loans used for business purposes may be claimed as a business expense.
    • Digital Services: Online loan application and tracking through HDFC’s website or mobile app. Easy access to loan statements, repayment schedules, and prepayment options via the customer portal.
    • Customized Solutions: Tailored offerings for self-employed professionals (doctors, CAs, etc.) and non-professionals (traders, manufacturers). Special schemes for women borrowers or specific customer segments (if applicable).
    • Security: The loan is secured against the mortgage of the property, which must be insured during the loan tenure. HDFC ensures clear title verification to avoid legal complications.
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Benefits of HDFC Mortgage Loans

  • Versatile Usage: Funds can be used for business expansion, working capital, debt consolidation, education, medical needs, or personal purposes, offering greater flexibility compared to specific-purpose loans.
  • High Loan Amounts: You can borrow substantial amounts, ranging from ₹10 lakh to ₹15 crore, depending on the property's value and your repayment capability—usually up to 50–60% of the property’s market value.
  • Competitive Interest Rates: Enjoy attractive rates starting from approximately 8.75% to 12% per annum (floating or fixed), generally lower than unsecured loans like personal loans, which helps in reducing borrowing costs.
    • Long Repayment Tenure: Loan tenures of up to 15 years for salaried individuals and 10–12 years for self-employed, allowing lower EMIs and easier cash flow management.
    • Flexible Repayment Options: Offers step-up/step-down EMIs to match income growth or financial needs. Dropline overdraft facility reduces interest costs by charging only on the utilized amount with cash flows.
    • Quick and Transparent Processing: Streamlined documentation and approval process, with disbursal typically within 7–10 working days. Transparent fee structure with no hidden charges ensures clarity.
    • Balance Transfer and Top-Up: Option to transfer high-cost loans from other lenders to HDFC for lower interest rates or better terms. Top-up loans available for existing customers to meet additional funding needs.
    • Minimal Prepayment Charges: No prepayment penalties for floating-rate loans (for individual borrowers), allowing you to save on interest by repaying early. Low charges for fixed-rate loans.
    • Wide Property Eligibility: Accepts various property types, including residential (self-occupied or rented), commercial (offices, shops), and sometimes industrial properties or plots, broadening access.
    • Customized Solutions: Tailored offerings for salaried, self-employed professionals (e.g., doctors, CAs), and non-professionals. Special schemes for specific segments, such as women borrowers, if applicable.
    • Digital Convenience: Easy online application, loan tracking, and account management through HDFC’s website or mobile app. Access to statements, repayment schedules, and prepayment options via the customer portal.
    • Trusted Brand: HDFC’s reputation as a leading financial institution ensures reliability, professional service, and robust support throughout the loan process.
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How to Apply for HDFC Mortgage Loans

  • 1. Check Eligibility and Requirements:
    • Who Can Apply: Salaried individuals, self-employed professionals (e.g., doctors, CAs), or non-professionals (e.g., business owners).
    • Age: Typically 21 to 65 years (at loan maturity).
    • Income: Stable income source with sufficient repayment capacity.
    • Property: Residential, commercial, or select industrial properties/plot with clear title and marketable value.
    • Credit Score: Preferably 700+ for better approval chances.
    • Loan Amount: ₹10 lakh to ₹15 crore, subject to property valuation (up to 50-60% Loan-to-Value ratio).
  • 2. Choose Application Method:
    • Online: Through HDFC’s official website or mobile app for convenience and real-time tracking.
    • Offline: Visit an HDFC branch or contact a representative for personalized assistance.
    • DSA/Agents: Authorized Direct Selling Agents can guide you, though it’s best to verify their credentials.
  • 3. Online Application Process:
    • Visit HDFC’s Website: Go to www.hdfc.com and navigate to the “Loan Against Property” section under “Loans.”
    • Fill Application Form:
    • Enter personal
    • property
    • loan details.
    • Check Eligibility: Use HDFC’s online eligibility calculator (if available).
    • Upload Initial Documents: Upload basic KYC and income proof if the portal allows.
    • Submit Application: Submit and get a reference number for tracking.
    • Await Contact: An HDFC representative will follow up within 24–48 hours.
  • 4. Offline Application Process:
    • Locate a Branch: Use the branch locator on www.hdfc.com.
    • Meet a Loan Officer: Discuss your loan needs and property details.
    • Fill Application Form: Complete the form provided by the branch.
    • Submit Documents: Provide photocopies of the required documents.
  • 5. Submit Required Documents:
    • KYC Documents:
    • PAN card
    • Aadhaar
    • passport
    • voter ID
    • address proof
    • photographs
    • Income Proof:
      • Salaried:
      • Salary slips (3–6 months)
      • Form 16/ITR (2 years)
      • bank statements.
      • Self-Employed:
      • ITRs
      • balance sheet
      • P&L
      • bank statements
      • business proof.
    • Property Documents:
    • Title deed
    • tax receipts
    • approved plan
    • encumbrance certificate
    • occupancy certificate
    • NOC (if needed).
    • Other Documents: Signed application form, processing fee cheque, existing loan statements (if any).
  • 6. Property Valuation and Legal Verification:
    • HDFC appoints a valuer to assess the market value (loan sanctioned at 50–60% of value).
    • Legal verification ensures the property is dispute-free with a clear title.
  • 7. Loan Approval and Offer:
    • Upon satisfactory verification, a sanction letter is issued detailing:
      • Approved amount
      • interest rate
      • tenure
      • EMI, and terms.

Eligibility Criteria for HDFC Mortgage Loans

  • Applicant Type:
    • Salaried Individuals: Employees working in private companies, public sector undertakings, or government organizations.
    • Self-Employed Professionals: Doctors, chartered accountants, lawyers, architects, engineers, etc., with a registered practice.
    • Self-Employed Non-Professionals: Business owners, traders, manufacturers, or proprietors of firms/companies.
    • Others: In some cases, partnerships, LLPs, or companies may be eligible (subject to specific terms).
  • Age Criteria:
    • Minimum Age: 21 years at the time of loan application.
    • Maximum Age: 65 years at the time of loan maturity (some exceptions for self-employed up to 70 years, depending on income stability).
    • For co-applicants (if any), similar age criteria apply, though non-earning co-applicants (e.g., spouse) may be considered for property ownership purposes.
  • Income Requirements:
    • Stable Income Source:
      • Salaried: Regular salary with proof of employment (minimum 1–2 years of work experience preferred).
      • Self-Employed: Established business/profession with consistent income for at least 2–3 years.
    • Minimum Income: No fixed minimum is publicly specified, but typically, applicants need sufficient income to cover EMIs (e.g., monthly income of ₹25,000+ for smaller loans, higher for larger amounts).
    • Debt-to-Income Ratio: Existing EMIs + proposed EMI should ideally not exceed 50–60% of monthly income.
    • Repayment Capacity: Assessed based on income, expenses, existing loans, and credit obligations.
  • Credit Score:
    • Preferred Score: 700 or above (CIBIL, Experian, or equivalent).
    • Lower Scores: Scores between 650–700 may be considered with higher interest rates or stricter terms.
    • Poor Scores: Below 650 may lead to rejection unless mitigated by strong income or property value.
    • No recent defaults, missed EMIs, or bankruptcies.
  • Property Requirements:
    • Type of Property:
      • Residential: Self-occupied, rented, or vacant houses, flats, or apartments.
      • Commercial: Offices, shops, or commercial complexes.
      • Industrial: Warehouses or factories (select cases, subject to approval).
      • Plots: Limited acceptance (must be in approved layouts with clear boundaries).
    • Ownership: Property must be owned by the applicant or co-applicant (with clear title).
    • Marketable Value: Property should have good resale potential, assessed by HDFC’s valuers.
    • Legal Status:
      • Free of disputes, encumbrances, or litigation.
      • Approved by local authorities with valid documents (e.g., sale deed, approved plan, occupancy certificate).
      • No pending dues (e.g., property tax, society maintenance).
    • Loan-to-Value (LTV) Ratio: Typically, loans are sanctioned up to 50–60% of the property’s market value.
  • Nationality and Residency:
    • Resident Indians: Primary applicants must be Indian citizens residing in India.
    • Non-Resident Indians (NRIs): Eligible in select cases, with stricter conditions (e.g., property must be in India, and income proof from abroad may be required).
    • Co-Applicants: Can include family members (spouse, parents, children) to enhance eligibility, provided they meet age and ownership criteria.
  • Loan Amount and Tenure:
    • Loan Amount: Minimum ₹10 lakh, maximum up to ₹15 crore, subject to:
      • Property valuation (50–60% LTV).
      • Income-based repayment capacity.
    • Tenure:
      • Salaried: Up to 15 years.
      • Self-Employed: Up to 10–12 years.
      • Tenure is capped based on applicant’s age at maturity (e.g., if 50 years old, tenure may be limited to 15 years to stay within age 65).
  • Documentation:
    • KYC: PAN, Aadhaar, passport, voter ID, or driving license for identity and address.
    • Income Proof:
      • Salaried: Salary slips (3–6 months), Form 16/ITR (2 years), bank statements (6 months).
      • Self-Employed: ITR with computation (2–3 years), balance sheet, P&L statement, bank statements (6–12 months), business proof (GST registration, license).
    • Property Documents: Title deed, encumbrance certificate, tax receipts, approved plan, etc.
    • Incomplete or unclear documents may lead to delays or rejection.
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Documents Required HDFC Mortgage Loan

  • Application Form: Duly filled and signed Loan Against Property application form (available online at www.hdfc.com or at HDFC branches). Recent passport-size photographs of the applicant(s) and co-applicant(s), if any.
  • KYC Documents (Know Your Customer):
    For identity, address, and personal verification (applicable to all applicants and co-applicants):
    Identity Proof (any one): PAN card (mandatory for credit assessment), Aadhaar card, Passport, Voter ID, Driving license.
    Address Proof (any one): Aadhaar card, Utility bill (electricity, water, gas—not older than 3 months), Passport, Voter ID, Rental agreement, Bank passbook or statement with address.
    Signature Proof (if required): PAN card, Banker’s signature verification, Notarized signature document.
    Other: Date of birth proof (e.g., birth certificate, SSC certificate).
    Note: Copies must be self-attested; originals required for verification during processing.
  • Income Proof:
    For Salaried Individuals: Salary slips (last 3–6 months), Form 16 or ITR (last 2 years), Bank statements (last 6 months), Appointment letter or employment contract, Employer ID card (if available), Offer or increment letter (for recent job changes).
    For Self-Employed Professionals: ITR with income computation (last 2–3 years, CA certified if applicable), Balance sheet and P&L statement (2–3 years, audited if required), Bank statements (6–12 months), Degree or certificate of practice, Professional registration.
    For Self-Employed Non-Professionals: ITR with computation (last 2–3 years), Balance sheet and P&L statement (2–3 years, audited for larger loans), Bank statements (6–12 months), GST registration, Shop Act license, Partnership deed, MOA and AOA, Trade license or Udyam registration.
    For Balance Transfer Cases: Existing loan statement, Loan sanction letter, Repayment history (last 12 months).
    Note: Income documents must reflect stability and consistency.
  • Property Documents:
    Ownership Proof: Registered sale deed, agreement to sale, conveyance deed, Share certificate (for society flats), Gift deed or will.
    Title Documents: Encumbrance Certificate (13–30 years), Chain of title documents.
    Approval Documents: Approved building plan/layout, Commencement certificate (if under construction), Occupancy or Completion certificate (for completed properties).

Factors of HDFC Mortgage Loan

  • Applicant’s Profile:
    - Type of Applicant: Salaried individuals with stable employment in reputed organizations get better approval chances and interest rates. Self-employed professionals (e.g., doctors, CAs) often enjoy favorable terms due to income stability. Business consistency is crucial for self-employed non-professionals (e.g., traders, manufacturers).
    - Age: 21–65 years at loan maturity (up to 70 years for some self-employed). Younger applicants may get longer tenures; older applicants may face shorter tenures.
    - Nationality/Residency: Resident Indians are preferred. NRIs can apply under stricter rules (property must be in India, income proof from abroad).
    - Co-Applicant: Co-applicants like spouses or parents with stable income or co-ownership can boost approval chances and loan eligibility.
  • Income and Financial Stability:
    - Income Level: Higher, consistent income supports bigger loans and favorable debt-to-income ratios. ₹25,000+/month usually needed for smaller loans.
    - Income Source: Salaried applicants should have stable jobs (1–2 years with the current employer). For self-employed, business turnover, profits, and consistent ITRs over 2–3 years are evaluated.
    - Debt-to-Income Ratio: Total EMIs should ideally be under 50–60% of monthly income. High credit card dues or loan EMIs may reduce eligibility.
    - Financial Documents: Salary slips, ITRs, bank statements, and business financials must be consistent. Discrepancies may lead to rejection.
  • Credit Score and History:
    - Credit Score: 700+ is preferred for lower interest rates and better approval odds. 650–700 may still qualify but with higher rates.
    - Credit History: Clean repayment history is essential—no defaults, missed EMIs, or write-offs. Low credit utilization and fewer recent credit inquiries indicate discipline.
    - Impact: High credit scores can lower interest rates (e.g., 8.75% vs. 12%) and boost eligibility.
  • Property Characteristics:
    - Type of Property: Residential properties (self-occupied, rented, or vacant) are most preferred. Commercial (shops, offices) and industrial (factories, warehouses) properties are accepted with stricter checks. Plots must be in approved layouts.
  • Loan Amount and Tenure:
    - Loan Amount: ₹10 lakh to ₹15 crore depending on property value (50–60% LTV) and borrower’s repayment capacity.
    - Tenure: Depends on applicant’s age and loan amount. Longer tenures for younger applicants; shorter for older borrowers.

Frequently Asked Questions (FAQs)

What is an HDFC mortgage loan?
An HDFC mortgage loan, or Loan Against Property (LAP), is a secured loan where you pledge your residential, commercial, or select industrial property to borrow funds. It can be used for business expansion, education, medical expenses, debt consolidation, or other personal/business needs.
Who is eligible for an HDFC mortgage loan?
Salaried individuals, self-employed professionals (e.g., doctors, CAs), and non-professionals (e.g., business owners).
Age: 21-65 years at loan maturity (up to 70 for self-employed in some cases).
Stable income and good credit score (preferably 700+).
Property must be owned by the applicant/co-applicant with clear title.
What types of properties can be mortgaged?
Residential: Self-occupied, rented, or vacant houses/flats.
Commercial: Offices, shops, or complexes.
Industrial: Warehouses or factories (select cases).
Plots: Limited eligibility (approved layouts only).
How much loan can I get?
Minimum: ₹10 lakh; Maximum: Up to ₹15 crore.
Loan amount is typically 50-60% of the property’s market value (Loan-to-Value ratio) or based on your repayment capacity (income minus existing EMIs), whichever is lower.
What are the interest rates for HDFC mortgage loans?
Rates range from ~8.75% to 12% per annum (floating or fixed), depending on your credit score, profile, property type, and market conditions.
Floating rates may change with RBI policy; fixed rates offer EMI stability.
What is the tenure of the loan?
Salaried: Up to 15 years.
Self-Employed: Up to 10-12 years.
What documents are required to apply?
KYC: PAN, Aadhaar, passport, or voter ID for identity/address.
Income Proof:
- Salaried: 3-6 months’ salary slips, Form 16/ITR (2 years), bank statements (6 months).
- Self-Employed: ITR (2-3 years), balance sheet, profit & loss, bank statements (6-12 months), business proof.
How do I apply for an HDFC mortgage loan?
Online: Visit www.hdfc.com, fill the LAP application form, and upload initial KYC/income documents.
Offline: Visit an HDFC branch, meet a loan officer, submit the form and documents.
After submission, HDFC verifies documents, values the property, and disburses the loan within 7-10 days if approved.
How long does it take to get the loan approved?
Approval typically takes 3-5 days after document submission, followed by property valuation and legal checks.
Disbursal happens within 7-10 working days, provided all documents are complete and the property title is clear.
What are the fees and charges involved?
Processing Fee: Up to 1% of loan amount + GST (minimum/maximum caps apply).
Other Charges: Property valuation (₹5,000–₹15,000), legal verification (₹2,000–₹10,000), mortgage registration (state-specific).
Prepayment Charges: Nil for floating-rate loans (individuals); 2-4% for fixed-rate or non-individuals.
Can I prepay or foreclose the loan?
Yes, prepayment is allowed.
Floating-rate loans: No charges for individuals.
Fixed-rate loans or non-individuals: 2-4% charges may apply, depending on terms.
Partial prepayments can reduce interest costs or tenure.
Is there a tax benefit on HDFC mortgage loans?
No direct tax benefits for personal use.
If used for business purposes, interest paid may be claimed as a business expense, reducing taxable income.
Can I transfer my existing mortgage loan to HDFC?
Yes, HDFC offers a balance transfer facility for loans from other lenders.
Requirements: Clean repayment track (12+ months), existing loan statement, and property documents.
What is the dropline overdraft facility?
HDFC offers a dropline overdraft option where you can withdraw funds as needed, up to the sanctioned limit.
Interest is charged only on the utilized amount, reducing costs.
The limit reduces over time (dropline), ensuring repayment by tenure end.
Can I get a top-up loan?
Yes, existing HDFC LAP customers with a good repayment history can apply for a top-up loan.
Requires re-valuation of the property and updated income proof.
Top-up amount depends on property value and repayment capacity.

List of HDFC Bank Mortgage Loans

  • HDFC Bank Home Loans
  • HDFC Rural Housing Loan
  • Short Term Bridge Loan
  • HDFC Reach Loan
  • HDFC Plot Loans
  • TruFixed Home Loan
  • HDFC Home Renovation Loans
  • HDFC Home Extension Loans
  • Loan Against Property (LAP)
  • TruFixed Home Loan