Loan Against Property
HDFC's "Property Advantage" - Loan Against Property is essentially a loan against the mortgage of an existing property. Customers can benefit by taking this loan to meet funding requirements like Higher Education, Marriage Expenses, Medical Expenses, Business Needs, Professional Needs, etc.
Requirements of Property to be mortgaged
- It can be Residential or Non Residential property
- The property under consideration should be Fully Constructed and should be a Freehold property, having a clear and marketable title
Features
- Maximum Loan
- Existing Customers : Balance of 60% of the market value and present loan outstanding.
- New Customers : 50% of the market value of the property (including the cost of the land).
- Subject to : Minimum Market Value of the property being Rs.5,00,000 for Residential property and Rs.7.50 Lacs for Non Residential Property Repayment Capacity of the customer.
- Maximum Term
| Property Type | Repayment Option | No. of Years* |
| Residential | EMI Based | 15 |
| Non Residential | EMI Based | 15 |
| Residential and Non Residential | Simple Interest | 02 |
| * Subject to retirement age of the customer | ||
- Apply individually or with a co-applicant
- Adjustable Rate Home Loans
Security
Security for the loan is a first mortgage of property against which HDFC has advanced the loan. In addition, HDFC may request for additional, interim, collateral security. Liquid securities in the nature of shares, fixed deposits, etc. may be accepted as additional securities on a selective basis.
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