Loan Against Property

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

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Features

  • Existing Customers : : LAP should not exceed 60% of the market value of the mortgaged property and the principal outstanding on all existing loans.
  • New Customers : 50% of the market value property.
  • Maximum loan term is 15 years
  • Apply individually or with a co-applicant
  • Adjustable Rate Home Loans

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Processing Fees

Up to 1.50% of the loan amount or Rs.3,000 whichever is higher, plus applicable taxes.

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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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