HDFC Bank Lease Rental Discounting Loan Interest rates in Ranchi
| Up To 50,00,000 | 50,00,000 Above | |
|---|---|---|
| Commercial Properties | 10.50% | 10.00% |
Features of HDFC Bank Lease Rental Discounting Loan Ranchi
| Type | Features |
|---|---|
| Processing Fee | 1.0% |
| Pre Closure Charges | 2.5% |
| Part Payment Charges | Allowed |
| Min Tenure | 5 Years |
| Max Tenure | 15 Years |
| Min Age | 23 Years |
| Max Age | 60 Years |
| Min Loan Amount | Rs.1,00,000/- |
| Max Loan Amount | Rs.30,00,00,000/- |
HDFC Bank Lease Rental Discounting Loan Ranchi Charges
| Type | Charges |
|---|---|
| Penal Interest | @24% Per Annum |
| Duplicate Statement Charges | Nil |
| Insurance Cover | Upto Loan amount |
| Inspection Charges | At Actuals |
| Legal Opinion Valuation Charges | At Actuals |
| Bounce Cheque Charges | Rs.550/- |
| Switch Variable To Fixed | Not Applicable |
| Switch Fixed To Variable | Not Applicable |
| Photocopy Documents | Rs.1000 + Taxes |
| Charge For Exchanging E C S Mandate | Rs. 500/- |
| Repayment Schedule Charges | Rs.200/- |
| Loan Re Schedulement Charges | Nil |
| N O C Issuance Charges | Nil |
Documentation For Lease Rental Discounting
For Salaried Persons
- Filled Application form
- Identity Proof (PAN CARD)
- Address Proof
- Latest 3 months Payslips
- Job Continuity Proof
- 2 Passport Size colour Photographs
- Co-Applicant identity proof, Address Proof
- Co-Applicant relationship Proof and Photograph
- 6 months Bank Statements
- 3 Post Dated Cheques/ECS Mandate
- Property Related documents
For Self Employed/Professionals
- Filled Application form
- Identity Proof
- Address Proof
- Last 2 years Income Tax Returns
- Professional/Self employed existence proof for more than 3 years
- 2 Passport Size colour Photographs
- Co-Applicant identity proof, Address Proof
- Co-Applicant relationship Proof and Photograph
- 6 months Bank Statements
- 3 Post Dated Cheques/ECS Mandate
- Property Related documents
Identity Proof For Home Loan
- Passport
- Driving License
- PAN card
- Photo credit card (with embossed Signature and last two months statement)
- Banker's sign verification
Age Proof For Home Loan
- PAN Card
- Passport
- License
- School leaving certificate
- Voter card
- Birth Certificate
- LIC policy (only for age Proof)
Income Proof For Home Loan
- Passport
- Telephone bill (BSNL/MTNL)
- Electricity bill
- Title deed of property
- Rental agreement
- Driving license
- Election ID card
- Photo-credit card (with last two month statements)
Address Proof For Home Loan
- Latest salary slip
- Current dated salary Certificate with latest form 16.
- Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
Job Continuity Proof For Home Loan
- Form 16
- Relieving letter
- Appointment Letter (for last two months)
- Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)
Banking History For Home Loan
- Bank statements of latest 2 months
- 3 months bank passbook
Property Related Documents For Home Loan
- Min of 15 years of Link documents of Property
- Min 15 Years of Encumbrance Certificate (EC) of the property obtained from Govt. Authorities
- Property Sanction plan
- BRS/LRS copies (if required, any)
HDFC Bank Lease Rental Discounting Loan FAQ's
About HDFC Bank
According to the Brand Trust Report 2014, HDFC was ranked 32nd among India's most trusted brands. HDFC was ranked 45th on the list of top 50 Banks in the world in terms of their market capitalization.
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Why Lease Rental Discounting?
Most of the families prefer to have their own house whether big or small. There is a significant difference staying in a self owned house than in a rented shelter. House is the most costly asset owned by middle and upper middle class families and it has emotional value. Affording own house with actual money is not always possible. Even though a person has stable income, years of savings are required to own a house in this current market. A Home loan answers the problems of those people who are willing to have their own home but do not have sufficient money to do that. You can now own your dream home by availing Home loan.
Home loan is normally for purchase of a new House/ Flat/Plot or renovation/ renewing of existing residential or commercial properties. Home loans are provided by Banks and registered finance companies. In Indian market there are several Banks/ HFCs providing Home loans at competitive interest rates. Home loan is always secured against the property that you buy. In case you are unable to repay the loan amount the lending bank will have right to take possession of the home.
In case of a Home loan entire lump sum amount will be sanctioned and disbursed initially based on the credit worthiness. You can plan your housing loan repayment tenure varying from 10-30 years and is repayable in form of EMIs. The rate of interest applicable is linked with Bank's base rate. You have a option to chose floating interest rate or fixed interest rate for the loan amount. For those who want the EMI amount to be fixed and are intending to plan their payments accordingly can opt for fixed interest rate. Those who are ready to take minimal risk and intend to avail the advantage in the long run can avail floating rate of interest. Floating rate of interest is more beneficial in the long run.
Expert Advice
Best Practices for Home Loan
Things not to do for Home Loan
Lease Rental Discounting Vs Mortgage Loans
| Lease Rental Discounting | Mortgage Loan |
|---|---|
| Home loan can be availed for own/purchase of new property (Home or Flat). | Mortgage loans will be provided based on already owned property. |
| Under Home Loan, loan can be availed only for purchase of new property. | There is no restriction on mortgage loan usage. It can be used for any purpose. |
| Housing Loan will be provided for max of 25 years, some banks can extend it to 30 years also. | Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India. |
| Home Loans interest will be as low as 9.95% to max of 11.5%, these interest rates will be subject to change as per market condition. | Interest rate will be very from 12% to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans. |
| Home Loan customers can be eligible for Income tax deduction of Rs 1.00 lakh on housing loan interest under section 80EE. This would be in addition to the existing tax benefit of Rs 1.5 lakh under section 24, only if the value of the property purchased should not exceed Rs 40 lakh. Also, it could result in maximum savings of Rs 30,000-31,000. | If the money received from a mortgage loan is used for business purposes, the interest can be claimed as an expense on the balance sheet of the business. However, if an individual is using it for personal end use, like marriage or medical expenses, the interest is not tax deductible as per income tax guidelines. |
| Loan can be availed up to max of Rs. 1.0 Cr under home loan, for real estate project funding it can be up to Rs. 20.0 based on the bank risk appetite. | Mortgage Loans can be avail up to Rs. 15.0 cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms. |
| There is no prepayment penalty for the housing loan customers, when the loan will be cleared by the own funds. | There will be pre payment changes will be applicable for mortgage loans. This will be vary from 1% to 3% as per bank internal guidelines. |
| Part pre Payments will be allowed in Housing Loans. | There were no part prepayment will be allowed for Mortgage loans. |
| Housing Loan can be availed with joint eligibility by Husband and wife or blood relatives. | Mortgage loans also avail with the joint eligibility as company and director or blood relatives. |
| You can avail max of 80% of the property value as a home loan as per your eligibility criteria. | In Mortgage Loan max of 65% property value can avail as a Loan based on the type of property. |
| You can avail a top loan facility on your home loan. | Top up facility will be vary from bank to bank internal guidelines. |
About Ranchi
Ranchi, the capital city of Jharkhand state is located on southern part of the Chota Nagpur plateau which forms the eastern edge of the Deccan plateau system. Ranchi has a hilly topography and is surrounded by dense tropical forests. Earlier the name of the district was Lohardaga with headquarter at Lohardaga, the present headquarter of a separate district.
Magadha Empire exercised indirect control over the territory, which lasted until the reign of the Ashoka. Kalinga rulers are believed to have ravaged the region during their expeditions to Rajgir and Pataliputra. which ruled Ranchi district and a larger part of Chota Nagpur Plateau as a sovereign king for almost next 1000 years.
With the expansion of the Mughal Empire, the sovereign status of the Nag Dynasty was technically affected, but they continued to rule and administer independently until the advent of the East India Company. During the period of the British Raj, adivasis and the local population of other ethnic backgrounds of Ranchi and other regions currently comprising the State of Jharkhand continued to oppose the subjugation by the British, and the region witnessed a number of uprisings and revolts.
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Places To Be Visited In Ranchi
Panch Gagh Falls
Located at about 55 kms from Ranchi, Panch Gagh Falls is on Ranchi-Chakradharpur Road. The waterfalls consist of five streams, which look awesome as they fall from a great height.
Jagannath Temple
The 17th century situated on hilltop is a major attraction in the city. Jagannath Templelooks very much like the Puri Jagannath Temple and it is considered the second largest Jagannath Temple next to Puri Temple.
Ranchi Lake
Ranchi Lake is located at the foot of Ranchi Hill, which is at the center of the city and hence tourists frequent this place in great numbers. The view of the hill and the vast expanse of water mesmerize you. The lake was excavated in 1842 by Colonel Onsley. Boating facilities are available here. It is a perfect place to unwind on a quiet evening watching the sunset as the cool breeze gently plays around.
Hundru Falls
It is quite natural to name a water fall as the number one destination in a land that is called ‘The City of Waterfalls’. Located at 45kms away from Ranchi, the spectacular waterfalls is a favorite tourist destination. The river Subarnarekha falls down from 320 feet height thus forming Hundru Falls.
Birsa Zoological Park
One of the best and considered to rank amongst the most beautiful zoos in the country,Birsa Zoological Park is worth every second you spend here. Spanning an area of 104 hectares of land, which is mildly uneven, the zoo is a real home to wild animals. It is just 16km away from the city’s center. Birsa Zoological Park is divided into two by National Highway. The larger area is the home of wild animals and the smaller area is thoroughly a botanical section. Some of the animals found in the zoo include lion, tiger, hyena, fox, wild cats, barking deer and elephants.
Sun Temple
Sun Temple is one of the most frequented tourist destinations in Ranchi. It is a wonderful display of architecture. With 18 wheels and driven by seven horses, the uniquely designed Sun Temple looks majestic. Sanskrit Vihar, a charitable trust constructed the temple.