HDFC Bank Mortgage Loan Interest rates in Bhopal
| 50,00,000 Above | upto To 50,00,000 | |
|---|---|---|
| Commercial Properties | 10.75% | 10.75% |
| Industrial Properties | 10.75% | 10.75% |
| Residential Properties | 10.25% | 10.25% |
Loan To Value (LTV) For HDFC Bank Mortgage Loan in Bhopal
| 50,00,000 Above | upto To 50,00,000 | |
|---|---|---|
| Commercial Properties | 65.00% | 60.00% |
| Industrial Properties | 55.00% | 50.00% |
| Residential Properties | 80.00% | 75.00% |
Features of HDFC Bank Mortgage Loan Bhopal
| Type | Features |
|---|---|
| Processing Fee | 1.0% |
| Pre Closure Charges | Non Individual - 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.15,00,000/- |
| Max Loan Amount | Rs.30,00,00,000/- |
HDFC Bank Mortgage Loan Bhopal 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/- Per Bounce |
| 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 Mortgage Loan
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 Mortgage Loan
- Passport
- Driving License
- PAN card
- Photo credit card (with embossed Signature and last two months statement)
- Banker's sign verification
Age Proof For Mortgage Loan
- PAN Card
- Passport
- License
- School leaving certificate
- Voter card
- Birth Certificate
- LIC policy (only for age Proof)
Address Proof For Mortgage 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)
Income Proof For Mortgage 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
- Form 16
- Relieving letter
- Appointment Letter (for last two months)
- Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)
HDFC Bank Mortgage Loan FAQ's
What Property can be considered as collateral for LAP?
You can provide your self-occupied Residential or Commercial property (Shops and Offices) as collateral.
Are there any additional charges for loan Pre-payment?
You may refer to the "Fees & Charges" option under the product "Loan Against Property" and "Loan Against Rental Receivables".
What are the fees & charges applicable?
You may refer to the "Fees & Charges" option under the product "Loan Against Property" and "Loan Against Rental Receivables".
Can I avail an Overdraft against my Property?
A Loan Against Property can be availed as a Term Loan with EMI repayments or as a Drop line Overdraft Facility.
What is the maximum tenure to repay the Loan Against Property?
A Loan Against Rent Receivables can be sanctioned for a minimum tenure of 12 months and a maximum tenure of 108 months. This however depends on the balance lease period and other parameters.
What is the maximum loan I can get against my Property?
You can get a Loan Against Property up to a maximum of 60%* of the market value of your property.
How do I apply for a Loan Against Property (LAP)?
"You can apply for a loan in the following ways: • Fill in the online application form and our representative will get in touch with you • Call one of our PhoneBanking numbers provided on the website • Visit your nearest branch • Our existing liability customers may also get in touch with their Relationship Managers/ Personal Bankers to know more and apply for LAP "
How can I make a request to foreclose my Loan Against Property account?
Kindly submit a written request to your nearest Retail Loan Service Centre to close your account. Our customer service desk will provide you with the necessary assistance.
What is PDC?
PDC stands for Post dated cheques. PDCs are collected for repayment of EMIs.
How much time will it take to decision an application for Loan Against Property?
Applications would be decisioned within 7 days, and in cases which involve customer availability for completing a field investigation or title search and valuation of a property, within 25 days.
How can I get my address changed in my loan account?
"In order to change your address in our records, you may visit the nearest Retail Loan Service Centerand submit the following documents: • Request form for Address Change. • Self Attested copy of your revised address proof along with the original address proof for validation. • In case a bearer submits the request on your behalf, a bearer authorisation along with KYC documents(self attested copy and original for validation) of the bearer, i.e. Identity and Signature Proof like PAN Card, Aadhar Card, Driving License or Passport Copy will also need to be provided. "
What will be done with the post dated cheques if I request to change the mode of repayment/ account for my loan?
Post Dated Cheques(PDCs)/Security Cheques submitted towards loan repayment that have not been encashed, will be defaced and retained by the Bank. In case, you wish to have your old Post Dated Cheques(PDCs)/ Security Cheques to be returned to you, kindly lodge a request at the Retail Loan Service Center or through PhoneBanking or write us an email at www.apnaloanbazaar.com within 45 days from the date of application of change in repayment instructions. In case, we do not hear from you within the stipulated period, the defaced cheques will be destroyed.
How can I change the mode of repayment/ account for my loan?
In the event that you wish to change the mode of repayment/bank account for your loan repayment, you may visit the nearest Retail Loan Service Center and submit your request with the revised account mandate/instructions.
What are the charges I have to pay to change the mode of repayment/ account for my loan?
A service charge of Rs.500 is applicable for changes in loan repayment instructions issued from non-HDFC Bank Account (ECS or PDC facility). A cheque/payorder/demand draft for Rs. 500 favouring "HDFC Bank Ltd Loan Account No. << >>" will be required along with the revised set of repayment instructions.
What are the charges I need to pay to foreclose my Loan Against Property?
In case you wish to foreclose your Loan Against Property, the foreclosure charges are applicable on the outstanding principal or Outstanding Limit as the case may be.(Pre-payment is allowed only after 6 months from the date of loan disbursement).
What are the charges I need to pay to foreclose my loan?
You may refer to the "Fees & Charges" option under the product "Loan Against Property" and "Loan Against Rental Receivables".
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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Things Keep In Mind While Avail a Mortgage Loan
A mortgage is actually made up of several parts – the collateral you used to secure the loan, your principal and interest payments and insurance.
Since most mortgages last 10 to 15 years of monthly payments, you should understand the how exactly it will works for you.
Type of Collateral You Are Offering
Principal And Interest
The principal is simply the sum of money you borrowed on mortgage.
Interest is what the lender charges you to use the money you borrowed, usually expressed as a percentage called the interest rate.
Principal and interest comprise your monthly payments in a process called amortization, which reduces your debt over a fixed period of time. With amortization, your monthly payments largely go toward paying off the interest in the early years, and gradually reduce the principal later on.
Factors That Affect your Loan Interest Rates
Expert Advice
Best Practices for Mortgage Loan
Things not to do for Mortgage Loan
Mortgage Loans Vs Lease Rental Discounting
| Lease Rental Discounting | Mortgage Loan |
|---|---|
| Lease Rental Discounting (LRD) will be based on the actual rental you are receiving on the property. | Mortgage loans will be provided based on already owned property. |
| There is no restriction on LRD loan usage. It can be used for any purpose. | There is no restriction on mortgage loan usage. It can be used for any purpose. |
| Lease Rental Discounting (LRD) will be provided for max of 10 years, However it depends on the rental agreement Tenure. | Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India. |
| Interest rate will be very from 11.00% to max of 15.00% based on the bank to bank. Generally Lease Rental Discounting (LRD) will be fixed interest loans. | Interest rate will be very from 10.5 % to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans. |
| The money received from the LRD will be used for any purpose. There is no end use restriction on the amount. | 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. |
| Loan can be availed up to max of Rs. 20.0 Cr under Lease Rental Discounting (LRD). | Mortgage Loans can be avail up to Rs. 30.0 Cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms. |
| There will be pre payment changes will be applicable for Lease Rental Discounting (LRD). This will be vary from 1% to 4% as per bank internal guidelines. | 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 based on the internal policies of the banks for Lease Rental Discounting (LRD). | Part/Prepayment will be allowed as per bank internal policies for Mortgage loans. |
| Lease Rental Discounting (LRD) eligibility depends on the type of tenant and credibility of tenant. | Mortgage loans also avail with the joint eligibility as company and director or blood relatives. |
| Banks can consider 90% of the Lease Rental value as repayment for loan under the Lease Rental Discounting (LRD) . | 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 Lease Rental Discounting (LRD). | Top up facility will be varying from bank to bank internal guidelines. |
About Bhopal
Bhopal is the capital of Indian state of Madhya pradesh. The city was the capital of the former Bhopal state. Bhopal is known as the city of lakes for its various natural as well as artificial lakes and is also one of the greenest cities in India. It is 17th largest city in the country. It is one of the important various institutions and installations in national level, and so many manufacturing industries are located.
The third Begum, Nawab Sultan Jahan, was one of the most able rulers of the state. Her son Nawab Hamidullah ascended the masnad (throne) in A.D. 1926, and was deeply involved in the political developments of his time. He had believed it imperative for the princes to remain united during Partition and advocated this strongly in his capacity as Chancellor of the Chamber of Princes.
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Places To Be Visited In Bhopal
Moti Masjid
Moti Masjid of Bhopal bears a prominent resemblance to the Jama Masjid of New Delhi. Built by Sikandar Jahan, the daughter of Kudsia Begum, in 1860, this staggering mosque brilliantly displays the heights attained by Islamic art and architecture during the Nawabi era. Fabricated with red sandstone, the highly stylized structure of the mosque is typical of Muslim architecture. It has an arresting marble façade, with two red minarets crowned by golden spikes.
Upper and Lower Lakes
These lakes highly contribute towards beautifying the landscape of Bhopal and are credited as the artwork of Raja Bhoj. The Upper Lake is 6 sq. km. in area and is divided from the Lower Lake by an over bridge.
Laxmi Narayan Temple
Also known as Birla Temple, Laxmi Narayan temple was built by the Birlas and is commemorated to the Hindu deities, Laxmi & Vishnu. This sandy-yellow edifice, embellished with idols of many Hindu Gods and Goddesses, poses a magnificent sight. Birla Museum, adjoined to its precinct, is a storehouse of art and artifacts that date back to the 12th century.
Taj-ul Masjid
One of the largest and most beautiful mosques in India, Taj-ul-Masjid literally means 'The Crown of Mosques' and is an imposing landmark of Bhopal. Its pink façade, coroneted with white-domed minarets, soars to the skyline and stands as a stunning ovation to the rule of Begums in Bhopal. Its construction began under the regime of Shah Jehan Begum, but saw completion after her death. This striking monument is also used as a religious school (madarsa) during the day.
Shaukat Mahal
Shaukat Mahal exhibits Gothic and post-Renaissance architectural patterns and is a beautiful amalgamation of both oriental and occidental architectural styles. Thought to be designed by a Frenchman, it is strikingly different from the other Muslim monuments in its vicinity, especially with the triangular arches that adorn its roof. The white exterior of the building, carved with exquisite floral patterns, makes it stand out amongst all the antique monuments of Bhopal.
Sadar Manzil
Sadar Manzil is located near Shaukat Mahal and is an equally attractive site. Even today, the place highlights the bygone grandeur of the Nawabi era of Bhopal. It served as the hall of public audience of the erstwhile rulers of the place. Sultan Kaikhusrau Jahan Begum, daughter of Shah Jahan Begum, also used it as her private palace. Today, the building houses the headquarters of Bhopal Municipal Corporation.