HDFC Limited Lease Rental Discounting Loan Interest rates in Gwalior
| Up To 50,00,000 | 50,00,000 Above | |
|---|---|---|
| Commercial Properties | 10.50% | 10.00% |
Features of HDFC Limited Lease Rental Discounting Loan Gwalior
| Type | Features |
|---|---|
| Processing Fee | Upto 2.0% |
| Min Tenure | 5 Years |
| Max Tenure | 15 Years |
| Min Age | 24 Years |
| Max Age | 60 Years |
| Min Loan Amount | Rs.15,00,000/- |
| Max Loan Amount | Rs.30,00,00,000/- |
HDFC Limited Lease Rental Discounting Loan Gwalior Charges
| Type | Charges |
|---|---|
| Penal Interest | 24% Per Annum |
| Bounce Cheque Charges | Rs.200/- |
| Switch Variable To Fixed | 1.75% on Outstanding |
| Switch Fixed To Variable | 1.75% on Outstanding |
| Photocopy Documents | Rs.500/- |
| C E R S A I Charges | "Rs 50/- For Loans up to 5 Lakhs, Rs 100/- For Loans above 5 Lakhs " |
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 Limited Lease Rental Discounting Loan FAQ's
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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 Gwalior
Gwalior is a major city in the India states of Madhya pradesh Known for its rich cultural heritage, the city of Gwalior has played an integral role in Indian history from ancient times,through the medieval era, and later during the Moghul and British colonial rule. The bustling city atop a hill, is dominated by the Gwalior fort which has been the battleground for many struggles for power. It is having a good historical and architectural significance.Gwalior according to ancient history was Gopalkash, said to be the same place where Bhima from the epic Mahabharata attained victory. Archeological excavations reveal that the city dates back to the middle Stone ages and Iron Age. The actual city was founded back in the 8th A.D. by Suraj Sen, the head of the Kachwaha clan. Legend has it, that a sage called Gwalipa, cured him of leprosy and thus the king named his city Gwalior. The city became the seat of power for many dynasties to come. From the 11th - 15th century, the medieval era saw the rule of Rajputs. This was followed by intervention by the Mughals, who were dethroned by the Rajput ruler Raja Man Singh, but only for a short
while.
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Places To Be Visited In Gwalior
Gwalior Fort
The location of Gwalior Fort itself is stunning. It stands magnificently on a rock that is isolated. The famous Mughal Emperor Babur described this fort as ‘The Pearl in the Necklace of the Forts’. The construction of the fort was begun over 1000 years ago. The architecture of the fort is stunning. You will be mesmerized by the stone carvings here. The fort houses three temples and six palaces. The fort stands silent proof for the rule of various mighty dynasties.
Sun Temple
The name itself says it. Yes, Sun Temple is dedicated to Sun, which is worshipped as a God. The temple was built by the famous industrialist G.D. Birla in the year 1988. It is a reproduction of the renowned Sun Temple in Konark. The temple’s exterior is made of red sand stone and the interior is made of white marble. The temple attracts tourists from all parts of the world. Religious faith apart, the structure of the temple and the atmosphere make people throng the temple. The tranquil atmosphere gives you peace of mind. You will also find an attractive garden inside the temple premises.
Jai Vilas Palace Museum
:Jai Vilas Palace is a stunning display of architectural grandeur of the bygone era. The palace built in European style has a blend of Tuscan, Italian and Corinthian styles. The palace is now converted into museum. The palace was constructed by Maharaja Jiyaji Rao Scindia in the year 1875. The Durbar Hall in the palace has its walls decorated with golden leaves. The largest pair of chandeliers in Asia is found hanging in the palace. Now a museum, the collections in Jai Vilas Palace are equally unique and awe inspiring.
Memorial Of Tansen
Tansen Memorial was constructed to commemorate a great musician of the bygone era. Tansen, the musician, was one among the nine gems that adorned the court of Akbar. The construction reflects Mughal style of architecture. The lush gardens surrounding Tansen Memorial offer great view. The memorial is famous for national level music festivals held here every year.
Tigra Dam
Tigra Dam is situated about 23 km from the city. The dam is huge and you will love the sight of migratory birds swimming in the water. Boating facilities are available here. This beautiful picnic spot is a perfect place to relax.