HDFC Limited Lease Rental Discounting Loan Interest rates in Vadakara
| Up To 50,00,000 | 50,00,000 Above | |
|---|---|---|
| Commercial Properties | 10.50% | 10.00% |
Features of HDFC Limited Lease Rental Discounting Loan Vadakara
| 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 Vadakara 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
About HDFC Limited
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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 Vadakara
Vadakara is the capital of old Kurumbranadu, which was inhabited by a tribal folk known as Kurumbrar. The name Kurumbranadu (Kadatanad) has its origin in the name of this tribe. Vadakara is exclusively known for its historical traditions which include Lokanarkavu, Muthappan Mala, Payamkutti Mala etc.
Vatakara is the capital of old Kurumbanadu, which was inhabited by a tribal folk known as Kurumbrar. The name Kurumbranadu has its origin in the name of this tribe. A Nambiar Lord known as "Vatakara Vazhunnore" was the former ruler of this area. In 1934 Mahatma Gandhi visited Vatakara as part of a fund raising trip to North Malabar.
Places To Be Visited In Vadakara
Vadakara Sand Banks Beach
Vadakara Sand Banks is an attractive beach stretch that supplements the seaside beauty of Vadakara in the Kozhikode district, situated in north Kerala. This beach where the Kottakkal River meets the Arabian Sea is a stunningly beautiful beach. It is a great spot to enjoy beautiful sunsets, frequented by locals as well as tourists.
Payam Kuttimala Temple
Lord Muthappan temple situated in Memunda at scenic hill top which have been now taken care by Tourism department of Kerala Government. Temple opens only at evening. Lots of people come here to watch the sunset. 'Theyyam' is a legendary art performed at Payamkuttimala temple which attract people worldwide.
Lokarnakavu
The Lokanarkavu situated at Memunda, 5 km from Vatakara, is a popular temple of North Malabar. This temple is associated with the heroes and heroines of Vadakkanpattu. In the vicinity of the temple there are three rock-cut caves. There are candid murals and carvings adorning the caves. The main deity is Goddess Durga. The festival, locally called Pooram,the temple is 1500 years old.
Kozhukkannur Neyyamruth Madom
Kozhukkannur Neyyamruth Madom is located at Purameri, is said to have a history of more than 100 years. The madom relates to the Kotiyoor festival, and is a centre from where the Neyamruthu.
Chennamangalam Temple
Considered as one of oldest temples in Kerala, and also one of the very few temples which has Dhwaja Prathishta.This is situated 2 km from town and is near to Chorode.The main prathista is Lord Shiva and Lord Ayyappa.This temple is also known as second Sabarimala. Few years back there was a Big fire in Sabarimala and many people were not able to go there. At this time many people came to this temple.