There is always a situation in life when you need an extra injection of funds – it could be for educational expenses, medical expenses, marriage expenses or even business reasons. If you have a property in your name, then you can unlock its potential by availing an HDFC Mortgage Loan. A mortgage loan allows you to retain your property while availing of a loan at a reasonable rate of interest.
Features of HDFC Bank Mortgage Loan:
• Higher loan amount available for longer tenure, lower EMIs and at attractive interest rates.
• Flexible repayment options – you can choose between Dropline Overdraft Facility or EMI based loan.
• Minimal documentation and speedy approval process
• Type of collateral accepted – both residential and commercial properties
• Can be used as a debt consolidation tool
• Funds can be used for personal as well as business needs.
What is the eligibility criteria?
You need to be either a salaried employee or a self-employed professional/individual and be able to demonstrate a stable source of income. It is advisable to check the specific income and age requirements with the bank directly.
What are the documents required?
For the salaried:
• Proof of Residence - Ration Card / Telephone Bill / Electricity Bill / Voters Card
• Proof of Identity - Voter's Card / Driver's License / Employer's Card
• Your latest Bank Statement (where salary is credited) for the past 6 months as a proof of income
• Your Salary Slip from the last 6 months with all deductions shown
• Form 16 from the last 2 years
• Copies of all Property Documents with clear titles of the concerned property that you are about to pledge for the loan
For the self-employed professional/individual:
• Financial Statement for the last 3 years duly certified by a CA
• Your Proof of Residence - ration Card / Telephone Bill / Electricity Bill / Voters Card
• Your Proof of Identity - Voter's Card / Driver's License / Employer's Card
• Your latest Bank Statement (where salary is credited) for the past 6 months as a proof of income
• Copies of all Property Documents with clear titles of the concerned property that you are about to pledge for the loan.
How much can I borrow?
You can get a maximum of 60% of the market value of the property pledged, depending on its type and its value, upon successful verification by the bank’s evaluators.
How do I apply for an HDFC Mortgage Loan?
You can apply for a mortgage loan from HDFC in the following ways:
• You can apply online by filling in the online application form. A representative will get in touch with you.
• You can call one of the PhoneBanking numbers listed on the website
• You can visit your nearest branch, and have a representative help you with the application process.
• Existing loan customers can contact their Relationship Manager for loan details
Need help?
Alternatively, if you think you need help with your mortgage loan application and advice on loan eligibility, CreditMantri can guide you through the entire process and match you with the loan offer that best suits your profile.