HSBC Loan against Property – Interest Rates 2024, Eligibility

Loan Against Property: Check the ✓ Interest Rate ✓ Eligibility ✓ Documents Required and Apply for Loan Against Property online with HSBC India!

You can raise funds against your residential property with Smart Loan Against Property (SmartLAP) from HSBC. Your SmartLAP is operated through a SmartLAP account that acts as a current account with an overdraft limit equal to the amount of the loan disbursed. Your Smart Home account would be your loan account.

Smart Loan Against Property Features & Benefits

• Loan up to Rs. 10 crores
• Tenure up to 15 years

HSBC Loan against property Interest Rates 2024

Loan against Property	9.65% for Salaried + Self-employed
Loan requirement	Loans up to INR 400,000,000
Loan tenure	Tenor of up to 15 years

Eligibility required for HSBC Loan Against Property

To qualify for a Home Loan from HSBC, the following criteria apply

Minimum net income INR 500,000 p.a (salaried)4 or INR 750,000 p.a (self-employed)

Minimum age (in years) 21

Maximum age (in years) on maturity of loans 58 (salaried), or 60 (public limited/government employees), or 65 (self-employed)

Minimum loan amount1 INR300,000

Maximum loan amount1 INR100,000,000

Maximum tenure (in years) 20 years. For salaried applicants 25 years

Prepayment Charges
Up to 25% of the outstanding loan amount once in every financial year	NIL
For amount in excess of 25% of the limit outstanding4 or pre-payment more than once	4% of amount to be prepaid
Note Pre-payment is permitted after a minimum of 6 months following the loan disbursal. For processing pre-payment requests, customers are required to send HSBC a written instruction communicating their desire to pre-pay with their intent of wanting to reduce the loan tenure or EMI. In case no clear instruction is received to reduce loan tenure or EMI, we will by default reduce the loan tenure based on the pre-payment amount received. In case excess funds/amounts are received towards the loan account without any written instructions from the customer to prepay, the amount will be credited to the SmartLAP account and will impact the available balance in the account.

Processing fees – A total of 1% of the loan amount sanctioned or Rs. 10,000, whichever is higher, will be applicable as Processing Fee (plus service tax). The fee is collected in two parts: Rs. 5,000 + Service Tax is to be paid upfront along with the loan application; and the balance Processing Fee amount + Service Tax is to be paid before loan disbursal. Processing Fee paid is non-refundable.