Are you planning to apply for a loan against your property? Generally this is a better option than taking a personal loan as the interest rate is quite low in case of loan against property. In this article I will share about the process of getting a loan against your property in HDFC bank.
Generally why do people go for this option? You may want to generate funds for your business without reducing capital, planning a wedding or sending your children for education abroad or any other personal reason to arrange some money. In that case, this type of personal loan will help you to fund your emergency finance need.
Key Features & Types of Loan Against Property in HDFC Bank
Generally HDFC bank loans are having some features which will help you to decide whether its a good or bad product. Few of the key features are,
- Interest rates: Interest rate can be varied and its totally depend on HDFC banks decision. You have to contact to your nearest HDFC branch to know more about interest rates.
- Property Type: There are many categories and types of properties for which you can ask for a loan. They are Self occupied residential flat or bunglow, Rented residential flat or Bunglow, Rented commercial premise, Self occupied commercial premise, self occupied commercial shop/office, Vacant residential flat or bunglow, residential plot etc.
- Flexible product offerings: Pick from an EMI based loan or an Overdraft facility, suited to your needs.
- Easy repayments: With longer repayment tenure & competitive interest rates, EMI is certainly lower compared to other funding options.
- Loan for the self employed: Special customized loan options for self-employed individuals is also available.
For more details please HDFC bank website.
Steps To Apply HDFC Bank Loan Against property
You can apply for a loan in the following ways:
- You can visit HDFC bank loan against property page and fill up the form. And then a representative will contact you for further steps.
- You can also call HDFC PhoneBanking numbers provided on the website to know how to proceed.
- After that you have to Visit your nearest HDFC branch
- After proper assessment of your property only HDFC bank will decide how much loan can be disbursed. Generally maximum 60% of the market value of the property could be the maximum loan amount.
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. HDFC bank customer service desk will provide you with the necessary assistance.
So, have you ever applied for loan against property to fund any of your emergency personal need? How was your experience, please write us by commenting below.