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Loans Against Property - Eligibility & Documentation
To qualify for a Loan Against Property, the following criteria apply
| a. | Net Income (Rs.) | 5, 00,000 p.a. (salaried) 7, 50,000 p.a. (self-employed) |
| b. | Minimum Age (in years) | 21 |
| c. | Maximum Age (in years) | 60 (salaried) 65 (self employed) |
| d. | Minimum Loan Amount (Rs.) | 200,000 |
| e. | Maximum Loan Amount (Rs.) | 3,00,00,000* |
| f. | Loan to Value Ratio | Up to 65% |
| e. | Maximum Loan Tenure | 15 years |
Note:
*Rs. 3,00,00,000 for applicants in Mumbai, New Delhi (NCR) and HSBC Premier customers. Rs. 1,50,00,000 for applicants of Bengaluru and Chennai.
The interest rate on your floating rate loan, if disbursed on / after July 01, 2010 is linked to HSBC's Base Rate. Any revision in the Base Rate would impact your interest rate. The Base Rate is 7% effective from July 01, 2010.
The interest rate on your floating rate loan if disbursed prior to July 01, 2010 is linked to HSBC's Retail Lending Rate (RLR) and any revision in the RLR would impact your interest rate. The RLR is 13.75% effective from July 03, 2009.
For further details on the Base Rate and it's impact on your floating rate loan, please refer to the FAQs.
Terms and conditions apply. All loans are at the sole discretion of The Hongkong and Shanghai Banking Corporation Limited, India. Loans available for applicants and properties in and around the city limits of Mumbai, Pune, New Delhi (NCR), Bengaluru and Chennai and are subject to change from time to time.
Resident Indians - You will be required to present the following documents:
Completed loan application form with one passport size photograph
Proof of individual’s identity (any one of the following)
- Passport*
- Photo PAN card
- Defence identity card
- Voter's identity card
- Driving licence
- Photo ration card
- Government identity card
Proof of residence (any one of the following)
- Passport*
- Ration card
- Telephone (land / mobile) bill
- Electricity bill
- Driving licence
- Society outgoing bill
- Voter's identity card
- Life Insurance Policy
*Only Passport can be used as both Proof of individual's identity and Proof of residence.
Proof of age (any one of the following)
- Passport
- Valid driving licence
- Voter's identity card
- Birth certificate
- School leaving certificate
- LIC Policy or Premium receipt clearly indicating the applicant's age
- Letter from the employer stating the age of the employee#
# Applicable only for employees of select Public Limited Companies. Conditions apply.
Financial documents (all of the following)
Salaried individuals
- Latest salary slip showing statutory deductions AND
- Form 16 (Declaration from the employer giving the details of income and deductions, duly signed by an authorised signatory of the Company) OR Latest acknowledged IT returns AND
- Bank statements for the last 3 months
Self-employed individuals / Proprietor
- Computation of income + P&L for the last 2 years certified by a C.A. OR P&L and balance sheet for the last 2 years certified by a C.A. AND
- Copies of acknowledged IT returns for the last 2 years AND
- Bank statements for the last 6 months
Partnerships
- Computation of income + P&L for the last 2 years certified by a C.A. OR P&L and balance sheet for the last 2 years certified by a C.A. AND
- Copies of acknowledged IT returns for the last 2 years AND
- Bank statements for the last 6 months
- Partnership Deed, Letter of Authority, Proof of office
NRIs - You will be required to present the following documents:
Salaried NRI Applicants
- Copy of valid passport showing VISA stamps
- Copy of valid visa / work permit / equivalent document supporting the NRI status of the proposed account holder
- Latest contract copy evidencing Salary / Salary Certificate / Wage Slips
- Overseas Bank A/C for the last 3 months showing salary credits
Self Employed NRI Applicants
- Trade license or equivalent document
- 6 months overseas bank account statement and NRE/ NRO account
- Computation of income, P&L account and Balance Sheet for last 3 years certified by the C.A. / CPA or any other relevant authority as the case may be (or equivalent company accounts)
- Passport copy with valid visa stamp
- Brief profile of the applicant and business
Terms and conditions apply. The above stated documentation is subject to change at the sole discretion of HSBC, India.
