Read on to know more about HSBC housing loans
HSBC Home Loans
HSBC has made rapid strides in the home loan segment of India. The bank provides loans for ready property, under construction property, self-construction and home improvement. HSBC Home Loans range from Rs. 5 lakhs to Rs. 3 Crore and the maximum repayment period can go up to 25 years. Flexible repayment options of HSBC allow home loan borrowers to choose between fixed and floating rate home loans. They also have the option of switching from a floating rate home loan to a fixed rate home loan once a year, at no extra cost. Once the home loan is approved, customers get a 'Gold' credit card, free for the first year with annual charges being waived. Read on to know more about HSBC Home Loans.
HSBC Housing Loan
Eligibility
- To qualify for HSBC Home Loan, the minimum net income of the person (applying for the loan) should be Rs 150,000 per annum.
- The minimum age limit for applying the loan is 21 years.
- A salaried person can apply the loan up to 58 years of age, while the maximum age limit for public limited/government employee and self employed applicant is 60 years and 65 years, respectively.
- The minimum limit of the loan is Rs 500,000 and the maximum limit is Rs 3 Crore.
- If the applicant is an NRI, then he/she should have a local co-applicant or a local Power of Attorney holder.
Documents Required
For Indian Residents
Salaried Individuals
- Completed Loan Application Form with one Passport Size Photograph
- Identity, Age and Residence Proof
- Latest Salary Slip or Latest acknowledged IT returns and Bank Statements for the last 3 months
Self-Employed Individual
- Completed Loan Application Form with one Passport Size Photograph
- Identity, Age and Residence Proof
- Computation of Income for the last 2 years certified by a C.A or Balance Sheet for the last 2 years certified by a C.A.
- Copies of Acknowledged IT Returns for the last 2 years
- Bank Statements for the last 6 months
Partnerships
- Completed Loan Application Form with one Passport Size Photograph
- Identity, Age and Residence Proof
- Computation of Income for the last 2 years certified by a C.A or Balance Sheet for the last 2 years certified by a C.A.
- Copies of Acknowledged IT Returns for the last 2 years
- Partnership Deed, Letter Of Authority, Bank Statements for the last 6 months, Proof of Office
For NRI Applicants
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 Applicant
- 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
Benefits Of HSBC Home Loan
- HSBC Home Loan provides flexibility in the repayment options.
- With a 'no penalty' option, repaying loans provided by the bank has become easier for the applicant.
- Certain tax benefits can be availed by the applicant, if he/she is a resident of India.
Popular Products
- HSBC's 'MyHome' is a unique home loan product that lets the borrower control the EMIs on an annual basis. Every year, depending on the customer's financial needs, he can decide to pay an EMI that is either 15% higher or lower than the regular EMI.
- HSBC's Smart Home is a savings-linked home loan product that requires the customer to open a current account with HSBC. The EMI varies from month to month depending on the balance maintained in the account and the bank claims that the customer can save up to 50 per cent on interest expenses of the loan.
