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HSBC


HSBC has made enormous strides in the home loan segment. HSBC provides loans to Resident Indians and NRIs in the home loan segment for ready property, under construction property, self-construction and home improvement. Once the home loan is approved, customers get a Gold Credit card, free for the first year with annual charges being waived.

Resident Indians are entitled to certain tax benefits on principal and interest components of a housing loan under the Income Tax Act, 1961.

Home loan borrowers can opt for fixed or floating rate home loans. Repayment options are customer-friendly and flexible. HSBC’s Smart Home is a savings-linked home loan product that allows the customer to save up to 50 percent on interest expenses of the loan. It has launched a home loan product with flexible equated monthly instalment (EMI) payments. MyHome is a unique home loan product that lets the borrower pay an EMI that is either 15% higher or lower than the regular EMI depending on his cash flow.

Eligibility criteria for Resident Indians:

  • Applicant should not be less than 21 years of age.
  • Maximum age for loan eligibility is 58 years for Salaried, 60years for Public Limited/Government Employees and 65 years for Self employed Professionals.
  • Repayment capacity takes into account, income where net income should be 1.5 lacs p.a.
  • Repayment options depend on the stability and continuity of occupation and savings history.

Eligibility criteria for NRIs:

  • NRI Applicants must have a local co-applicant or a local Power of Attorney holder.
  • All joint owners of the property would necessarily have to be co-applicants and would need to sign all loan documents.
  • Minimum age for loan application is 21 years.
  • Repayment capacity is evaluated on factors such as income, qualifications, stability and continuity of occupation and savings history.

 Rate of Interest:

HSBC Smart Homes (Rate of Interest)
Fixed(daily rest)
Fixed Rate
Floating Rate
10.75%
9.5% -9.75%
8.5%-8.75%

*The interest rate on Smart Home linked to HSBC's Retail Lending Rate. (RLR)

  • The interest rate on floating rate loans is linked to HSBC's Retail Lending Rate (RLR). Any revision in the RLR would impact the interest rate.
  • The interest rate of ‘My Home’ is at par with `Smart Home', which has a floating interest rate of 8.5-8.75 per cent.
  • There is an option of switching from a floating rate home loan to a fixed rate home loan once a year and vice-versa.
  • Switching from Fixed Rate to Floating Rate (allowed only after completion of fixed term) costs 1.5% of the outstanding loan amount.
  • Switching from Floating Rate to Fixed Rate- at the time of annual review   of account involves no extra cost. Any other time during the year 1.5% of the outstanding loan amount is charged.

Loan amount:
HSBC home loans range from Rs. 5 lakhs to Rs. 3 crore.

Repayment:
The maximum repayment period can go up to 25 years.

Processing Fee:
Processing Charges are to the tune of 1% of the loan amount applied for, subject to a minimum of Rs 5000 plus service tax. This fee is payable on application and is not refundable.

For more information visit: http://www.hsbc.co.in

 




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