HDFC offers loan against property to borrowers to meet their business as well as personal needs against the mortgage of their existing property. Taking a loan from HDFC has several benefits such as affordable interest rates, multiple repayment options to pay your EMI and nil prepayment charges for individual borrowers. To apply for a loan against property at HDFC, an applicant is required to fulfill certain eligibility criteria – the age of the borrower must be 24 years or above at the time of application and repayment have to be completed before the age of 65. In addition, a salaried employee is required to have a net monthly income of Rs. 25,000 or more.
For the same loan, self-employed individuals will need to have a net annual income of more than Rs. 3 lakhs. HDFC grants the loan to borrowers with a CIBIL score of 650 and above and minimum FOIR required is 0.65. In addition, HDFC does not finance the entire property value. The maximum loan against property eligibility would depend upon the value of the property.You can easily apply for a loan against property both online as well as offline. Apply for mortgage loan at HDFC for easy documentation and fast disbursal.
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