Who can apply for the HDB loan against property?
The HDB loan against property benefits are available to salaried individuals, self-employed applicants and businesses that meet the criteria set by HDB Financial Services. Salaried applicants must be at least 22 years old and no older than 58 at loan maturity, or 60 for government employees. A minimum net monthly salary of ₹20,000 is required for government employees, and ₹25,000 for private sector employees.
On the self-employed side, the HDB loan against property benefits can be accessed by individuals, sole proprietorships, partnership firms, LLPs, Pvt Ltd companies, OPCs and closely held limited companies. Applicants must be at least 22 years old and no older than 65 at loan maturity, with at least 4 years in business, 2 of them in the same line of work. The minimum annual income is ₹2 lakh in Tier 1 and 2 cities and ₹1.5 lakh in Tier 3 and 4 cities.
Requirements to get the HDB loan against property
To make the most of the HDB loan against property benefits, prepare the documents that match your profile, according to the list published by the lender:
Salaried
✔️ Proof of identity and address (postpaid telephone bill, electricity bill less than 2 months old, voter card, driving licence or employer card)
✔️ Bank statement or passbook for the last 6 months showing salary credits
✔️ Latest 3 salary slips and Form 16 for the last 2 years
✔️ Copies of all property documents
✔️ Sanction letter and repayment track record, if you have an existing loan
Self-employed
✔️ Proof of identity and address
✔️ Certified financial statements for the last 2 years
✔️ Savings and current account statements for the last year
✔️ Income tax returns for the last 3 years, with income computation attested by a Chartered Accountant
✔️ Audited balance sheet and profit and loss account, with tax audit report if applicable
✔️ Company registration licence
✔️ Copies of property documents and the executed sale deed
✔️ Existing loan documents, if applicable
✔️ Professional degree certificate, for professionals
✔️ Proof of investments, if any
✔️ Passport-size colour photograph
Property
✔️ Residential or commercial property free of any existing charge or loan
✔️ For jointly owned property, all co-owners must join as co-applicants
A tip for you to enjoy the HDB loan against property benefits!
To get the most out of the HDB loan against property benefits, use the EMI calculator on the HDB website to test different amounts and tenures before submitting your application. Keep in mind that the company offers two options, EMI in Advance, where the first instalment is paid upfront, and EMI in Arrears, where payment is made at the end of each period, and each one affects the cost differently.
Another tip for enjoying the HDB loan against property benefits safely is to be wary of any request for advance payment, since HDB itself states that it never asks for payments to process loans. Setting up auto debit through ACH is also a good idea, as it helps you avoid late EMIs.
What are the HDB loan against property charges?
According to HDB Financial Services, the interest rate starts at 9.25% per annum, but the final rate is personalised based on your profile, income and the property pledged. So when weighing the HDB loan against property benefits, consider the rate you are actually offered.
The official page also mentions a promotional application fee of ₹2,999, subject to conditions, along with charges for foreclosure or part prepayment. The amounts for these charges are listed in the lender’s schedule of fees and should be checked before you sign the agreement.
How to apply for the HDB loan against property?
The most convenient way to access the HDB loan against property benefits is through the official website. Simply enter your mobile number, verify it with an OTP, fill in your occupation and KYC details and upload digital copies of your documents, after which a company representative will contact you.
You can also apply through the HDB OnTheGo app using the “Apply for New Loan” option, visit your nearest HDB Financial Services branch or call the company’s customer care. Phone support is available on working days during office hours, and call charges may apply.
If you want to check the latest terms and estimate your loan, click the button below and visit the official HDB loan against property website to submit your application safely.
