HSBC Home Loan

Features & Benefits of HSBC Home Loan

HSBC, being one of the finest institutions, facilitates you with the HSBC Home Loan so that you can easily plan and make your dream of buying a house come true. HSBC provides home loans at an affordable interest rate which starts from 8.35% and floats according to your employment status which can be Salaried, Self-employed or Balance Transfer Loans etc. HSBC issues loam amount starting ranging from INR 3 lakhs up to INR 40 crores with a repayment tenure of up to 25 years in case of a salaried person and INR 20 years for a self-employed individual. You can avail of better offers as HSBC provides great schemes for their customers.

But at the same time, there are many questions that come to your mind like how to apply for an HSBC Home Loan, or what the interest rates will be etc., This piece covers every bit of information about HSBC Home Loans and what you should keep in mind while applying for one.

The features and benefits of the HSBC Home Loan scheme are mentioned below:

• You don’t have to bother much about any extra surcharges or fees and it requires less paperwork to file an application for a home loan.
• You are liable to repay the EMI amounts at the cost of your comfort and convenience.
• You get various options in interest rates which depend on the category of Home Loan by the bank.
• You get easy access to home loan bank transfers.

Note – You get 24*7 assistance and a doorstep guide to help you in any case of any financial or account-related emergency from the HSBC bank.

Eligibility Criteria for HSBC Home Loan

If you want to qualify for the HSBC Housing Loan and want to check the eligibility criteria for HSBC Home Loan eligibility, then all the relevant information has been compiled below:

• If you are a salaried employee, your net income must be INR 5 lakh; if you’re a self-employed individual, that income must be INR 7.5 lakh.
• You must be of 21 years of age or above.
• Minimum loan amount will be INR 3 lakh up to a maximum loan amount of INR 40 Crore.
• The repayment tenure for salaried personnel would be 25 years and for self-employed would be 20 years.
• Maximum age limit for the maturity of loan tenure will be 58 years in case of salaried personnel, 60 years for govt./PSU employees, and 65 years for self-employed individuals.

Types of HSBC Home Loan

HSBC, a leading financial institution, offers a range of home loan products tailored to meet customers’ diverse needs and preferences. These offerings include the standard HSBC Home Loan, providing the flexibility to utilise funds for purchasing a property, transferring an existing loan, or home renovations.

For those seeking to optimise interest payments and reduce loan tenure, HSBC provides the HSBC Smart Home loan, allowing overdraft facilities against residential property. Borrowers can access up to Rs. 30 crore, or 75% of the property value, repayable over a tenure of up to 25 years, with interest rates ranging from 9% per annum to 9.5% per annum.

HSBC also offers Loan Against Property, enabling customers to leverage their residential or commercial property for various personal or business needs. Borrowers can access funds up to Rs. 30 crore, or 75% of the property value, with a repayment tenure of up to 15 years and an interest rate of 9.75% per annum Additionally, the HSBC Smart Loan Against Property allows for interest savings and accelerated loan repayment, functioning as an overdraft facility against the property, with interest rates ranging from 9.85% per annum to 10.1% per annum.

For Non-Resident Indians (NRIs) looking to invest in Indian real estate, HSBC offers specialised solutions. The HSBC NRI Home Loans provide funding up to Rs. 30 crore, or 80% of the property value, with a repayment tenure of up to 25 years, commencing at an interest rate of 8.45% per annum.

HSBC Home Loans Schemes / Products with Interest Rates

HSBC Home Loans Schemes / Products with Interest Rates offers various home loan schemes and products with different interest rates and features. Some of the HSBC home loan schemes and products with interest rates are:

HSBC Home Loan Fees and Charges

HSBC charges a very nominal processing fee on home loans and they are compiled in the table below:-

Documents Required for HSBC Home Loan

The documents required for an HSBC Home Loan are mentioned below:

• You can have any of the following identity proofs like an Aadhaar Card/ PAN Card/ Voter’s ID/ Passport etc.
• You can choose from any of the following address proofs like an Aadhaar Card/ Driving License/ Voter’s ID/ Passport etc.
• You must have your income proof, i.e. the last 3-6 months salary slip as asked by the bank.
• If this loan stands against your property, then you must have your property papers along with all the documents mentioned above.

How Does the EMI Calculation Work for an HSBC Home Loan?

For EMI calculation, you first need to convert the loan repayment tenure into months and the annual interest rate into the monthly interest rate. HSBC charges customers on a minimum interest rate of 8.35%. You can calculate the EMI value by using this formula:

EMI= [P x R x (1+R)^N]/[(1+R)^N-1]

where,

• P is the Principal amount or the total loan amount,
• R is the interest rate, 
• N is the period in months

You can use the HSBC home loan EMI calculator to estimate your monthly repayments and total interest based on the loan amount, interest rate, and tenure. For example, if you take a loan of Rs. 50 lakhs for 20 years at an interest rate of 8.75% p.a., your estimated EMI would be Rs. 44,186, and your estimated total interest would be Rs. 56,04,640.

By using this EMI calculator, we have compiled a table as shown below for your reference only,

Disclaimer: This above table is for your reference only. The interest rate mentioned as per November 2023.

HSBC Home Loan on Balance Transfer

HSBC gives their customers a unique feature so that they can easily transfer their home loan back to their bank accounts which in turn helps them as the interest rates are lower compared to the normal rates like they are between 6.00% – 7.00% from 8.35%. This facility helps customers to rely on their finances during an untimely emergency. For further details, you can contact their customer care number.