What are terms and charges applicable for preclosure of HSBC Home Loan?
The preclosure of the home loan is permitted only after 6 months of the loan disbursal. If you have availed HSBC home loan on floating rate of interest, then you don’t need to pay any charges for preclosure of the loan account.
For loan availed at Fixed rate of interest, no preclosure charges applicable on prepaid amount up to 25% of the loan sanctioned in every financial year. There is 3% prepayment charges on the prepaid amount, if the prepaid amount is more than 25% of the loan amount sanctioned in every financial year.
What is the process for preclosure of the Home loan?
To process a preclosure request, you have to send HSBC a written instruction explaining your desire to pre-pay with their intent of wanting to reduce the loan tenure or EMI. If no clear instruction is received to reduce loan tenure or EMI, the bank will by default reduce the loan tenure on the basis of the preclosure amount received. In case excess funds/amounts are received towards the loan account without any written instructions from the customer to prepay, such excess amounts will be apportioned towards the principal amount of the loan.
What are the minimum and maximum amount a customer can borrow for Home loan?
The minimum and maximum limits of the loan depends on the city of property and the type of property. HSBC offers minimum of Rs. 5 Lacs to maximum Rs. 10 Crores for ready and under-construction properties in Mumbai and New Delhi (NCR).
Minimum Rs. 3 Lacs to Rs. 7.5 Crores for ready and under construction properties in Bengaluru, Chennai, Pune, Ahmedabad, Chandigarh, Jaipur, Hyderabad and Kolkata. However, HSBC do not fund under construction property in Kolkata. Minimum Rs. 3 Lacs to Rs. 3 Crores for purchase of plot/land in Mumbai, Delhi, Bengaluru, Chennai, Pune, Ahmedabad, Chandigarh, Jaipur and Hyderabad.
Minimum Rs. 3 Lacs to maximum Rs. 1 Crore for self-construction loan and Rs. 3 Lacs to Rs. 25 Lacs for home improvement loans for properties in all sourcing cities.
For HSBC Premier customer, maximum loan amount of Rs. 10 Crores for all sourcing cities for ready and under construction properties.
Note: The minimum agreement and market value of the property to be funded for Mumbai and Delhi is Rs. 25 Lacs and for all other sourcing cities it is Rs. 15 Lacs.
How much time will it take for the approval of the home loan?
It can take up to 5 days working days for the approval of your home loan, subject to submission of complete documents.
How much time will take for the processing of the home loan?
Calculating from the date of submission of all required documents, it can take up to 4 working days.
When my loan will be disbursed?
You’ll receive the disbursed amount within 2 days of submitting duly stamped and completed loan agreement and other required documents.