HSBC provides home loans up to Rs 30 crore with interest rates starting from 8.45% per annum and repayment periods of up to 25 years. They also offer an overdraft feature called Smart Home Loan to their current home loan customers. Additionally, HSBC allows existing home loan customers from other banks and NBFCs to transfer their balance to HSBC at lower interest rates.
HSBC Home Loan Highlights |
|
|---|---|
| Interest Rate | 8.45% p.a. onwards |
| Loan Amount | Up to Rs 30 crore |
| Repayment tenure | Up to 25 years |
| Processing Fees | 1% of the sanctioned loan amount or Rs 10,000, whichever is higher + applicable taxes |
| Table of Contents | ||
|---|---|---|
| Compare Interest Rates Offered By other Lenders | ||
| Interest Rates | ||
| Types of HSBC Home Loans | ||
| Processing Fees & Charges | ||
| Eligibility Criteria | ||
| Documents Required | ||
| EMI Calculator | ||
| FAQs | ||
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
|---|---|---|---|---|
| SBI Bank | 8.40% - 10.15% p.a. | 8.40% - 10.05% p.a. | 8.40% - 10.05% p.a. | Apply Now |
| HDFC Bank Limited | 8.40% p.a. onwards | 8.40% p.a. onwards | 8.40% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.60% p.a. onwards | 8.60% p.a. onwards | 8.60% p.a. onwards | Apply Now |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.35% - 10.35% p.a. | 8.35% - 10.55% p.a. | 8.35% - 10.75% p.a. | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50% - 11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| Axis Bank | 8.70% - 13.30% p.a | 8.70% - 13.30% p.a | 8.70% - 9.10% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Also read: Best Home Loan in India
The bank takes into account factors such as property value, monthly income, occupation profile, credit score, and more when determining the interest rates for home loan applicants.
| HSBC Home Loan |
For salaried: 8.75% p.a. For self-employed: 8.85% p.a. |
| Smart Home Loan (Overdraft) |
For salaried:
For self-employed:
|
| Switch to HSBC (Balance Transfer) | 8.45% p.a. onwards |
HSBC Home Loan
Purpose: HSBC offers home loans for buying ready-to-move residential properties as well as select under-construction properties that have been approved by the bank.
Loan Amount: Rs 3 lakh to Rs 30 crore
Repayment tenure: 20 years (for self employed) & 25 years (salaried)
HSBC Home Loan Balance Transfer
HSBC provides a home loan balance transfer service, allowing customers to transfer their existing home loan to HSBC. The bank offers a credit line of 0.3% of the loan amount and a top-up of 150% at the same interest rate, with no processing fee charged.
HSBC Smart Home Loan
Purpose: HSBC provides an overdraft facility for existing home loan borrowers called the HSBC Smart Home Loan. The overdraft limit is equivalent to the amount of the loan disbursed. This facility is available to both Indian residents and Non-Resident Indians (NRIs) for purchasing ready-to-move residential properties or select under-construction properties approved by HSBC. NRI applicants must have a local co-applicant or a local contact person.
Loan Amount: Rs 5 lakh to Rs 30 crore
Repayment tenure: 20 years (for self employed) & 25 years (salaried)
Also Read : Best Home Loan EMI Calculator
Processing fee
HSBC Bank applies a nominal processing fee, which can be up to 1% of the sanctioned loan amount or Rs 10,000, whichever is higher, along with applicable taxes.
Prepayment charges
| Floating rate home loan | NIL |
| Fixed rate home loan | For prepayments of up to 25% of the sanctioned loan amount in every financial year, HSBC does not charge any fee. However, for prepayments exceeding 25% of the loan amount sanctioned in a financial year, a fee of 3% of the prepaid amount is applicable. |
Other fees and charges
| Copy of property documents | Rs 500 |
| Delayed installments/SI dishonor | Rs 250 per instance |
| Penal interest | 2% over and above the existing rate charged |
| Conversion fee | HSBC charges a fee of 0.50% of the outstanding limit or the current account limit, whichever is higher, plus applicable taxes for its overdraft facilities. |
Also read: Best Home Loan Fees and Charges
To be eligible for a home loan from HSBC, applicants must meet the following criteria:
- Salaried individuals should have a minimum net income of Rs 5 lakh.
- Self-employed individuals should have a minimum net income of Rs 7.5 lakh.
- Applicants must be at least 21 years old at the time of loan application.
- The maximum age at the time of loan maturity varies: 58 years for salaried individuals, 60 years for public limited/government employees, and 65 years for self-employed individuals.
- HSBC also considers factors such as credit score, employer's profile, and others commonly used by lenders to assess home loan eligibility.
Also Read : Best Home Loan Eligibility
To apply for a home loan with HSBC, you will need to submit the following KYC documents and income proofs:
KYC Documents:
- Completed application form with passport size photograph
- Identity Proof (any one): Passport/Voter ID/Driving License/PAN Card/Aadhaar Card
- Residence Proof (any one): Passport/Voter ID/Driving License/Society outgoing bill/Electricity bill/Water bill/Telephone bill/Gas bill (pipeline connection only)/Property tax bill/Domicile certificate with address issued by Municipal Corporation
- Age Proof (any one): Passport/Driving License/PAN Card
Income Documents for Indian Residents:
For Salaried Individuals:
- Latest 3 months’ salary slips showing statutory deductions
- Bank statements for the last 3 months showing the last 3 salary credits
For Self-employed Individuals:
- Acknowledged IT returns for the last 2 years (including e-acknowledgment)
- P&L account, balance sheet certified/audited by a CA, and computation of income for the last 2 years with all annexures and auditor’s report
- Primary bank account statements for the last 6 months
- For Partners of the partnership firm: Partnership Deed
- For Directors of the Private Limited companies: Shareholding Pattern or Memorandum and Articles of Association duly attested by a CA and List of Directors
For Self-employed Professionals/Consultants:
- Acknowledged IT returns for the last 2 years (including e-acknowledgment)
- P&L account, balance sheet certified/audited by a CA, and computation of income for the last 2 years with all annexures and auditor’s report
- Primary bank account statements for the last 6 months
Ensure you have all these documents ready for a smooth application process.
Income Documents for Non-resident Indian (NRI)
For salaried individuals applying for a home loan with HSBC:
- Copy of valid Indian passport showing Visa stamps or copy of foreign passport/equivalent documents
- Copy of valid Visa/work permit/equivalent documents supporting the NRI status of the applicant account holder
- Latest contract copy evidencing salary/salary certificate/wage slips
- Overseas bank account statements for the last 3 months showing salary credits
- 3 months NRE/NRO account statements
- Local bureau report of the country/region where the customer is based
For self-employed individuals applying for a home loan with HSBC:
- Trade license or equivalent document
- 6 months overseas bank account statements and NRE/NRO account statements
- Computation of income, P&L account, and balance sheet for the last 3 years certified by a CA/CPA or any other relevant authority
- Passport copy with valid Visa stamp
- Brief profile of the applicant and business in the specified format
- Local bureau report of the country/region where the customer is based
For Merchant Navy individuals:
- Latest contract copy If on ‘home port’ for more than 6 months this year, future contract copy is required
- Latest Continuous Discharge Certificate (CDC) for 3 years’ employment proof
- Copy of passport for proof of identity
- Primary bank account statements for the last 3 months
- Local bureau report of the country/region where the customer is based (applicable if the country/region of residence is other than India)
Note: All home loan documents should be self-attested by the applicant.
Also Read : Best Home Loan Documents Required
1. Can Non-Resident Indians (NRIs) avail home loans from HSBC Bank?
Yes, HSBC Bank provides home loans to Non-Resident Indians (NRIs). These loans, known as NRI Home Loans, are available to NRIs who have a qualified local co-applicant or a local contact person.
2. What is the turnaround time for HSBC Home Loan?
The HSBC Home Loan application typically takes 5 working days to process after submitting all the required documents. During this time, the lender evaluates the property. Once the evaluation is completed, the loan is processed within 4 days. After submitting the duly stamped complete loan agreement and other essential documents, the loan disbursal takes place within 2 days.
3. What benefits can I get on savings/current account opened for availing HSBC Home Loan?
The savings or current account used to repay the home loan with HSBC doesn't require a minimum balance. Additionally, customers taking a home loan of Rs 1.15 crore or more from HSBC qualify for HSBC Premier benefits. These benefits include personalized services such as a dedicated Relationship Manager for all banking needs and exclusive wealth management services.
Also read: Best Home Loan Balance Transfer
4. Can I apply for HSBC Home Loan if my property is under-construction?
Yes, If you're purchasing an under-construction property, you can still apply for an HSBC Home Loan. In such cases, the loan is disbursed in stages as the construction progresses, and interest is charged only on the amount disbursed at each stage. This arrangement is called Pre-EMI. The actual EMI payments begin either after the full loan amount is disbursed, upon completion of construction, or after 3 years from the first loan installment disbursement, whichever comes first.