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HSBC offers home loans ranging from Rs 5 lakhs to 5 crores. This loans will be sanctioned for any types of residential properties i.e. apartments, own buildings etc. Loans will also be sanctioned for resident Indians, non-resident Indians etc. You can get the loan repayment period upto 25 years.

    Features:
  • There are two options for choosing the interest rates i.e. fixed rates and floating rates. You can also switch from a floating rate to a fixed rate and there is no need to pay for that.
  • You can also prepay your loan. There is certain eligibility for the same. You should pay only upto 25 % of the loan amount every year. Also you will be allowed to make pre payment only after 6 months of loan disbursal.
  • Under the income tax act 1961, you are eligible to get tax benefits for the home loan taken for your property.
  • If you are an NRI taking a home loan, you should have a co-applicant who should be a local person or you should have a local contact person.
Interest Rates:

The interest rates given here are interest rates as on July, 2010. These rates vary periodically and it is your duty to check the latest interest rates from the HSBC website or from any other related websites.

The floating interest rate for home loans is related to the HSBC base rate after july 01, 2010. The base rate as on July 01, 2010 is 7%.

If the loan is disbursed, before july 01, 2010, then those loans are linked with Retail Lending rate. The Retail lending rate is 13.75% as on July 03, 2009. If there is any revision in the retail lending rate, then there would be a change in your current interest rates. You have to check the latest rates from the HSBC website.

    The following document has to be presented by the applicant.
  • Loan application with passport size photograph.
  • Identity Proof (passport, PAN Card, voter’s identity card, driving license, photo ration card, government identity card).
  • Address proof – passport, ration card, telephone bill, electricity bill, driving license, life insurance policy.
  • Age proof – passport, valid driving license, birth certificate, SSLC certificate.
  • Financial Documents – Salary slip, Form 16, bank statements.