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HDFC Limited Lease Rental Discounting Loan in Chennai

Interest Rate starts from 10.00%

HDFC Limited Lease Rental Discounting Loan Interest rates in Chennai

Please Find the Detailed HDFC Limited Lease Rental Discounting Loan Interest Rates

Up To 50,00,00050,00,000 Above
Commercial Properties10.50%10.00%

Features of HDFC Limited Lease Rental Discounting Loan Chennai

Type Features
Processing FeeUpto 2.0%
Min Tenure5 Years
Max Tenure15 Years
Min Age24 Years
Max Age60 Years
Min Loan AmountRs.15,00,000/-
Max Loan AmountRs.30,00,00,000/-

HDFC Limited Lease Rental Discounting Loan Chennai Charges

Type Charges
Penal Interest24% Per Annum
Bounce Cheque ChargesRs.200/-
Switch Variable To Fixed1.75% on Outstanding
Switch Fixed To Variable1.75% on Outstanding
Photocopy DocumentsRs.500/-
C E R S A I Charges"Rs 50/- For Loans up to 5 Lakhs, Rs 100/- For Loans above 5 Lakhs "

Documentation For Lease Rental Discounting

  • Filled Application form
  • Identity Proof (PAN CARD)
  • Address Proof
  • Latest 3 months Payslips
  • Job Continuity Proof
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents
  • Filled Application form
  • Identity Proof
  • Address Proof
  • Last 2 years Income Tax Returns
  • Professional/Self employed existence proof for more than 3 years
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents
  • Passport
  • Driving License
  • PAN card
  • Photo credit card (with embossed Signature and last two months statement)
  • Banker's sign verification
  • PAN Card
  • Passport
  • License
  • School leaving certificate
  • Voter card
  • Birth Certificate
  • LIC policy (only for age Proof)
  • Passport
  • Telephone bill (BSNL/MTNL)
  • Electricity bill
  • Title deed of property
  • Rental agreement
  • Driving license
  • Election ID card
  • Photo-credit card (with last two month statements)
  • Latest salary slip
  • Current dated salary Certificate with latest form 16.
  • Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
  • Form 16
  • Relieving letter
  • Appointment Letter (for last two months)
  • Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)
  • Bank statements of latest 2 months
  • 3 months bank passbook
  • Min of 15 years of Link documents of Property
  • Min 15 Years of Encumbrance Certificate (EC) of the property obtained from Govt. Authorities
  • Property Sanction plan
  • BRS/LRS copies (if required, any)

HDFC Limited Lease Rental Discounting Loan FAQ's

About HDFC Limited

Housing Development Finance Corporation Limited or HDFC is an Indian financial conglomerate based in Mumbai, India. It is a major player for housing finance in India. It also has a presence in banking, life and general insurance, asset management, venture capital and education loans.

HDFC Limited Highlights

Named amongst top Green Companies in the world by Newsweek’s 2016 Green Rankings
The DUN & BRADSTREET Corporate Awards 2016 in the FIS/NBFCS/Financial Service Sector
HDFC Ltd awarded CIBIL Data Quality Award 2016-06-05
Best Home Loan Provider of the Decade at CNBC AWAAZ Real Estate Aswards 2015
HDFC Ranked 6th in top 10 Biggest Brands in India by Interbrand India
HDFC Ltd was awarded as Best Home Loan Provider by CNBC Awaaz, 2014

Lease Rental Discounting Can Be Used For Many Purposes Like Below

For Business Expansion

For Construct a New Block

For Construction of a New House

For Future Saving Plans

For Interiors of Home

For Lumsum Amount on Lease Rentals

For Personal Investments

To Renovate Home

Why Lease Rental Discounting?

Most of the families prefer to have their own house whether big or small. There is a significant difference staying in a self owned house than in a rented shelter. House is the most costly asset owned by middle and upper middle class families and it has emotional value. Affording own house with actual money is not always possible. Even though a person has stable income, years of savings are required to own a house in this current market. A Home loan answers the problems of those people who are willing to have their own home but do not have sufficient money to do that. You can now own your dream home by availing Home loan.

Home loan is normally for purchase of a new House/ Flat/Plot or renovation/ renewing of existing residential or commercial properties. Home loans are provided by Banks and registered finance companies. In Indian market there are several Banks/ HFCs providing Home loans at competitive interest rates. Home loan is always secured against the property that you buy. In case you are unable to repay the loan amount the lending bank will have right to take possession of the home.

In case of a Home loan entire lump sum amount will be sanctioned and disbursed initially based on the credit worthiness. You can plan your housing loan repayment tenure varying from 10-30 years and is repayable in form of EMIs. The rate of interest applicable is linked with Bank's base rate. You have a option to chose floating interest rate or fixed interest rate for the loan amount. For those who want the EMI amount to be fixed and are intending to plan their payments accordingly can opt for fixed interest rate. Those who are ready to take minimal risk and intend to avail the advantage in the long run can avail floating rate of interest. Floating rate of interest is more beneficial in the long run.

Expert Advice

Best Practices for Home Loan

Buyer has to ensure sufficient due diligence before finalizing the property. Certain aspects like builder credibility, availability of required approvals, and legal clearance of property to be checked before buying a property. Though it costs little extra it is advisable to get the assistance of experts for buying a property. This will help in avoiding costly mistakes.
Calculate and plan the total expenditure involved in purchasing a property. Apart from the cost of the property there are other related expenses like stamp duty, loan application charges, processing fee, valuation fee, legal fee etc which need to be meet from own funds of the buyer. Property buyer to invest around 20-25% of the total cost apart from loan. It is to be ensured that sufficient cash reserves are available to meet these expenses.
Based on your earning and repaying capacity decide the home loan amount to be taken. The various factors to be taken into consideration include your income, fixed obligations, remaining work experience, future growth prospects, future expenses like children education, marriage etc, other source of income, job related risks etc. This thorough analysis will help in taking right decision. This will help in not making a mistake of taking small loan when your income supports higher loan and taking high loan when your income do not support a huge amount.
Improve your credit history. Clearing of all overdue before applying for home loan will helps to improve the credit score. It is to be noted that your loans will not go into 30-60 or 90 days delinquency which reduce the credit score. Loan dues to be paid before the credit card payments which have higher impact on the credit score then the credit card payment. Prioritize the payments.
Do hold all the documentation required for processing the loan in originals and copies. This will help in easy verification of documents and fast processing. Any change in the employment, changes in pay structure etc during the loan process to be intimated to the concerned officer who helps in avoiding disconnect.
Save the best possible amount from your income. This will help you in having the large down payment. During the tenure of loansave the income, which can be used for prepay of principal amount. Ensure that there are no prepayment charges before making prepayment.

Things not to do for Home Loan

Do not avail any short term loans like vehicle loans, Home Loans, credit cards before going for a home loan. Any additional loan taken will reduce your Home Loan eligibility.
Do not be very optimistic about your future income and make a choice of high loan amount. This will increase your worries and you make feel unsecured.
Do not change your employer without knowing the impact on the approval of your Home loan.
Do not get into a contract with emotions, do proper research before taking a property and ensure it is right fit for you.
Do not jump into a conclusion, do the required homework before applying for home loan.
Do not forget to read the small print, ensure to read all the terms and conditions before signing the agreements.
Do not forget to make the payment of instalments. Ensure sufficient balance in the account to meet the EMI on a monthly basis.
Do not apply for a home loan only just you have eligibility. First select the property get the technical and legal cleared then go for the home loan. In case if you have applied for a home loan and it is sanctioned based on your income, subsequently property is not eligible under Bank norms you will end up losing the processing fee.

Lease Rental Discounting Vs Mortgage Loans

Lease Rental Discounting Mortgage Loan
Home loan can be availed for own/purchase of new property (Home or Flat). Mortgage loans will be provided based on already owned property.
Under Home Loan, loan can be availed only for purchase of new property. There is no restriction on mortgage loan usage. It can be used for any purpose.
Housing Loan will be provided for max of 25 years, some banks can extend it to 30 years also. Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India.
Home Loans interest will be as low as 9.95% to max of 11.5%, these interest rates will be subject to change as per market condition. Interest rate will be very from 12% to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans.
Home Loan customers can be eligible for Income tax deduction of Rs 1.00 lakh on housing loan interest under section 80EE. This would be in addition to the existing tax benefit of Rs 1.5 lakh under section 24, only if the value of the property purchased should not exceed Rs 40 lakh. Also, it could result in maximum savings of Rs 30,000-31,000. If the money received from a mortgage loan is used for business purposes, the interest can be claimed as an expense on the balance sheet of the business. However, if an individual is using it for personal end use, like marriage or medical expenses, the interest is not tax deductible as per income tax guidelines.
Loan can be availed up to max of Rs. 1.0 Cr under home loan, for real estate project funding it can be up to Rs. 20.0 based on the bank risk appetite. Mortgage Loans can be avail up to Rs. 15.0 cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms.
There is no prepayment penalty for the housing loan customers, when the loan will be cleared by the own funds. There will be pre payment changes will be applicable for mortgage loans. This will be vary from 1% to 3% as per bank internal guidelines.
Part pre Payments will be allowed in Housing Loans. There were no part prepayment will be allowed for Mortgage loans.
Housing Loan can be availed with joint eligibility by Husband and wife or blood relatives. Mortgage loans also avail with the joint eligibility as company and director or blood relatives.
You can avail max of 80% of the property value as a home loan as per your eligibility criteria. In Mortgage Loan max of 65% property value can avail as a Loan based on the type of property.
You can avail a top loan facility on your home loan. Top up facility will be vary from bank to bank internal guidelines.

About Chennai

Chennai(Madras) the capital city of Tamil Nadu is sited on the Coromandel Coast of the Bay of Bengal. It has played a very crucial role in the traditional, historical and academic growth of the country, Chennai, the capital city is the 4th largest city of India and is also the leading commercial center of South India.

The credit of the booming economy of the city goes to the leading industries including automobile, software services, petrochemicals, financial services, textiles and hardware manufacturing. Also, Chennai, being an important metropolitan city is very well-connected to all the major cities of India as well as with the countries overseas. And, it is also considered as the cultural hub of South India which is famous for its affluent heritage in classical dance, music, architecture, sculpture, crafts, etc

When India got independence in 1947, the city was declared the capital of the Madras State, which was renamed as Tamil Nadu in 1969. From 1965 to 1967.powerful measures were taken against it. Consequently, till now, Chennai has not faced any big terrorist activity. In August 1996, the name of the city was changed from Madras to Chennai by the state government at the time.

Places To Be Visited In Chennai

Connemara Public Library

    Connemara Public Library was established in the year 1896. You could find many unique and rare collections in the library, which boasts of possessing wealthier information across various subjects. The library itself is intricately designed and the architecture is a blend of Southern Hindu Deccani, Gothic, Rajput and Mughal. The library houses periodic hall, a video room and a reference room. Braille library is also found here. The library is one among the four National Depository Libraries in India that receives copies of all newspapers, periodicals and books published in India.

Arignar Anna Zoological Park

    Arignar Anna Zoological Park is the first ever zoo in India. The massive 510-hectare zoo houses over 170 species of wildlife. Some of the wildlife found here includes tiger, hyena, lion, panther, elephants and many more. Elephant rides and lion safaris are available.

National Art Gallery

    National Art Gallery was established in 1907. The influence of Indo-Saracenic architecture is evident in the red sandstone construction, which has four sections namely Tanjore Painting Gallery, Ravi Varma Painting Gallery, Indian Traditional Art Gallery and Decorative Art Gallery. The Rock and Cave Art Gallery here offers interesting moments with the setting of caves looking natural and with facilities such as interactive Son-et-lumiere, Tran slides and touch screen in the caves to make the session interesting.

Marina Beach

    This is the second longest beach in the world. The large expanse of silver sand allows for a great walk along the seashore. Sunrise and sun set views are picturesque in this perfect setting. Some of the sports activities possible in Marina Beach include fishing, wind surfing and beach volley ball.

Semmozhi Poonga

    Semmozhi Poonga located at city’s center, the 20-acre park offers to view scenic landscapes and lush gardens. The well-maintained gardens have over 500 varieties of trees and plants from all parts of the world. This is apart from the trees that already exist in the area before the establishment of the park. Some of the trees are over 100 years old. The species of plants include medicinal plants and aromatic herbs. The artificial waterfall in the park looks real.

Kapaleeswarar Temple

    Kapaleeswarar Temple is one of the oldest temples in the city. It is not clear as to who built the temple. The architecture is not as old as they seem to be around 400 years old. Hence, it is considered that Portuguese destroyed the original temple mentioned in the songs of Nayanmars and the present construction belongs to the 16th century. T

Total Number Of Branches In Chennai (2002)

STATE BANK OF INDIA (264 Branches)INDIAN OVERSEAS BANK (168 Branches)INDIAN BANK (125 Branches)CANARA BANK (107 Branches)HDFC BANK (101 Branches)ICICI BANK LTD (94 Branches)AXIS BANK (68 Branches)PUNJAB NATIONAL BANK (63 Branches)SYNDICATE BANK (57 Branches)UNION BANK OF INDIA (57 Branches)KARUR VYSYA BANK (54 Branches)ANDHRA BANK (52 Branches)CITY UNION BANK LTD (51 Branches)BANK OF BARODA (47 Branches)CENTRAL BANK OF INDIA (45 Branches)VIJAYA BANK (45 Branches)BANK OF INDIA (38 Branches)CORPORATION BANK (37 Branches)LAKSHMI VILAS BANK (34 Branches)KOTAK MAHINDRA BANK LTD (32 Branches)UCO BANK (32 Branches)ALLAHABAD BANK (31 Branches)TAMILNAD MERCANTILE BANK LTD (30 Branches)IDBI BANK (29 Branches)STATE BANK OF HYDERABAD (28 Branches)ORIENTAL BANK OF COMMERCE (25 Branches)STATE BANK OF TRAVANCORE (25 Branches)KARNATAKA BANK LTD (24 Branches)STATE BANK OF MYSORE (23 Branches)ING VYSYA BANK (22 Branches)INDUSIND BANK (20 Branches)FEDERAL BANK (19 Branches)SOUTH INDIAN BANK (17 Branches)DENA BANK (15 Branches)UNITED BANK OF INDIA (13 Branches)YES BANK (12 Branches)DHANALAXMI BANK (12 Branches)BANK OF MAHARASHTRA (11 Branches)CATHOLIC SYRIAN BANK LTD (11 Branches)STATE BANK OF BIKANER & JAIPUR (7 Branches)PUNJAB & SIND BANK (7 Branches)STATE BANK OF PATIALA (6 Branches)STANDARD CHARTERED BANK (6 Branches)RBL Bank Limited (5 Branches)JAMMU & KASHMIR BANK LTD (4 Branches)BANDHAN BANK LTD (3 Branches)THE SHAMRAO VITHAL CO-OP BANK (3 Branches)BANK OF CEYLON (2 Branches)BHARATIYA MAHILA BANK LTD (2 Branches)IDFC BANK LTD (2 Branches)DCB BANK LTD (2 Branches)HSBC BANK (2 Branches)DEUSTCHE BANK (1 Branches)DEVELOPMENT BANK OF SINGAPORE (1 Branches)JP MORGAN BANK (1 Branches)BANK OF TOKYO MITSUBISHI LTD (1 Branches)CITI BANK (1 Branches)BANK OF AMERICA (1 Branches)STATE BANK OF INDIA (1 Branches)B N P PARIBAS (1 Branches)THE ROYAL BANK OF SCOTLAND N V (1 Branches)WOORI BANK (1 Branches)RESERVE BANK OF INDIA (1 Branches)MIZUHO BANK LTD (1 Branches)KEB Hana Bank (1 Branches)
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