HDFC Limited Lease Rental Discounting Loan Interest rates in Pondicherry
| Up To 50,00,000 | 50,00,000 Above | |
|---|---|---|
| Commercial Properties | 10.50% | 10.00% |
Features of HDFC Limited Lease Rental Discounting Loan Pondicherry
| Type | Features |
|---|---|
| Processing Fee | Upto 2.0% |
| Min Tenure | 5 Years |
| Max Tenure | 15 Years |
| Min Age | 24 Years |
| Max Age | 60 Years |
| Min Loan Amount | Rs.15,00,000/- |
| Max Loan Amount | Rs.30,00,00,000/- |
HDFC Limited Lease Rental Discounting Loan Pondicherry Charges
| Type | Charges |
|---|---|
| Penal Interest | 24% Per Annum |
| Bounce Cheque Charges | Rs.200/- |
| Switch Variable To Fixed | 1.75% on Outstanding |
| Switch Fixed To Variable | 1.75% on Outstanding |
| Photocopy Documents | Rs.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
For Salaried Persons
- 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
For Self Employed/Professionals
- 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
Identity Proof For Home Loan
- Passport
- Driving License
- PAN card
- Photo credit card (with embossed Signature and last two months statement)
- Banker's sign verification
Age Proof For Home Loan
- PAN Card
- Passport
- License
- School leaving certificate
- Voter card
- Birth Certificate
- LIC policy (only for age Proof)
Income Proof For Home Loan
- 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)
Address Proof For Home Loan
- Latest salary slip
- Current dated salary Certificate with latest form 16.
- Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
Job Continuity Proof For Home Loan
- Form 16
- Relieving letter
- Appointment Letter (for last two months)
- Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)
Banking History For Home Loan
- Bank statements of latest 2 months
- 3 months bank passbook
Property Related Documents For Home Loan
- 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
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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
Things not to do for Home Loan
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 Pondicherry
Pondicherry is the capital city and the largest city of the Indian union territory of Puducherry. The city of Pondicherry is situated in Puducherry district of the union territory. It is affectionately known as Pondy, and has been officially known by the alternative name Puducherry in Tamil (New Town) since 2006
The history of the city of Pondicherry is recorded only after the arrival of Dutch, Portuguese, British and French colonialists. By contrast, nearby places such as Arikamedu, Ariyankuppam, Kakayanthoppe, Villianur and Bahur, The Cholas of Thanjavur held it from the 10th to 13th centuries, only to be replaced by the Pandya Kingdom in the 13th century.
The Vijayanagar Empire took control of almost all of the South of India in the 14th century and maintained control until 1638.. Five trading posts were established along the south Indian coast between 1668 and 1674. The town was separated by a canal into the French Quarter and the Indian Quarter.The French control remained until 1954 (de jure 1962), when it was incorporated into the Indian Union along with the rest of French India.
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Places To Be Visited In Pondicherry
Pondicherry Beach
Pondicherry Beach is a paradise for all beach lovers and tourists. It is flanked by a flowing creek on one side and is also known for its tree houses, which are located on the backwaters. The beach is a budget one in South India as it is cheaper to access and accommodation in pondicherry is lesser when compared to other beaches and their resorts or hotels in the country.
Botanical Garden
This Pondicherry Botanical Garden is no different. Providing respite from the heat and hustle-bustle on main roads, this garden serves as one of the delightful places to visit in Pondicherry.it is a reminder of French architecture, providing an insight into how architecture in France developed and how colonization has had an impact on the development of Pondicherry. Built in 1826, the garden was initially laid out in ornate style and the botanical beauty houses around 1500 varieties of plants.
Gingee Fort
The Fort is declared as a National Monument in 1921. Apart from being a unique architectural feat it is one of the few forts in the State.
Auroville
Auroville is the best place for those who seek to learn more about India and its spirituality. It was created to bring progressive harmony aims to transcend creed, culture, politics and nationalities. Visiting here is truly a unique experience.
Manakula Vinayagar Temple
This Hindu temple, located in Pondicherry is dedicated to Lord Ganesha. It is widely considered a popular pilgrimage site. The temple and its antiquity reminds one of how Indian culture and heritage didn’t wither away even after years of colonization. During Dupleix’s tenure, several attempts were made to destroy the temple, but Hindu populations always managed to protect it through protests and threat of Maratha invasion.
French War Memorial
French War Memorial is a popular place of interest. Built on the Goubert Avenue or The Promenade, it serves as a reminder of those valiant soldiers who lost their lives during the World War-I from 1916 to 1919. The memorial, built in 1971, is reminiscent of the fact that war leaves fatalities behind and doesn’t answer any questions or offer any solutions. On the Bastille Day, i.e. 14th July every year, the memorial is illuminated in a beautiful manner, ensuring that locals and travellers can pay homage to courageous martyrs who laid down their lives.