Disclaimer: HSBC Bank is not a Paisabazaar partner and all content herein is strictly informative in nature. Paisabazaar is not affiliated with, sponsored by or in any way connected to HSBC Bank for home loans. No offers/services from HSBC Bank are being provided by Paisabazaar for home loans. For further information about HSBC Bank for home loans, users are required to reach out directly to HSBC Bank.
| HSBC Home Loan Highlights | |
| Interest rates | 8.50% p.a. onwards |
| Loan amount | Up to Rs 30 crore |
| Repayment tenure | Up to 25 years |
| Processing fee | 1% of the sanctioned loan amount or Rs 10,000, whichever is higher + applicable taxes |
Note: Interest rates as of 28th August 2024
Apply For Home Loan at Attractive Interest Rates Click Here
Table of Contents
HSBC Bank Home Loan Interest Rates
The bank may consider various factors like property value, monthly income, occupation profile, credit score, etc., of the home loan applicant while setting the home loan interest rates for them.
| HSBC Home Loan | For salaried: 8.75% p.a.
For self-employed: 8.85% p.a. |
| Switch to HSBC (Balance Transfer) | 8.50% p.a. onwards |
| Smart Home Loan (Overdraft) | For salaried:
9.00% p.a. (with commitment fee) 9.15% p.a. (without commitment fee) |
| For self-employed:
9.10% p.a. (with commitment fee) 9.25% p.a. (without commitment fee) |
Compare Home Loan Interest Rates for Top Banks & HFCs
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
| SBI | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | Apply Now |
| HDFC Bank Limited | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.50% - 10.35% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | 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 | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 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 |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Apply For Home Loan at Attractive Interest Rates Click Here
HSBC Home Loan Processing Fee and Other Charges
Processing fee
HSBC Bank charges a nominal processing fee of up to 1% of the sanctioned loan amount or Rs 10,000, whichever is high, plus applicable taxes.
Prepayment charges
| Floating rate home loan | NIL |
| Fixed rate home loan | Up to 25% of the loan amount sanctioned in every financial year: NIL For amount more than 25% of the loan amount sanctioned in every financial year: 3% of amount prepaid |
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 | 0.50% of limit outstanding or current account limit whichever is higher + taxes |
Types of HSBC Home Loan
HSBC Home Loan
- Purpose: For purchasing ready-to-move residential properties and select under construction properties approved by HSBC.
- Loan Amount: Rs 3 lakh to Rs 30 crore
- Repayment tenure: 20 years (for self employed) & 25 years (salaried)
HSBC Smart Home Loan
- Purpose: It is an overdraft facility for HSBC existing home loan borrowers. The overdraft limit is equal to the amount of loan disbursed. HSBC Smart Home Loan can be availed by both Indian residents and NRIs for ready-to-move residential properties, 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)
HSBC Home Loan Balance Transfer
HSBC offers the facility of home loan balance transfer where in other customers can shift their existing home loan to HSBC. The bank offers a credit line of 0.3% of the loan amount and top-up of 150% at the same rate, without charging any processing fee.
Apply For Home Loan at Attractive Interest Rates Click Here
HSBC Bank Home Loan Eligibility Criteria
- Minimum net income for salaried: Rs 5 lakh
- Minimum net income for self-employed: Rs 7.5 lakh
- Minimum age at the time of loan application: 21 years
- Maximum age at the time of loan maturity: 58 (salaried) or 60 (public ltd/government employees) or 65 (self-employed)
In addition to the above-mentioned eligibility criteria, HSBC Bank may also consider the credit score, employer’s profile, etc of its home loan applicants, as used by many lenders for evaluating the home loan eligibility of their applicants.
HSBC Home Loan Documents Required
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 Resident
For salaried individuals:
- Latest 3 months’ salary slips showing statutory deductions
- Bank statements for last 3 months showing last 3 salary credits
For self-employed individuals:
- Acknowledged IT returns for last 2 years (including e-acknowledgement)
- P&L account, balance sheet certified/ audited by a CA and computation of income for last 2 years with all annexures and auditor’s report
- Primary bank account statements for last 6 months
- For Partners of the partnership firm, additionally Partnership Deed is required
- For Directors of the Private Limited companies additionally required: 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 last 2 years (including e-acknowledgement)
- P&L account, balance sheet certified/ audited by a CA and computation of income for last 2 years with all annexures and auditor’s report
- Primary bank account statements for last 6 months
Income Documents for Non-resident Indian (NRI)
For salaried:
- 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 last 3 months showing salary credits
- 3 months NRE/NRO account statements
- Local bureau report of the country/region where customer is based
For self-employed:
- 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 last 3 years certified by a CA/CPA or any other relevant authority as the case may be (or equivalent company accounts)
- 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 customer is based
For Merchant Navy:
- 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 last 3 months
- Local bureau report of the country/region where customer is based (applicable if country/region of residence is other than India)
Note: All home loan documents should be self-attested by the applicant.
HSBC Bank Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Apply For Home Loan at Attractive Interest Rates Click Here
FAQs on HSBC Bank Home Loan
1. What is the turnaround time for HSBC Home Loan?
Ans. The HSBC Home Loan application is processed within 5 working days after submitting the required documents. The lender evaluates the property and the loan is processed within 4 days of document submission. The loan then gets disbursed within 2 days of submitting duly stamped, complete loan agreement and other important documents.
2. Can Non-Resident Indians (NRIs) avail home loans from HSBC Bank?
Ans. Yes, Non-Resident Indians can avail home loans from HSBC Bank. The bank offers NRI Home Loans to NRI individuals having an eligible local co-applicant or a local contact person.
3. Can I apply for HSBC Home Loan if my property is under-construction?
Ans. Yes, you can apply for HSBC Home Loan if your property is under-construction. In case of under-construction property, the loan is disbursed in instalments and interest is levied only on the disbursed amount. This is known as Pre-EMI. The EMI of the loan commences only after the disbursal of the entire loan amount or on completion of construction or 3 years after the disbursal of first loan instalment.
4. What benefits can I get on savings/current account opened for availing HSBC Home Loan?
Ans. The savings/current account opened with HSBC for repaying the home loan does not have minimum balance requirement. Moreover, the applicants availing home loan of Rs 1.15 crore or more from HSBC become eligible for availing the HSBC Premier benefits, which includes a dedicated Relationship Manager for your various banking needs, exclusive wealth management services, etc