HDFC Bridging Loan: A bridge loan is a short-term loan which is used unless a person or company has made permanent funding or removed existing liability. This kind of funding allows the user to fulfill existing obligations by providing instant cash flow. HDFC Bridging Loan for Salaried Professional is a short term for a year with relatively high interest rates and are usually supported by some kind of collateral such as real estate or inventory.
With the help of bridging loan, people have been designed to provide assistance to their existing home before purchasing a property, by providing short-term access at a high rate of interest. It helps the home -movers when there is a difference between the sale and completion dates in a series. This loan can also help those people who planned to sell quickly after renovating a home, or anyone who buys a home at auction.
HDFC Bridging Loan for Salaried Professional:
When you like a new home, you are curious and excited to move into your new house. However, you may have to wait for sold your existing house. HDFC provides Bridging Loan, it is a short-term loan which helps you during the interim period between the sale of your existing home and purchase of your new home.
Key Features of HDFC Bridging Loan for Salaried Professional:
- This loan is for the immediate funds required to purchase a new home while waiting for the sale of your existing home.
- HDFC provide easy repayment methods. You can repay through monthly installments of ordinary interest with lump sum principal repayment at the end of the period.
- You can take advantage of HDFC integrated branch network to get a home loan anywhere in India.
- HDFC provide easy and hassle free documentation.
- There is no any prepayment and hidden charges.
- HDFC provides you home loans at attractive interest rates which are easy on your pocket.
- Bridging loans are often used to ‘bridge’ the gap between the incoming funds for purchase new house and the outgoing funds for sale.
Loan Requirements For HDFC Bridging Loan for Salaried Professional:
You will have to apply for bridging loan separately or jointly if in your property you have a co-owner, he has to be co-applicants for the home loan even though all co-applicants are not required to be co-owners. Basically, Co-applicant is a close family member.
- The customer can borrow up to 90% of the cost of the new property.
- For Bridging Loan, the maximum period of repayment shall be up to 2 years.
- The loan tenure depends on the customer’s profile, the age of customer at maturity of the loan, age of property at loan maturity.
Maximum Loan Amount:
|Loan Amount||Maximum Funding|
|Up to 75 Lacs||80% of the cost of the property|
|Above 75 Lacs||75% of the cost of the property|
Interest Rate of HDFC Bridging Loan for Salaried Professional:
Adjustable Rate Loan
|Loan Slab||Interest Rates (% p.a)|
|Any loan amount – Residential Properties||12.30|
|Any loan amount – Commercial Properties||13.15|
Note: These rates are subject to change without any notice.
Documents For HDFC Bridging Loan for Salaried Professional:
There are following various documents that you would need to submit to all applicants / co-applicants along with the completed and signed Application Form for loan approval, all documents should be self-attested:
- Properly filled application form.
- Identity proof which includes Passport, Voter ID Card, Aadhar Card, Driving License or PAN Card.
- Residence Proof which can be the photocopy of the recent Telephone Bill or Electricity Bill or property Tax receipt or passport or Voter’s ID Card.
- For income proof of salaried people, you can provide 3-month salary slip, last 6 months bank statement, salary credit or latest form-16 and IT returns.
- You would need to submit property related documents such as the copy of the Allotment Letter / Buyer Agreement and Receipt of payment made to the developer.
- You would submit Employment Contract / Appointment Letter in case current employment is less than 1 year old.
- The other documents you would need to submit is Last 6 months Bank Statements which showing repayment of any ongoing loans.
- You will have to paste all the applicants / co-applicants passport size photograph affixed to the application form and signed across.
- A cheque for processing fee favouring ‘HDFC Ltd.’
- Copies of the approved plan and local body approval.
- Title Deeds including the previous chain of the property documents.
- The customer must provide proof that there is no encumbrance on the property.
Processing Fee and Charges on HDFC Bridging Loan for Salaried Professional:
The following is an indicator list of fees / other charges/outgoing which is payable on the basis of profit:
A. Processing Fee:
Up to 0.5% of the loan amount plus applicable taxes.
B. Prepayment charges:
|Adjustable Rate Loans (ARHL)||
|Fixed Rate Loans (FRHL)||
Note: It will include all the amounts prepaid during the given financial year & shall be applicable to all partial or full prepayments as well.
|Fixed and Variable Rate Loans (Combination rate)||1. During the Fixed Rate period:
2. During the Variable Rate period:
C. Cheque Dishonor Charges:
Cheque Dishonor charges shall be Rs. 200/-
D. Fees On Account Of External Opinion:
In case of external opinion is required from the attorney / technical evaluation, the fees in such case may payable as per the case, the fees are directly related to the nature of the assistance provided directly to the respective Advocate / Technical Valuer Is payable.
E. Property Insurance:
If the customer wants that the policy alive at all the time during the loan period, the customer shall directly pay the premium amount immediately to the insurance provider.
F. Charges On Account Of Delayed Payments:
If there is any delay in repayment, interest or EMI shall render the customer liable to pay additional interest up to 24% p.a.
G. Incidental Charges:
Incidental charges & expenses are imposed to cover the costs, charges, outgoings and other monies that may have been expended in connection with the recovery of dues from a defaulting customer.
I. List Of Documents:
Up to Rs.500
J. Photo Copy Of Documents:
Up to Rs.500
K. PDC Swap:
Up to Rs.200
L. Disbursement Cheque Cancellation Charge Post Disbursement:
Up to Rs.200
M. Re-Appraisal Of Loan After 6 Months From Sanction:
Up to Rs.2,000 plus applicable taxes
N. Increase / Decrease In Loan Term:
Up to Rs.500 plus applicable taxes