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hero housing loan against property
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hero housing loan against propertyHere are a few factors
| Location | 50km from Branch |
| CIBIL Score | 650+ |
| Applicant | Any Salaried or Self Employed |
| Applicant Age | 21 Year to 65 Year |
| Loan Amount & Tenure | 10
Lac-100 Lac (5 Year to 15 Year) |
| Login Fees | Upto 30 Lac-2950,>30 Lac-5900 |
| Rate of Interest & Type | 14% to 18% (Reducing) |
| TAT | 4 Days |
| Processing Fees | 1.5% to 2% |
| Foreclosure Charges | Upto 4%+GST |
| Insurance | As per Age of Applicant |
| Minimum Business Vintage | 3 year |
| Lock In Period | 12 Month |
| Part Payment Allowed | No |
| LTV | 1.
If Self Occupied Property (i) Residential Property-65% (ii) Commercial Property-65% (iii) Industrial Property with Light Machinery-50% 2. In case of Rented or Vacant Property - LTV will be 5% less |
| Product | (i) Fresh LAP (ii) BT+Top UP (iii) Seller BT |
| Program | (i)
LIP Program-50 Lac (ii) Banking Program-1 Cr (iii) Income Program-1 Cr (iv) without ITR-30 Lac |
| FOIR | 60% of Cash Income |
| Cautious Profile | (i) Liquor Seller (ii) Advocates |
| Negative Profile | (i) Share Traders (ii) NBFC (iii) Politician (iv) DSA Profile (v) Applicant living in dominated area |
| Funded Property | (i)
Residential Property (ii) Commercial Property (iii) Industrial Property (iv)
Subject to Gift Deed (v) Current Sale Deed (vi) Khasra Khatauni (vi) Multi Tanented Unit-Upto 6 Tanent(vii) Lal Dora (viii) Sub-divided Property (ix) Resi Cum Nursing Home (x) Regularized Colony |
| Negative Property | (i)
School (ii) Hospital (iii) Hotel (iv) Plot (iv) Lease hold Property without PTM (v)Industrial Property with heay machine (vi)Stand Alone Basement (vii) Auction Property (viii) Malls (ix) Godown (x) Demolition List Property (xi) Stone Slab Property |
| Accepted Collateral | Other than Negative |
| Specific Property wise Funding Limit | (i) Lal Dora-1 Cr (ii) Extended Lal Dora-1 Cr((iii) Sub-divided Property-1 Cr (iv) Single Sale Deed-1 Cr |
| Any Specific Product for Professionals | No |
| USP | Without ITR funding upto 30 Lac |
| Additional | Funding on Demolition List Property if name before 2017 |
hero housing loan against property EMI Calculator
Interest Type
Loan Amount
Interest Rate
Loan Tenure
| Loan Amount | ₹100,000 |
| Interest % | 14 % |
| Tenure (months) | 12 |
| Emi (monthly) | ₹ 8,979 |
| Total Interest | ₹ 7,745 |
| Loan Amount + Interest | ₹ 107,745 |
| Year | Total Principal ( A ) | Total Interest ( B ) | Balance ( A + B) | Total Payment | Loan Paid Till Date (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ₹ 23,711 | ₹ 3,226 | ₹ 26,937 | ₹ 76,289 | 23.71 % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ₹ 76,291 | ₹ 4,520 | ₹ 80,811 | ₹ 0 | 100.00 % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Required Documents to Apply for Hero Housing Loan Against Property
Salaried income documents
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KYC of applicant & Co-Applicant
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Last 3 Month Salary Slip of Applicant
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Last 12 month Bank Statement of applicant & co-applicant
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Last 3 year ITR with computation of income of applicant & co-applicant
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Last 2 Year Form 16 of applicant
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26AS of last 2 year of applicant & co-applicant
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Appointment letter of applicant if available
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Agreement to Sale if purchase case
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Property Paper with complete chain of last 13 years
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LOD (List of documents), Foreclosure Statement & SOA (Statement of account) if BT case
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Sanction letter of all running loan
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Latest utility Bill if owned residence or rent agreement if rented
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2 Reference with contact details
Self Employed person documents
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KYC of applicant & Co-Applicant
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Last 3 year ITR with computation of income of applicant & co-applicant
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Last 3 year audited balance sheet of applicant
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Last 3 year Tax audit report of applicant
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Last 12 month Bank Statement of applicant & co-applicant
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26AS of last 2 year of applicant & co-applicant
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Copy of GST registration
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Copy of MSME registration
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Copy of Last 12 month GST return
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Agreement to Sale if purchase case
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Property Paper with complete chain of last 13 years
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LOD (List of documents), Foreclosure Statement & SOA (Statement of account) if BT case
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Sanction letter of all running loan
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Debt Sheet
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Latest utility Bill of residence if owned or rent agreement if rented
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Latest utility Bill of Office if owned or rent agreement if rented
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2 Reference with contact details
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Last 3 year Debtors & Creditors on letter head
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List of Directors & Shareholders, if applicant if Company or List of Partners if applicant is Partnership firm/LLP
Some Important Points
If Applicant is
- Company-MOA, AOA, COI , PAN Card
- Partnership Firm/LLP- Partnership Deed & PAN Card
- Proprietorship Firm- PAN Card, Adhaar Card, Passport size photo
- KYC means Adhaar Card, PAN Card, Passport Size Photo
Co-Applicant means in case of
- Company : Directors
- Partnership firm/LLP : Partners
- Proprietorship Firm : Spouse of Proprietor
3. If applicant is professional, then his professional degree is required
Note : Hero Housing Loan Against Property may ask for additional documents based on the applicant’s profile. The above list is for reference purposes only.
About Hero Housing Loan Against Property
Hero Housing Loan Against Property is intended to give people a chance to use the value of their property as a power to access money for a variety of reasons, including company growth, educational costs, unexpected medical costs, debt consolidation, and more.
A loan against Property, or LAP, is an abbreviation for a secured loan that can be approved against an asset pledged as security. To apply for a Hero Housing Finance Loan against Property, you may put up a variety of different items as collateral. Owned real estate properties, undeveloped land, or any other type of commercial building are some of the most typical ones
Factors affecting
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Your credit score is the first thing the bank is going to check. So higher the credit score higher the loan amount you can apply for.
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If you are taking a loan against your residential property, applying is more accessible, and you get lower interest rates.
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Your loan tenure also influences your EMI amounts because longer loan tenures help you get lower EMI amounts, and shorter loan tenures get you higher loan EMIs.
Save Your Time with a Simple Loan Process
Visit Our Website
For the first step, you will have to visit our website to explore the loan options that fit your needs.
Select and Apply
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
Submit Your Document
One of the most important steps. Now you will have to submit all the required documents digitally.
Enjoy Your Financial Freedom!
Once your application is approved based on your eligibility, you will receive your loan amount shortly.
FREQUENTLY ASKED QUESTIONS
No, both are different because in Hero Housing Loan Against Property, you get lower interest rates and higher loan tenure than business loans.
As per Hero Housing Finance, the legal verification of the property means checking its precise title and confirming that it is free from charges. And the technical verification of the property means checking the fair market value of the property.
Yes, they allow the foreclosure of your LAPs, that too, without any extra fees.
Yes, you can get a loan against a plot only if you submit the required valid documents to the bank
Yes, but there is one condition the buyer takes the liability of the pending loan amount.
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