Home Loan

A couple embracing each other; image used for HSBC home loan page.

We understand that buying a house is one of the most important decisions in life, for people across the world. We also know that while most people dream of owning a perfect home, achieving that goal can be quite a challenge, especially when it comes to arranging the finance required to make such an expensive purchase.


But you can now fulfil this dream by opting for a Home Loan from HSBC.

Loan requirement - Loans ranging from INR300,000 1 up to INR 600,000,000 1

Property types - Loans are available to Resident Indians and Non-Resident Indians (NRIs) for ready properties, select under construction properties approved by HSBC. NRI applicants must have a local co-applicant or a local contact person

Loan tenure - Loans are available for tenures up to 25 years for salaried customers and up to 20 years for self employed customers up

Interest rates

Floating rates. Speak to a relationship manager for more details. 8.50% p.a. Balance Transfer Loans 8.75% p.a. 8.85% p.a. Self-employed Fixed rates. Speak to a relationship manager for more details. 13.25% p.a. Salaried +Self-employed and Balance Transfer Loans

Fees and charges

Processing fees

A total of 1% of the loan amount sanctioned or INR10,000, whichever is higher, will be applicable as Processing Fee (plus applicable taxes 5 ). The fee is collected in two parts: INR5,000 + applicable taxes 5 is to be paid upfront along with the loan application and the balance processing fee amount applicable taxes 5 is to be paid before disbursal of the loan. Processing fee paid is non-refundable.

Pre-payment/Foreclosure charges Type Charge For Floating rate Home Loan and Loan Against property No pre-payment or foreclosure charges apply to floating rate loans. For Fixed rate Home Loan and Loan against Property

INR 5,000/- plus 5% of principal outstanding / amount prepaid plus applicable taxes.

Prepayment charges will apply in the following scenarios:

Pre-payment/Foreclosure charges Type For Floating rate Home Loan and Loan Against property Charge No pre-payment or foreclosure charges apply to floating rate loans. Type For Fixed rate Home Loan and Loan against Property Charge

INR 5,000/- plus 5% of principal outstanding / amount prepaid plus applicable taxes.

Prepayment charges will apply in the following scenarios:

For processing pre-payment requests, you are required to send HSBC a written instruction communicating your desire to pre-pay with the intent of wanting to reduce the loan tenure or EMI. In case no clear instruction is received to reduce loan tenure or EMI, we will by default reduce the loan tenure basis the pre-payment amount received.

The security documents need to be stamped as per the local stamp duty laws, please speak to your Relationship Manager regarding the stamp duty payable on your documents.

Read more details on the applicable fees and charges.

Eligibility

To qualify for a Home Loan from HSBC, the following criteria apply

  1. Minimum net Income INR500,000 p.a (salaried) 4 or INR750,000 p.a (self-employed)
  2. Minimum age (in years) 21
  3. Maximum age (in years) on maturity of loans 58 (salaried), or 60 (public limited/government employees), or 65 (self-employed)
  4. Minimum loan amount 1 INR300,000
  5. Maximum loan amount 1 INR 600,000,000
  6. Maximum tenure (in years) 20 years. For salaried applicants 25 years.

Insurance

You would need to insure your property with an insurance company against loss by fire, earthquake, floods and other damages with The Hongkong and Shanghai Banking Corporation Limited, India, as the beneficiary.

Switch to HSBC

Save more on EMIs or reduce your loan tenure by transferring your Home Loan to HSBC.

Interest rates starting at 8.50% (floating rate loans) Credit of up to 0.3% of the loan amount Top-up of up to 150% at the same rate

Interest rates

Start your application

Get an immediate callback

Fill out the callback form and we'll phone you back to discuss your application for an HSBC home loan.

Apply in an HSBC branch

You can also apply at your nearest HSBC branch. We'll be happy to answer any questions and help you get started with your application.

Useful information

Documents & links

Frequently asked questions

How is interest calculated?

Below example highlights how the interest on your loan is calculated.

Note: Calculations for INR2,500,000 at an interest rate of 7.85% p.a. for 20 years. EMI is INR 20,679 which consists of interest and principal components as mentioned below

Interest calculation

Month

Outstanding balance (INR)

EMI (INR)

Interest (INR)

Principal (INR)

Month 1

Month 2

Month 3

Interest calculation

Month

Month 1

Outstanding balance (INR)

EMI (INR)

Interest (INR)

Principal (INR)

Month

Month 2

Outstanding balance (INR)

EMI (INR)

Interest (INR)

Principal (INR)

Month

Month 3

Outstanding balance (INR)

EMI (INR)

Interest (INR)

Principal (INR)

Note: Rate of interest, EMI etc shown is for illustration and actual interest rate charged to your account may vary. Interest is calculated on daily reducing balance charged on monthly basis. Monthly interest amount = [outstanding loan balance] multiplied by [rate of interest] multiplied by [no. of days in the month/no. of days in the year].

The Interest rate on your Floating Rate home loan disbursed from 01 October 2019 onwards is linked to Repo linked Lending Rate (RLLR). Repo linked Lending Rate (RLLR) is an external benchmark linked lending rate for floating rate mortgage loans.

HSBC's RLLR is linked to RBI’s published repo rate rounded off to the nearest 5 bps.

Example: A RLLR Linked Home Loan disbursed during month 1 will be benchmarked against the RLLR of month 1. If the repo rate is changed by the RBI in month 1, the interest will be reset in month 2 against the revised RLLR at the beginning of month 2 (by the 7th calendar day of month 2). If the repo rate is changed by the RBI in month 2, the interest will be reset in month 3 against the revised RLLR at the beginning of month 3 (by the 7th calendar day of month 3).

How is the loan repayment processed?

Loan repayment is through Standing Instruction/Letter of authority to debit your HSBC savings/current account for the Equated Monthly Instalment (EMI).

How long does it take for my credit to be approved?

Credit approval timelines

Home Loan

Turnaround Time (working days)

Application processing (pre-approval)

Within 5 days of submitting complete documents

Evaluation of the property i.e. valuation and legal evaluation

From 3 days (onwards) of submitting copies of complete property documents

Loan processing (post-approval)

Within 4 days of submitting complete documents

Within 2 days of submitting duly stamped and completed loan agreement and other required documents

Credit approval timelines

Home Loan

Application processing (pre-approval)

Turnaround Time (working days)

Within 5 days of submitting complete documents

Home Loan

Evaluation of the property i.e. valuation and legal evaluation

Turnaround Time (working days)

From 3 days (onwards) of submitting copies of complete property documents

Home Loan

Loan processing (post-approval)

Turnaround Time (working days)

Within 4 days of submitting complete documents

Home Loan

Turnaround Time (working days)

Within 2 days of submitting duly stamped and completed loan agreement and other required documents

Timelines for legal evaluation are different for various states and can be known from the representative who is managing your loan application.

These timelines should be considered along with the detailed terms and conditions mentioned in the Mortgage Account opening form.

If I am a Non-Resident Indian (NRI) how can I pay my loan?

Debit to their NRE Account/NRO Account /Inward remittance/liquidation of FCNR/sales proceeds of immovable property on which loan was granted/Close relative's bank account.

Can I apply for a home loan if my property is under construction?

In case of under construction properties the loan is disbursed in tranches and interest will be levied by HSBC only on the amount disbursed. Until the final disbursement of the loan, Pre-Equated Monthly Instalment (Pre-EMI)2 is payable. The Equated Monthly Instalment (EMI)3 of the loan starts only when the loan is fully disbursed or the construction is completed or after 3 years from disbursal of the first tranche.

For under construction properties the requisite interest/Pre-EMI amount is debited from your HSBC Savings/Current account on a monthly basis.

The applicable rate of interest will be the rate of interest given in the Facility Advice Letter (FAL) at the time the loan is sanctioned. All floating rate loans are linked to the HSBC's Repo Linked Lending Rate (RLLR). Any revision in the RLLR would impact the rate of interest.

For disbursal/release of each tranche to the builder, HSBC would need a written instruction from you requesting for disbursal/release of the tranche to the builder, along with the original demand letter from the builder and the disbursal advice letter.

Along with your request, for release of the final tranche to the builder, you need to provide insurance policy insuring the property against loss by fire, earthquake, floods and other damages with HSBC as the beneficiary.

What are the banking benefits of a HSBC Home Loan?

The HSBC savings / current account used for the repayment of the loan comes without the requirement to maintain any minimum balance in the account during the tenure of the loan.

If the initial loan amount is greater than INR 11,500,000, you can avail of benefits of HSBC Premier, without the requirement to maintain any minimum balance in the account during the tenure of your loan - get a dedicated RM for all your banking needs, exclusive wealth management services and much more.

You might also consider

Mother multi-tasking with infant daughter in the living room; image used for HSBC Smart Home Loan page

Smart Home

A home loan that enables you to save on interest payments and thereby reduce tenure of the loan.

Loan Against Property

Raise funds against your residential or commercial property.

A fashion designer creating gowns; image used for HSBC Smart Loan Against Property page

Smart Loan Against Property

Raise funds against your residential or commercial property, and save on interest.

Important information

Documentation Criteria

All documents need to be self-attested

  1. Completed application form with one passport-size photograph.
  2. Proof of Identity (PI) (any one of the following):
    1. Passport
    2. Election/Voter’s ID
    3. Permanent driving license
    4. Permanent Account Number (PAN) card
    5. Aadhaar Card
    1. Passport
    2. Election/Voter’s ID
    3. Permanent driving license
    4. Society outgoing bill (only from registered societies)
    5. Electricity/water/telephone bill
    6. Gas bill (pipeline connection only)
    7. Property tax bill
    8. Domicile certificate with address issued by Municipal Corporation
      The above PI and PRA is an indicative list and final documents acceptable are based on HSBC's policy as applicable at the time of application of the loan. For more details, you can speak to your Relationship Manager (RM) or visit the nearest branch.
      Note: If the address on the document submitted as PI by the prospective customer is the same as that declared by him/her in the Application form, the document may be accepted as a valid proof of both PI and PRA. If the address indicated on the document submitted for PI differs from the address mentioned in the Application Form, a separate proof of PRA should be obtained.
    1. Passport
    2. Permanent driving license
    3. PAN Card

    The above proof of age is an indicative list and final documents acceptable are based on HSBC’s policy as applicable at the time of application of the loan. For more details, you can speak to your Relationship Manager (RM) or visit the nearest branch.

    Financial/Income documents required for Resident Indian

    All documents need to be self-attested

    Listed below are the basic documents required, for more details please speak to your Relationship Manager or visit the nearest HSBC branch.

    Salaried individuals:

    Self-employed individuals:

    Consultant / Self-employed Professional:

    Financial/Income documents required for Non Resident Indian (NRI)

    All documents need to be self-attested

    Listed below are the basic documents required, for more details please speak to your Relationship Manager or visit the nearest HSBC branch.

    Salaried:

    Working in Merchant Navy:

    Self-employed:

    Note: The above stated requirements/documentation is subject to change and is at the sole discretion of The Hongkong and Shanghai Banking Corporation Limited, India (HSBC).

    Terms & Conditions

    All loans are subject to Terms and Conditions and are at the sole discretion of The Hongkong and Shanghai Banking Corporation Limited, India (HSBC). Currently Home Loan is available to applicants and for properties in and around the city limits of (sourcing cities) Mumbai, New Delhi, Gurgaon, Noida, Bengaluru, Pune, Chandigarh, Jaipur, Ahmedabad, Chennai, Hyderabad and Kolkata; and are subject to change from time to time.

    Loan anniversary is the date and month on which the loan was disbursed. Example: If your loan was disbursed on 20 May 2012. Then every year, 20 May will be the loan anniversary.

    1 The minimum and maximum loan depends on customer’s relationship with HSBC, city of property and property type. Loan amount of upto INR 600,000,000 only for existing HSBC Top Tier customers for properties in Mumbai/Delhi/Bengaluru, upto INR 200,000,000 for properties in Pune, Hyderabad and Chennai, and upto INR 150,000,000 for other locations. For HSBC Premier customer maximum loan amount of INR150,000,000 for properties in Mumbai/Delhi and INR 100,000,000 for all other sourcing cities for ready and under construction properties. For other customers loan amount of upto INR100,000,000 for ready and under-construction properties in Mumbai, New Delhi (NCR), and INR75,000,000 for ready and under construction properties in Bengaluru, Chennai, Pune, Ahmedabad, Chandigarh, Jaipur, Hyderabad and Kolkata (however we do not fund under construction property in Kolkata). The minimum agreement and market value of the property to be funded for Mumbai and Delhi is INR2,500,000 and for all other sourcing cities is INR1,500,000.

    2 Pre Equated Monthly Instalment (Pre-EMI) means interest on the loan from the date/dates of disbursement of the loan to the date immediately prior to the date of commencement of EMI and initially at the rate indicated in the FAL and subject to change from time to time. Pre-EMI amount will be adjusted towards payment of the interest accrued on the outstanding loan amount.

    3 Equated Monthly Instalment (EMI) means the amount of monthly payment consisting of principal and interest necessary to amortise the loan amount with applicable interest within such period as may be determined by the Bank from time to time.

    4 To meet the minimum income criteria, income of two salaried applicants can be clubbed.

    5 Please note that basis Goods and Services Tax (GST) regulations and notified GST rates, Central GST, State/Union Territory GST, or Inter-State GST, as applicable, and Cess as applicable would apply on our fees and charges.

    Home loans are available to both Residents as well as NRIs. NRI Applicants must have a local co-applicant or a local contact person. All joint owners of the property would necessarily have to be co-applicants and would need to sign all loan documents.

    The interest rate on your floating rate loan, if disbursed on/after 01 October 2019 is linked to HSBC's Repo Linked Lending Rate (RLLR). Any revision in the RLLR would impact your interest rate.

    The interest rate on your floating rate loan, if disbursed on/after 01 April 2016 is linked to HSBC's 3 month Marginal Cost of Fund based Lending Rate (MCLR). Any revision in the 3 month MCLR would impact your interest rate.

    The interest rate on your floating rate loan, if disbursed on/after 01 July 2010 till 31 March 2016 is linked to HSBC's Base Rate. Any revision in the Base Rate would impact your interest rate.

    The interest rate on your floating rate loan if disbursed prior to 01 July 2010 is linked to HSBC's Retail Lending Rate (RLR) and any revision in the RLR would impact your interest rate.

    Change of existing Benchmark Rate from MCLR/Base Rate/Retail Lending Rate to Repo Linked Lending Rate (RLLR)

    Existing HSBC Mortgage customer who wish to link their Floating rate loans to RLLR from their existing benchmark rates of MCLR/Base Rate/Retail Lending Rate can do so by approaching their Relationship Managers or visiting their nearest branch for more details. A one time nominal switch over charge / fees of up to INR 2500/- plus applicable taxes would be charged. The application form for conversion can be found here.

    Most important terms and conditions (MITC) for Floating and Fixed rate Home Loans (PDF, 152 KB) are displayed on the website for your reference. A copy of the same is also available at our Branches.

    Please be advised that applicable Indirect Taxes would be recovered on all our fees and charges and any other amount liable to tax under prevailing Indirect Tax Laws.

    Our Centralised Registration Number is AAACT2786PST001.

    Home loan balance transfer terms and conditions

    1. This is brought to you by The Hongkong and Shanghai Banking Corporation Limited, India (HSBC/Bank). Any participation in the Offer is voluntary.
    2. The mentioned floating rate of interest is being offered for Home Loans. The rate applicable for other variants (Smart Home Loan. Loan against Property and Smart Loan against Property) will be at a premium. This rate is applicable only for Balance Transfer/Balance Transfer + Top-up. Top up of more than 150% of the base loan will be priced at a premium of 50 bps.
    3. The Interest rate on your Floating Rate Home Loan is linked to HSBC’s (the Bank) published Repo Rate Linked Lending Rate (RLLR). HSBC’s RLLR would be linked to RBI’s published repo rate rounded off to the nearest 5 bps. The RLLR will be published by the Bank at the beginning of every month and it will be the benchmark rate for RLLR linked Home Loans that are disbursed in that particular month. The floating rate of interest on all the loans disbursed by the Bank will be reset when there is a change in the policy repo rate by RBI. The reset will be done by the 7th calendar day of the following month from RBI’s announcement of change in repo rate. A revision in the applicable rate of interest will lead to a revision in the Equated Monthly Instalment (EMI) or the loan tenure at the Bank’s discretion. The applicable rate of interest rate on your loan is the RLLR plus the margin (spread). For further details kindly visit our website www.hsbc.co.in.
    4. Credit up-to 0.3% of the loan amount is subject to:
      1. Maharashtra, Ahmedabad: Bonanza of up to 0.3% of the loan amount
      2. Bengaluru: Bonanza of up to 0.2% of the loan amount
      3. Chennai: Bonanza of up to 0.3% of loan amount OR INR25,000 whichever is lower
      4. Hyderabad: Bonanza of up to 0.3% of loan amount OR INR50,000 whichever is lower
      5. Jaipur: Bonanza of up to 0.15% of loan amount
      6. The credit will be done to the linked HSBC account within 120 days of the loan disbursal subject to the loan being active at the time of the credit
      7. Eligibility condition for credit - customer should have submitted all required post disbursal documents to the bank within 90 days of disbursal of the loan. In case of BT, the title documents from the erstwhile bank should have been received during the scheme period
      8. The Credit is applicable to cases which have been sourced in any of our approved locations with property located in Mumbai, Pune, Ahmedabad, Chennai, Bangalore, Hyderabad or Jaipur only