HSBC home loans


HSBC Holdings plc is a British multinational financial services and banking company, which has its headquarters in London, United Kingdom. HSBC is one of the largest banks in the world. HSBC was founded in 1991 in London by the Hongkong and Shanghai Banking Corporation in order to create a new group holding firm. 

HSBC bank understands that purchasing a house is one of the most significant decisions in one’s life. Although, many people dream that they will own an ideal home, achieving this goal is quite challenging, particularly in case of finance arrangement that is required for making such expensive purchase. But, now many people can fulfill their dream of purchasing an ideal home by choosing HSBC home loans. 

Benefits and features of HSBC home loans

Image courtesy:LinkedIn
Image courtesy:LinkedIn

The various benefits and features of home loans by HSBC are:

  1. Loan tenure: As an applicant of HSBC home loan, you can take home loan tenure of up till 20 years. And, if you are a salaried employee, you can opt for home loan tenure of up till 25 years.
  2. Loan amount: As an applicant of HSBC home loan, you can avail for home loans between the amounts of Rs. 3 lakhs and Rs. 10 crore.
  3. Interest rates: The interest rates of home loans by HSBC are floating. However, sometimes the interest rates are also offered at fixed rates for particular home loan tenures. If you want to check if fixed rates are available for you, you can visit one of HSBC branches or consult your Relationship Manager. Additionally, you can also check out other features and applicable terms and conditions in order to benefit from your home loan by HSBC.
  4. Property types: Both Non-Resident Indians (NRIs) as well as Resident Indians can apply for Smart Home Loans by HSBC. Customers can obtain loans for under construction properties (should be permitted by HSBC), ready properties, to purchase a plot of land, self-construction, and home improvement. In case you are an NRI claimant, you need to have a local co-applicant or a local contact person, who can apply for this loan.

Eligibility for HSBC home loans

There is some eligibility criteria required to register for home loans by HSBC. You must fulfill these qualifications in order to be eligible for a HSBC home loan. These include:

  • You must be above 21 years old
  • You must be below 58 years old, if you are a salaried employee, 60 years old if you are a government or public employee, and 65 years old if you are self-employed (Please note that this is the maximum age of loan maturity)
  • You must be self-employed or salaried with regular income
  • You must have a minimum income of Rs. 5,00,000 per year, if you are working on a salary and Rs. 7,50,000 per year, if you are self-employed
  • The maximum tenure period for a salaried applicant is 25 years

Eligibility for the amount of HSBC home loans

There are some eligibility factors for the amount of home loan that you get from HSBC. These include:

  • Your eligibility for a HSBC home loan is lowered by other loan EMIs
  • The minimum loan amount is Rs. 3,00,000
  • You can take a maximum loan of Rs. 10,00,00,000 from HSBC
  • The EMI of your HSBC home loan is limited to nearly 50% of your monthly income

How to increase the eligible amount of HSBC home loan

There are some ways through which you can increase the eligible amount of your HSBC home loan. These include:

  • You can add your parents alternately
  • You can choose a longer tenure of your HSBC home loan of up till 25 years
  • You can make your wife or husband a co-applicant on your HSBC home loan and their income will increase your eligibility amount

Thus, these are some of the things that you must know about HSBC home loans. Take help from these and then take a wise home loan decision.