Who Can Apply
You can apply individually or jointly for Short Term Bridging Loans. All proposed owners of the property will have to be co-applicants. However, all co-applicants need not be co-owners. Generally co-applicants are close family members.
- You may spread out your payments for the loan over a maximum term of 2 years.
- The tenure of the loan is also dependent on the customer’s profile and any other terms which may be applicable based on prevalent norms of HDFC.
Maximum Loan Amount
|Up to Rs.75 lacs
||80% of the property cost
|Above Rs.75 lacs
||75% of the property cost
*Subject to market value of the property and repayment capacity of the customer, as assessed by HDFC.
Types of Short Term Bridging Loans
Simple Interest Adjustable Rate Loan
A Short Term Bridging Loan is a Simple Interest Adjustable Rate Loan linked to HDFC's Retail Prime Lending Rate (RPLR). If there is a change in our RPLR, the interest rate on your loan will be revised, effecting a change in your monthly instalments.
The following is an indicative list of fees / other charges / outgoings that are payable depending on the nature of the loan availed (*):
0.5% of the loan amount plus applicable taxes.
Adjustable Rate Loan
For all loans sanctioned to individual customers:
No prepayment charges shall be payable on account of part or full prepayments.
For all other loans:
There will be no prepayment charges payable for any amount up to and including 25% of the opening principal balance for a given financial year.
However any part prepayment in excess of 25% or full prepayment shall bear a prepayment charge of 2%, plus applicable taxes, of the amounts being so prepaid if the prepayment is made within 3 years from the date of first disbursement of the loan (such amounts shall include all amounts prepaid during the given financial year).
There will be no prepayment charges payable for any part prepayment if such a part prepayment is made after 3 years from the date of first disbursement of the loan.
Full prepayment made after 3 years from date of first disbursement of the loan shall bear a prepayment charge of 2%, plus applicable taxes, of amounts being so prepaid if source of such prepayment is by the way of borrowing from a Bank / Housing Finance Company (HFC) / Non Banking Financial Company (NBFC) or Financial Institution. (such amounts shall include all amounts prepaid during the given financial year).
Cheque Dishonour Charges
Fees on account of external opinion
Fees on account of external opinion from advocates/technical valuers, as the case may be, is payable on an actual basis as applicable to a given case. Such fees is payable directly to the concerned advocate / technical valuer for the nature of assistance so rendered.
The customer shall pay the premium amounts directly to the insurance provider, promptly and regularly so as to keep the policy / policies alive at all times during the pendency of the loan.
Charges on account of delayed payments
Delayed payment of interest or EMI shall render the customer liable to pay additional interest up to 24% per annum.
Incidental charges & expenses are levied to cover the costs, charges, expenses and other monies that may have been expended in connection with recovery of dues from a defaulting customer. A copy of the policy can be obtained by customers from the concerned branch on request.
Statutory / Regulatory charges
All applicable charges on account of Stamp Duty / MOD / MOE / Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) or such other statutory / regulatory bodies and applicable taxes shall be borne and paid (or refunded as the case may be) solely by the customer. You may visit the website of CERSAI for all such charges at www.cersai.org.in
List of Documents
Up to Rs.500
Photo Copy of Documents
Up to Rs.500
Up to Rs.200
Disbursement cheque cancellation charge post disbursement
Up to Rs.200
Re-appraisal of loan after 6 months from sanction
Up to Rs.2,000 plus applicable taxes
Increase / decrease in loan term
Up to Rs.500 plus applicable taxes
(*) the contents of the above are subject to change from time to time and the levy of the same shall be at such rates as may be applicable as on the date of such charge.