HDFC offers home euity loans to help you take benifit of the existing market value of a property by mortgaging it at the bank. Such loans are offerd by the bank to help you meet financial requirements arising out of education, marriage or medical obligations.
The maximum limit of the loan one can apply for approval stands at 60 percent of the market value of property and present loan outstanding for existing customers. For new borrowers, 50 percent of the market value of property is the maximum limit, which also includes cost of the land.
The bank has its own parameter to give value to a residential or non residential property. For residential property, minimum market value is Rs 5 lakh and for non-residential one, it is 7.50 lakh. The maximum limit of HDFC home equity loan also takes into account the repayment capacity of the customer.
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