HSBC re-introduces home loans for Premier and Advance customers

HSBC has re-introduced home loans to support the financial needs of Premier and Advance customers at attractive interest rates.

Whether a customer is a first time home buyer, ready to invest in a second home or hopes to re-finance an existing mortgage with another bank, HSBC home loans are structured to support their ambitions with key benefits including higher loan value ranging from Rs. 10 mn to 50 mn to purchase a completed property or apartment.

The maximum repayment period is 25 years and preferential interest rates will be fixed on a quarterly basis.

The amount of the loan will up to 70% of the value of the property. The loan repayment will be on fixed equal monthly instalments or on reducing balance.

Joint applications could be made with the spouse. There will be no early settlement or pre-payment fee.

Head of Retail Banking and Wealth Management, Nilantha Bastian said, "During the past few years, the real estate and property market has grown significantly especially when you consider residential housing and condominium style apartments.

We have seen an influx of apartment projects, with a higher ratio being predominantly owned by the affluent and high networth individuals who continue to invest in tangible real estate assets."