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- HDFC Home Loan Eligibility Criteria
- HDFC Home Loan Eligibility Based on Salary
- HDFC Home Loan Eligibility Based on Age
- HDFC Home Loan Checklist Based on Value of Property
- HDFC Home Loan Checklist Based on Credit Score
- HDFC Home Loan Checklist for Women’s Eligibility
- HDFC Home Loan Eligibility Checklist for Co-Applicant
- Factors Impacting Eligibility for HDFC Home Loans
- Conclusion
- Frequently Asked Questions
Estimated reading time: 5 minutes
Before delving into HDFC Bank’s home loan eligibility checklist, it’s critical to recognize that each bank may have distinct requirements. One of the top banks in India, HDFC Bank, uses specific criteria to assess your HFDC home loan checklist. Here is a thorough yet easy-to-understand guide to assist you in comprehending the important elements.
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HDFC Home Loan Eligibility Criteria
HDFC offers home loans with interest rates as low as 8.60% p.a. to qualified borrowers. The HDFC home loan has a thirty-year payback term.
Features | Criteria |
---|---|
Age | 21 – 65 years |
Employment Type | Salaried and Self-employed professional and non-professional |
Minimum Salary for Salaried | Rs.10,000 per month |
Minimum Salary for Non-Salaried | Rs.2 lakh per annum |
HDFC Home Loan Eligibility Based on Salary
The table below shows the maximum loan amount that you qualify for based on your income. This was computed with a 30-year repayment period, a set annual interest rate of 8.60%, and the assumption that there had been no previous EMIs.
Check whether you qualify for a house loan based on your earnings by using the HDFC home loan eligibility calculator.
Monthly Income | Loan Amount |
---|---|
Rs. 25,000 | Rs.15,18,372 |
Rs. 30,000 | Rs.20,49,802 |
Rs. 35,000 | Rs.23,91,436 |
Rs. 45,000 | Rs.30,74,703 |
Rs. 50,000 | Rs.34,16,337 |
Rs. 55,000 | Rs.41,75,523 |
Rs. 60,000 | Rs.45,55,116 |
Rs. 65,000 | Rs.49,34,709 |
Rs. 70,000 | Rs.53,14,302 |
Rs. 75,000 | Rs.56,93,895 |
HDFC Home Loan Eligibility Based on Age
Early application for an HDFC home loan will guarantee a longer payback period. It will ensure that your financial priorities are met and assist in reducing the EMI.
Age of the Applicant | Maximum Salary Permittable |
---|---|
21 – 35 years | 30 years |
36 years | 29 years |
37 years | 28 years |
38 years | 27 years |
39 years | 26 years |
40 years | 25 years |
41 years | 24 years |
42 years | 23 years |
43 years | 22 years |
44 years | 21 years |
HDFC Home Loan Checklist Based on Value of Property
Value of the Property | LTV Ratio |
---|---|
Up to Rs.30 lakh | 90% of the property cost |
From Rs.30 lakh to Rs.75 lakh | 80% of the property cost |
Above Rs.75 lakh | 75% of the property cost |
HDFC Home Loan Checklist Based on Credit Score
Rating | Credit Score |
---|---|
Good | 750 and above |
Average | 600-750 |
Poor | Below 600 |
A minimum credit score of 650 is required to apply for an HDFC home loan. The probability that the loan application will be accepted increases.
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HDFC Home Loan Checklist for Women’s Eligibility
The HDFC home loan qualifying requirements for female applicants are the same as those for other applicants. On the other hand, female candidates are qualified for a loan interest rate reduction of 05 basis points.
HDFC Home Loan Eligibility Checklist for Co-Applicant
The following are the qualifying requirements:
- The ideal age range is between 21 and 65.
- Indian resident required
- Must be self-employed or on a salary
- Co-applicants ought not to share ownership.
Factors Impacting Eligibility for HDFC Home Loans
Below is a list of some of the variables that determine your eligibility for an HDFC home loan:
- The applicant’s age
- The applicant’s financial situation
- a solid track record of repaying
- high credit score
- Liabilities already in place to assess the additional weight of the loan
- The applicant’s profile
- details that relate to the underlying property, like the property’s size and age.
- Consider whether the applicant is a loan guarantor currently in place.
Conclusion
To sum up, the HDFC Bank home loan eligibility checklist focuses on your age, income, employment security, credit score, current debts, property characteristics, ability to make a down payment, data about your co-applicant, length of loan, and supporting documentation.
It provides clarity, aids in financial planning, boosts your confidence, and ensures a smoother, more predictable home loan application process. Remember to use the HDFC home loan eligibility check tools available online for the most accurate and up-to-date information.
Frequently Asked Questions
The bank will decide the home loan by taking into account your income and repayment capacity. Other factors like age, qualification, number of dependents, your spouse’s income, assets and liabilities, and savings history are also taken into account to determine the eligible home loan amount.
The payment of EMIs begins from the month after the month in which the disbursement of the loan is done. EMIs for loans for residences that are still under construction often start when borrowers have paid off the entire home loan.
Yes. Having a job with a reputable employer and longer work experience increases your eligibility and chances of loan approval. Self-employed individuals may still get home loans with adequate income proof.