HDFC bank home loan eligibility checklist

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.

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.

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.

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