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Smart financial planning is essential when considering a home loan. HDFC Bank’s Home Loan Eligibility Calculator provides a precise estimate of your borrowing capacity, taking into account your income, age, existing debts, and desired loan tenure.
Here’s how you can leverage this calculator to make strategic decisions and secure the best possible loan terms.
Eligible for HDFC Home Loan? See How Affordable Your EMI Can Be!
HDFC Home Loan Eligibility Criteria
HDFC Home Loan eligibility criteria are designed to assess your financial stability, income, credit score, and other factors to determine your loan approval.
| Criteria | Details |
|---|---|
| Age | 21 to 65 years |
| Employment Type | Salaried, Self-Employed |
| Minimum Income | Salaried: Rs. 10,000 p.m. Self-Employed: Rs. 2 lakh p.a. |
| Credit Score | A clean repayment record is considered positive |
How to Use HDFC Bank Home Loan Eligibility Calculator?
HDFC Bank’s Home Loan Eligibility Calculator allows you to check your housing loan eligibility online quickly. Follow these simple steps:
- Input your total gross monthly income.
- Choose the desired loan term. Longer tenures can increase your eligibility.
- Enter HDFC Bank’s current home loan interest rate.
- Input your existing monthly EMIs for other loans.
- View your eligible loan amount based on the entered details.
HDFC Home Loan Eligibility Based on Salary
The eligibility for HDFC home loan depends on various factors, including your salary. Here’s a general guideline on how salary impacts eligibility:
- The higher your salary, the higher the home loan amount you may be eligible for.
- Typically, a higher salary allows you to qualify for a larger loan, as your income indicates the ability to repay a larger amount.
For example, someone earning ₹1 lakh/month may be eligible for a loan of ₹1 crore or more, while someone earning ₹40,000/month might only be eligible for ₹30-40 lakh.
Eligibility Based on Age
Applying for HDFC home loan early ensures that you can get a longer repayment tenure, lowering your EMI and helping you manage your finances better.
| Applicant Age | Maximum Eligible Tenure |
|---|---|
| 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 |
| 45 years | 20 years |
Eligibility Based on Property Value
HDFC home loan eligibility is not only determined by the applicant’s income but also by the value of the property being purchased. The bank evaluates the property’s market value to ensure that it serves as adequate collateral for the loan.
| Property Value | 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 |
Eligibility Based on Credit Score
A strong credit score is essential for securing HDFC home loan, as it reflects your creditworthiness and repayment reliability.
| Rating | Credit Score |
|---|---|
| Good | 750 and above |
| Average | 600 – 750 |
| Poor | Below 600 |
Eligibility for Women
- Eligibility Criteria: Women applicants must meet the same eligibility requirements as other borrowers, including income, credit score, and property value.
- Benefit: This discount helps make home ownership more affordable for women borrowers.
Benefits of Using HDFC Bank Home Loan Eligibility Calculator
- Instantly determines your loan eligibility
- Access the calculator online anytime for free
- Get a clear understanding of your borrowing capacity
- Helps in aligning your home search with your budget
- Use your eligibility estimate to negotiate better terms and conditions
Factors Affecting HDFC Home Loan Eligibility
Several factors affect your eligibility for an HDFC home loan, including:
| Factor | Impact on Eligibility |
|---|---|
| Age of the applicant | Younger applicants get longer repayment tenures |
| Financial position | Strong financials improve eligibility |
| Repayment record | Also good repayment history boosts eligibility |
| Credit score | Higher scores increase chances of approval |
| Existing liabilities | Higher liabilities reduce eligibility |
| Applicant’s profile | Stable profiles are favored |
| Property specifications | Newer, well-located properties have better eligibility |
| Loan guarantor status | Being a guarantor to another loan can affect eligibility |
How to Improve My Eligibility For HDFC Home Loan?
To improve your eligibility for an HDFC home loan, take these key steps to qualify for a higher loan amount with better terms.
| Factor | How to Improve Eligibility |
|---|---|
| Credit Score | Maintain a score of 750+ by clearing dues on time and reducing debt. |
| Employment Stability | Stay employed with a stable job or business for at least 2 years. |
| Debt-to-Income Ratio | Reduce existing debts or liabilities to lower your DTI ratio. |
| Loan Tenure | Opt for a longer tenure to lower monthly EMI and improve eligibility. |
| Co-applicant | Add a co-applicant with a steady income to boost eligibility. |
| Property Value | Choose a property with a higher market value to increase loan eligibility. |
| Additional Savings | Having significant savings or assets can demonstrate financial stability. |
| Avoid Unnecessary Loans | Refrain from taking new loans during the application process. |
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Conclusion
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From the initial application to the final disbursement, we provide comprehensive support. Enjoy clear and honest communication at every stage, with no hidden surprises.
Frequently Asked Questions
The maximum home loan amount you can get from HDFC Bank with a salary of ₹35,000 per month, assuming an interest rate of 8.75% per annum for a tenure of 30 years and no existing EMIs, is approximately ₹22,26,502. This is an estimated figure and may vary based on additional factors such as your credit score, age, and other financial obligations.
Yes, HDFC Bank offers up to 90% financing for properties valued up to ₹30 lakh. For properties valued between ₹30 lakh and ₹75 lakh, the loan-to-value (LTV) ratio is up to 80%, and for properties above ₹75 lakh, the LTV is up to 75%.
HDFC Bank generally prefers a minimum CIBIL score between 720 and 750 for home loan approvals. However, applicants with lower scores may still be considered if they meet other eligibility criteria.
The down payment is the portion of the property’s value that you need to fund personally. HDFC Bank finances up to 90% of the property value meaning you’d need to make a down payment of at least 10%. For higher-valued properties, the down payment requirement increases as the LTV ratio decreases.
You can verify your eligibility by using HDFC’s Home Loan Eligibility Calculator, which considers factors like age, income, financial position, credit history, and existing financial obligations.
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