HDFC offers home loans to eligible customers at affordable interest rates starting at 8.60% p.a., with a repayment period of up to 30 years. However, you will get a loan only if the bank deems you eligible. Here’s how to check your HDFC home loan eligibility.
HDFC Home Loan Eligibility Criteria
| Criteria | Details |
|---|---|
| Age | Salaried and Self-Employed: 21 to 65 years |
| Employment Type | Salaried, Self-Employed |
| Minimum Income | Salaried: Rs.10,000 per month , Self-Employed: Rs.2 lakh per annum |
Eligibility Based on Age
Applying for an 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
The value of your property also influences your loan eligibility. Here’s how:
| 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
Your credit score is a crucial factor in determining your eligibility. The minimum required credit score for an HDFC home loan is 650.
| Rating | Credit Score |
| Good | 750 and above |
| Average | 600 – 750 |
| Poor | Below 600 |
Eligibility for Women
For women applicants, the eligibility criteria are the same as for other applicants. However, women applicants are eligible for a 0.05% interest rate concession on the loan.
HDFC Home Loan Eligibility for Co-Applicants
If you are applying for a home loan with a co-applicant, they must also meet the eligibility criteria set by the bank:
| Criteria | Details |
|---|---|
| Age | 21 to 65 years |
| Residency | Resident Indian |
| Employment Type | Salaried or Self-Employed |
| Ownership | Co-applicants should not be co-owners |
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 | 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 |
What is Home Loan Eligibility?
Home loan eligibility is defined as a set of criteria by which a financial institution assesses the creditworthiness of a customer to avail and repay a particular loan amount. It depends on various parameters, including age, financial position, credit history, credit score, and other financial obligations.
Tips to Improve HDFC Home Loan Eligibility
- Adding a Co-Applicant: Adding an earning family member as a co-applicant can improve your eligibility.
- Opt for Longer Tenure: A longer tenure reduces the EMI burden, improving your eligibility.
- Improve Your Credit Score: Consistent repayments and rectifying errors in your credit report can enhance your score.
- Adequate Funds for Down Payment: Making a higher down payment can increase your chances of loan approval.
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Conclusion
Checking your HDFC home loan eligibility is a crucial step in securing a home loan. By understanding the eligibility criteria and using the tools provided by HDFC, you can ensure a smooth application process and improve your chances of approval. If you need assistance, HDFC offers a facility of a pre-approved home loan even before you have identified your dream home. For any queries, feel free to contact our team of experts.
FAQs
The minimum salary required for a salaried individual to be eligible for an HDFC home loan is Rs.10,000 per month. For self-employed individuals, the minimum business income should be Rs.2 lakh per annum.
Yes, HDFC provides up to 90% of the property cost as a home loan for properties valued up to Rs.30 lakh.
Eligible individuals for HDFC EMI include:
-Salaried professionals aged 21-65 with a minimum salary of Rs. 10,000 per month.
-Self-employed professionals and non-professionals aged 21-65 with a minimum annual business income of Rs. 2 lakh.
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