1. What is Home Loan Eligibility?

The home loan eligibility calculator helps you determine how much loan amount you can get from HDFC based on your repayment capacity. It considers your affordable EMI, interest rate, and loan tenure.

2. How Does the Calculator Work?

The calculator uses the present value of annuity formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( PMT \) — Affordable monthly payment (INR)
• \( r \) — Monthly interest rate (decimal)
• \( n \) — Number of monthly payments

Explanation: The formula calculates the maximum loan amount you can get based on what EMI you can afford to pay each month.

3. Importance of Loan Eligibility

Details: Knowing your loan eligibility helps in financial planning, property selection, and negotiation with sellers. It prevents disappointment later in the home buying process.

4. Using the Calculator

Tips:

• Enter your comfortable EMI amount (typically 40-50% of your monthly income)
• Use current HDFC home loan interest rates (starting at 7.90% p.a.)
• Choose a tenure that balances EMI affordability and total interest cost

5. Frequently Asked Questions (FAQ)

Q1: What is HDFC's current home loan interest rate?
A: HDFC home loan rates start at 7.90% p.a. for salaried individuals, subject to change based on market conditions and borrower profile.

Q2: What factors affect home loan eligibility?
A: Income, existing obligations, credit score, property value, loan tenure, and interest rate all affect eligibility.

Q3: How can I increase my home loan eligibility?
A: You can increase eligibility by opting for longer tenure, adding co-applicant, improving credit score, or reducing other debts.

Q4: Is there a processing fee for HDFC home loans?
A: Yes, HDFC charges a processing fee up to 0.50% of loan amount or ₹11,800 (whichever is higher), plus applicable taxes.

Q5: What documents are required for HDFC home loan?
A: Typically requires identity proof, address proof, income documents, property papers, and bank statements.