1. What is HDFC Home Loan Eligibility?

The HDFC Home Loan Eligibility Calculator helps you determine how much home loan you can get based on your repayment capacity. HDFC offers home loans starting at 8.45% p.a. with minimum income requirement of ₹25,000.

2. How Does the Calculator Work?

The calculator uses the loan eligibility formula:

Where:

• \( P \) — Maximum loan amount (INR)
• \( PMT \) — Affordable monthly payment (INR)
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Total number of payments (years × 12)

Explanation: The equation calculates the present value of an annuity (loan amount) based on your monthly payment capacity, interest rate, and loan term.

3. Importance of Loan Eligibility

Details: Knowing your eligibility helps in property search within your budget and improves loan approval chances. HDFC typically offers up to 80-90% of property value as loan.

4. Using the Calculator

Tips: Enter your comfortable EMI (minimum ₹25,000), current HDFC interest rate (starts at 8.45%), and desired loan term. All values must be valid.

5. Frequently Asked Questions (FAQ)

Q1: What is HDFC's minimum income requirement?
A: Minimum ₹25,000 monthly income for salaried individuals. For self-employed, it varies based on business profitability.

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

Q3: What is the maximum loan tenure?
A: Up to 30 years or till age 70, whichever is earlier.

Q4: Are there prepayment charges?
A: HDFC doesn't charge for prepayment from own funds. For foreclosure, charges may apply if done from other sources.

Q5: What documents are required?
A: Identity proof, address proof, income documents, property papers, and bank statements.