1. What is HDFC Home Loan Calculator?

The HDFC Home Loan Calculator helps determine how much home loan you can get based on your monthly payment capacity, current interest rates, and loan term. It uses standard amortization formulas to estimate your maximum loan eligibility.

2. How Does the Calculator Work?

The calculator uses the loan formula:

Where:

• \( P \) — Principal 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 maximum loan amount you can get based on what you can afford to pay each month, considering current interest rates and your preferred loan term.

3. Importance of Loan Eligibility Calculation

Details: Knowing your maximum loan eligibility helps in budgeting for your home purchase and ensures you don't overextend your finances. HDFC's current rates start at 8.45% p.a.

4. Using the Calculator

Tips: Enter your comfortable monthly EMI amount, current interest rate (default 8.45%), and desired loan term in years. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What factors affect my home loan eligibility?
A: Besides monthly payment capacity, lenders consider your income, credit score, existing debts, property value, and employment stability.

Q2: What is the typical loan tenure for HDFC home loans?
A: HDFC offers home loans for up to 30 years, depending on your age at loan maturity (typically up to 60-65 years).

Q3: Does this calculator include all charges?
A: No, this shows principal eligibility only. Processing fees, insurance, and other charges would be additional.

Q4: What is the minimum salary for HDFC home loan?
A: HDFC typically requires a minimum annual income of ₹3-6 lakhs depending on city and employment type.

Q5: Can I prepay my HDFC home loan?
A: Yes, HDFC allows prepayment, though conditions apply. Floating rate loans can be prepaid without charges after 6 EMIs.