1. What is HDFC Home Loan Calculator?

The HDFC Home Loan Calculator estimates your maximum eligible loan amount based on your affordable monthly payment, current interest rates, loan term, and potential tax benefits under Section 24 in India.

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 (annual rate ÷ 12)
• \( n \) — Total number of payments (years × 12)

Tax Benefit Adjustment: The calculator increases eligibility by approximately 15% when tax benefits are selected, accounting for interest deduction under Section 24.

3. Importance of Loan Eligibility Calculation

Details: Knowing your maximum eligible loan amount helps in budgeting for your home purchase and understanding what property price range you can consider.

4. Using the Calculator

Tips: Enter your comfortable monthly EMI amount, current HDFC interest rate (starting at 8.45% p.a.), desired loan term (typically 15-30 years), and whether you'll claim tax benefits.

5. Frequently Asked Questions (FAQ)

Q1: What is Section 24 tax benefit?
A: Under Indian tax laws, you can deduct up to ₹2 lakh annually on home loan interest payments under Section 24(b).

Q2: What are current HDFC home loan rates?
A: Rates typically start at 8.45% p.a. (as of 2023) but vary based on loan amount, tenure, and applicant profile.

Q3: How accurate is this calculator?
A: This provides an estimate. Actual eligibility depends on income, credit score, property value, and HDFC's internal policies.

Q4: What's the maximum loan tenure available?
A: HDFC typically offers up to 30 years tenure, subject to age at loan maturity (usually 70-75 years).

Q5: Does this include processing fees?
A: No, this calculation doesn't include processing fees (0.5-1% of loan amount) or other charges.