1. What is HDFC Home Loan Eligibility Calculator?

The HDFC Home Loan Eligibility Calculator helps determine how much home loan you can get based on your salary income, current interest rates (starting at 8.45% p.a.), and repayment capacity.

2. How Does the Calculator Work?

The calculator uses the home loan eligibility formula:

Where:

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

Explanation: The equation calculates the maximum loan amount you can get based on what monthly payment you can afford, the interest rate, and loan term.

3. Importance of Loan Eligibility Calculation

Details: Knowing your eligibility helps in home search by setting realistic budget expectations and improves loan approval chances by matching your repayment capacity.

4. Using the Calculator

Tips: Enter your comfortable EMI amount (typically 40-50% of monthly income), current HDFC interest rates (default 8.45%), and desired repayment period (up to 30 years).

5. Frequently Asked Questions (FAQ)

Q1: What factors affect HDFC home loan eligibility?
A: Income, existing obligations, credit score, property value, interest rate, and loan tenure all affect eligibility.

Q2: What is the typical EMI to income ratio for approval?
A: HDFC generally approves loans where EMI is 40-50% of monthly income after deducting existing obligations.

Q3: Can I get higher eligibility with co-applicant?
A: Yes, adding a earning co-applicant (like spouse) increases combined income and thus eligibility.

Q4: Are there prepayment charges on HDFC home loans?
A: HDFC typically charges no prepayment penalty for floating rate loans, but fixed rate loans may have charges.

Q5: How accurate is this calculator?
A: This provides an estimate. Actual eligibility may vary based on credit assessment and HDFC's internal policies.