1. What is HDFC Home Loan Eligibility?

HDFC Bank offers home loans with interest rates starting at 8.45% p.a. The minimum income requirement is ₹25,000 per month. This calculator helps determine your maximum eligible loan amount based on your repayment capacity.

2. How Does the Calculator Work?

The calculator uses the loan principal formula:

Where:

• \( P \) — Maximum loan amount (principal)
• \( PMT \) — Affordable monthly payment (EMI)
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Loan term in months (years × 12)

Eligibility Rule: Your EMI should not exceed 50% of your monthly income.

3. Importance of Loan Eligibility

Details: Knowing your eligible loan amount helps in property selection and financial planning. HDFC typically offers loans up to 80-90% of the property value.

4. Using the Calculator

Tips: Enter your comfortable EMI amount, current HDFC interest rate (minimum 8.45%), desired loan term, and your monthly income (minimum ₹25,000).

5. Frequently Asked Questions (FAQ)

Q1: What is HDFC's current home loan interest rate?
A: Rates start at 8.45% p.a. for salaried individuals, subject to change based on market conditions and borrower profile.

Q2: What is the minimum income requirement?
A: ₹25,000 per month for salaried individuals. For self-employed, it varies based on business profitability.

Q3: How is EMI calculated?
A: EMI depends on loan amount, interest rate, and tenure. Longer tenures reduce EMI but increase total interest paid.

Q4: What documents are required?
A: Typically includes income proof, identity/address proof, property documents, and bank statements.

Q5: Can I prepay my HDFC home loan?
A: Yes, HDFC allows prepayment with certain conditions. Prepayment charges may apply in some cases.