1. What is HDFC Home Loan Eligibility Calculator?

This calculator determines how much home loan you can get from HDFC based on your salary payments, current interest rates starting at 8.45% p.a., and your 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)
• \( n \) — Loan term in months

Explanation: The equation calculates the maximum loan amount you can borrow based on what you can afford to pay each month.

3. Importance of Loan Eligibility Calculation

Details: Knowing your loan eligibility helps in budgeting for your home purchase and negotiating with lenders. HDFC typically offers loans up to 80-90% of the property value.

4. Using the Calculator

Tips:

• Enter your comfortable monthly EMI amount
• Current HDFC rates start at 8.45% p.a.
• Standard loan terms are 5-30 years
• Your actual eligibility may vary based on credit score and other factors

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum salary for HDFC home loan?
A: HDFC typically requires a minimum monthly income of ₹25,000 for salaried individuals.

Q2: How is EMI calculated?
A: EMI = [P × r × (1+r)^n] ÷ [(1+r)^n-1], where P is principal, r is monthly rate, n is term in months.

Q3: What factors affect loan eligibility?
A: Income, existing obligations, credit score, property value, and interest rate.

Q4: What documents are needed?
A: Salary slips, bank statements, ID proof, address proof, and property documents.

Q5: Can I get 100% financing?
A: No, HDFC typically finances 75-90% of property value depending on loan amount.