1. What is HDFC Home Loan Calculator?

The HDFC Home Loan Calculator helps determine your maximum eligible loan amount based on your monthly repayment capacity, current interest rates, and loan tenure. It uses standard amortization formulas to estimate borrowing power.

2. How Does the Calculator Work?

The calculator uses the 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 (years × 12)

Explanation: The equation calculates the present value of an annuity (loan amount) based on regular payments, interest rate, and time period.

3. Importance of Loan Eligibility Calculation

Details: Knowing your maximum eligible loan amount helps in budgeting for your home purchase and ensures you don't overextend financially. HDFC typically offers rates starting at 8.45% p.a.

4. Using the Calculator

Tips: Enter your comfortable EMI amount (usually 40-50% of monthly income), current interest rate (default 8.45%), and desired loan term (typically 15-30 years).

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum salary for HDFC home loan?
A: HDFC generally requires a minimum monthly income of ₹25,000 for salaried individuals, but this varies by city and property value.

Q2: How much loan can I get if my salary is ₹50,000?
A: At 50% EMI/NMI ratio, ₹25,000 EMI at 8.45% for 20 years would qualify for approximately ₹30 lakhs loan.

Q3: What documents are needed for HDFC home loan?
A: Salary slips (last 3 months), bank statements, ID/address proof, property documents, and Form 16/IT returns.

Q4: What is the maximum tenure for HDFC home loan?
A: Up to 30 years or until age 70, whichever is earlier.

Q5: Are there prepayment charges?
A: HDFC doesn't charge for prepayment from own funds, but may charge for foreclosure from other sources.