1. What is HDFC Home Loan Eligibility?

The HDFC Home Loan Eligibility calculator helps you determine how much home loan you can get from HDFC based on your repayment capacity. HDFC offers home loans starting at 8.45% p.a. with a minimum income requirement of ₹25,000.

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)

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

3. Importance of Loan Eligibility Calculation

Details: Knowing your eligibility helps in home search and financial planning. HDFC typically offers up to 80-90% of property value as loan, subject to eligibility.

4. Using the Calculator

Tips:

• Enter your comfortable monthly EMI (minimum ₹25,000)
• Current HDFC rates start at 8.45% p.a.
• Loan terms typically range from 5-30 years

5. Frequently Asked Questions (FAQ)

Q1: What is HDFC's minimum income requirement?
A: HDFC requires a minimum monthly income of ₹25,000 for salaried individuals to qualify for home loans.

Q2: What factors affect loan eligibility?
A: Income, existing obligations, credit score, property value, and interest rate all affect eligibility.

Q3: What is the maximum loan tenure?
A: HDFC offers home loans for up to 30 years, subject to age limits (typically up to 70 years at loan maturity).

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

Q5: Is there a prepayment penalty?
A: HDFC doesn't charge prepayment penalty on floating rate loans, but may charge for fixed rate loans.