1. What is HDFC Home Loan EMI Calculator?

The HDFC Home Loan EMI Calculator helps you determine how much home loan you can get based on your salary, current interest rates, and repayment capacity. It considers HDFC's specific eligibility criteria including minimum income and credit score requirements.

2. How Does the Calculator Work?

The calculator uses the EMI formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( PMT \) — Affordable monthly payment (INR)
• \( r \) — Monthly interest rate (decimal)
• \( n \) — Number of months

Explanation: The formula calculates the maximum loan amount you can get based on what EMI you can afford, current interest rates, and loan tenure.

3. Importance of EMI Calculation

Details: Proper EMI calculation ensures you don't overextend your finances. HDFC typically allows EMIs up to 50-60% of your monthly income, with rates starting at 8.45% p.a. for applicants with good credit (750+ score).

4. Using the Calculator

Tips: Enter your affordable monthly payment, current interest rate (default 8.45%), loan term in years, monthly salary (must be ≥₹25,000), and credit score (must be ≥750). The calculator will show your maximum eligible loan amount and eligibility status.

5. Frequently Asked Questions (FAQ)

Q1: What is HDFC's minimum salary requirement?
A: ₹25,000 per month is the minimum salary to qualify for an HDFC home loan.

Q2: What credit score is needed?
A: A minimum credit score of 750 is recommended for best interest rates.

Q3: How is EMI percentage calculated?
A: EMI should typically not exceed 50-60% of your monthly income.

Q4: What are current HDFC home loan rates?
A: Rates start at 8.45% p.a. and vary based on loan amount, tenure, and applicant profile.

Q5: Can I get pre-approved before property selection?
A: Yes, HDFC offers in-principle approval based on your financial profile before property selection.