1. What is HDFC Loan Eligibility?

The HDFC Loan Eligibility Calculator determines the maximum loan amount you can qualify for based on your affordable monthly payment, interest rate, and loan term. HDFC offers competitive rates starting at 8.45% p.a. for home loans and 10.50% p.a. for personal loans.

2. How Does the Calculator Work?

The calculator uses the loan eligibility formula:

Where:

• \( P \) — Maximum loan amount (principal)
• \( PMT \) — Affordable monthly payment
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Total number of monthly payments

Explanation: The formula calculates the present value of an annuity (series of equal payments) considering the time value of money.

3. Importance of Loan Eligibility

Details: Knowing your maximum eligible loan amount helps in financial planning, property selection, and negotiation with lenders. It prevents application rejections due to overestimation of borrowing capacity.

4. Using the Calculator

Tips: Enter your comfortable monthly payment, interest rate (or select loan type for default rates), and loan term. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What factors affect HDFC loan eligibility?
A: Income, credit score, existing obligations, property value (for home loans), and loan tenure all affect eligibility.

Q2: Are the calculated amounts guaranteed?
A: No, this is an estimate. Final approval depends on HDFC's full assessment of your financial profile.

Q3: What's the maximum tenure for HDFC loans?
A: Home loans up to 30 years, personal loans typically up to 5 years.

Q4: Does HDFC charge processing fees?
A: Yes, typically 0.5-1% of loan amount plus GST for home loans, up to 2.5% for personal loans.

Q5: Can I prepay my HDFC loan?
A: Yes, but home loans may have prepayment charges if done through sources other than own funds.