1. What is HDFC Home Loan Eligibility Calculator?

The HDFC Home Loan Eligibility Calculator helps potential borrowers in Maharashtra estimate how much loan amount they may be eligible for based on their repayment capacity, current interest rates (starting at 7.90% p.a.), and desired loan term.

2. How Does the Calculator Work?

The calculator uses the home loan eligibility formula:

Where:

• \( P \) — Maximum loan amount (INR)
• \( PMT \) — Affordable monthly payment (INR)
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Loan term in months (years × 12)

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

3. Importance of Loan Eligibility Calculation

Details: Knowing your eligibility helps in financial planning, property selection, and loan application preparation. HDFC Bank's rates in Maharashtra currently start at 7.90% p.a.

4. Using the Calculator

Tips: Enter your comfortable monthly EMI amount, current interest rate (default 7.90%), and desired loan term in years. The calculator will show your maximum eligible loan amount.

5. Frequently Asked Questions (FAQ)

Q1: What is the current HDFC home loan rate in Maharashtra?
A: Rates start at 7.90% p.a. for eligible customers, but may vary based on credit profile, loan amount, and property type.

Q2: What factors affect home loan eligibility?
A: Income, existing obligations, credit score, property value, age, and employment stability all affect eligibility.

Q3: Is this calculator specific to Maharashtra?
A: While the formula is universal, the default rate (7.90%) reflects current HDFC rates in Maharashtra.

Q4: How accurate is this calculator?
A: It provides a good estimate, but actual eligibility may vary based on HDFC's full assessment of your financial profile.

Q5: What is the maximum loan term available?
A: HDFC typically offers home loans up to 30 years, subject to age and other eligibility criteria.