1. What is HDFC Home Loan Eligibility?

The HDFC Home Loan Eligibility Calculator helps determine how much you can borrow based on your income, expenses, credit score, and current interest rates. HDFC offers home loans starting at 8.45% p.a. with minimum income requirement of ₹25,000 and credit score of 750+.

2. How Does the Calculator Work?

The calculator uses the formula:

Where:

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

Note: The calculator also considers HDFC's policy of maximum loan amount being 60 times your monthly income.

3. Importance of Loan Eligibility

Details: Knowing your eligible loan amount helps in property search and financial planning. HDFC considers multiple factors including income stability, existing obligations, and credit history.

4. Using the Calculator

Tips:

• Enter your realistic monthly payment capacity
• Current HDFC rates start at 8.45% (subject to change)
• Minimum income ₹25,000 and credit score 750 required
• Maximum loan typically 60x monthly income

5. Frequently Asked Questions (FAQ)

Q1: What is HDFC's current interest rate?
A: Rates start at 8.45% p.a. (floating) as of 2024, but vary based on loan amount, term, and applicant profile.

Q2: What documents are required?
A: Typically need income proof (salary slips/ITR), identity/address proof, property documents, and bank statements.

Q3: How can I increase my eligibility?
A: Increase down payment, opt for longer tenure, add co-applicant, or improve credit score.

Q4: Is there a prepayment penalty?
A: HDFC doesn't charge prepayment penalty on floating rate loans, but terms may vary.

Q5: How long does approval take?
A: Typically 3-7 working days for initial approval if documents are complete.