1. What is HDFC Home Loan Eligibility?

The HDFC Home Loan Eligibility Calculator determines how much you can borrow based on your income, credit score, and repayment capacity. HDFC requires minimum income of ₹25,000/month and credit score of 750+ for home loan approval.

2. How Does the Calculator Work?

The calculator uses the principal amount formula:

Where:

• \( P \) — Maximum loan amount (INR)
• \( PMT \) — Affordable monthly payment (INR)
• \( r \) — Monthly interest rate (decimal)
• \( n \) — Loan term in months

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

3. Importance of Loan Eligibility

Details: Knowing your eligibility helps in financial planning, property selection, and improves your chances of loan approval. HDFC typically approves loans where EMI doesn't exceed 40-50% of monthly income.

4. Using the Calculator

Tips: Enter your comfortable EMI amount, current interest rates, desired loan term, monthly income, and credit score. The calculator will show your maximum eligible loan amount and whether you meet HDFC's basic criteria.

5. Frequently Asked Questions (FAQ)

Q1: What is HDFC's minimum income requirement?
A: ₹25,000 per month for salaried individuals. Self-employed applicants may have different requirements.

Q2: Why is credit score important?
A: HDFC requires minimum 750 score for best rates. Lower scores may lead to rejection or higher interest.

Q3: What loan-to-value ratio does HDFC offer?
A: Typically up to 75-90% of property value, depending on property type and loan amount.

Q4: Are there other eligibility factors?
A: Yes, including age, employment stability, existing obligations, and property valuation.

Q5: How can I improve my eligibility?
A: Increase income, improve credit score, reduce debts, or opt for longer tenure to lower EMI.