1. What is the HDFC Home Loan Eligibility Formula?

The HDFC Home Loan Eligibility Formula calculates the maximum loan amount you can get based on your affordable EMI, interest rate, and loan tenure. HDFC's current rates start at 7.90% p.a.

2. How Does the Calculator Work?

The calculator uses the home loan eligibility formula:

Where:

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

Explanation: The formula calculates the present value of a series of future EMI payments at a given interest rate.

3. Importance of Loan Eligibility Calculation

Details: Knowing your eligible loan amount helps in property selection and financial planning. HDFC typically offers loans up to 80-90% of property value.

4. Using the Calculator

Tips: Enter your comfortable EMI amount, current HDFC interest rate (starting at 7.90%), and desired loan tenure. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What factors affect HDFC home loan eligibility?
A: Besides EMI affordability, HDFC considers income, credit score, existing obligations, property value, and your age.

Q2: What is the maximum tenure for HDFC home loans?
A: Typically up to 30 years or until age 70, whichever is earlier.

Q3: Does HDFC charge prepayment penalties?
A: For floating rate loans, no prepayment charges. Fixed rate loans may have charges.

Q4: What documents are needed for HDFC home loan?
A: Typically includes income proof, identity/address proof, property documents, and bank statements.

Q5: Can I get 100% home loan from HDFC?
A: No, HDFC usually finances up to 80-90% of property value depending on loan amount and property type.