HDFC Home Loan Eligibility

HDFC Home Loan Eligibility criteria for salaried:

• Minimum age: 21 at the time of applying for the loan
• Maximum age: Not more than 65 years at the time of loan maturity
• The applicant should be an Indian resident
• Minimum salary: Rs. 10,000 per month

HDFC Home Loan Eligibility for self-employed:

• Minimum age: 21 at the time of applying for the loan
• Maximum age: Not more than 65 years at the time of loan maturity
• The applicant should be an Indian resident
• Minimum business income: Rs. 2 Lakhs per annum

• Home Loan Eligibility is mainly dependent on the income of the borrowers and their repayment capacity.
• There are other factors too that determine the HDFC Home Loan eligibility, such as borrower’s age, financial position, credit score, credit history, other financial obligations, etc.
• If the borrower’s income level or credit score is not sufficient, they can apply for HDFC Bank Home Loan jointly with a co-applicant to enhance their eligibility.
• Applicant’s present and future income also affect their home loan amount eligibility.
• Applicant’s past and present repayment record must be clean and their credit score should be good enough (usually 700 or above).
• The Fixed Obligation to Income Ratio (FOIR) is assessed by HDFC to check your eligibility for a loan. This means all the financial obligations that you currently have, including EMIs, rent, and so on, are taken into consideration to understand if you will be able to accommodate an additional EMI in your expenses. For HDFC Home Loan, a FOIR score of 0.65 is necessary.

Note: know about the HDFC Bank Balance Check Number service.

Following are the features and benefits of HDFC Home Loan:

Below is the eligibility to be met in order to avail HDFC Home Loans, depending on the type of loan.

Home Loans

Home Improvement Loans

Plot Loans

Home Extension Loans

Rural Housing Loans

HDFC Reach Loans

Top Up Loans

Balance Transfer

Loans for NRI/PIO

Commercial Property Loans

Commercial Plot Loans

Also Check: HDFC Home Loan Cibil Score

It is possible to improve your chances of getting approval on Home Loans with HDFC by improving your credit score. Here are some tips for doing so:

• Make sure that you clear all your credit dues, particularly short term loans.
• Show all your existing income sources, including rent from other properties, to improve repayment capacity.
• Include your spouse or another family member as a co-borrower.
• Make sure you make all repayments on time.
• Try to work towards bonuses and other benefits in your current workplace.

HDFC provides an extremely easy to use Home Loan Eligibility Calculator that everyone can use to Calculate Home Loan Eligibility and overall loan amount eligibility accurately before applying for a Home Loan with HDFC Bank. 

There are several benefits of using the HDFC Home Loan Eligibility Calculator, such as:

• It saves time: You can calculate your eligibility for a loan at any time and from anywhere. Before you apply for a loan, all you have to do is use HDFC's Eligibility Calculator by entering the necessary parameters to know if you are eligible for a certain loan. You can also save a trip to the bank with this online tool.
• It prevents manual calculations: Multiple calculations can be avoided with this simple tool. It also prevents the chances of any human errors in manual calculations.
• It helps you compare various schemes: You will be able to check eligibility for various schemes by changing tenure and interest rate. That way, you can compare these loan plans and also make an informed decision.
• It does not cost you anything: Housing Loan Eligibility Calculator HDFC is completely free of cost. You can use it any time and multiple times as well.

It is extremely simple to use this tool. All you have to do is follow the steps mentioned below:

• Step 1: Visit HDFC's official website and click on the HDFC Loan Eligibility Calculator under Checklist & Calculators.
• Step 2: Enter the required details like your gross monthly income, the tenure of the loan, interest rate, and other EMIs (if any).
• Step 3: Once all the details have been entered, the loan eligibility and EMI amount will be displayed on the right side of the screen in a small box.