HDFC Home Loan Eligibility

HDFC Bank offers home loans with easy eligibility conditions. It offers attractive home loan features for salaried and self-employed individuals. If you are between 21-65 years of age with a minimum monthly income of Rs. 10,000, HDFC Bank home loans can help you own your dream home. Check your HDFC Bank Home Loan Eligibility today!

HDFC Home Loan Eligibility Criteria

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

Factors That Affect HDFC Home Loan Eligibility Criteria

  • 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.

HDFC Home Loan – Features & Benefits

Following are the features and benefits of HDFC Home Loan:

Loan amountUp to 90% of the property cost
Interest rate6.75% - 7.65%
Processing feeUp to 1.50% of the loan amount or Rs. 4,500 (whichever is higher) + applicable taxes
Repayment tenureUp to 20 years (30 years under Telescopic Repayment Option with the Adjustable Rate Home Loan)
Lowest EMI Rs. 649 Per Lakh
Benefits
  • Expert legal and technical advise
  • Home Loans available for construction, purchase, and renovation of the property.
  • With special arrangement with AGIF, the bank provides Home Loans for Indian Army employees.
  • Superfast home loans
  • Doorstep service
  • Maximum loan amount available
  • Top up loan available
  • Balance transfer facility
  • PMAY subsidy available

HDFC Home Loan Types and Their Eligibility

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

Home Loans

PurposeEligibility Factors
Loans for purchasing a flat, bungalow, row house in approved projects from private developers.
  • Individuals who are salaried or self-employed
  • Residents of India
  • These loans are available for the applicants belonging to the age group of 18 to 65 years

Home Improvement Loans

PurposeEligibility Factors
Loans for purchasing a flat, bungalow, row house in approved projects from private developers.
  • Individuals who are salaried or self-employed
  • Residents of India
  • These loans are available for the applicants belonging to the age group of 18 to 65 years

Plot Loans

PurposeEligibility Factors
The loan granted to the individuals for the purpose of buying a plot to construct a house on it.
  • Individuals who are salaried employees or self-employed
  • Residents of India
  • These loans are available for the applicants belonging to the age group of 18 to 65 years

Home Extension Loans

PurposeEligibility Factors
This loan can be availed for adding more space to your home.
  • Individuals who are salaried employees or self-employed
  • Residents of India
  • These loans are available for the applicants belonging to the age group of 18 to 65 years

Rural Housing Loans

PurposeEligibility Factors
These loans are for agriculturists who wish to purchase a home in the rural or urban areas, and for salaried and self-employed individuals who want to purchase a space in their home town or village.
  • Individuals who are salaried employees or self-employed
  • Residents of India
  • These loans are available for the applicants belonging to the age group of 18 to 65 years
  • These loans are offered to Agriculturists, Dairy Farmers, Planters, and Horticulturists for purchasing a new/ under construction/ existing residential property in the rural or urban areas.

HDFC Reach Loans

PurposeEligibility Factors
Home Loans for purchasing a new/ resale house/ plot, extension/ improvement/ construction of non-residential property, and construction of a house.
  • Individuals who are salaried with a minimum monthly income of Rs. 10,000 and for self-employed individuals having a minimum income of Rs. 2 Lakhs p.a.
  • Residents of India
  • These loans are available for the applicants belonging to the age group of 18 to 65 years

Top Up Loans

A top-up loan is a facility which can be availed by existing Home Loan borrowers when they are in need of additional funds in order to meet their professional or personal requirements such as marriage, business expansion, vacation, debt consolidation, and so on.
  • Individuals who are salaried or self-employed
  • Residents of India
  • These loans are available for the applicants belonging to the age group of 18 to 65 years
  • Existing customers HDFC Home Loan customers as well as new customers opting for HDFC's Balance Transfer facility.

Balance Transfer

This loan facility lets you transfer the outstanding balance of your existing Home Loan from another lender to HDFC.
  • Individuals who are salaried or self-employed
  • Residents of India
  • These loans are available for the applicants belonging to the age group of 18 to 65 years

Loans for NRI/PIO

These loans are offered to NRIs, PIOs, and OCIs for purchasing a flat, bungalow, row house, in approved projects in India from private developers.
  • NRIs, PIOs, and OCIs
  • These loans are available for the applicants belonging to the age group of 18 to 65 years
  • Individuals  who are salaried or self-employed

Commercial Property Loans

Loans for purchasing a new/existing clinic or office OR loans for the improvement/ extension/ construction of an office or clinic OR for transferring an outstanding loan from another bank/ financial institution to HDFC.
  • Self-Employed Professional (SEP): Chartered Accountant, Architect, Doctor, Lawyer, Consultant, Engineer, Company Secretary, etc.
  • Self-Employed Non-Professional (SENP): Trader, Commission Agent, Contractor, etc.
  • Residents of India
  • These loans are available for the applicants belonging to the age group of 18 to 65 years

Commercial Plot Loans

Loans for purchasing a new/ existing commercial plot OR for transferring an outstanding loan from another bank or financial institution.
  • Self-Employed Professional (SEP): Chartered Accountant, Architect, Doctor, Lawyer, Consultant, Engineer, Company Secretary, etc.
  • Self-Employed Non-Professional (SENP): Trader, Commission Agent, Contractor, etc.
  • Residents of India
  • These loans are available for the applicants belonging to the age group of 18 to 65 years

Tips to Increase Your HDFC Bank Home Loan Eligibility

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.

Why Use HDFC's Home Loan Eligibility Calculator?

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.

How to Use HDFC's Home Loan Eligibility Calculator?

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.

Best Value Home Loans

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HDFC Bank Home Loan Eligibility FAQs

Why should I opt for a balance transfer to HDFC Home Loan?

When compared to other banks, HDFC Bank offers very affordable and competitive Home Loan interest rates starting at 6.90% for a maximum period of 30 years. In case you are paying an interest rate, which is higher than this, then you should opt for a balance transfer to HDFC Bank.

Can I transfer my Home Loan from another bank to HDFC Bank?

Yes, you can transfer your existing housing loan with a hassle-free process to HDFC Bank. By availing of a Home Loan transfer to HDFC Bank, you can save interest and also pay lower EMIs.

What is the maximum loan repayment tenure one can opt under HDFC house loan?

The maximum tenure for HDFC Bank Home Loan is 30 years, with the benefit of paying the lowest EMI per month.

Can I foreclose my housing loan with HDFC Bank? What are the charges or the fees that are applicable?

Yes, you can foreclose the housing loan with HDFC Bank. Charges for the same are:

  • Adjustable Rate Home Loans - No prepayment charges for this category of Home Loans, but if a company or firm is a co-applicant, charges of 2% plus GST will apply.
  • Fixed Rate Home Loans - You do not have to pay any prepayment charges if you close the loan from own funds. However, if there is a takeover of the loan, prepayment charges of 2% plus GST is applicable.
  • Fixed and Variable Rate Loans Combination -
  • During the fixed rate period, the prepayment penalty is 2% plus GST.
  • During variable rate period, individual borrowers do not incur any prepayment charges. However, if a company or a firm is a co-applicant, prepayment charges of 2% plus GST is applicable.

Do I get an income tax benefit on Home Loan from HDFC Bank?

Yes, you can get a tax benefit on Home Loan from HDFC Bank as per the Indian Income Tax Act 1961. Under section 24 and section 80C of the act, the residents of India are eligible for a tax benefit on the principal amount (up to Rs 1.5 Lakhs) and also the interest component (up to Rs. 2 Lakhs) of the Home Loan.

Can I convert my housing loan rate from a fixed rate to a floating rate or vice-versa? What are the charges applicable?

Yes, you can convert the housing loan rates from fixed to floating rates and vice-versa. The charges or fees applicable are:

  • Switch to lower variable rate Loans (Housing/ Improvement/Extension): Up to 0.50% of the principal outstanding & undisbursed amount (if any) at conversion time or up to Rs. 50,000 + taxes, whichever is lower.
  • Switch from fixed rate loan to variable rate loan (Housing/ Improvement/Extension): Up to 0.50% of the principal outstanding & undisbursed amount (if any) at conversion time or up to Rs. 50,000 + taxes, whichever is lower.
  • Switch to variable rate from Trufixed fixed rate: 1.75% of the principal outstanding & undisbursed amount (if any) + taxes at conversion time.
  • Switch to lower rate Hon-housing Loan: Half of the spread difference of the principal outstanding & undisbursed amount (if any) + taxes (minimum fee of 0.5% and maximum 1.50%).
  • Switch to lower rate Plot Loans: 0.5% of principal outstanding & undisbursed amount (if any) + taxes at conversion time.

What is the benchmark applicable for a housing loan with HDFC Bank?

The benchmark which is applicable for a housing loan in HDFC Bank is Prime Lending Rate (PLR)

How to increase my eligibility to avail an HDFC Home Loan?

In case your spouse or family members are earning well, you can make them as a co-applicant of the loan and hence the combined earnings will also increase your eligibility.