A "low interest" loan shouldn't mean you have very little interest in paying it back!
HDFC offers home loans to eligible customers at affordable interest rates starting at 8.60% p.a.The home loan can be repaid over a period of 30 years. However, you will get a loan only if the bank deems you eligible. Your home loan eligibility depends on various parameters, including your employment status, age, credit score, and monthly/annual income, to name a few. Depending on your eligibility, the bank will finalise your loan amount and approve your application.
| Bank | Fixed Rate | Processing Fees |
| Age | 21 – 65 years |
| Employment Type | Salaried and Self-employed professional and non-professional |
| Minimum Salary for Salaried | Rs.10,000 per month |
| Minimum Salary for Non-Salaried | Rs.2 lakh per annum |
The loan amount you will be eligible for based on your salary has been mentioned in the table below. While determining the amount, the repayment tenure was considered as 30 years, existing EMIs as nil and the interest rate being 8.60% p.a.
In case, you want to check your eligibility based on your salary you can use the HDFC’s Home Loan eligibility calculator.
| Monthly Income | Loan Amount |
| Rs. 25,000 | Rs.15,18,372 |
| Rs. 30,000 | Rs.20,49,802 |
| Rs. 35,000 | Rs.23,91,436 |
| Rs. 45,000 | Rs.30,74,703 |
| Rs. 50,000 | Rs.34,16,337 |
| Rs. 55,000 | Rs.41,75,523 |
| Rs. 60,000 | Rs.45,55,116 |
| Rs. 65,000 | Rs.49,34,709 |
| Rs. 70,000 | Rs.53,14,302 |
| Rs. 75,000 | Rs.56,93,895 |
Applying for HDFC home loan early will ensure that you can get a longer repayment tenure. This will help in lowering the EMI and ensure that your financial priorities are taken care of.
| Applicant Age | Maximum Eligible Tenure |
| 21 – 35 years | 30 years |
| 36 years | 29 years |
| 37 years | 28 years |
| 38 years | 27 years |
| 39 years | 26 years |
| 40 years | 25 years |
| 41 years | 24 years |
| 42 years | 23 years |
| 43 years | 22 years |
| 44 years | 21 years |
| 45 years | 20 years |
| Property Value | LTV Ratio |
| Up to Rs.30 lakh | 90% of the property cost |
| From Rs.30 lakh to Rs.75 lakh | 80% of the property cost |
| Above Rs.75 lakh | 75% of the property cost |
| Rating | Credit Score |
| Good | 750 and above |
| Average | 600 – 750 |
| Poor | Below 600 |
To avail a home loan from HDFC, your minimum Credit Score should be 650. It makes the chance of your loan application getting approved better.
For women applicants, the eligibility criteria laid down by HDFC for a home loan is similar to other applicants. However, women applicants are eligible for 05 bps interest rate concession on the loan.
In case, you are applying for a home loan along with a co-applicant, the co-applicant will also need to fulfil the eligibility criteria laid down by the bank. The eligibility criteria are as follows:
Some of the factors which affect HDFC home loan eligibility are listed below:
The home loan will be decided by the bank by taking into account your income and repayment capacity. Other factors like age, qualification, number of dependents, your spouse's income, assets and liabilities, savings history is also taken into account to determine the eligible home loan amount.
Women borrowers are offered home loans at lower interest rates. A home loan is offered by the lender at a lower rate even when a woman is a co-owner or co-applicant.
If you are undecided about the property you want to purchase, you can apply for a pre-approved home loan which is an in-principal approval for a loan given on the basis of your income, creditworthiness and financial position.
You can avail up to 90% of the property cost as home loan from HDFC. The loan can be used for construction of a new home, home improvement or home extension.
The payment of EMIs begins from the month subsequent to the month in which disbursement of the loan is done. For loans for under-construction properties, EMIs usually begin after the complete home loan is disbursed.
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