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  • HDFC Home Loan Eligibility

    HDFC offers home loans to eligible customers at affordable interest rates starting at 6.90% 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.

    HDFC Home Loan Eligibility Criteria

    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

    HDFC Ltd. Home Loan Eligibility Based on Salary

    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 6.90% 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

    HDFC Home loan Eligibility Based on Age

    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

    HDFC Home Loan Eligibility based on Value of Property

    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

    HDFC Home Loan Eligibility Based on Credit Score

    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.

    HDFC Home loan for Women’s Eligibility

    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.

    HDFC Home loan Eligibility for Co-Applicant

    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:

    • Age should be between 21 and 65 years of age.
    • Must be resident Indian
    • Should be salaried or self-employed
    • Co-applicants should not be co-owners

    Factors Affecting HDFC Home Loan Eligibility

    Some of the factors which affect HDFC home loan eligibility are listed below:

    • Age of the applicant
    • Financial position of the applicant
    • A good repayment record
    • Good credit score
    • Existing liabilities to judge the incremental burden of the additional loan
    • Profile of the applicant
    • Specifications which the underlying property such as age of the property, its size, etc.
    • Take into consideration whether the applicant is a guarantor to an existing loan

    HDFC Home Loan Eligibility FAQs

    1. How will HDFC determine the home loan amount I am eligible for?

      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.

    2. Does HDFC offer a different interest rate for home loan borrowers?

      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.

    3. Will HDFC Ltd. approve a home loan before I decide which property I should purchase?

      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.

    4. What is the maximum home loan amount I can get from HDFC?

      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.

    5. If I avail a home loan from HDFC, when does the EMIs start?

      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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