|HDFC Bank Home Loan Eligibility Criteria
Eligibility Criteria of HDFC Bank Home Loan
HDFC Home loan eligibility is primarily dependant on borrower’s income and repayment capacity. Other factors include age, credit score, financial position, other financial liabilities etc.
HDFC Home Loan Eligibility For Salaried Individuals
- Age limit: 18 to 70 years
- Minimum Salary: Rs 10,000 p.m.
HDFC Home Loan Eligibility For Self-Employed Individuals
- Age Limit: 18 to 70 years
- Minimum business income: Rs 2 lakh p.a.
HDFC Home Loan Eligibility for Women
HDFC Bank has not specified any concession or separate eligibility criteria for its women applicants. Therefore, the eligibility criteria for availing HDFC Bank Home Loan is same for its all male and female applicants.
HDFC Home Loan Eligibility for Co-applicants
HDFC has not specifically mentioned the eligibility criteria for co-applicants. However, if the home loan is availed on a jointly owned property, then all the co-owners of concerned property should be co-applicants for home loan. HDFC Bank usually allows close family members to become co-applicants for its home loans.
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Tips to Improve HDFC Housing Loan Eligibility
- Adding a co-applicant: Applicants having lower odds of obtaining home loans due to their insufficient income or credit score can increase their home loan approval chances by adding an earning family member as a co-applicant. As adding a co-applicant makes him/her equally responsible for the timely repayment of loan, it reduces the credit risk for the lender. This leads lenders to favorably view home loan applications involving earning family members as co-applicant.
- Opt for longer tenure: Lenders usually approve home loan applications to borrowers whose total EMI obligation, including the proposed home loan, does not exceed 50% of their total income. As a longer tenure reduces the EMI burden for the borrowers, those having inadequate repayment capacity can increase their home loan approval chances by opting for a longer tenure. Home loan applicants can use Paisabazaar home loan EMI calculator to know their optimum home loan tenures and also EMIs based on their repayment capacity.
- Improve your credit score: Consistent repayments of loans and credit cards by their due dates and rectifying errors (if any) in a credit report would improve your credit score and thereby, increase the chances of getting home loan approval.
- Adequate funds for down payment: According to the RBI guidelines, lenders are allowed to finance up to 75%-90% of a property’s value through home loans. The rest of the component has to be contributed by the applicant in the form of a down payment or margin contribution. As a higher down payment reduces the credit risk for the home loan lenders, making a higher down payment can increase the chances of loan approval.
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FAQs on HDFC Home Loan Eligibility
1: How will HDFC Bank determine the home loan amount I am eligible for?
Ans: HDFC Bank primarily considers the income and repayment capacity of its home loan applicants to determine their eligible home loan amount. The bank may also consider a home loan applicant’s qualification, age, number of dependants, spouse’s income, savings history, stability/continuation of occupation and assets & liabilities for determining his/her eligible home loan amount.
2: How do I check my home loan eligibility at HDFC Bank?
Ans: Applicants can check the home loan eligibility criteria by visiting HDFC Bank website or any branch. Further, applicants can use HDFC Bank Home Loan Eligibility Calculator to know their home loan eligibility amount based on their repayment capacity, tenure, interest rate and existing EMIs (if any).
3. What is the maximum home loan amount I am eligible for?
Ans. HDFC sanctions home loans up to 90% of the property cost. The bank will determine your home loan amount eligibility.
4. What is the minimum salary for a home loan in HDFC bank?
Ans. The minimum salary for a home loan in HDFC bank is Rs. 10,000 per month.
5. What is the minimum business income for a home loan eligibility in HDFC bank?
Ans. The minimum business income for a home loan in HDFC bank is Rs. 2 lakh per annum.
6: What is the HDFC home loan eligibility based on salary?
Ans: HDFC Bank has set a minimum monthly salary of Rs 10,000 to be eligible for a home loan for salaried applicants. However, to know the home loan amount available on their salary, salaried home loan applicants can use the HDFC Bank Home Loan Eligibility Calculator provided in the bank’s website to determine the home loan amount they are eligible for.
7. How does HDFC Bank decide my home loan eligibility?
Ans. HDFC home loan eligibility is primarily determined by your income, repayment capacity and other factors such as age, credit score, location, etc. The HDFC bank will consider all these factors and determine your eligibility for the same.
8. How much home loan can I get on a Rs 20,000 salary in HDFC Bank?
Ans. Apart from your salary, a home loan depends upon various factors such as your credit score, age, location, existing debts and more. If your salary is Rs. 20,000 per month, use an online eligibility calculator to determine your chances of home loan approval.