| HDFC Home Loan Eligibility Criteria | |
| Nationality | Indian Residents/NRI |
| Employment Type | Salaried/Self Employed |
| Minimum Age | 21 years |
| Maximum Age | 65 years |
Eligibility Criteria of HDFC Home Loan
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.
For Salaried Individuals
- Age limit: 21 to 65 years
- Minimum Salary: Rs 10,000 p.m.
For Self-Employed Individuals
- Age Limit: 21 to 65 years
- Minimum business income: Rs 2 lakh p.a.
Tips to Improve HDFC Home 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.
FAQs
Q. How much home loan can I get on a Rs 20,000 salary in HDFC?
A. 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.
Also Check:- What is the maximum amount of home loan you can get on my salary
Q. What is the maximum home loan amount I am eligible for?
A. HDFC sanctions home loans up to 90% of the property cost. The bank will determine your home loan amount eligibility.
Q. What is the minimum salary for a home loan in HDFC bank?
A. The minimum salary for a home loan in HDFC bank is Rs. 10,000 per month.
Q. What is the minimum business income for a home loan eligibility in HDFC bank?
A. The minimum business income for a home loan in HDFC bank is Rs. 2 lakh per annum.
Q. How does HDFC decide my home loan eligibility?
A. HDFC home loan eligibility is primarily determined by your income, repayment capacity and other factors such as age, credit score, location, etc. The bank will consider all these factors and determine your eligibility for the same.