One common dream that most people in today’s world have is, to have a home of their own. A home not only gives you and your family a safe space, but it also acts as security in times of need. However, with the rising real estate prices, it has become a far-from-reality scenario for many people. In this situation, a home loan or housing loan comes to the rescue. People can seek financial help from banks or other financial institutions to make their dream come true.
A home loan is a form of financial help given by banks and financial institutions in return for interest money. To get approval on your home loans, you need to meet certain criteria. The loan amount borrowed should be returned via EMIs and due interest. Nowadays, most banks offer Home Loans that can be used for both the purchase of pre-built homes and the construction of a home from the ground up.
About HDFC Bank
Housing Development Finance Corporation Limited or HDFC was one of the first Indian financial institutions to receive approval to set up a private bank from the Reserve Bank of India (RBI). The bank offers a variety of loans at competitive home loan rates, with minimal hassle. Among their most popular loans is home loans. With HDFC Bank, you can enjoy attractive Home Loan interest rates, easier loan application processes, and flexible repayment options. Home Improvement, Home Extension, and Top Up Loans are also some of the products they offer.
If you want to apply for a home loan, you can simply apply for it online as well.
Benefits of choosing HDFC bank
A wide range of options
Home Loans: You can get a joint home loan or an individual one, depending on your needs.
Home Improvement Loan: Home Improvement Loan from HDFC Bank is ideal for internal and external renovations and restructuring. This loan will cover most of the repair or renovation activities like whitewash, waterproofing, leakage repair, electric work, and much more.
Home Extension Loan: With HDFC Bank, you can also extend your existing house. This means, if you want to build an extra room, home office, or library, you can get this loan to make the best use of extra space.
Top-Up Loan: If you have already taken a loan, you can also add a top-up loan to it.
Balance Transfer: If your home loan EMIs are giving you unnecessary stress, then you can also choose to transfer your loan from your existing bank to HDFC bank in some simple steps.
HDFC Bank Home Loan Eligibility
To be able to get your home loan approved, you are required to meet certain criteria. It depends upon your age, income status, profits, profession, liabilities, property price, etc.
The age limit for salaried Individuals is 21 to 65 years while the age limit for self-employed Individuals is 21 to 65 years. The minimum Salary is ₹10,000 p.m. and the minimum business income is ₹2 lac p.a. Below is the table that tells the amount of loan you are eligible for, based on your salary. Please note that in determining the amount, we took into account the repayment tenure of 30 years, the EMIs that had already been paid, and the interest rate of 6.90% p.a.
| 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
You can get a longer repayment tenure if you apply for HDFC home loan early. You can lower your EMI this way and ensure that your financial priorities are met.
| 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 property value
| 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 |
HDFC bank home loan EMI calculator
Once you meet the eligibility criteria, you can use the HDFC bank home loan EMI calculator to get an estimate of your monthly installments. With the calculator, you can quickly find out how much EMI you can comfortably pay. With it, you can also find out the interest you will have to pay till the tenure is over. It also lets you compare different interest rates with different tenures so you can find out which option works the best for you.
Once you have decided on your home loan amount and tenure, you can contact the bank for further process.
