Know HDFC home loan criteria –
Owning a home is everyone’s dream. But because the property price is getting high day by day, it has become tough to purchase a home without a home loan. Every people who are willing to buy a home rely on the home loan. Every financial institution provides a home loan. Before applying for the loan, multiple things are there which need to look after. For example, budget, location, stamp duty, registration charges, etc. In this article, we are going to discuss the HDFC home loan criteria.
4 Eligibility Criteria of home loan
● HDFC home loan criteria based on your income
Your monthly net income ( after all the deduction of ESI, PF, and gratuity) will decide the home loan’s serving capacity. It’s the first HDFC home loan criteria. Net income will determine how much you can apply for the home loan. How much EMI you can capable of paying off! For example, if your salary is 30,000/- then the HDFC will offer you a 6.95% interest rate. You will be eligible for the loan amount of 28.05 lac to 49.10 lac.
It also depends on your age. If your salary is 75,000, then you will qualify for the loan amount of 56.11 lac to 98.20 lacs for the same property at the same interest rate. To increase the home loan eligibility, you may repay the loan within a short period and high EMI. After applying for the home loaN, THE HDFC Bank will do the background check whether the person is self-employed or salaried. In which company he or she is working. They cross-check your year of experience and your job stability too. The bank required at least one year Job stability for salaried persons and five years for self-employed.
● HDFC home loan criteria based on age
Age is another HDFC home loan criteria which will be considered by the bank. This plays a vital role, which determines your repayment capacity and your eligibility. If your age is less, you will get a much period to repay your loan amount. So you will be eligible for a higher amount of home loan. HDFC offers home loans for a maximum period of 30 years.
● HDFC home loan criteria based on women eligibility
In the case of female applicants solely, the HDFC home loan criteria are slightly different from others. It provides a concession and offers a 7% interest for the woman borrower. In the case of the joint home loan, the woman should be the co-owner of the property. Also should have a good credit history to apply for the concessional rates.
● HDFC Home loan criteria based on the property value
HDFC home loan criteria depend on the property value. The bank will not finance the full property value. But you can take the maximum home loan on the property value. If you add a co-applicant, it will increase the chances of eligibility. The reason being it increases the capacity of repayment. The co-applicant should have a good credit history, handsome income, and a clean CIBIL record.
Is HDFC Bank is a good option for a home loan?
Of course, yes. It provides the lowest interest rate of 6.95%. This rate is considered as the best one in the market in comparison to others. There are no prepayment charges. You can view it as a good option.
What is the minimum salary limit to apply for a home loan?
To avail of an HDFC home loan, you should earn at least 25,000/ - per Month.
How much home loan I can apply to my salary?
The home loan amount will be calculated on the base of LTV and FOIR.