Most of the individuals planning to buy their dream property come across the requirement of a home loan. Before applying for a home loan, one must check his/her eligibility to get the same. Home loan eligibility constitutes certain criteria that a borrower needs to fulfil when applying. Home Loan eligibility evaluates the credit-worthiness of the borrower to repay the amount taken as a home loan as per the payment schedule and without any default.
The key factors determining your home loan eligibility are as follows:
HDFC Limited provides a simple home loan eligibility calculator to calculate the amount of loan you are eligible for in your city. For example, if you are 35 years old and your gross monthly income is Rs. 40,000, you can avail of a loan amount of Rs.25.69 lakh at the interest rate of 6.90% for a tenure of 25 years, provided you have no other ongoing loans, such as a car loan or a personal loan to repay.
Steps to follow:
The following criteria are to be satisfied to avail a home loan from HDFC Limited:
To know more, visit, https://www.magicbricks.com/homeloan/home. Here, you can check out the comprehensive details to understand your HDFC home loan eligibility.
When you ask for a home loan, your eligibility mainly depends on your income and capacity of repayment. There are a few other factors determining your eligibility for a home loan. They are as follows:
You can follow the tips given below to improve your eligibility for a home loan.
Disclaimer: The information available on this site has been gathered from publicly available sources and is accurate to the best of our knowledge. However, please be aware that the rates and other offers may vary based on your profile and may be subject to change without notice. Therefore, we advise you to verify the information before applying for any loan through this website. Magicbricks accepts no liability for any loss arising from the use of the information on this website. Refer T&C for the detail.
(T&C link: https://property.magicbricks.com/terms/terms.html)
**This service is available in select cities only.
*These calculators are only for illustrative purposes. These figures may or may not be applicable to your particular situation. Magicbricks will not be responsible for any loss or liability arising from the use of these calculators.