Applicants must meet certain eligibility requirements in order to have their home loan application approved. HDFC bank determines that the borrower will be able to repay the loan on time and will not default if the application meets it’s eligibility standards. The bank will reject the application if the applicant does not match the eligibility conditions, which will have a negative impact on the user’s credit profile. Rejecting a loan application harms your credit profile and decreases your credit score overall. If you have a low credit score, getting a house loan may be more challenging in the future. Loan rejections on a regular basis make you appear credit-hungry to lenders, and they lower your overall credit score.
The applicants need to make HDFC home loan login to apply for a home loan as well as check their eligibility. In order for HDFC Bank to approve a housing loan application, applicants must meet a series of eligibility requirements. If the qualifying conditions are met, the borrower will be able to repay the loan and will not default. If an applicant fails to meet the eligibility requirements. Then HDFC bank will reject their home loan application, negatively impacting the user’s credit history.
Eligibility Criteria
You can use the HDFC home loan calculator to check your eligibility and to figure out if you qualify for a loan. It is usually a good idea to check your eligibility for a house loan before applying for one to prevent having your application refused. The amount of the loan that will be disbursed is mostly affected by your ability to obtain a home loan. The majority of house loans are for about 80% of the entire property value. The remaining balance of the loan must be used as a down payment on the home that the borrower wants to buy. The highest house loan amount for a paid employee, on the other hand, is INR 3.5 crores. Candidates who are self-employed, on the other hand, have a maximum house loan limit of INR 5 crores.
| HDFC HOME LOAN ELIGIBILITY CRITERIA | |
|---|---|
| Age Limit (Salaried Individuals) | 23 Years to 62 Years |
| Age Limit (Self-Employed) | 25 Years to 70 Years |
| CIBIL score | 750 or above |
| Work Experience for Salaried Individuals | Min. 3 Years of Work Experience |
| Business Continuity | Min. 5 Years of Stable Business Background |
| Salary | A Minimum Salary of INR 25,000 (Depending on your city) |
| Nationality | Indian Citizen |
The chart above shows the home loan eligibility requirements for HDFC bank, which you must meet in order for your application to get approval. Even if you don’t satisfy all of the requirements, there are ways to have your home loan application approved. Apart from all the other options, there are a few things you may do to improve your home loan eligibility. One of the most typical ways to obtain a loan approved without satisfying the eligibility requirements is to assign a co-applicant to the entire home loan process. You can increase your bank’s trustworthiness by adding a co-applicant to the loan in addition to the security you provide when applying for a house loan. If you have a co-applicant, HDFC bank will be more likely to trust you.
The loan amount as well as the loan term should be evaluated carefully. As a result, it’s a good idea to use an HDFC home loan calculator while applying for a home loan to figure out your EMI amount as well as your maximum loan eligibility and alter your expenditure accordingly. You can even use this calculator to quickly compare the home loan offers that various banks offer. However, if you compare offers and check your eligibility before applying there are much higher chances of getting approval on your home loan application.