HDFC Home Loan Eligibility Calculator 

HDFC Home Loans start at a low-interest rate of 6.9% per annum. For a Home Loan with HDFC, it is important to meet the eligibility criteria set by the bank. Make sure to check the criteria before you apply to ensure your application does not get rejected. 

HDFC Home Loan Eligibility Criteria

 Here are few criteria a borrower needs to meet to get an HDFC Home Loan: 

• Age: HDFC Bank requires that the borrower meet the minimum and maximum age criteria set by the bank. To get a Home Loan, the minimum age of an applicant must be 21 years and the maximum age at the time of loan maturity must be 65 years.
• Income: HDFC Bank offers Home Loans to both salaried and self-employed individuals (business owner or a professional). It is however important that the borrower have a regular and stable source of income above the minimum income standards set by the bank.
• Credit Score: Your score is evaluated by the bank when you apply for a Home Loan. Your credit score indicates your credit history and past credit behavior. Ensure that your score is good, i.e., above 700, to increase your chances of getting an HDFC Home Loan easily.
• Resident Type: The applicant must be a citizen of India to qualify for a Home Loan.

Eligibility for HDFC Home Loan for Women 

For the most part, the eligibility criteria for HDFC Home Loans for women applicants are the same as that for any other applicant. The only benefit is that women applicants are eligible for 05 bps concession on the Home Loan interest rate.  

HDFC Home Loan Eligibility for Co-Applicants 

If your credit score or income is low and you require a higher loan amount, it is wise to apply for a Home Loan with a co-applicant. They will need to meet the below criteria as set by the bank. 

• The co-applicant must be between the ages of 21 and 65 years. 
• The co-applicant must be a resident of India. 
• The co-applicant should be either salaried or self-employed. 

The co-applicant need not be a co-owner of the property.  

Documents Required for an HDFC Home Loan 

To be eligible for an HDFC Home Loan, your application needs to be supported by the right documents. Co-ordinate with the lender to make sure you submit all the necessary documents. Below is a basic list of Home Loan documents required by the bank. 

1. KYC Documents: ID & Address Proof (Any One Required) 

• Aadhaar Card 
• PAN Card (Mandatory, if income is considered for loan eligibility calculation) 
• Valid Passport 
• Voter ID Card 
• Driving License 
• Utility Bill: Electricity, Telephone, Postpaid mobile, Water Bill, etc. 
• Ration Card 
• Letter from your current employer 
• Bank statement /a copy of passbook reflecting your address 
• Valid Rent Agreement 
• Sale Deed 

2. Income Documents 

• For Salaried Individuals 
  • Salary slips for the last 2 months or salary certificate (*If variable components like overtime and incentives are reflected, then salary slips for the past 6 months are required.) 
  • Cash Salary – Income details on Company Letterhead 
  • Copy of bank statements for the past 3 months (salary account) 

• For Self Employed Professionals 
  • Certificate of qualification for professionals: CA, doctors or architects 
  • Copy of last two years’ income tax returns, along with computation of income 
  • Copy of last two years’ P/L account with all schedules and audited balance sheet, wherever applicable 
  • VAT or Service Tax returns or TDS Certificate 
  • Bank statement for the last 6 months (Savings account, current account, and O/D account)

• For Self Employed Non-Professionals 
  • Copy of your last two years’ income tax returns, along with computation of income 
  • Copy of last two years’ P/L account with all schedules and audited balance sheet, wherever applicable 
  • VAT or Service Tax returns or TDS Certificate 
  • Bank statement for the last 6 months (Savings account, current account or an O/D account) 

3. Property Documents 
   1. Allotment letter from builder 
   2. Agreement of Sale 
   3. Registration and stamp duty receipt 
   4. Index- ii 
   5. No Objection Certificate (NOC) from the builder 
   6. Own Contribution Receipt (OCR) 
   7. All builder linked documents (Applicable for cases that are not approved or previously not funded by HDFC) 
   8. Development Agreement 
   9. Tripartite Agreement 
   10. Partnership Deed 
   11. Sale Deed 
   12. Title Search Report 
   13. NA order 

Eligibility Calculation for HDFC Home Loan  

It’s advisable to check your HDFC Home Loan eligibility before you apply. You can do that instantly by using the Fincity Home Loan Eligibility Calculator. Fill in basic details such as your monthly income, loan tenure, interest rate, city and current financial obligations and access how much you qualify for in seconds.

Factors Impacting HDFC Home Loan Eligibility 

Your eligibility for an HDFC Home Loan is influenced by a certain number of factors decided by the lender. Here are the key ones: 

• Credit Score: This is an important factor that determines your eligibility for a Home Loan. A good credit score reflects disciplined credit behavior in the past while a bad credit score reflects that you have not been responsible with past debts. Make it a point to pay your bills and EMIs regularly to have a higher chance of Home loan approval. 700 and above is considered a good score. 
• Income: This indicates your repayment capacity and is taken into account by the lender. A higher income is likely to get you a lower interest rate and even a higher loan amount.  
• Debt-to-Income: A lender looks into your Debt-to-Income ratio, i.e., the ratio of your cumulative debt to your total income. A lower debt translates to a higher repayment capacity and is preferred by the bank. To be eligible for an HDFC Home Loan, the DTI ratio of a borrower should not cross 50%. 
• Age: A higher number of service years remaining means more time to earn and repay the loan. Therefore, lenders prefer a younger borrower over someone who is close to retiring. Even if an older borrower gets a Home Loan, they will be eligible for a shorter tenure. 
• Business or Job Stability: Applicants having a stable job with a regular source of income are considered good candidates for a Home Loan. Continuous work experience with a regular income indicates that the borrower can make timely EMI payments. 
• Employer and Profession Type: Lenders prefer to offer Home Loans to applicants working with a reputed organization over borrowers employed with a smaller company. Also, salaried borrowers are likely to get a Home Loan more easily than self-employed individuals.  This is due to their stable monthly income. 
• Property Characteristics: When you apply for a Home Loan with HDFC, they will assess certain features of the property such as its age, title, and location. If it’s outside the bank’s listed locations, is too old, or is under dispute, the bank is likely to reject your Home Loan application. 

How to Improve Your HDFC Home Loan Eligibility 

• Improve Your Credit Score: Your credit score is an indicator of your credit behaviour. Make sure to work on improving your credit score and increase your creditworthiness to increase your eligibility for a Home Loan. 
• Pay Off Outstanding Debts: Try and pay off outstanding debts especially the bigger ones. This will help increase your repayment capacity significantly, thereby allowing you to access a higher loan amount. 
• Opt for a Longer Loan Tenure: A longer tenure reduces your monthly EMI amount and makes it more comfortable to repay the loan amount. 
• Add a Co-applicant: A lender takes into account the co-applicant’s income and credit score too while deciding your Home Loan eligibility. Therefore, in case you need a higher loan amount and have a low credit score or income, consider going for a Joint Home Loan. 
• Make a Higher Down Payment: When you make a higher down payment on your home, the amount you need to borrow as Home Loan decreases and so does your LTV or Loan-to-Value ratio. This improves your eligibility for a Home Loan. 

How to Apply for Home Loan on HDFC Portal  

Here are the steps to follow to apply for an HDFC Home Loan on the bank website: 

1) Visit HDFC Bank’s official website. 

2) Click on the ‘Apply Online’ button on the page. 

3) Enter your name, user ID, mobile number and other required details to sign up. Check the authorization box and click Submit. 

4) Enter all the required details and upload documents as required. 

5) Click Submit. 

How to Apply for HDFC Home Loan with Fincity? 

You can apply for an HDFC Home Loan on Fincity by simply following the steps below: 

1) Click https://app.fincity.com and sign up. 

2) Click ‘Home Loan’ under Loan Type. 

3) Enter the required personal, professional, income, property-related details, and upload necessary documents.  

4) Click Submit. 

How to Check Your HDFC Home Loan Application Status on Fincity 

Checking you HDFC Home Loan application status on Fincity is easy. Just follow these steps: 

• First, click https://app.fincity.com and sign in.
• You can see your active applications on the Fincity dashboard.
• Click ‘View Application’ below the one whose status you wish to check.
• You can see the application status on the top-right section of the page.

How to Check Your HDFC Home Loan Application Status on the HDFC Portal 

Here’s how you can check the status of your Home Loan application on the HDFC website. 

• Visit HDFC’s official website for Loans. 
• Under Existing Customers, hover over “For Home Loans” and click “Customer Login”. 
• Login using the Loan Account Number or User ID. 
• Once you’ve logged in, you can view/track all information related to your Home Loan including the application status.