HDFC Loan Against Property Eligibility
HDFC Loan Against Property Calculator India Feb 2021
Eligibility Criteria | Salaried | Self Employed |
---|---|---|
Age of Eligible Borrower | 24 - 60 years | 24 - 65 years |
Maximum Loan Tenure | 15 years | 15 years |
Eligible Monthly Income | ₹ 25,000 | ₹ 25,000 |
Loan as percent of Property Value | Upto 50% | Upto 50% |
Minimum Work Experience | 1 year | 5 year |
Eligible property | Self occupied/ rented/ vacant Residential Property, Commercial Property, Residential Property, Commercial Property | Self occupied/ rented/ vacant Residential Property, Commercial Property, Residential Property, Commercial Property |
- Current Lowest Loan Against Property Rates are 7.50
- HDFC loan against property is calculated based on your age, income, property value and repayment capacity.
- Increase your HDFC mortgage loan eligibility by adding earning family members, business firms and companies owned by main applicant as co-applicants or by applying for a longer tenure loan
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HDFC loan against property eligibility based on age
- Age: HDFC considers your age as one of the important parameters to calculate your eligibility of a mortgage loan. To be eligible for availing a loan from HDFC, one has to be of atleast 24 years of age. The maximum age for loan from HDFC can be 60 years for salaried and 65 years for self employed. HDFC eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. The maximum tenure of loan that you may be eligible based on your current age will be as follows:
Your current age | Max tenure for salaried | Max tenure for self employed |
---|---|---|
25 Years | 15 Years | 15 Years |
30 Years | 15 Years | 15 Years |
40 Years | 15 Years | 15 Years |
50 Years | 10 Years | 15 Years |
60 Years | - | 5 Years |
Use the above quick and easy tool to easily calculate and compare monthly EMI on HDFC Loan Against Property.
HDFC Mortgage loan eligibility based on income
- Net Income: The amount of loan you can avail is a function of your net income. HDFC typically applies a multiplier of up to 60 times on monthly net income of the borrower to
calculate the mortgage loan eligibility. For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.35% interest rate offered by bank, the
maximum loan amount that you will be eligible for (assuming you have no other EMI’s to pay)
would be as follows:
Age Net Monthly Income (₹) 50,000 75,000 100,000 25 years 33.30 Lakh 49.95 Lakh 66.60 Lakh 30 years 33.30 Lakh 49.95 Lakh 66.60 Lakh 35 years 33.30 Lakh 49.95 Lakh 66.60 Lakh 40 years 33.30 Lakh 49.95 Lakh 66.60 Lakh 50 years 26.38 Lakh 39.57 Lakh 52.77 Lakh You may consider repaying any loans with short tenure and high EMI in order to increase your HDFC loan against property eligibility.
- Nature of Employment: HDFC will check whether you are salaried or self employed. It also looks at your years of experience to check for job and income stability. HDFC requires minimum income history and job stability of more than 1 years for salaried individuals and of 5 years for self employed individuals.
HDFC Loan against property eligibility based on value of property
- Value of property: HDFC does not finance the entire property value. The maximum Loan Against Property Eligibility would depend upon the value of the
property. Suppose you intend to take a loan on a property worth ₹ 20 Lakh. The amount of
loan you will be eligible for will vary with the nature of property. A residential property
worth ₹ 20 Lakh will fetch the highest loan amount of
₹ 10.
Property Type LTV Property Value Maximum Loan Amount Commercial Property 50% ₹ 20 Lakh ₹ 10 Lakh Residential Property 50% ₹ 20 Lakh ₹ 10 Lakh - Co-applicant: In order to enhance the eligibility of a loan with HDFC, one can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhance the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In case of NBFCs, customers can expect higher eligibility
- Property documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of HDFC
HDFC property loan eligibility based on CIBIL score
CIBIL Score: The credit history of an individual plays an important role in deciding the amount of the loan. Credit history is basically the credit report of an individual based on credit information recorded by CIBIL for all your past and current loan transactions. Based on your credit score, a bank or any other financial institution decides whether an individual is eligible for a loan or not. Regular payment on secured loans can also increase your CIBIL score. HDFC requires a minimum credit score of 650 to be eligible for a property loan.
There are few factors which affect your credit score and in turn impact your chances of getting of loan from HDFC.
- Late payments – If have delayed in repaying your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from HDFC.
- High number of unsecured loans – Always keep a balance between secured and unsecured loans. Unsecured loans are riskier and more number of unsecured loans can adversely affect your credit score.
- Usage of credit limit – Credit card bills and use of credit limit shows your credit behaviour. Frequent usage or withdrawals of large amounts up to the credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.
- Multiple loan applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from HDFC, improve your credit worthiness to get a good score before putting in an application in another bank.
HDFC Mortgage loan eligibility based on FOIR
HDFC calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. HDFC will calculate the percentage of fixed obligations (Rent and EMIs) to your net monthly income. Your fixed obligations to monthly income ratio should not be more than 65% to get a mortgage loan from HDFC. Always calculate your eligibility with HDFC mortgage loan calculator to estimate your eligible loan amount before applying for a loan to reduce the chances of getting your loan application rejected.
FAQs
✅What factors determine the eligibility criteria of property loan from HDFC?
The factors that determine the eligibility criteria of HDFC property loan are:-
- Age of the applicant
- Monthly income
- Existing liabilities
- CIBIL Score
- Value of the property to be mortgaged
✅What should be the minimum net monthly income of the customer to get HDFC mortgage loan?
The minimum income for salaried employee to get loan against property should be ₹ 25,000 per month.
✅What is the minimum and maximum age required for HDFC loan against property?
The minimum age of the applicant should be 24 years and maximum should be 60 years for loan against property from HDFC.
✅What is the tenure of HDFC property loan?
HDFC offers property loan for a tenure upto 15 years. However, longer the loan tenure, higher will be the eligibility.
✅How much mortgage loan can be availed by the applicant?
An applicant can avail mortgage loan from HDFC up to 50% of the market value of the property.
Compare Property Loan Eligibility of All Banks
- Allahabad Bank
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- OBC
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- 2020-04-28 : HDFC revised its loan against property rates
HDFC changed its loan against property rates. The new rates for loan amount upto Rs. 50 lakhs stands between 9.10% and 10.40%. Further, the rate for loan amount above Rs. 50 lakhs is between 8.95% to 10.25%. - 2020-01-08 : HDFC revised interest rates on Loan against property
The interest rate for the self-occupied residential property is revised to 9.40% and the interest rate for Non- self-occupied residential property and commercial property is 9.65%. The revised rates are in effect from 6 January 2020. - 2019-08-14 : HDFC reduces home loan rates by 15 basis points
One of the leading home loan NBFC, HDFC has revised its housing loan rates. For loan amount up to Rs. 30 Lakh, the rate has been revised to 8.40% as compared to 8.55% earlier. While for loan amount above Rs. 2 crores, has been revised to Rs. 8.80%. - 2019-08-01 : HDFC reduces prime lending rates on home loans by 10 bps from August
Mortgage lender, HDFC has reduced its retail prime lending rate on home loans by 10 basis points effective from August 1. The new RPLR rate will be 16.75%, down from 16.85% as earlier. Following the rate cut, loans of up to Rs. 30 lakh will be offered at 8.60%. Similarly, for loans above Rs. 30 lakh and up to Rs. 75 lakh, the interest rate charged will be 8.85% and for loans above Rs. 75 lakh, the interest charged will be 8.90%. Additionally, the lender would be offering an extra 5 bps discount in each category of loans. - 2019-05-30 : HDFC disburses Rs. 2,300 crore as subsidy under PMAY
Mortgage lender, HDFC has disbursed subsidy of more than Rs. 2,300 crore under PMAY credit linked subsidy scheme. The lender has approved Rs. 22,136 crore of home loans under credit linked subsidy scheme (CLSS) to homebuyers belonging to the economically weaker sections (EWS), low-income groups (LIG) and middle-income groups (MIG). Also, the corporation has also partnered with the Ministry of Housing & Urban Affairs and the National Housing Bank (NHB) to attain the goal ‘housing for all.’
