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HDFC Loan Against Property Eligibility Calculator

HDFC Loan Against Property Eligibility Criteria 2021

Last Updated 12th Jul 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 ₹ 18,000 ₹ 25,000
  • HDFC loan against property is calculated based on your age, income, property value and repayment capacity.
  • You can increase your HDFC mortgage loan eligibility by adding earning family members, business firms and companies owners by main applicant as co-applicants or by applying for a longer tenure loan.
Loan Against Property Eligibility Calculator

HDFC Loan Against Property Eligibility

HDFC allows you to fund immediate or urgent needs with a loan against property. HDFC loan against property is a secured loan which does not come with any end usage restriction. The bank offers different types of mortgage schemes at affordable rates to eligible customers. The loan can be availed by both salaried and self-employed individuals. HDFC lap eligibility is based on factors like age, salary, occupation, property type and credit score. Let’s understand these factors in detail:-

HDFC Loan Against Property Eligibility Based on Age

    HDFC considers your age as one of the important parameters to calculate your HDFC property loan eligibility. To be eligible for availing a loan from HDFC, one has to be of 24 years of age. The maximum age for loan from HDFC can be 60 years. 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

HDFC Loan Against Property Eligibility Based on Income

  • Net Income: Your monthly income determines your eligibility to get the amount of loan after meeting all the living expenses. HDFC typically applies a multiplier of up to 60 times on monthly net income of the borrower to calculate the mortgage loan eligibility. However, the net monthly income required by HDFC to approve property loan is ₹ 70,000 . For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.75% 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 32.52 Lakh 48.78 Lakh 65.04 Lakh
    30 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    35 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    40 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    50 years 25.93 Lakh 38.90 Lakh 51.86 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. 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 Property Loan 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. You can get a maximum of 65% of property’s value as a loan against residential 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 ₹ 13 Lakh. On the other hand an industrial property of ₹ 20 Lakh might allow you to take a lower loan amount of ₹ 13 Lakh. The percentage of HDFC loans will get lower if it is against commercial property.
    Property Type LTV Property Value Maximum Loan Amount
    Industrial Property 65% ₹ 20 Lakh ₹ 13 Lakh
    Commercial Property 50% ₹ 20 Lakh ₹ 10 Lakh
    Residential Property 65% ₹ 20 Lakh ₹ 13 Lakh
  • Co-Applicant: In order to enhance the eligibility of a loan with HDFC, you can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhances the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In the case of NBFCs, you can expect higher eligibility.
  • Property Documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of HDFC.

HDFC Eligibility Based on CIBIL Score

Based on your credit score, a bank or any other financial institution decides whether you are eligible for a loan or not and is considered as one of the important parameters to get the loan. 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.

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 calculates your fixed obligations to monthly income ratio that 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.

How to Calculate HDFC Loan Against Property Eligibility?

To check loan against property eligibility HDFC follow the below given steps:-

  • Visit to the HDFC website.
  • Click on HDFC loan against property.
  • To check eligibility criteria use a HDFC loan against property calculator.
  • Fill the required details like loan amount required, salary, age etc.

The formula used to calculate LTV is loan amount needed/ property amount*100

Apart from that you can also use MyLoanCare Loan Against Property Eligibility Criteria to determine your eligibility for HDFC Loan against property.

HDFC Loan Against Property Schemes Eligibility

HDFC offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular HDFC loan against property products with their basic eligibility are listed as follows:

Loan Against Residential Property
  • Get loans up to 60% of the value of your residential property with a loan against residential property.
  • Avail Commercial Property Mortgage Loan individually or with joint owners for a tenure upto 15 years.

Documents Required for HDFC Loan on Property

To avail HDFC loan on property, you will be required the following documents:-

  • Application form
  • Passport size photograph
  • Identity proof- PAN card, Aadhar card, Passport, Voter ID card, Driving License
  • Address Proof- Ration card, Utility bill, Driving license
  • Age proof- PAN Card, Passport, Class 10th certificate
  • Income proofs- Bank Statements, last 6 months salary slips, Form 16, Income Tax Returns for the last 3 years
  • Processing fee cheque
  • Property documents of mortgaged property

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 employees to get a loan against property should be ₹ 18,000 per month. If you do not fall under the eligibility criteria then you can increase income eligibility by adding a co-applicant and maintain a good cibil score above 650. Income and cibil score ensure HDFC of your ability to repay the loan.

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. HDFC considers your age as an important parameter to determine your Loan against property tenure.

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. Also, higher loan tenure means higher rate of interest.

How much HDFC 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 if they mortgage residential property whereas you can avail up to 65% of the market value if you decide to pledge a commercial property.

Can I get a loan on my property from HDFC if I am not a HDFC customer?

Yes, you can get a loan against property from HDFC if you are not a HDFC customer. However, you can get a competitive interest rate if you are already a customer of a bank.

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HDFC Loan Against Property News - Jul 2021
  • 2021-03-08 : HDFC cut its PLR to 16.05%
    HDFC reduced its Prime lending rate to 16.05%. The revised rates are effective from March 2021.
  • 2021-03-05 : HDFC cut its home loan rates to 6.70%
    ICICI Bank cut its home loan rates for March 2021. The new home loan rate starts at 6.70%.
  • 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%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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