What Are The Documents & Eligibility Criteria Of HDFC Home Loan

HDFC Ltd has hiked its housing loan interest rate after 5 years. The lowest rate of interest for a home loan is now 8.40% per annum which is for women applicants. This is one of the best housing loan available in the market today which is why it is still among the most demanding options. In this article, we have mentioned the eligibility criteria, documents checklist and an example of how home loan EMIs are calculated. This altogether is a combination of all HDFC home loan details which a home loan seeker should know.

What Are The Documents & Eligibility Criteria Of HDFC Home Loan

HDFC Home Loan Eligibility

The eligibility criteria to apply for a HDFC home loan is as follows:

HDFC home loan application is made either individually or jointly. All proposed owners of the property will have to be co-applicants. However, co-applicants need to be a close family member.

The maximum period of repayment of a loan shall be up to 30 years for the Telescopic Repayment Option which is applicable only to the Salaried/Self-employed individuals under the Adjustable Rate Home Loan. For other home loan products, the maximum repayment period shall be up to 20 years.

The tenure of the loan is also based upon the applicant’s profile, the age of applicant at maturity of the loan, age of property at loan maturity, depending upon the particular repayment scheme as may be decided for and any other terms applicable subject to prevalent norms of HDFC.

Documents Required

Identity Proof- Valid Passport/Voter ID Card/Aadhar Card /Valid Driving License/PAN Card

Address Proof- Valid Passport/Voter ID Card/Aadhar Card/Valid Driving License

Income Proof- Last 3 months’ Salary Slips, Last 6 months’ Bank Statements, showing salary credits, Latest Form-16, and IT return

Additional Documents- Employment Contract / Appointment Letter in case current employment is less than 1 year old, Last 6 months’ Bank Statements showing repayment of any ongoing loans, Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across, Cheque for processing fee favouring ‘HDFC Ltd.’

Property Related Documents- Copy of the Allotment Letter/Buyer Agreement, Receipt of the payment made to the developer

HDFC Home Loan EMI Calculator

A home loan calculator or a loan EMI calculator is the tool that is used to calculate the EMI (Equated Monthly Installments). A borrower can make the right choice with the help of this calculator as it helps you know the loan affordability and then choose the offer that suits your purpose and budget. The calculator takes into account the following details:

Loan Amount (in ₹ Lakh)

Number of Months

Interest Rate (in %)

Once you have mentioned the above details, you will get the detailed information on the monthly installments, the total interest outgo and the total amount (principal + total interest).

Suppose, your home loan requirement is of ₹20 lakhs with the tenure of 15 years and you are expecting an interest rate of 8.35% p.a. When you mention the above details in the calculator, it would give you the data of the EMI, the total interest outgo, and the total amount (principal+interest). Here is an example for your reference:

EMI: ₹19,519

Total interest outgo: ₹15,13,480

Total amount: ₹35,13,480

Similarly, you can check EMIs for different loan details to get an idea about the EMI you can easily pay. You must also know that the rate is offered by keeping into account some factors such as your age, income, savings/investments, property value, credit history, and category of your employer.

You can also see the formula used for the EMI calculation below:

E= P.r. (1+r)*n/((1+r)*n -1)



P=Principal loan amount

r= Rate of interest on monthly basis (r= Annual rate of interest/12/100)

n=Loan tenure

With all the above details, we hope you have found answers to your queries. You may also note that you can easily apply for a loan online and get approved instantly if you match the criteria for a home loan and have all the documents as per the requirement. Thus, go through the article properly and buy your dream home soon!


Leave a Reply

Your email address will not be published. Required fields are marked *