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If you are looking to avail HDFC home loan, it is necessary for you to be aware of its eligibility criteria and required documents. This would help you avoid unnecessary waste of time and effort. The eligibility criteria for HDFC bank home loans are quite similar to that of other home loans available in the market. Let’s have a look at it below.
HDFC Bank Home Loan Eligibility Criteria
· Present Age and Remaining Working Years: The age of the applicant plays a major role in determining home loan eligibility. The maximum loan term is generally capped at 30 years.
· Age Limit for Salaried Individuals: 21 to 65 years.
· Age Limit for Self-Employed Individuals: 21 to 65 years.
· Minimum Salary: ₹10,000 p.m.
· Minimum business income: ₹2 lac p.a.
· Maximum Loan Term: 30 years.
· Financial Position: The present and the future income of the applicant(s) has a major impact on ascertaining the loan amount.
· Past and Present Credit History and Credit Score: A clean repayment record is considered positive.
· Other Financial Obligations: Existing liabilities such as a car loan, credit card debt, etc.
Documents Required To Avail HDFC Bank Home Loan
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Salaried Individuals |
Self-Employed Individuals |
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Identity Papers |
PAN Card |
PAN Card |
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Aadhaar Card |
Aadhaar Card |
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Passport (Valid) |
Passport (Valid) |
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Driving License with Photo |
Driving License with Photo |
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Voter’s Identity card issued by the Election Commission of India |
Voter’s Identity card issued by the Election Commission of India |
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Job Card issued by NREGA duly signed by an officer of the State Government |
Job Card issued by NREGA duly signed by an officer of the State Government |
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Address Proof |
Aadhaar Card |
Aadhaar Card |
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Passport (Valid) |
Passport (Valid) |
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Driving License with Photo |
Driving License with Photo |
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Voter’s Identity card issued by the Election Commission of India |
Voter’s Identity card issued by the Election Commission of India |
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Job Card issued by NREGA duly signed by an officer of the State Government |
Job Card issued by NREGA duly signed by an officer of the State Government |
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Letter issued by the National Population Register containing details of name and address |
Letter issued by the National Population Register containing details of name and address |
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Income Documents |
Salary slip for the past 3 months |
Income Tax Returns for latest 2 years |
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Form 16 |
Profit/Loss statement and balance sheet for the past 2 years |
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Bank Account Statement |
Latest 6 months’ bank statement showcasing salary deposits. |
Operative bank account statement for the latest 6 months. |
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*The aforementioned list of documents for an HDFC Bank home loan is suggestive. Extra documents may be needed at the time of loan processing.
Follow these tips to improve your HDFC Home Loan Eligibility –
Maintain a good repayment history by paying off your existing loans and liabilities on time without defaulting
Try to build a CIBIL score above 750
Apply for a loan that fits your needs, raising multiple loan applications can decrease your credit worthiness
Opt for a longer repayment tenure that will allow you to disburse the overall due amount over a longer time span. This will also help in reducing the EMI amount.
A co-borrower (a spouse, or parent) with a good income and credit score will boost your eligibility for a bigger loan amount.
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