HDFC Announces Home Loan At 8.4% Interest Rate; Check Your Eligibility!

For the majority of people, owning a home is a major accomplishment and a fulfillment of a dream. And for individuals looking for financial support to buy their own home, a home loan is a true saviour. Banks and other financial institutions frequently offer this kind of financial aid to help you raise your house-buying budget.

If you too want to get a house loan during the holiday season, HDFC Bank is your go-to financial institution. As part of their holiday promotions, this top mortgage provider has announced lower home loan interest rates starting at 8.40% p.a. Home loans, balance transfer loans, loans for home improvements, and loans for home additions are all subject to this interest rate.

According to the HDFC website, the offer is valid till November 30, 2022. Applicants with a credit score of 750 or more who are working, self-employed professionals, or non-professionals are eligible for this offer. But keep in mind that interest rates fluctuate depending on the credit/risk profile that HDFC determines based on a variety of parameters, including segmentation, credit scores, and the repayment of earlier loans, among others.

The ability of a person to repay a home loan depends typically on their income. The availability of home loans is also based on additional parameters, including financial situation, age, credit score, credit history, etc.

Below are a few points that determine an individual’s eligibility to take a home loan:

• The salary worker's age range is between 21 and 65.

• The legal age range for self-employed individuals is 21 to 65.

• An important factor in establishing a borrower's eligibility for a home loan is their age. Typically, a loan's maximum length is 30 years.

• The annual maximum amount of business income is Rs. 2 lakhs.

• Rs. 10,000 per month should be the minimum wage.

• A clear credit history, both in the current and the past, is seen favourably.

• The person has no other debts, such as credit card debt or other obligations.

HDFC’s eligibility calculator will help you check your eligibility for obtaining a home loan.

• Gross monthly income: Enter your gross monthly revenue in Indian rupees. NRIs must report their net income

• Loan tenure in years: Enter the number of years that you want the loan to last. A longer-term contributes to improving eligibility

• Interest rate per annum: Enter the current interest rate for HDFC housing loans

• Other monthly EMIs: Enter the EMIs for any additional loans you may have.

Once you get an indication of your eligibility, go ahead and apply for a home loan.

Disclaimer: The interest rates mentioned in this article are recorded at the time of writing and are subject to change. BQ Prime does not endorse any of the interest rates mentioned above. Please invest at your own discretion.