HDFC Home Loan: If you are thinking about taking a home loan, then HDFC Bank is giving you a great opportunity. If you are going to take a loan from HDFC Bank, then on what basis does the bank decide your eligibility? Many important factors, like your monthly income, age, credit score, current financial transactions, credit history, and retirement age, play a role in this process. HDFC Bank is currently offering home loans at an interest rate of 7.90 percent. At present, this reflects the minimum interest rate, which is offered to eligible customers through the bank. However, this rate can depend on your credit profile and loan amount.
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What should be the minimum monthly salary?
According to the eligibility in HDFC Bank Home Loan, if you take a home loan of Rs 70 lakh from the bank for 20 years, then according to the calculation, your minimum monthly salary should be Rs 1 lakh 5 thousand 670. Only then will you be eligible to get a maximum home loan of Rs 70 lakh 372. This eligibility is for a period of 20 years at the interest rate of 7.90 percent, and this will be available only when you do not have any previous loans or dues. Here, understand that you will get a home loan at the initial interest rate only if your CIBIL score is 800 or more. However, the final decisions are taken by the banks. Another thing is that to get a loan, your CIBIL score should be at least 750 or above.
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Know how much the EMI will be for 20 years
According to the calculation of HDFC home loan, if you are getting a home loan at an interest rate of 7.90 percent, then for a repayment period of 20 years, the monthly EMI on a home loan of Rs 70 lakh will be Rs 58119. According to the calculation, you will have to pay Rs 69 lakh 48 thousand 187 on this home loan only as interest. In this way, you will have to return a total of 1 crore 39 lakh 48 thousand 559 rupees to HDFC Bank in the end. If your CIBIL score is weak, then you may have to take a home loan at a higher monthly interest rate, and its EMI will also be high. The shorter the repayment period you keep, the lower the interest will be.