A home loan can fulfill the different needs of individuals. With a home loan, individuals can not only buy a home for themselves as a future investment but also can upgrade or repair their homes. Among several options at their disposal, Tata Capital Home Loan is one of the popular options among customers for a few crucial reasons. These reasons are affordable interest rates, quick loan amount disbursal, flexible repayment methods, highest home loan eligibility, etc. But one of the best things about this home loan facility from Tata Capital is multiple application methods through which you can get this home loan. With multiple application methods, Tata Capital Home Loan provides convenience to customers, so they can choose any of the methods according to their needs. There are 4 methods - Online, Phone, Virtual Assistant and Branch. In this article, we will be discussing these application methods along with the steps in the application process so that you can understand them better.
Home Loan is one of the most popular products among customers. The reason: real-estate prices are really high and people cannot afford to pay the full price in one go. That’s why they opt for Home Loan at affordable interest rates. Banks, NBFCs, and HFCs provide pocket-friendly home loans to customers. One of the leading Home Loan providers is the HDFC Bank that provides affordable home loan facilities. But there is this common question among individuals when going for a Home Loan - ‘What will be the maximum HDFC home loan amount?’ Or ‘What is the Eligible HDFC Home Loan Amount for them?’.
Well, the answer to both of these questions lies in understanding the importance of Gross Monthly Incomes of individuals. As you know that a home loan can be taken by both salaried and self-employed individuals. Before sanctioning the loan amount, HDFC Bank checks the monthly income of the applicant to have an estimate about the repayment capacity of the individual.
The chances of having a higher repayment capacity are obviously high for an individual who has a higher monthly income and fewer obligations. In this article, we will tell you how HDFC Home Loan Eligibility changes according to the different incomes. So, keep reading to know more.
Calculation of HDFC Home Loan Eligibility for Different Incomes When an individual has a high gross monthly income, he or she can repay a higher EMI amount as compared to an individual with a lower income. But this doesn’t always happen. If an individual has already been paying EMIs of Credit Card or Loan, his or her repayment capacity is compromised and HDFC will offer a lesser loan amount. On the other hand, an individual with Nil to fewer obligations can get a higher loan amount.
Let’s understand this through an example. We will be considering different monthly incomes to know how it will affect an individual’s HDFC Home Loan Eligibility. And we will be taking two cases. First, when an individual has an existing obligation in the form of Car Loan EMI and second when he doesn’t have any obligations.
First, we are taking the case of an applicant who is earning INR 30,000 per month. He wants to opt for a 20-year Home Loan. The interest rate is 7.80% per annum.
If we assume he has an existing obligation of INR 6,000 in the form of Car Loan EMI, the Eligible Home Loan Amount will be INR 9,10,154.
On the other hand, if we assume he has Zero Obligations, the Eligible Home Loan amount will be INR 16,38,278.
So, you can see as clear as daylight, how existing obligations can hamper your HDFC Home Loan Eligibility.
Taking a cue from the above example, now we are taking monthly income of INR 60,000.
Eligible HDFC Home Loan Amount with having obligations (INR 15,000) = 18,20,309
Eligible HDFC Home Loan Amount with having Zero Obligations = INR 36,40,617
From the above examples, you can see how higher monthly incomes can get you a higher loan amount without any trouble. You need to remember this fact that all these calculations are done by HDFC Home Loan Eligibility Calculator. And all of these are only for Illustration and Self-help purposes. The final loan amount will be decided by the HDFC Bank after assessing a variety of factors. To enhance your home loan eligibility, you can add your earning family member as co-applicant so that your repayment capacity will increase.
How to use HDFC Home Loan Eligibility Calculator?
To use the HDFC Home Loan Eligibility Calculator, you will need a few basic details. These are Gross Monthly Income, Rate of Interest, Tenure (in years), and Existing obligations (Monthly EMIs). On putting these into the tool, you will instantly get the maximum eligible home loan amount.
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