To avail a home loan of ₹70 lakh from HDFC Bank, a minimum monthly salary of ₹1,05,670 and a CIBIL score above 750 are required. At an interest rate of 7.90% for a 20-year tenure, the EMI will be ₹58,119, and the total repayment will be close to ₹1.39 crore. A better CIBIL score can facilitate loan approval and secure a lower interest rate.
Home Loan: HDFC Bank has launched a home loan offer of up to ₹70 lakh at an introductory interest rate of 7.90%. Eligibility criteria include factors such as monthly income, age, credit score, existing loans, and retirement age. With a tenure of 20 years, the EMI for this loan will be ₹58,119, and the total interest payable will be up to ₹69.48 lakh. A minimum CIBIL score of 750 is necessary to secure the loan, while a score of 800 or above may qualify for the introductory rate.
HDFC Bank Home Loan Interest Rate
HDFC Bank is currently offering home loans at an introductory interest rate of 7.90 percent. The term 'introductory rate' signifies that eligible customers will receive the loan at the minimum available interest rate. However, this rate will also depend on your credit profile, loan amount, and other parameters.
What Should Be the Minimum Monthly Salary
According to HDFC Bank's home loan eligibility calculator, if you wish to take a loan of ₹70 lakh for a tenure of 20 years, your minimum monthly salary should be ₹1,05,670. This eligibility would allow you to qualify for a home loan of up to a maximum of ₹70,00,372. This eligibility is contingent upon having no previous loans or outstanding dues and possessing a good CIBIL score.
What Should Be the CIBIL Score
A minimum CIBIL score of 750 is essential to obtain a home loan. Furthermore, to qualify for the introductory interest rate of 7.90 percent, your CIBIL score should be 800 or higher. The bank reserves the right to make the final decision at its discretion. A ber CIBIL score will lead to easier loan approval and a lower interest rate. Conversely, a weaker score may result in a higher interest rate and an increased EMI.
EMI and Total Repayment Over a 20-Year Tenure
As per HDFC Bank's calculations, taking a home loan of ₹70 lakh at an interest rate of 7.90 percent for a tenure of 20 years will result in a monthly EMI of ₹58,119. During this period, the interest paid alone will amount to ₹69,48,187. In total, over 20 years, you will repay ₹1,39,48,559 to HDFC Bank.
Benefits of a Home Loan
Taking a home loan makes purchasing a house more accessible. If your monthly income, CIBIL score, and other financial standing are b, the bank will approve your application faster. This facility is particularly beneficial for individuals purchasing their first home or looking to enter the real estate market as an investment.
Managing EMI and Interest
When determining a home loan EMI, it is crucial to understand that a shorter loan tenure will result in lower overall interest payments, whereas a longer tenure will lead to lower EMIs but a higher total interest payout. Therefore, it is important to decide the loan tenure and monthly payment in accordance with your financial capacity.
