DHFL Home Loan
DHFL Home Loan
DHFL Home loan can be taken to fund your dream house purchase. The rate of interest starts at 9.75%. Lowest EMI per Rs. 1 lakh is Rs. 859 on 30 years tenure. You can avail up to Rs. 5 crores up to 30 years tenure. A home loan is a secured loan, where the house you intend to purchase is considered as collateral. The NBFC offers several home loans, especially for purchasing house, constructing house, to purchase a plot, renovate home, etc. It offers housing loans to NRIs as well. There is a facility for balance transfer.
DHFL (Dewan Housing Finance Corporation) has a network of 359 offices spread across India ensuring its best services to the demanding consumer base. Not just in India, it is also spread abroad covering London, USK and UAE catering the increasing NRI population in these countries. It offers home loans to Indians and NRI.
This NBFC has tie-ups with public and private sector banks like Punjab and Sind Bank, United Bank of India, YES Bank and Central Bank of India. At Ask loan baba, you will come across information about all types of DHFL Home Loans in India.
|DHFL Home Loan Details Updated on 24th October 2019|
|Loan Amount||Up to Rs. 5 crores|
|Loan Tenure||1 year to 30 years|
|Interest Rate||9.75% onward|
Why Choose DHFL Home Loan?
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- The advantage of this loan is its same interest throughout the duration, if fixed, but flexible on floating rate of interest.
- Simple documentation is needed and the home loan in DHFL then gets processed faster.
- The customers can pay off the loan in easy instalments every month and can repay it via auto debit or PDC or ECS.
- You can check out DHFL home loan eligibility and DHFL Home Loan EMI calculator.
Features of Home Loans at DHFL
Some of the features of DHFL home loan are as follows.
- One can avail a loan amount of up to Rs. 5 crores, minimum being Rs 1 lakh. However, the amount of loan including registration fee and stamp duty shouldn’t exceed 85% of the property value or 80% of its market value, whatever is lower.
- The interest rate may vary from 8.35% to 10% based on the current market rates.
- The tenure of the loan ranges from 1 year to 30 years. However, for salaried, the maximum age eligibility till loan maturity is 60 years, and 65 years in case of the self-employed person
- The loan can be availed only to construct or purchase a house.
- The processing fee is non-refundable. It ranges from Rs 5000 to Rs 20,000 in case of salaried and self-employed professionals and 1.5% of the loan amount in case of the self-employed non-professionals. GST shall apply.
Why Apply for a Home Loan on Ask loan baba?
At Ask loan baba, you can compare and apply for Home loans online. You can check out several housing loans and go through their features such as quantum of loan, amount of loan, processing fees, interest rates, and other conditions, on a single platform. The loan application process is simple and easy, as you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website.
DHFL Home Loan Interest Rates
The DHFL home loan interest rate starts at 9.75%, but varies as per individual borrower’s profile. Keep a check on this page to note the updated DHFL loan interest rates for the current year. The floating rates are pegged to RPLR or retail prime lending rate.
- Interest rate for new home loan, home construction loan, home extension loan, plot and construction loan, and renovation loan, start at 9.75% per annum.
- Interest rate begins at 10.25% per annum for plot loans.
- NRI home loan interest rate starts at 10% per annum.
- To get the best rate for balance transfer, contact DHFL.
|Retail Prime Lending Rate (RPLR)||19.42%|
|Quantum of Finance||It is based on your repayment capacity and annual income|
|Processing Fees||For self-employed professionals and salaried individuals: Rs. 5,000 to Rs. 10,000 + GST + document charges
For self-employed non-professionals: processing fee of up to 0.5% + GST (Net PAT)/ 1.5% + GST (others)
|Interest Rate Penalty||18% per annum on the remaining borrowed principal|
|Charges for Part-payment and Loan Foreclosure||2% to 3% + applicable GST|
|Max Tenure||30 Years|
|Type of Interest Rate||Floating|
What Influences the DHFL Home Loan Interest Rate?
Below-provided are factors that influence the finalizing of housing loan amount.
- Loan Amount: The quantum of finance approved by the financial institution also affects the rate of interest. The interest rate is usually lower for a higher loan amount, and vice-versa. Thus, borrow an amount that you need, and avoid any excess.
- Your Disposable Income: Your repayment capacity is based on the monthly income you draw subtracting other financial liabilities, such as insurance premiums, ongoing EMIs, etc. A good repayment capacity and maximum disposable income will prompt the financial institution to charge a lower rate of interest, and vice-versa.
- Loan Type: DHFL offers a variety of loans for home construction, new home, plot, and a lot more. The rates applicable differs as per the housing loan chosen, and special or popular priority home loan products, such as that for farmers, women, etc.
- Credit History: Your credit score has a major influence on home loan interest rates in India and with DHFL. A good credit score of 750+ will ensure discount or lower rates of interest, whereas poor credit score and history will either prompt the institution to reject your loan application or apply a higher rate of interest.
- Existing Customers: There are special interest rates offered to existing customers of DHFL with the view to benefit customers with a good relationship with the institution.
DHFL Home Loan Other Charges
There are other charges apart from the above-mentioned interest rates that apply on housing loans offered by the NBFC. These charges are thoroughly detailed below.
|Type of Charges||DHFL Home Loan Amount|
|CERSAI Registry/Modification||Rs. 50 + GST on an amount up to Rs. 5 lakhs
Rs. 100 + GST on an amount above Rs. 5 lakhs
|Technical Fees (This is charged on property located outside the geographical boundary as specified by DHFL, additional property, or applicable for pre-technical procedures)||No charges apply if the property is located within 60 KM of the said condition.
For a property beyond 60 KM, Rs. 750 applies on subsequent visits, while Rs. 500 on the first visit + GST
|Construction Linked Home Loans’ Valuation Fee||9No charges apply on the first visit
For any visit after the first, Rs. 500 + GST applies
|Charges for Part-Payment||9No prepayment is allowed in the initial 6 months of the loan
No charges apply if you part-pay after 6 months
2% GST applies if the primary borrower or co-application is other than an individual
|Charges for Foreclosure||No foreclosure is allowed for the first 6 months
After this duration, if you foreclosure a fixed rate loan, then no charges apply
After 6 months, if a loan on a variable interest rate is transferred to another financial institution then no charges apply
2% GST is applicable if balance transfer is done other than an individual
|Charges for Prepayment in case of an Easy Land Loan/Construction Loan/Land Loan||Within 3 years, if a house is not constructed on the land then 3% + GST applies from the date of first disbursement of funds (borrower/c-applicant is other than an individual)|
|Charges for ECS/Cheque Bounce||WRs.500 + GST|
|Charges by DHFL on ECS/Cheque Bounce||At actual|
|Charges on Overdue Pre-EMI/Default EMI||Per annum 18% on outstanding housing loan amount|
|Per Set ECS/Cheque Swapping||Rs.250 + GST on every swap|
|Issuance of DD/Pay Order||Rs.150 per Rs. 1 lakh or the actual bank charges (the one that is higher is applicable) + GST|
|Charges for Legal Procedures||As applicable on case-to-case basis|
|Charges for Collection Pickup||Per visit Rs.250 + GST|
|Charges for Recovery||At actual|
|Charges for Non-Encumbrance Certificate (NEC)||At actual|
|Franking Charges/Stamp Duty||As applicable per law|
|Property Documents Copy||Rs.500 + GST|
|No Dues Certificate Duplicate||Rs.250 + GST|
|Custodial Fee for Property Documents (Closed Housing Loans)||Per month Rs.500 per (after 60 days from the date of loan closure) + GST|
|Provisional IT Certificates/Statement of Account||No charges apply on the first instance
In subsequent instances the charges are Rs. 250 + GST
|Charges for the Foreclosure Statement||Rs.500 + GST|
|Charges for Document Retrieval on Loan Closure||For loans up to Rs. 10 lakhs, the charges are Rs. 1,000 + GST
For loans over Rs. 10 lakhs, the charges are Rs. 2,000 + GST
DHFL Home Loan Eligibility Calculator
- Home loan eligibility may differ from one candidate to another. You can also use free-of-cost DHFL home loan eligibility calculator at Ask loan baba The eligibility criteria for DHFL housing loan are discussed below:
- You should meet the requirement for credit score and should not be under too many debts.
- To apply for this loan, you must be between 21 years and 65 years till loan maturity.
- You could be either a resident India or an NRI.
- You could be a professional, salaried person, or a self-employed businessman.
- You must possess all necessary identity and income proof required to apply for the loan
Documentation requirements for sole proprietorship or partnership or a private limited firm
- Passport sized photographs of the applicant and the co-applicant.
- Fully filled and signed loan application form.
- KYC documents including their identity and residential proof. This may include a copy of your voter ID, passport, Aadhar card, PAN card, driving license, etc.
- Attested copies of your partnership, AOA or MOA.
- Audited financial papers of the previous 2 years.
- Income tax returns of the partners or the directors for past 2 years.
- Bank statement of the operating account for past 6 months.
- Qualification certificate if the candidate is an expert such as a doctor, advocate, charted accountant, architect or a civil engineer.
Documentation requirements for salaried and entrepreneurial individuals
- Filled application form for Reliance Home Loan
- Passport sized photographs of both the applicant and the co-applicant.
- KYC documents including their identity and residential proof. This may include a copy of your Aadhar card, voter ID, passport, PAN card, driving license, etc.
- Form 16
- Salary slips of past 3 months.
- Bank statement of past 6 months.
- Repayment track record
Types of DHFL Home Loans
DHFL has home loan schemes for self-employed people, professionals, and salaried individuals. The amount taken as loan can be used for either multiple or specific purposes
- DHFL New Home Loan
Both non-resident Indians and Indian residents can apply for this loan. You can get up to 90% of the house’s value. There is no prepayment charge. Rate of interest is 9.75% onward. Minimum processing fee excluding taxes and document charges is Rs. 2,500.
- DHFL NRI Home Loans
Non-residents can also avail housing loans by DHFL. The tenure for such a loan is up to 20 years with interest rate 10% onward. Processing fee is Rs. 2,500. However, it does not include fee for documentation or other taxes. There are no prepayment charges if you wish to repay the loan after the initial 6 months period. No foreclosure charges apply for loans on both floating and fixed interest rates.
- DHFL Home Extension Loans
Here, self-employed businessmen, professionals, and salaried individuals can apply. Tenure of the loan is up to 30 years. There is no prepayment charge. You can repay the loan after 6 months tenure. Fee to process the loan is Rs. 2,500. This fee does not include taxes and documentation charge. Interest rate is 9.75% onward.
- DHFL Home Construction Loans
This loan is available to construct a new house. 100% finance is available. Both Indian residents and NRIs can apply for this loan. You must be at least 21 years of age and below 65 years of age till loan maturity to get this loan. The rate of interest starts at 9.75%. Processing fee excluding document charges and taxes is Rs. 2,500.
- DHFL Home Renovation Loans
Interest rate for this loan begins at 9.75%. The processing fee is Rs.2, 500, not including taxes and documentation fee. There is no prepayment charge, and you can prepay after initial 6 months of borrowing. Tenure is up to 10 years. There is no foreclosure charge for loans on fixed and floating rates of interest. So, you can foreclose the loan as soon as you have enough funds for the purpose.