DHFL Home Loan

Interest Rate starts from 9.15%
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Home Loan From DHFL

ApnaLoanBazaar is here to help you choosing the best Bank for your Home Loan with high eligibility and lower EMI to fulfill your dream home
Interest Rate starts from
9.15*%
Processing Fee
5,000 Or Up To 20,000
Loan Tenure
Upto 30 Years
Guarantor Requirement
Allowed
Part-Payment
Allowed
Pre-Closure Charges
Nill

About DHFL Bank

DHFL, one of India’s leading housing finance company is established on April 11, 1984 to enable access to affordable housing finance to the lower and middle income groups in semi-urban and rural parts of India. DHFL is the second housing finance Company to be established in the country.

Highlights

Gold’ at the Asia Pacific Customer Engagement Forum & Award, 2016-2017
Golden Peacock Innovative Product and Service Award 2016,
DHFL awarded the Best Housing Finance Company by BFSI awards presented by ABP News, 2015
DHFL amongst the Top 50 Dream Companies to work for awarded by Times Ascent & World HRD Congress, 2015
DHFL wins Best Corporate Brand Award 2015 by Economic Times
DHFL wins India’s Most Trusted Brand Award 2015 in the housing finance category

FAQs About DHFL Loans Home Loans

What are the types of home loans that DHFL offers?

    There are a variety of home loans you can benefit from:

  • Home Purchase Loan: Common loan for purchasing a home
  • Home Improvement Loan: Loan given for implementing repair works and renovations to your home
  • Home Construction Loan: Loan available for the construction of a new home
  • Home Extension Loan: Given for expanding or extending an existing home – eg. Addition of an extra room, etc.
  • Land Purchase Loan: Sanctioned for purchase of land, for both home construction or investment purposes
  • Home Loans for Self Employed: Specially tailored Home Loans for Self employed Professionals and Non-Professionals such as Small retailers, Doctors, Architects etc.
  • Plot Loans: Loan for Purchase of Non Agriculture Plot Loans across India
  • Home Loan Transfer: Transfer of Home Loans from other Housing finance companies or Banks
What is an EMI?
  • EMI (Equated Monthly Instalment) is the amount payable to the lending institution every month, till the loan is paid back in full. It consists of a portion of the interest as well as the principal.
What are the eligibility conditions for a home loan?

    To qualify for a home loan with DHFL, you must be:

  • An Indian resident or NRI
  • Above 21 years of age at the commencement of the loan
  • Below 65 when the loan matures
  • Either salaried or self employed
Who can be a co-applicant?
  • A co-applicant is/are the co-owners of the property which is being offered as collateral/security to the loan. However all co-applicants need not be co-owners. Co-applicants to the loan are generally husband/wife, father/son, etc.
What are the interest rates offered for home loans? What are daily reducing, monthly reducing and yearly reducing balance?
  • Interest rate varies according to the market conditions and interest rates are dynamic in nature. The interest on home loans in India is usually calculated either on monthly reducing or yearly reducing balance. In some cases, daily reducing basis is also adopted.
  • Annual Reducing: In this system, the principal, for which you pay interest, reduces at the end of the year. Thus you continue to pay interest on a certain portion of the principal which you have actually paid back to the lender. This means EMI for the monthly reducing system is effectively less than the annual reducing system.
  • Monthly Reducing: In this system, the principal, for which you pay interest, reduces every month as you pay your EMI.
  • Daily Reducing: In this system, the principal, for which you pay interest, reduces from the day you pay your EMI. EMI in the daily reducing system is less than the monthly reducing system
  • DHFL calculates EMI on monthly reducing basis only.

What is a fixed rate of interest?
  • Fixed rate of interest means the rate of interest remains unchanged for the entire duration of the loan. This means you do not benefit even if home loan interest rates drop in the market during the course of your loan.
What is a floating rate of interest?
  • In this case, the rate of interest fluctuates based on the market lending rate. This means you stand the risk of paying more than you budgeted for in case the lending rate goes up.
What are the other costs that usually accompany a home loan?

    Home loans are usually accompanied by the following costs:

  • Processing Charge: It’s a fee payable to DHFL on applying for a loan.
  • Pre-payment Penalties: If the Housing loan is under Variable/Floating Rate loan and the loan is prepaid through any source, no prepayment charges shall apply If the Housing loan is under fixed rate, the pre-payment charges shall apply except in the cases in which the customer is paying out of his ‘Own Sources’. The expression ‘own sources’ indicates that the proceeds of the prepayment should be from ‘any source other than from a bank/HFC/NBFC and/ or a financial institution’. All other Loans would continue to attract pre-payment penalty upon pre-closure, as per the terms and conditions of the loan agreement which is duly signed and executed by the customer.
  • Commitment Fees: DHFL doesn’t take any commitment fees from consumers, while some Institutes levy a commitment fee in case the loan is not availed of within a stipulated period of time after it is processed and sanctioned.
  • Miscellaneous Costs: DHFL levies a minimal charge of ` 220 only for Standard documentation charges.
Do I require a guarantor to get a home loan?
  • DHFL doesn’t ask for a Guarantor. One can have a co-applicant instead, while some other financial institutions do ask for 1 or 2 guarantors.
What is the time required for home loan application approval?
  • About 3-15 days, subject to proper documentation provided by the Home loan applicant.

Required Documentation For Salaried Persons

  • Filled Application form
  • Identity Proof (PAN CARD)
  • Address Proof
  • Latest 3 months Payslips
  • Job Continuity Proof
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents

Required Documentation For Self Employed

  • Filled Application form
  • Identity Proof
  • Address Proof
  • Last 2 years Income Tax Returns
  • Professional/Self employed existence proof for more than 3 years
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents

Identity Proof For Home Loan

  • Passport
  • Driving License
  • PAN card
  • Photo credit card (with embossed Signature and last two months statement)
  • Banker's sign verification

Age Proof For Home Loan

  • PAN Card
  • Passport
  • License
  • School leaving certificate
  • Voter card
  • Birth Certificate
  • LIC policy (only for age Proof)

Address Proof For Home Loan

  • Passport
  • Telephone bill (BSNL/MTNL)
  • Electricity bill
  • Title deed of property
  • Rental agreement
  • Driving license
  • Election ID card
  • Photo-credit card (with last two month statements)

Income Proof For Home Loan

  • Latest salary slip
  • Current dated salary Certificate with latest form 16.
  • Latest year IT Returns with Tax Audit reports(For Self Employed applicants)

Job Continuity Proof For Home Loan

  • Form 16
  • Relieving letter
  • Appointment Letter (for last two months)
  • Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)

Banking History For Home Loan

  • Bank statements of latest 2 months
  • 3 months bank passbook

Property Related Documents For Home Loan

  • Min of 15 years of Link documents of Property/div>
  • Min 15 Years of Encumbrance Certificate (EC) of the property obtained from Govt. Authorities
  • Property Sanction plan
  • BRS/LRS copies (if required, any)

Home Loan Can Be Used For Many Purposes Like Below

For Construction of a New House

For Purchase of Dream Home

For Interiors of Home

Purchase of Open Land

To Buy an Apartment

Home Renovation

To Purchase a New Villa

Construction of Commercial Building

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