DHFL Home Loan
When it comes to home loan then you have many options for the same. DHFL is a prominent name when it comes to home loan and allied services. In fact, it has myriads of home loan products catering to the variegated demands of the customer. DHFL is known to offer the best interest rates, longer repayment period and easy home loan application and approval.
Key features of DHFL Home Loan:
- DHFL offers loan amount up to 80% of the property’s market value.
- The loan tenure offered by DHFL varies from 1 year- 30 years. The term cannot extend beyond 60 years for salaried personnel and 65 years for self-employed individuals.
- DHFL offers home loan for buying the new property, construction of a house.
- One can avail DHFL home loan at RPLR or Retail Prime Lending Rate. It changes at a regular interval of time. This change is dependent on various factors and conditions of the market.
- DFHL gives the borrower an opportunity to increase the loan amount by adding a co-applicant.
Documentation for DHFL Home Loan-
In order to get a home loan approved form DHFL, it is important that the prospective borrower must submit the documents as asked by the bank.
|Duly Filled Application form with passport size photograph||Duly Filled Application form with passport size photograph||Duly Filled Application form with passport size photograph|
|Identity proof- Like Adhaar Card, Passport , Driving License||Identity proof- Like Adhaar Card, Passport , Driving License||Identity proof- Like Adhaar Card, Passport , Driving License, Labour Contract Copy, Work Permit.|
|Address proof- Like Passport, Adhaar Card, Ration Card, Utility Bills like electricity bill, telephone bills||Address proof- Like Passport, Adhaar Card, Ration Card, Utility Bills like electricity bill, telephone bills||Address proof- Like Passport, Adhaar Card, Ration Card, Utility Bills like electricity bill, telephone bills.|
|1 Year Form 16 and ITR. Bank statement of last 6 months showcasing salary credited.||Form 16 and ITR along with Profit and Loss account. Bank statement of last 6 months. Balance sheet certified by CA||NRIs need to submit salary certificate, last three months salary slip and Last 6 months’ copy of NRO/ NRE bank statement. Appointment letter stating date of joining, designation.|
DHFL would ask you to submit the following property documents for approval of home loan:
- NOC from the builder
- Stamp duty receipt
- Allotment letter from builder
- All documents related to builder
- Development Agreement
- Partnership Deed
- Sale Deed
DHFL Home Loan Brief Overview :
|Processing Fee||Rs. 5000 onwards plus GST|
|Loan Tenure||Maximum upto 30 years|
|Cheque Bounce Charges||Rs.500 per instance + GST|
|Cheque Swap Charges||Rs. 250 per instance + GST|
|Prepayment charges||No charge if you have floating interest rate and up to 2 % if you have loan with fixed interest rate plus taxes|
|Loan Amount||Maximum Rs. 5 crores|
Eligibility criteria for DHFL Home Loan
- The age of the borrower should be between 21 years to 60 years
- DHFL requires the borrower should have minimum work experience of 2 years
- If the self-employed individual is applying for a home loan from DHFL then they need to have business stability of at least 5 years.
DHFL Home Loans Types
Apart from conventional home loan offered by DHFL, it also offers other types of loan which can cater to the variegated loan requirements of the individual. These are as follows:
- DHFL Plot Loan / Land Loan- Well, it might not be necessary that you would want to buy a pre-constructed house. Sometimes you may wish to buy land and build the house of your dream as per your requirement. DHFL makes this easy for you with the help of its land loan or plot loan. The maximum loan tenure for this loan is 20 years and it grants loan up to 75% of the total property values.
- DHFL Home Construction Loan- Execute you dream of building the house of your dream with DHFL Home Construction loan. It comes at flexible interest rates and the tenure for the same is up to 30 years. With every home construction loan, the borrower becomes eligible for tax redemption as per Section 24(b) and Section 80 C.
DHFL Home Loan Balance Transfer –
- This is one the best offers that DHFL has to offer, if you have been repaying a home loan to a certain bank and want to shift to DHFL, then you can do so with the help of DHFL home loan balance transfer. Home loan transfer reduces the burden of EMI and loan tenure. With DHFL, you also get an additional benefit of a top-up loan cover. The customer can easily transfer 100% of the principal outstanding amount including interest and other charges.
- Home Extension Loans- Who doesn’t want to have a good looking home. As the family grows and your lifestyle changes, there is a need for a home extension as well. Now, you can easily fulfil this dream by evaluating Home extension loans by DHFL. With this loan, you can construct a new floor, add a room, add an extra bedroom, a balcony and terrace etc. This loan comes with flexible tenure, lower EMIs and Home loan tax benefits.
- DHFL Home Renovation Loans- Are you tired of the boring look of the house and want to renovate it. Then apply for the DHFL home renovation loan. This loan amount can be used for painting, plumbing, and other maintenance work related to the house.
- DHFL Plot and Construction Loans- If you are willing to buy property and then start with the construction of your house, the DHFL offers you the scheme of Plot and construction loan. The best part about this loan is that you can use this amount to buy a plot or land and then start with the construction. This loan is available to salary, self-employed individuals and NRIs.
- DHFL NRI Home Loans- If you are an NRI and want to invest in property in India, then DHFL can help you with its NRI home loan. This loan has been developed for NRIs who wish to buy property in India. NRIs from UK, UAE, USA and other countries can apply for a home loan from DHFL. They need to submit certain documents specified by the company for quick approval of the loan.
- Pradhan Mantri Awas Yojana (PMAY – CLSS)- To support the government of India’s initiative to provide a home to every individual in the nation, DHFL also offers loan under this scheme. This affordable housing project by the government aims at providing a pucca home to all. This scheme has been specially developed for the EWS or Economically Weaker Section of the society.
Those who fall in the category of EWS or Lower Income Group or LIG get the credit linked subsidy on the loan amount of Rs. 6 lakh at the interest rate of 6.5% per annum for a 20 Year tenure.
For the Middle-Income Group 1, the credit liked subsalt is available for loan amount up to Rs. 9 lakhs. It is available at an interest rate of 4% for a period of 20 years.
For those who are in Middle Income Group 2, the credit linked subsidy is applicable to a loan amount of Rs. 12 lakhs at the interest rate of 3% for a period of 20 years.
Following are the key criteria for your home loan eligibility:
- This loan is available for the first time home buyers and they should be the end user as well
- The applicant must have not availed any other subsidy under PMAY from central and the state government
- The applicant must not own any property under their name at present and along with any of the family members.
- The property should be present in the urban area as per 2011 consensus.
Tax Benefits- One of the primary reason people apply for home loan is that they get tax redemption. If you are applying for a home loan from DHFL, then you get a tax benefit as per Income Tax Act.
The two sections that define about this are :
Section 24(1) B- As per this section, the housing loan expected is upto Rs. 1.5 lacs
Section 80c – As per this section of Income Tax Act, the borrower can get the tax benefit on principal repayment on loan up to Rs. 1 lac.
Loanyantra is a one-stop solution where the borrower can find all the details about various home loan providers. They can easily do the comparison of all of them and based on this they can choose the right financial institutions. Our services do not end with just comparisons, rather we also help you in completing the paperwork for loan application so that you can get through the entire loan application process hassle-free. To explore more on how we can help you contact us today.