|DHFL Home Loan Details Updated on|
|Loan Amount||Up to Rs. 30 lakhs and over|
|Loan Tenure||1 year to 25 years|
|Interest Rate||8.75% onward|
DHFL Home loan is a perfect way to fund your dream house purchase. The rate of interest starts at 8.75%. You can avail up to Rs. 30 lakhs and over for up to 25 years. A home loan is a secured loan, where the house you intend to purchase is considered collateral. The NBFC offers several home loans, especially to buy/construct a house, purchase a plot, renovate a home, etc. DHFL (Dewan Housing Finance Corporation) offers housing loans to NRIs as well. There is a facility for a balance transfer.
In this post, we will discuss DHFL Home Loan features, interest rates, factors that impact interest rates, other charges, eligibility criteria, required documents, types of housing loans, and frequently asked questions.
Some of the features of DHFL home loans are as follows.
The DHFL home loan interest rate starts at 8.75% but varies as per the individual borrower’s profile. The floating rates are pegged to RPLR or retail prime lending rate.
|Retail Prime Lending Rate (RPLR)||19.42%|
|Quantum of Finance||The loan amount you get is according to your repayment capacity and annual income|
Rs. 2,500 or processing fee, whichever is lower + GST as per the following conditions:
|Interest Rate Penalty||18% per annum on the outstanding principal|
|Charges for Part-payment and Loan Foreclosure||2% to 3% + applicable GST|
|Maximum Tenure||25 Years|
|Type of Interest Rate||Floating|
Below-provided is factors that influence the DHFL Home Loan Interest Rate:
There are other charges apart from the above-mentioned interest rates that apply to housing loans offered by the NBFC. These charges are thoroughly detailed below.
|Types of Charges||DHFL Home Loan Amount|
|Technical Fees (This is charged on property located outside the geographical boundary as specified by DHFL, additional property, or applicable for pre-technical procedures)||
|Construction Linked Home Loans’ Valuation Fee||
|Charges for Part-Payment||
|Charges for Foreclosure||
|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 the first disbursement of funds (borrower/c-applicant is other than an individual)|
|Charges for ECS/Cheque Bounce||Rs.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 higher one is applicable) + GST|
|Charges for Legal Procedures||As applicable on a 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||
|Charges for the Foreclosure Statement||Rs.500 + GST|
|Charges for Document Retrieval on Loan Closure||
Home loan eligibility may differ from one candidate to another. You can also use the free-of-cost DHFL home loan eligibility calculator at Loanbaba.com. The eligibility criteria for DHFL housing loan are discussed below:
DHFL has home loan schemes for self-employed people, professionals, and salaried individuals. The amount taken as a loan can be used for either multiple or specific purposes
Below provided are important questions about home loan DHFL in India.
Easy repayments options: The EMI repayment can be made either through Electronic Clearing Service, ECS, based on the instruction given by the bank or through post-dated cheques drawn from your salary or savings account.
Availing home loans gives you a good number of tax benefits. The Indian residents are eligible to get a benefit on both principal and interest components of the home loan. As per the Income Tax Act, 1961, section 24(b) gives an exemption of Rs 2 lakh for the interest paid during the financial year or up to Rs 1.5 lakh under 80C for the principal amount repaid in the same year.
While an individual applicant can apply for the home loan, the earning co-applicant can further enhance the loan value. The co-applicant can be the spouse or a family member of the primary borrower.
Pradhan Mantri Awas Yojana (PMAY) was introduced in 2015 in India. The major objective of this Government initiative was to make housing affordable first-time homebuyers of the low-income group (annual income group between Rs. 3 lakhs and Rs. 6 lakhs), middle-income group (MIG- I and MIG- II, with annual income between Rs.6 lakhs and Rs. 12 lakhs, and Rs, 12 lakhs and Rs. 18 lakhs, respectively), and economically weaker section (annual income up to Rs. 3 lakhs) of the country.
DHFL is authorized to offer this housing loan scheme. All eligible candidates can receive the interest rate PMAY subsidy as under the Credit Linked Interest Subsidy.
DHFL charges Rs. 500 + applicable taxes for issuing a copy of the property documents. You can visit the nearest branch of this NBFC to avail the same.
Yes, at DHFL, you can apply for a loan to purchase an empty piece of land.
Depending on the submission of all relevant documents, verification, property valuation, and other legal and technical procedures, it can take anywhere between 3 days and 15 days for the approval of a housing loan application.
DHFL does not necessitate a guarantor to approve a home loan. But you can apply for the loan with a co-applicant to boost your loan eligibility.
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of DHFL.