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Dhanlaxmi Bank Home Loan Interest Rate

A desire for one’s own house is natural. Getting accustomed to living in your rented house might not feel good. Buying your own house might feel like a lot of responsibilities bestowed upon you, but once you move in, you’ll be the boss of the house. No more paying rent and no more dealing with your landlord. People have to work very hard to get the amount of money they want to get their dream house. And it takes a long time to get the cash. Taking a home loan from any bank or financial institution helps people get the house they always wished for. This home loan will have to be paid back either in full or they can also pay back in instalments. Either way, the interest rate will be charged.

Interest ranges vary from bank to bank. The interest rate for home loan in Dhanlaxmi Bank ranges from 9.90% to 10.15%. Interest rates are charged so that banks benefit out of lending money to people. So, the fraction of extra money would have to be paid in the form of interest.

Dhanlaxmi Bank Home Loan Features

  • The interest rate starts from 9.90% onwards
  • A processing fee of 1% of the loan availed will have to be paid. Starting from a minimum of Rs. 10,000 is to be paid.
  • The maximum tenure that is being provided, including initial holiday, is 20 years. Incase of plot purchase, the repayment period is maximum of 10 years.
  • Initial holiday period of maximum 18 months.
  • Repayments of instalments is collected by Post Dated Cheques in advance every year.
  • The lowest EMI to be paid is Rs. 958 per lakh.

Dhanlaxmi Bank Home Loan Interest Rates

  • The interest rates provided by Dhanlaxmi Bank range from 9.90% to 10.15%
  • All rupee loans sanctioned or disbursed, and credit limits renewed will be priced with reference to the Marginal Cost of Funds Based Lending Rates (MCLR).
Home Loan tenorMCLR (%)
Overnight MCLR8.60%
1 months MCLR8.60%
3 months MCLR8.90%
6 months MCLR9.70%
1-year MCLR9.90%

Dhanlaxmi Bank Home Loan eligibility Criteria

  • Employees, professionals, businessmen, agriculturalists or NRIs should have an annual income of over Rs. 1.2 lakhs.
  • The loan is to be repaid before the borrower reaches the age of 60 years.
  • Salaried employees with a monthly income of at least Rs. 6000, with a minimum 1 year of leftover service after the eligible loan period is over.

Eligibility Criteria for NRIs and PIOs

  • Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) below 55 years of age and employed overseas for at least 24 months with assured earnings.
  • The maximum loan amount allowed is 60 times of the home pay, so that the loan can be repaid within the remaining period of the borrower’s employment with 30% of the earnings.
  • Loans that are being availed for over Rs. 2 lakhs will only be considered.

Dhanlaxmi Bank Quantum of Home Loans

  • Maximum loan that can be availed is Rs. 2.5 crores and in case of purchasing plots its Rs. 50 lakhs.
  • 85% of the cost of construction, cost of the house or flat for new dwelling units.
  • 70% of the purchase cost of the residential plot that was purchased.
  • 75% of the cost of the existing dwelling unit or for repairs.
  • In case of employed people, the maximum loan amount that can be given is 60 times of the net monthly salary including the salary of the applicant’s spouse. Terms and conditions apply.
  • For other borrowers, the maximum loan availed can be five times that of the net annual income.

Documents Needed to Avail A Home Loan at Dhanlaxmi Bank

  • Salary certificate or salary undertaking letter from the current employer needed in the case of salaried people.
  • Latest income tax assessment order, return filed, or certificates issued by the revenue authorities

For NRIs and PIOs a few additional evidence will have to be produced:

  • Passport with Visa stamped duly verified or attested
  • Need valid work permit
  • Employment contract duly verified or attested
  • Copy of continuous discharge certificate
  • Details of previous employments
  • Bank account details for the last 6 months
  • Proof of residence
  • Proof of income incase of self-employed candidates
  • Copy of identity card verified and attested
  • Salary certificate duly verified
  • Power of Attorney duly notarized

FAQs: Dhanlaxmi Bank Home Loan Interest Rate

1. What is the maximum amount of loan that can be borrowed from Dhanlaxmi Bank?

The maximum loan that can be availed is Rs. 2.5 crores and in case of purchasing plots it is Rs. 50 lakhs.

2. Can people outside India get a home loan?

Non-Resident Indians (NRIs) and Persons of India Origin (PIOs) will be able to avail home loans. They have to be below 55 years of age and employed overseas for at least 24 months with assured earnings.

3. What is the starting interest rate from which home loans are available?

The starting interest rate is 9.90% (1-year MCLR) and it goes on to 10.15% (1-year MCLR).

4. Is there a processing fee on Dhanlaxmi Bank home loans?

A processing fee of 1% of the loan availed will be charged. Minimum of Rs. 10,000 will have to be paid.

5. What is the repayment time for loans availed for purchasing a plot?

A maximum of 10 years is the repayment time that is given for people who avail a loan for purchasing a plot.

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