DHFL Home Loan

DHFL Home Loan

About DHFL

DHFL was established in 1984 to enable access to affordable housing finance to the lower and middle-income groups in semi-urban and rural parts of India.

DHFL was the second housing finance Company to be established in the country. Today DHFL has an extensive network of 348 offices spread across the country providing excellent service to their customers.

What Is a Home Loan?

Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.

An Introduction to DHFL Home Loans

DHFL offers a wide range of services in the home loan segment. It is the most preferred bank by all kinds of people for any financial service. Packed with exclusive benefits, DHFL Home Loans are tailor made catering to the needs of various customers.

Advantages of DHFL Home Loans

• Attractive interest rates with floating and fixed type based on your preference
• Low interest rates
• Low processing fees
• Less paperwork
• No prepayment penalties
• No hidden costs and administrative charges
• Easy home loan balance transfer
• Transparent application process
• Flexible repayment options

Key Highlights

Features of DHFL Home Loan

Objective: DHFL home loan aims to help millions of people achieve their dream of owning a house.

Loan Amount: The loan amount is also determined by the repaying capacity and credit profile.

Rate of Interest: Starts from 8.35% onwards

Processing fee: Up to INR 20,000, however, it depends on the loan amount

Tenure: The maximum repayment tenure is up to 30 years.

Easy Balance Transfer: With this facility, you can transfer your existing home loan with other bank to DHFL for a lower interest rate.

Prepayment: No charges are levied on partial prepayment or foreclosure of the home loan.

Insurance Policy: An insurance cover to protect your family against repayment of home loan in the event of unfortunate situations.

DHFL Home Construction Loans

Objective: DHFL home loan aims to help people to construct a new house.

Loan Amount: You can get up to 100% of the construction estimate.

Rate of Interest: Starts from 8.35% onwards

Processing fee: Up to INR 20,000, however, it depends on the loan amount

Tenure: The maximum repayment tenure is up to 30 years.

Documents Required to Apply for DHFL Home Loans

Important documents to be submitted while applying for home loans with DHFL

• Completed loan application
• 3 Passport size photographs
• Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
• Statement of Bank Account/ Pass Book for last six months
• Form 16/IT returns for the last two financial years for salaried employees
• IT returns for the three years for self-employed professionals
• Property tax receipt
• Proof of business address for non-salaried individuals
• Personal assets and liabilities statement

For guarantor (wherever applicable):

• Personal Assets and Liabilities Statement
• 2 passport size photographs
• Proof of identification as above
• Proof of residence as above
• Proof of business address as above
• Signature identification from his/her present bankers

EMI Payment Methods

Your DHFL home loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with DHFL, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the DHFL account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-DHFL account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-DHFL account at your nearest DHFL Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.

It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

How to Apply for DHFL Home Loan?

You can either apply online or visit a nearby DHFL branch for the application. You can also download the home loan application form from the DHFL official website, complete the form and submit it the bank representative.

You can also check your eligibility for a home loan through CreditMantri and apply for it.

Summary of DHFL Home Loans

With attractive interest rates and low processing fees, DHFL caters to the needs of various sections of people. Floating and fixed type of interest rate are available according to the preference of the customers. The borrowers can prepay the DHFL home loan without any penalty. DHFL home loan is the best option to buy or construct your dream house.

DHFL Home Loan FAQs

1. Is there penalty for prepaying the DHFL Home Loan?

No penalty is levied for prepaying the DHFL Home Loan.

2. Can I top up my existing Home Loan?

Yes, you can get additional funding on your existing home loan.

3. What is the maximum loan repayment period for DHFL home loans?

The maximum repayment is determined based on your repaying ability, credit profile and loan amount.

4. How Can I apply for DHFL home loan?

You can either apply online or visit a nearest DHFL branch and take the help of the bank’s representative.

5. What is the maximum loan amount provided by DHFL?

The maximum loan amount depends on the market value of the property.

6. Does DHFL facilitate balance home loan transfer?

Yes, you can transfer your existing home loan to DHFL.

7. Can I get tax benefits from DHFL Home Loan?

As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to INR 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.