CreditMantri matches your credit and demographic profile to DHFL Home Loan lending criteria - others just match your demographic criteria. We shortlist lenders willing to lend to you based on our proprietary matching algorithm.
In effect, we pre-screen your application to make sure you are likely to qualify as per the lender’s credit criteria. We upfront check whether you qualify for DHFL Home Loan. Hence the chances of your DHFL Home Loan application getting approved is higher.
Dewan Housing Finance Corporation Ltd was established in 1984 in Mumbai with the vision of providing everyone access to affordable housing finance, especially the lower and middle income groups in semi-urban and rural parts of India.
Choosing a home loan can be a potentially confusing decision with the numerous offers and products available on the market today. DHFL is an NBFC that focuses on housing finance, among other sectors, and offers products to suit budgets of every kind. Avail of a home loan for a ready built-up home, under construction house/flat purchase, a plot of land, home improvement or renovation.
Avail a minimum Home Loan of Rs 1 lakh a maximum of Rs. 5 crores. The loan amount disbursed does not exceed 85% of the cost of property (including stamp duty and registration fees) or 80% of market value, whichever is lower.
A DHFL Home Loan offers flexible tenures depending on your age and employment status. Choose from tenures ranging 1 to 30 years. The term however does not extend beyond the retirement age or 60 years whichever is earlier. In case of self-employed individuals, the maximum age is 65 years.
With tenure of up to 30 years, you can reduce your monthly EMI burden.
For the latest interest rates, it is advisable to contact DHFL directly. The interest rate is based on DHFL’s Retail Prime Lending Rate (RPLR) and fluctuates based on the market scenario.
You can repay your home loan by the following ways:
Enhance your loan amount
Home Loans can be applied by an individual along with a co-applicant. Having a co-applicant is not mandatory, but it helps you be eligible for a larger loan amount when you include an earning co-applicant. Keep in mind that your co-applicant’s credit score and borrowing history will be taken into account when evaluating the loan application.
DHFL Home Loan offers attractive interest rates starting at 9.75% p.a. For the latest interest rates, it is advisable to contact the company directly. Keep in mind that the interest rate offered to you will be dependent upon a variety of factors including:
In order to be eligible for a Home Loan from DHFL, the applicant should be
The documents required for processing of DHFL Home Loan Application are as follows:
For salaried employees:
For self-employed Businessmen
For self-employed professionals
For Non Resident Indians (NRIs)
What is the minimum loan amount that I can borrow from DHFL?
You can avail home loans starting from as low as Rs. 1 lakh onward. The approval of loan amount is subject to income and valuation of Property.
Who can be a co-applicant?
Co-applicants can be husband/wife, father/son, siblings and so on.
What is fixed rate of interest?
Fixed rate of interest is when the rate of interest remains unchanged for the entire duration of the loan tenure. This means you do not benefit if home loan interest rates drop in the market during the course of your loan. On the other hand, you do not suffer if market interest rates rise.
What is a floating rate of Interest?
A floating rate of interest fluctuates based on the market lending rate. This also means that you stand the risk of paying more than you bargained for, in case the interest rate goes up.
Do I need to provide security in order to avail the home loan?
Generally, the property you are about to purchase is mortgaged with the bank, which becomes the security till the entire loan is repaid. Securities might be asked only in exceptional cases.
How soon will my loan amount be disbursed?
Once your documents are in order and is found to be satisfactory, loans are disbursed within 3-15 days. Additionally, you need to submit proof that 15% of the cost has been paid upfront to the seller of the property.
What is the right time to apply for a home loan?
Loans can be applied before or after selection of property.
If you are looking for a home loan with competitive rates of interest and long tenure, then you could consider a loan from DHFL. It has a wide range of loan amounts and tenures and you can use the EMI calculator tool on the website to decide what kind of loan works best for you.
You can apply for a DHFL Home Loan in the following ways:
Alternatively, if you think you need help with your Home Loan application and advice on loan-eligibility, CreditMantri can guide you through the entire process and match you with the loan offer that best suits your profile.
14 February 2017
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