Dena Bank Home Loan

Dena Bank is one of the earliest banks in India, headquartered in Mumbai. Dena Bank was founded o­n 26 May 1938, by the family of Devkaran Nanjee under the name Devkaran Nanjee Banking Company Ltd. It is one of the nationalised banks of India. You can avail of Dena Niwas Home Loan to purchase a plot, construct a house, buy a ready built house or buy one under construction. The loan even helps you build an extension to your existing house or purchase a house that is up to 50 years old provided the remaining life of the house is more than 25 years.

Dena Bank Home Loan

Tired of haggling with the homeowner and paying the rental advance? If you are dreaming about purchasing your own property, this might just be the right time to do it. With Dena Bank home loans, you need not be worried about the financial factor anymore!

Dena Bank offers loans up to Rs.200 lakhs for the purchase of a plot, purchase of newly constructed house or resale property. Customers can also avail Dena Bank Home Loans for home renovation and extension.

With an array of customer-centric benefits, Dena Bank home loans will duly assist the borrower to purchase a property of his dreams.

Features and Benefits of Dena Bank Home Loan:

The following benefits that come with Dena Bank home loans makes it one of the most popular products in the financial market.

• Multipurpose Loan:

  Dena Bank home loan can be used for the purchase of a plot, home construction or purchase of an under construction/readily built house.

• High Loan Quantum:

  Dena Bank offers home loan as high as Rs.200 lakhs for the purchase & construction of a house. Customers can avail up to Rs.10 lakhs for home renovation and up gradation.

• Convenient Repayment Tenure:

  Dena Bank offers up to 25 years for repayment of loans availed for purchase or construction of a new house and extension. The tenure for loans availed for upgradation, renovation and repairs is up to 10 years.

Dena Bank Home Loan Interest Rate:

Dena Bank offers attractive rate of interest on floating home loans ranging from 8.25% - 8.35%. These interest rates can be availed on all loan tenures up to a maximum of 30 years.

Dena Bank MCLR Rates for Home Loan:

Effective from April 1st 2016, Dena Bank revised its Marginal Cost of Funds Based Lending Rates (MCLR) in accordance with the latest guidelines set by the RBI. The new MCLR rates are applicable on all new loans approved by the bank from w.e.f 1st November 2017 is as under.

The MCLR Rates set by Dena Bank are as follows:

Eligibility: Who can apply for Dena Bank Home Loan?

Given below are the eligibility conditions for availing a Dena Bank Home Loan.

• The applicant must be a Indian resident or non-resident and above 18 years of age.
• The applicant must have a regular source of income.
• Upon maturity of the loan, the applicants’ age must be less than the age of retirement if he is salaried and below 65 years if the applicant is self-employed.
• The total deductions of the home loan EMI (including that of the proposed loan) should not exceed 60% of the gross income.

Documentation for Dena Bank Home Loan:

The following documents must be submitted by the applicant to complete the loan application process.

Proof of Address and Identity:

• Valid driving license
• PAN card
• Voter ID
• Passport
• Aadhaar Card

Proof of Income:

• PAN Card
• Salary slips for the last 3 months
• Bank statements for the last 6 months
• Latest IT Returns and Form 16

Miscellaneous Documents:

• Employment contract or appointment letter
• In case of any ongoing loans, last 6 months bank statements showing repayment
• Duly filled application form with photographs and signature of all applicants
• Copy of payment receipts from developer
• Copy of buyer’s agreement and allotment letter as applicable.

The documents required may vary depending on the borrower’s type of employment and source of income. Do enquire with Dena Bank for the complete list of documents required before proceeding with the loan application process.

Dena Bank Home Loan FAQ

1. What is the processing fee for Dena Bank home loans?

   Dena Bank charges a processing fee of 0.50% of the sanctioned limit.

2. Do I have to produce any security for Dena Bank Home Loans?

   Yes, the security for Dena Bank home loans will be simple equitable mortgage of flat/house for which the loan is availed.

3. Will I incur any prepayment charges if I decide to foreclose my loan?

   No, you will not incur any prepayment penalty upon foreclosure of home loan.

4. Can I avail Dena Bank home loan to purchase a 10 year old property?

   Yes, you can avail Dena Bank Home Loans to purchase home up to 50 years old.

5. Can I include my spouse’s income to increase the eligibility?

   Yes, the income of spouse or co-applicant can be included to increase the home loan eligibility.