Dhanlaxmi Bank Home Loan
Dhanlaxmi Bank Ltd (BSE: 532180, NSE: DHANBANK) is an old private sector bank headquartered in Thrissur City, Kerala, India. The bank was focusing mostly on Southern states like Karnataka, Tamil Nadu, Andhra Pradesh and Kerala but it is looking for a pan-India presence since the last few years. Dhanlaxmi Bank with its rich heritage has earned the trust and goodwill of clients. It is due to our strong belief in the need to seek innovation, deliver best service and demonstrate responsibility, that we have grown from strength to strength.Buying a home of your own is a big decision and a big step. At Dhanlaxmi Bank, we understand how significant this step is for you and have lined up a host of home financing options just to make this big step simpler for you.Read on to learn about the eligibility and documentation requirements for the loan you avail.
You’re probably eligible for an Dhanlaxmi Bank Home Loan if you are
At least years old
Less than years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your Dhanlaxmi Bank Home Loan amount eligibility is based on these factors
Earn more than the minimum income required
Loan capped @ 80% of property value
EMIs of other loans lower
Increase your eligible Dhanlaxmi Bank Home Loan amount by these steps
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 20 years
Alternatively add your parents
Documentation needed to apply for an Dhanlaxmi Bank Home Loan
- 1. Signed application form with photograph
- 2. Latest bank statements
- 3. Processing fee Cheque
- 4. ID and residence proof
- 5. Documentation for salaried applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
- 6. Documentation for self-employed applicants:
- latest income tax returns
- latest comupation of income
Dhanlaxmi Bank Home Loan Interest RatesUpdated on 25 Nov 2017
Dhanlaxmi Bank Home Loan Details
|| 9.85% to 10.10%
||1.00 % of the loan amount plus applicable tax ie., subject to minimum of Rs. 10,000 plus applicable tax
||3 year to 20 years
Dhanlaxmi Bank Home Loans Overview:
Housing is both a basic necessity and an investment. While first homes fulfil the need of shelter, second homes as well as renovation of homes have more to do with enhancement of status and investment for future. Building or buying a house also helps get tax deductions on both payment of principal and interest. Additionally, real estate is a hugely appreciating asset, adding to the enchantments of housing as an investment.
It is not possible for everyone to have enough money to buy or build a house in these times. An average 2-bedroom flat in a city costs anything between Rs. 35 lakh to Rs. 50 lakh. The best way for an average Indian family to own a house is to take a home loan from banks. Many banks offer loans at attractive interest rates. The biggest advantage of home loans is that the tenure of loans is large – 20 to 30 years – which helps reduce your monthly repayment burden.
Dhanlaxmi Bank offers home loans that can be used for any of the following purposes:
- Construction of a house
- Purchasing a plot
- Purchase of a ready-to-occupy house
- Renovation of existing house
- Extension of existing house
- Transfer of an existing home loan from another bank
Owning a house is a smart investment and comes with great tax benefits. Explore Home Loans
Features of Dhanlaxmi Bank Home Loan:
Dhanlaxmi Bank’s home loan is characterised by the following features:
- Dhanlaxmi Bank allows you to take up to Rs. 2.5 crore for purchase of a house. If you are buying a plot, you can take a maximum of Rs. 50 lakh as loan.
- The maximum loan amount available to NRIs and PIOs is 60 times of their in-hand pay. The borrower should be able to pay back the loan within the remaining period of their employment with 30% of the income.
- The loan amount is capped based on the following factors for Indian borrowers:
- 85% of cost of construction/value of house or flat, for new houses
- 70% of cost of purchase if you are buying residential plots
- 75% of cost for existing houses or for renovation
- In case of salaried persons, the maximum loan amount can be up to 60 times of the net monthly in-hand salary including that of spouse.
- For others, the maximum loan amount can be 5 times the net annual income as per IT Return.
- There is no foreclosure charge if you close the home loan before the end of tenure.
Dhanlaxmi Bank Home Loan Eligibility:
Dhanlaxmi Bank home loan can be availed by salaried employees, professionals, businesspersons, agriculturists and NRIs/PIOs. Other eligibility criteria for the home loan are:
- Minimum annual income: Rs. 1.2 lakh
- Minimum monthly income for salaried persons: Rs. 6,000 including that of spouse
- Minimum age of borrower: 21 year
- Maximum age of borrower at the end of loan tenure: 60 years
- Maximum age for Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs): 55 years
- Minimum loan amount for NRIs/PIOs: Rs. 2 lakh
- Maximum tenure of home loan: 20 years including initial EMI holiday
- Maximum tenure of loan for buying plot: 10 years without any holiday
- Maximum initial holiday period: 18 months
- Salaried persons should have at least 1 year of service remaining at the completion of the loan period.
- NRIs and PIOs should have been employed abroad for at least 2 years and should have assured recurring earnings.
Dhanlaxmi Bank Home Loan Documentation:
Persons who wish to get a home loan from Dhanlaxmi Bank need to produce the following documents:
For salaried persons: Salary certificate or salary recovery undertaking letter from the employer
- Proof of income in case of self-employed
- Latest income tax assessment order/income tax return filed/certificates issued by revenue authorities
- Proof of identity
- Proof of residence
- Other related documents – please check with the nearest branch of the bank
- Passport with VISA stamped and duly verified/attested
- Valid work permit
- Employment contract duly verified/attested
- Details of previous employment
- Copy of continuous discharge certificate (in the case of Merchant Navy)
- Bank account details for last 6 month
- Proof of residence
- Proof of income in case of self-employed
- Copy of labour card/identity card duly verified/attested
- Salary certificate/slip duly verified
- Power of Attorney (POA) duly notarised
Dhanlaxmi Bank Home Loan New MCLR:
Dhanlaxmi Bank in July 7, 2017 set its Marginal Cost of Funds-Based Lending Rate (MCLR) at 9.75% for a tenor of over 6 months to 1 year. Other applicable MCLR rates are as given below:
MCLR is the minimum lending rate, while the interest rate on loans comes with an addition of spread or margin. Lending rates based on MCLR will be available to new customers after 7th July, 2017. Existing customers will continue on the base rate-based interest rate, but will be allowed to shift to the MCLR format if approved by the bank.
Dhanlaxmi Bank Home Loan Interest Rate:
Currently, the bank is offering home loans at a interest rate of 9.85% to 10.10% (1-year MCLR plus a spread of up to 0.25%).
Dhanlaxmi Bank Home Loan Fees:
The bank charges 1% of the loan amount as processing fees. Service tax is also applicable on the loan. Late payment charges of 3% per month also apply in case the EMI is not paid on time. If the bank approves transferring your loan from fixed rate to floating rate or vice versa, you will be charged 3% of the outstanding loan amount.
Dhanlaxmi Bank Home Loan EMI Calculator:
To determine whether you will be able to bear the EMI burden on a home loan, you need to know what EMI you will be paying per month for a home loan. To make the process of ascertaining EMIs simple, you can use any online home loan EMI calculator. This will give you the EMI based on the loan amount, tenure and interest rate. BankBazaar’s EMI Calculator is one of the most accurate options. Follow the steps given below:
- On BankBazaar.com homepage, select “Home Loan EMI Calculator” under finance tools menu on the top bar.
- Enter the loan amount, interest rate, processing fee and period of loan using the slider.
- If you would like to make pre-payments, select “Yes” and enter the relevant details.
- Once you provide all the necessary details, the EMI calculator will project the monthly EMI, total interest and a detailed amortisation schedule. You can vary the input numbers to find out what loan amount, interest and tenure will be most affordable to you.
- This data will help you ascertain whether the home loan will be affordable at the given interest rate.
Frequently Asked Questions: FAQs on Dhanlaxmi Bank Home Loan:
Are there any hidden charges on Dhanlaxmi Bank Home Loan?
Dhanlaxmi Bank does not charge any hidden fees on its home loan. All the applicable fees and charges will be disclosed to you at the time of discussion of loan particulars. Read the application form and loan agreement carefully to find out all the applicable charges.
Do I have to provide a collateral security to avail Dhanlaxmi Bank Home loan?
When you avail a home loan from Dhanlaxmi Bank you are already mortgaging your house with the bank. So you do not have to provide any additional collateral security.
GST Rate of 18% Applicable for All Financial Services Effective July 1, 2017.
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