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.
At least years old
Less than years old
Salaried or self-employed
with regular income
Earn more than the minimum
Earn more than the minimum income required
Loan capped @ 80% of property value
EMIs of other loans lower
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
|Interest Rate||10.10% to 10.35%|
|Processing Fees||1.00 % of the loan amount + service tax ie(subject to minimum of Rs. 10,000 + service tax)|
|Loan Tenure||3 year to 20 years|
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:
Dhanlaxmi Bank’s home loan is characterised by the following features:
Dhanlaxmi Bank home loan can be availed by salaried employees, professionals, businesspersons, agriculturists and NRIs/PIOs. Other eligibility criteria for the home loan are:
Persons who wish to get a home loan from Dhanlaxmi Bank need to produce the following documents:
Dhanlaxmi Bank in September 2016 set its Marginal Cost of Funds-Based Lending Rate (MCLR) at 10.05% for a tenor of over 6 months to 1 year. Other applicable MCLR rates are as given below:
|Loan Tenor||MCLR Rate|
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 April 1, 2016. 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.
Currently, the bank is offering home loans at a floating rate of 9.55% to 10.6% (1-year MCLR plus a spread of up to 0.25%). Home loan surrogate is available at a floating rate of 10.08% to 14.65% – MCLR rate plus 0.53% to 13.35% spread.
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.
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:
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.
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.
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