Repaying a home loan is a long-drawn process. It can often take decades to complete. The challenges of repayment can be more difficult if your home loan’s interest rate is very high. Therefore, you can transfer your loan to another lender offering a lower rate of interest. Like most banks and home finance companies, DHFL also provides a home loan transfer facility.
|Retail Prime Lending Rate||19.42%|
|Home Loan Interest Rate||9.75%|
|Minimum Login Fees||Rs. 2,500 plus GST. This may be adjusted against processing fee|
|Maximum Loan||Rs. 5 crore inclusive of principal, interest and charges|
|Tenure||A maximum of 30 years not extending the retirement age of 60 for salaried borrowers and 70 for self-employed borrowers|
|Processing Fees For Salaried & Self Employed Professionals||Rs. 0 to 30 lakh: Rs. 5,000 Rs. 30 lakh to 75 lakh: Rs. 10,000 Rs. 75 lakh onwards: Rs. 20,000 Document charges and GST will be additionally charged as applicable|
|Processing Fees For Self Employed Non-Professionals||Ranges from 0.5% to 1.5% of loan amount plus applicable GST|
A host of additional charges may be applicable to your home loan balance transfer. Some are as mentioned.
|CERSAI Registry & Modification Charges||Rs. 50-100 plus applicable.|
|Technical Fees||Property within 60 kilometer radius: No charges Property outside 60 km radium: Rs. 500 for first visit; Rs. 750 for per additional visit. GST as applicable.|
|Valuation Fee||No charges on first visit; Rs. 500 plus applicable GST for subsequent visits.|
|Pre-Payment, Pre-Closure Charges & Balance Transfer||No pre-payment or pre-closure is allowed for 6 months since first disbursement. Individual borrowers: After 6 months, no charges applied. Non-Individual borrowers: 2% of loan balance plus applicable GST, or 3% in case of plot and construction loans where construction isn’t complete within 3 years of first disbursement.|
|Cheque Bounce||Rs. 500 with applicable GST.|
|For a full list of charges applicable on your loan from DHFL, visit their website.|
You can transfer your home loan to another lender offering a low interest rate. Evaluate the gains you may make in terms of interest savings against the cost of the transfer.
Yes, you can. You can apply for a new home loan as per your eligibility with a new lender. You can foreclose the existing loan and pay EMIs to your new lender.
Assess the home loan marketplace and the interest rates on offer. Short-list home loans as per your eligibility and apply for the best option.
Several, simultaneous loan applications can bring down your credit score, which will make borrowing difficult. Instead, apply for the best loan option as per your eligibility and requirement.
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