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  • DHFL Home Loan Balance Transfer

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Home Loan BYTES FROM OUR KITCHEN

    DHFL Home Loan Balance Transfer

    Repayment of a Home Loan can be tiresome, exhausting and depending on the interest rate that you were offered at the time of the application, it can even be a burden to make timely payments each month. However, just because you have already taken the loan doesn’t mean that you have to be stuck with it. When you see that the market conditions have changed and the interest rates have dropped, you can save significantly on your payments. You can now transfer your Home Loan to DHFL at a significantly lesser interest rate structure by opting for the Balance Transfer Home Loan facility. Furthermore, you can

    Features and Benefits:

    • Purpose:

      You can avail the DHFL Balance Transfer Home Loan facility on any existing home loan from another lender.

    • Term and Tenure:

      You can avail the DHFL Balance Transfer Home Loan facility starting from 1 year and up to 20 years. Note, that the term of your loan is fixed at the retirement age of 60 if you are salaried and if you are self-employed, the retirement age is fixed up to 65 years of age.

    • EMI:With a long and flexible loan repayment tenure, you can reduce your monthly payments (EMI) on your new Home Loan Balance Transfer facility. This will help you maintain your existing lifestyle and your established living standards.
    • Processing Fee:

      You will be charged a fee for a complete technical and legal inspection of your property to confirm that it as per the legal procedure and all fulfills all other norms. This will help safeguard your property further. This is called the Processing Fee. For salaried employees (SAL), Self-Employed Professionals and Nonprofessionals (SEP/SENP), the charge is 1.5%. This charge excludes the Cess and Service Tax that you have to bear additionally.

    • Simple Repayments:

      You can choose between 2 repayment options for your loan that depends on the EMI on your Balance Transfer scheme –

      • ECS – You can choose repayment through Electronic Clearing Service that depends on the instructions to your bank.
      • PDCs – If you choose your repayment mode through Post Dated Cheques, they will be drawn on your Salaried or Savings account.
    • Tax Benefit:Under the DHFL Home Loan Balance Transfer scheme, you can avail maximum tax benefits. As per the current Income Tax rules, the admissible exemption u/s 24 is Rs. 1,50,000 for the amount of interest paid in a financial year and up to Rs. 1,00,000 for the principal that is repaid within the same year. Therefore, your tax can be exempt up to Rs. 2, 50, 000 where you can save up to Rs. 70,000 every year.
    • Stamp Duty:

      The cost for the stamp duty on the loan document will be borne by the applicant

    • Applicant/Co-Applicant Option:

      You can apply for the Balance Transfer scheme as a sole applicant or even with a co-applicant. However, if you have a co-applicant for your loan, it can enhance the loan amount you become eligible for.

    • Security:

      The Balance Transfer and the Balance Transfer Top-Up loans are both secured loans. The DHFL is governed by the subsidiary of RBI - National Housing Bank or NHB guidelines, which requires the property to be mortgaged by depositing registered sale deed of the property in question where DHFL alone with have the FIRST CHARGE on your property.

    • Simple Documentation Procedure:

      In order to speed up the process of your DHFL Home Loan Balance Transfer scheme application, you will need to provide the following documents –

      • KYC or Know Your Customer Documents
      • Your Bank Statements and Proof of Income Documents as per the login checklist
      • The documents related to your property

    Eligibility Criteria:

    • 80% of the Market Value OR 100% of the Principal outstanding amount and other charges that are based on the loan Foreclosure Statement/ SOA, depending on whichever is lower.
    • For salaried employment, the minimum age is 18 years and the maximum age of retirement is 60 years. For a self-employed, the maximum age of retirement is extended up to 65 years of age.
    • Various factors are considered to determine the home loan amount. Some of them are listed below –
      • Your Repayment capability
      • Your Educational Qualification
      • Your Age
      • Your Liabilities
      • Your Assets
      • The continuity and stability of your income
      • If you have a co-applicant, their income will also be taken into consideration
      • Your saving habits and other factors
      • The number of dependents

    Documentation Requirements:

    Documentation for KYC:

    As per the NHB (National Housing Board), new guidelines have been introduced for the Housing Finance Companies, called the Know Your Customer or KYC guidelines. These guidelines require you to provide the following documents for verification –

    • Verification of Identity – Photo ID Proof ( provide any one of the following)
      1. Passport
      2. Driver’s License/ DL
      3. PAN Card
      4. Election Card or Voter’s ID Card
    • Verification of Address – Residence Proof ( provide any one of the following)
      1. Electric Bill
      2. Phone Bill
      3. Ration Card
      4. Bank Statement or Passbook with your address
      5. A letter from your employer

    Documentation for Salaried Individuals:

    • Your KYC documents as per the list mentioned in the previous section.
    • Your latest 2 months’ salary slips OR salary certificate. However, the latest 6 months’ salary slips/ salary certificate will be required in case components such as OT (Overtime) and Incentives are included in your slips.
    • A copy of all bank statements OR passbooks for the latest 3 months that should include the first/front page.
    • If your company is a lesser known organization, then a company profile is required to be provided.

    Note: You will have to provide the original documents for all the aforementioned for the purpose of verification.

    Documentation for Self-Employed Businessmen:

    1. Know Your Customer (KYC) Documents as previously mentioned.
    2. An attested copy of income duty by a CA (Chartered Accountant) + A copy of the latest 2 years Income Tax Returns of the applicant
    3. A duly attested copy of Profit and Loss Account of your firm by a CA (Chartered Accountant) + A copy of the latest 2 years Balance Sheet
    4. A profile of your business on your Business Letterhead (make it brief)
    5. Bank Statement of the latest 6 months for – Current Account, Savings Account, O/D Account
    6. A copy of one of the following – Registration or an old ITRs evidencing business OR VAT registration or another mandatory license OR Shop and Establishment License
    7. A copy of one of the following,(if applicable) – Memorandum of Associations, Partnership Deed, Articles of Association
    8. A copy of one of the following, (if applicable) – Form 16 OR Tax Deduction Certificate
    9. A copy of one of the following, (if applicable) – Details of Contract
    10. A copy of the Self-Assessment Tax paid challan OR copy of Advance Tax paid

    Note: Original documents of the above must be submitted for verification purpose

    Documentation for Self-Employed Professionals:

    Over and above the documents mentioned in the previous section, you will need to submit additional documents listed below –

    • Your Educational Qualification Certificate Copy
    • Your Professional Practice Certificate Copy
    • Your Salary Certificate – applicable to doctors having a salaried income

    Note: Please carry the original documents as well for the purpose of verification.

    Documentation for Non Resident Indians:

    • Your KYC documents
    • A Salary Certificate from your employer that should mention the following information – Your name as per your Passport, your passport number, your date of joining the company, your designation, your latest salary and prerequisites, all of the information should be mentioned in English only.
    • Your latest 2 months’ salary certificate OR salary slips. However, the latest 6 months’ salary certificate /slips will be required in case components such as OT (Overtime) and Incentives are included in your slips.
    • If you file your Income Tax Returns in India, you will need to provide your latest IT Returns.
    • If you are a self-employed individual, you will need to provide the following – Registered Power of Attorney, Trade License OR agreement with your sponsor.
    • A copy of your Passport that must include a valid page of residence VISA.
    • A copy of your Labor Contract/ Work Permit/ ID Card or any other document as a proof of work/ employment that is issued by the govt. authorities concerned.
    • Detailed estimates of cost from an engineer or architect (from India), Property related documents
    • Processing Fee – The processing fee cheque that is drawn from the applicant’s bank in India OR the draft that is payable at the bank branch where the application will be processed.
    • Income documents for salaried employees must be attested by an embassy official if the documents provided such as the bank statement for the credit salary or frequent remittance of fund to India is unavailable.
    • If applicable, a copy of all the overseas bank statements for the latest 6 months.
    • A copy of NRO/NRE bank statement for the latest 6 months.
    • POA – Power of Attorney if you are unavailable in India for signing any documents in DHFL’s format.
    • Continuous Discharge Certificates copy.

    Note: Please bring the original documents for the mentioned above for verification purpose.

    Fees and Charges:

    Application Form No charge

    Processing Fee

    • 0.1% up to 1% + Service Tax ( differs depending on case to case basis)

    • Upfront Amount – Min Rs. 5000 + Service Tax OR 0.5% of the loan application amount– whichever amount is lower. The balance processing fee will be collected before the disbursement of loan

    Default Installment Overdue Charges – EMI/Pre EMI

    18% per year on the outstanding balance amount

    Issuance Charge for Demand Draft/ Pay Order

    Rs. 150 per Rs. 1,00,000 or the actual Bank Charges (whichever is higher)+ Service Tax

    Copy of Property Papers

    Rs. 500 + Service Tax

    Copy of No Dues Certificate

    Rs. 250 per visit + Service Tax

    Technical Fee – pre technical/ additional property/ property situated outside geographic boundary

    • No charge if property is situated within 60 km

    • After 60 km – Rs. 500 for the 1st visit and Rs. 750 for every additional visit

    Legal Fee

    Depends on case to case basis

    FAQs:

    1. Who are eligible to apply for the DHFL Balance Transfer Home Loan?
      • An Indian resident OR a Non-Indian Resident (NRI)
      • Can be a salaried employee or a self-employed
      • Must be at least 18 years of age during the commencement of the loanIf salaried, must be below 60 years of age when the loan matures and if self-employed, must be below 65 years of age when the loan matures
    2. What are the repayment tenure options available for the DHFL Balance Transfer Home Loan?

      You can choose a repayment tenure between 1 year and up to 20 years.

    3. Do I need a guarantor to apply for the DHFL Balance Transfer Home Loan?

      No. DHFL does not ask for a guarantor for a home loan application. However, depending on your requirement/financial status, you can have a co-applicant for your loan that will help enhance the loan amount you will be eligible for.

    4. How long will you take to process my DHFL Balance Transfer Home Loan application?

      If all the necessary documents have been provided by you, the loan approval can take 3 to 15 days.

    5. Is a security required for the DHFL Balance Transfer Home Loan application?

      Yes. As per RBI’s National Housing Board guidelines, DHFL will have the FIRST CHARGE on your property.

    DHFL Home Loan Transfer Reviews

    • DHFL Home Loan
      "Not Satisfactory"
      0.5 2.0/5 "Expected more"
      It has been almost an year i have taken this home loan, the experience with them has not been good. There has not been a proper guidance given by them during th process where they did not explain me about the floating and fixed interest rate. And also the process has taken more time than usual and the loan amount has not been satisfactory.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 14, 2018
    • DHFL Home Loan
      "Need to improve"
      0.5 1.0/5 "Really Bad"
      I had the Home loan with the Dewan Housing Finance Limited and the executives are not really up to the mark with the aspects of services. I would like to say that the customer service is not really good too and their response need to improve.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 07, 2018
    • DHFL Home Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      I have taken housing loan from Dhfl . The promised rate of interest is not given which they later increased the rate of interest which am not satisfied about it. They did instant approval process with in 2 days i got my home loan. There processing fees is also high as 6.7% of loan amount Am not satisfied with their customer service as there is no proper response from them regarding rate of interest . Even the executive at branch also not having that much product knowledge.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 06, 2018
    • DHFL Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I took Home loan from DHFL . The documentation and approval took around one month . The rate of interest is high and provided tenure period of 15 years. They processing fees is 3 % which is quiet high . Overall am satisfied with their service .
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 04, 2018
    • DHFL Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I took a home loan from DHFL for 15 lacs, application process was easy. The loan was processed with in 1 Month, there was a delay from my end and I pay an EMI of 14000 for this loan. Overall their services were really smooth.
      Was this review helpful? 0
      , chennai
      Reviewed on May 31, 2018
    • DHFL Home Loan
      "Home loan from DHFL"
      0.5 4.0/5 "Great!"
      I have taken a home loan from DHFL and the approved loan mount was 6 lakhs. The rate of interest was 9.5%. The monthly EMI comes around 6600 and the total tenure was for 10 years. The customer service and response with them was good.
      Was this review helpful? 0
      , thrissur
      Reviewed on May 15, 2018
    • DHFL Home Loan
      "This is not a bank at all..."
      0.5 0.5/5 "Unacceptable"
      Stay away from this bank, Very High-intrest rates and the people in the bnks are worst and the customer support is too bad..no one even has manners to talk ...both at Customer support and bank branches....its not a bank..its a fish market...
      Was this review helpful? 0
      , mumbai
      Reviewed on May 12, 2018
    • DHFL Home Loan
      "Needs to improve"
      0.5 1.0/5 "Really Bad"
      I have taken a home loan with DHFL and my loan experience was not good, the loan amount was for Rs 7 lakhs with high interest rate when compared to other sources. The tenure period for this loan is 20 years but i closed the loan within 3 years. They charged 5% as penalty for preclosure and the customer service was not up to the mark.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 09, 2018
    • DHFL Home Loan
      "Harrashinng customer and treat them like begger"
      0.5 0.5/5 "Unacceptable"
      I have taken around 8 Lakh loan for my house. Initially DHFL Kolkata Rajarhat branch people behave very nicely but once I got the loan their behaviour gets changed. I am requesting them from more than 2 month to disburse my money but no response. Raised complain more than 5 times but no response. Nothing is good in DHFL.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 09, 2018
    • DHFL Home Loan
      "Cheater bank"
      0.5 0.5/5 "Unacceptable"
      I have taken loan for 20 years but dhfl charge 21 .years without any information. And taking highest rate of interest. And said low interest. It's cheater bank. Employee also Bad . And taking to customer badly. And not giving the proper declaration. So don't take loan from dhfl.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 28, 2018
    • DHFL Home Loan
      "Very good"
      0.5 4.0/5 "Great!"
      I have my home loan with HDFC bank 2 years back.The loan amount was 16 lakhs and the interest rate was 8.5% which is average and the tenure period as 16 years . The customer service and responses was slow. Here the executives had no knowledge about the documents. They have taken much time and sanctioned the loan with the committed time.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Apr 24, 2018
    • DHFL Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have a Home loan with Dhfl. The rate of interest and charges was been high with Dhfl. The documents process has been smooth with Dhfl. They disbursed the loan amount on time without any delay. The payments will be through cheques. It was a good experience with DHFL Home loan service.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 04, 2018
    • DHFL Home Loan
      "Better service"
      0.5 4.0/5 "Great!"
      I have received the home loan service from DHFL around a year ago. The customer support service was good with the DHFL and they gave me prompt response in regards to my home loan application, they took around 2 months time to disburse the loan amount.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 16, 2018
    • DHFL Home Loan
      "Good "
      0.5 5.0/5 "Blown Away!"
      I have home loan with the Dewan housing finance limited and the response is fine one too. I would like to say that the rate of interest is higher end on initial time. I have felt that the response is fine one with the DHFL.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 03, 2018
    • DHFL Home Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I earlier had my home loan with DHFL. The reason I done a balance transfer is because the rate of interest was very high and I requested them to reduce it. But they did not do it. The customer service is not proper as well. I need to go up the branch for every thing as they do not respond through telephone and online.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 27, 2018
    • DHFL Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken Home loan with DHFL.The loan amount is 45 lakhs,The for 15 years.Rate of interest is 10% high as compared to others banks in the market.I pay my EMI online.Documents were collected door step.They had deducted processing fees of 5000,its a nominal charges.The process is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 14, 2018
    • DHFL Home Loan
      "Average service"
      0.5 2.5/5 "Just OK"
      I have taken a home loan with DHFL and my loan experience was average. The loan amount was for Rs 29.40 lakhs with the rate of interest of 8.95% which is bit high when compared to other sources. The tenure of this loan is 30 years and the processing fee is high. The process was smooth and i received my loan amount within 15 days. Customer service was average and their response was delayed.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 13, 2018
    • DHFL Home Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      Took home loan with DHFL home loans. The process was very fast and the loan amount was disbursed in three to five days. I have taken a loan with the rate of interest at 8.35% and tenure period is twenty years. For each and everything I have to go to the branch office even to collect the loan or to pay any extra charges.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 07, 2018
    • DHFL Home Loan
      "Okay Okay"
      0.5 2.0/5 "Expected more"
      I got the home loan with the DHFL and the response was not really up to the mark. Interest rate was really on higher end, while I have applied. I would like to say that the processing charges and other aspects are really on higher end.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 07, 2018
    • DHFL Home Loan
      "Good Loan"
      0.5 5.0/5 "Blown Away!"
      I got a Home Loan from DHFL and the experience after the first year post taking the loan has been quite good. They have provided me with a good rate of interest. The procedure of getting the loan has been pretty simple and involved not much difficulty.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 02, 2018
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