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
Home Loan Balance Transfer Bank Wise
You can avail the DHFL Balance Transfer Home Loan facility on any existing home loan from another lender.
Enjoy an interest rate of 9.75% p.a. with DHFL Balance Transfer and reduce your monthly repayments considerably.
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.
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.
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 self-employed non-professionals, the processing fee ranges from 0.5% to 1.5% of the loan amount plus applicable GST. This charge excludes the Cess and Service Tax that you have to bear additionally.
You can choose between 2 repayment options for your loan that depends on the EMI on your Balance Transfer scheme –
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.
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.
The cost for the stamp duty on the loan document will be borne by the applicant
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.
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.
In order to speed up the process of your DHFL Home Loan Balance Transfer scheme application, you will need to provide the following documents –
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 –
Note: You will have to provide the original documents for all the aforementioned for the purpose of verification.
Note: Original documents of the above must be submitted for verification purpose
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