A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • DHFL Home Loans for Self Employed

    The current scenario in India suggests that Entrepreneurship is booming in our country with only an approximate of 7% in the labor force who work in the unorganized sector. Majority of us are our own bosses and fall within the category of the self-employed, be it running our own business, cottage industries or even small shops. With this changing dynamic in the employment sector, financial institutions and banks are now coming up with customized plans and tailored home loans specially designed for this self-employed sector. DHFL is one such bank that offers exclusive home loans for the majority self-employed sector today where your income will no longer be assessed through the income tax authorities, but through an independent source.

    DHFL Home Loans for Self Employed:Features and Benefits

    • Purpose of your Home Loan:This home loan has been made available for self-employed individuals, both professionals as well as non-professionals including doctors, small scale business people, architects, retailers, Chartered Accountants and many more.
    • Term and Tenure:You can choose a flexible loan repayment tenure that ranges from 1 year and up to a maximum of 15 years. Your loan term usually cannot be extended beyond the retirement age of 60 years. But since you fall within the category of the self-employed, your term can be extended up to 65 years of age.
    • EMI:With the option of flexible repayment of your loan and extended loan tenure, your EMI reduces significantly without hindering your everyday lifestyle. Your monthly expenses will not take a serious hit and you can comfortably continue living on your established living standards.
    • RPLR and Interest Rate:RPLR stands for DHFL’s Retail Prime Lending Rate. The interest rate that will be applied on your home loan which will be based on this rate. The RPLR rate fluctuates from time to time depending on the current market conditions.
    • Processing Fee:You will be charged the following amount for processing your application for a home loan –
      • If you are a Self-Employed Professional (SEP) or a Salaried Individual (SAL) – You may be charged a fee of Rs. 5000 and up to Rs. 20000.
      • If you are a Self-Employed Non Professional (SENP) – You will be charged 1.5%.

    Note: The aforementioned values are exclusive of Cess and Service Tax. The same can be applicable on your home loan.

    • Convenient Repayments:You are allowed the following options as modes of repayment for your loan. This is based on the EMI chosen on your Home Loan –
      • Electronic Clearing Service – You can opt for your loan repayment through ECS, but this will depend on the standing instructions provided to your bank.
      • Post Dated Cheques – If you choose PDCs as you method of loan repayment, they will be drawn to your salaried or your savings account.
    • Applicant/ Co – Applicant Option:You can apply for a home loan as a sole applicant or have a co-applicant. However, having a co-applicant sign a loan with you can enhance the loan amount that you become eligible for.
    • Simple Documentation Process:For a quick processing of your home loan application, you will need to submit the following documents –
      • Documents related to your property
      • Know Your Customer or KYC documents and
      • Bank Statements/ Proof of Income documents as per the login checklist.

    DHFL Home Loans for Self Employed:Eligibility Criteria

    • You can avail a home loan of up to Rs. 100, 00,000. The minimum loan amount is Rs. 1, 00,000.
    • The loan amount cannot exceed 60% of the property cost. This includes the registration fees as well as the stamp duty OR 60% of the market value, depending on which is lower.
    • Your actual loan amount will be determined using several factors, some of which are listed below –
      1. Your Age
      2. Your Repayment capability
      3. Your Educational Qualification
      4. Your Assets
      5. Your Liabilities
      6. If you have a co-applicant, their income will also be taken into consideration
      7. The continuity and stability of your income
      8. The number of dependents
      9. Your saving habits and other factors

    Documentation Requirements – KYC Documents, Self-Employed Businessmen and Self-Employed Professionals:

    • Documentation for KYC:
      1. You can provide any one of the following documents for the verification of your ID (Photo ID Proof)
      2. Passport
      3. PAN Card
      4. DL or Driver’s License
      5. Election Card or Voter’s ID Card
      6. You can provide any one of the following documents for the verification of your Address (Residence Proof)
      7. Telephone Bill
      8. Electric Bill
      9. Ration Card
      10. A Letter from your Employer
      11. Your Pass Book containing your address or a Bank Statement
    • Documentation for Self-Employed Businessmen:
      1. KYC (Know Your Customer) Documents as mentioned above
      2. A copy of the latest 2 years Income Tax Returns of the applicant + An attested copy of income duty by a CA (Chartered Accountant)
      3. A copy of the latest 2 years Balance Sheet + A duly attested copy of Profit and Loss Account of your firm by a CA (Chartered Accountant)
      4. A brief profile of your business on your Business Letterhead
      5. Bank Statement of the latest 6 months for the following accounts – Current Account, Savings Account, O/D Account
      6. A copy of one of the following – VAT registration or another mandatory license, Shop and Establishment License, Registration or an old ITRs evidencing business
      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: For all the aforementioned documents, the original will also be required for the purpose of verification.

    • Documentation for Self-Employed Professionals:

    The same set of documents mentioned in the previous section are applicable for Self-Employed Professionals as well. However, the following are the additional documents that are required along with the documents mentioned above –

    1. A copy of your educational qualification certificate
    2. A copy of your Professional Practice
    3. Your Salary Certificate – This is applicable for doctors who have a salaried income

    DHFL Home Loans for Self Employed: Fees and Charges

    Processing Fee for Home Loan

    • 0.1% - 1% + Service Tax ( varies depending on case to case basis)

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

    Loan Application Form

    Free

    Issuance Charge for Demand Draft/ Pay Order

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

    Prepayment Charge

    3% + Service Tax. This applicable when the dwelling unit has not been constructed on the plot within 3 years from the date the loan was disbursed

    Property Papers - Copy

    Rs. 500 + Service Tax

    No Dues Certificate - Copy

    Rs. 250 + Service Tax

    Loan Prepayment or Closure (full) statement charge

    Rs. 500 + Service Tax

    Personal Visit for collection of dues

    Rs. 250 per visit + Service Tax

    Legal Fees

    Varies depending on case to case basis

    FAQs:

    1. Who can be my co-applicant?

      A co-applicant is usually a co-owner of the property that you are offering as a collateral for the loan. However, not all co-applicants are co-owners. A co-applicant can be a father/son, husband/wife, brother-sister etc. who must also have a stable income.

    2. What is the meaning of EMI?

      An EMI or Equated Monthly Installment means the amount that you owe to your lender every month until the loan amount is repaid completely. This amount includes a portion of the principal amount and interest that you will pay each month.

    3. Do I need a collateral of security to apply for a Home Loan?

      For a DHFL home loan, a collateral is not required but can be asked in exceptional cases. Usually, the property for which you apply for the home loan automatically becomes a collateral for the loan. There are other financial institutions that ask for additional collateral that can include FD receipts, life insurance policy etc.

    4. What is the loan tenure I am eligible for as a Self-Employed individual?

      You can choose a loan repayment tenure starting from 1 year and up to 15 years. You can also extend your loan term up to 65 years of age as a self-employed.

    5. How long will it take for the approval of my Home Loan?

      Depending on whether all the required documents have been provided by the applicant, the approval will take between 3 to 15 days.

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    DHFL Home Loans for Self Employed Reviews

    • DHFL Home Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      I had taken a Home Loan from DHFL LTD a long time back and the loan is still running. The loan amount has been sufficient but the interest rate with them has been quite high, where they had not reduced the interest rate as well. The processing fee and charges which they had made has also been high when compared with the other banks.
      Was this review helpful? 1
      , faridabad
      Reviewed on Apr 20, 2019
    • DHFL Home Loan
      "Interest rate is the rocket high "
      0.5 3.0/5 "Satisfactory"
      Since the property comes under the collector passing. None of the private banks were ready to offer me a housing loan. So I approached DHFL for the housing loan . They take almost one month to sanction my loan with almost higher interest rate of around 12 % for next 15 years .
      Was this review helpful? 3
      , thane
      Reviewed on Apr 02, 2019
    • DHFL Home Loan
      "No to Go With DHFL"
      0.5 0.5/5 "Unacceptable"
      It is easy to get loan from DHFL but impossible to pay with EMI. They are increasing the interest rate 4 or 5 times in a year but not decreasing the interest rate when even RBI decreases the repo rate. I took a home loan for 20 years and after 20 months of EMI still 24 years are remaining to pay. Now Calculate before go with DHFL.
      Was this review helpful? 2
      , ghaziabad
      Reviewed on Apr 01, 2019
    • DHFL Home Loan
      "Not proper customer service"
      0.5 1.0/5 "Really Bad"
      DHFL charges me a very high interest rate and staff were given more wrong information about the interest rate and government scheme . I didn't get the government scheme because of fake information by the executive .Because of that , 2-3 lakhs were loss to me .
      Was this review helpful? 1
      , mumbai
      Reviewed on Mar 27, 2019
    • DHFL Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this Home loan from them a long time back and the experience i had with them was pretty good. The loan amount has been sufficient and the interest rate with them has been nominal as well. The charges which they had made has also been pretty less.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Mar 21, 2019
    • DHFL Home Loan
      "A happy Home loan"
      0.5 4.5/5 "Excellent!"
      My home loan in DHFL has got sanctioned in 10 days of time . I purchased a 2 BHK flats near my location . I am so happy to own my house in my Name . Thankful to DHFL . DHFl provides a Interest rate of Approximately 9 % for next 20 years of EMI . A very happy service provided by DHFL .
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 20, 2019
    • DHFL Home Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      My experience with the DHFL is average because the reason is they have offered with higher rate of interest but it is floating. They have given the good loan amount with this loan and with simple and quick also approved on time. The documentation process was simple.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Mar 19, 2019
    • DHFL Home Loan
      "Need to reduce the interest rate and charges"
      0.5 3.5/5 "Pretty good"
      I took my home loan in DHFL by last year. The intersect rate is high and they have provided me 99% of loan to purchase the house. They have given a proper service and the followups is good. They have charged me a processing fee which was high. The loan duration is 30 years and one year completed.
      Was this review helpful? 3
      , mumbai
      Reviewed on Mar 16, 2019
    • DHFL Home Loan
      "Average services"
      0.5 3.0/5 "Satisfactory"
      I have applied for the home loan with DHLF , the tenure period is 30 year .The rate of interest is 10.37% and it is high . The process was easy in DHLF to take the home loan. The processing fee is okay. They gave the preclosere option also with this bank . Loan amount is good .
      Was this review helpful? 3
      , pune
      Reviewed on Mar 13, 2019
    • DHFL Home Loan
      "Response should be prompt"
      0.5 5.0/5 "Blown Away!"
      My existing home loan running with DHFL, there is no customer support at all. At the time of availing the loan they responded well, after when the deal closed there was no response from their end. The process was very good, they quoted me the interest around 8.7% before two year. Its almost 1% higher.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 12, 2019
    • DHFL Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I had taken a Home loan from DHFL bank. I had very good experience with DHFL , i use to pay excess EMI to close so soon . I got hassles free services from customer executive of DHFL . Rate of interest is is nominal in market . My loan amount is up to the mark.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 10, 2019
    • DHFL Home Loan
      "Average & need to improve the service"
      0.5 3.0/5 "Satisfactory"
      I had a home loan in DHFL and it was completed. They need lot of improvement in terms of service. The customer service is not good. I have purchased a residential property. The interest rate and processing fee was high when compared to others. The loan process was good.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Mar 02, 2019
    • DHFL Home Loan
      "Fast Process in DHFL"
      0.5 4.0/5 "Great!"
      Purchased my home loan from DHFL. Got the loan 1 year back according to my documents, DHFL provided me a home loan. At the moment, i have not paid any EMI till the possession and so far the builder has been paying the EMI. I have bought the loan amount of Rs. 24 lakhs and i do not remember about the interest rate. I pay processing fee of Rs. 4500. Total tenure period of the loan is 22 years.
      Was this review helpful? 6
      , faridabad
      Reviewed on Feb 25, 2019
    • DHFL Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I had applied for a home loan and It was with DHLF INSTITUTION . The good thing about DHLF is their customer service. I was highly impressed. My home loan was approved in few days.They are awesome and they take care of you need very well. Loan amount is satisfactory .
      Was this review helpful? 4
      , new delhi
      Reviewed on Feb 23, 2019
    • DHFL Home Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      The experience i had with this loan was quite good and the loan amount which they had provided has been sufficient as well. But the interest rate with them was very high and they had also taken extra charges. Their customer support has been fine and has been helpful.
      Was this review helpful? 1
      , pune
      Reviewed on Feb 17, 2019
    • DHFL Home Loan
      "Average"
      0.5 2.0/5 "Expected more"
      I took a home loan from the DHFL FINANCIAL INSTITUTION . I got the loan with in few days. The application process and the documentation was not so easy and i am not that satisfied with their services . Loan amount what they gave was satisfactory . The tenure period is 12years .
      Was this review helpful? 4
      , mumbai
      Reviewed on Feb 15, 2019
    • DHFL Home Loan
      "Excellent Service"
      0.5 4.0/5 "Great!"
      I had taken this Home loan almost six months back and the experience with them so far has been quite good. The loan amount has been less than expected but it was fine and the interest rate with them has been nominal. There has not been any sort of additional charges which they had made so far.
      Was this review helpful? 6
      , bangalore
      Reviewed on Feb 14, 2019
    • DHFL Home Loan
      "Looking for less interest rate"
      0.5 4.0/5 "Great!"
      I have taken a home loan with DHFL and my experience was good, the loan amount was for Rs 5.5 lacs with high interest rate when compared to others. Processing took 7-8 months to complete. Customer service was very good and their response is on time.
      Was this review helpful? 4
      , mysore
      Reviewed on Feb 04, 2019
    • DHFL Home Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have taken my home loan with DHSL HOUSING FINANCE , the experience is average because some how there are taking additional charges with out my knowledge . In 1.5 year they have increase thrice the rate of interest and it is very high . Even processing fee is very high here .
      Was this review helpful? 4
      , mumbai
      Reviewed on Jan 29, 2019
    • DHFL Home Loan
      "Not satisfied with the service"
      0.5 1.0/5 "Really Bad"
      The experience i had with this Home loan was not that great where the services which they had provided has been good. The loan amount which they had provided has been sufficient but the interest rate with them has been pretty higher. The charges which they had made has also been on the higher end.
      Was this review helpful? 6
      , ahmedabad
      Reviewed on Jan 26, 2019
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