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  • DHFL Home Loan Eligibility

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  • DHFL is one of the most renowned companies when it comes to home loans. Recognised for its attractive offers, various schemes, and versatile repayment schedules, the company is one of the leaders in the market for housing loans.
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    We found 1 DHFL Home Loan Eligibility
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9% - 9.75%
    5,000 to ₹20,000 One time fee
    1L - 5Crs
    1-30 Years
    What you'll love
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    Good to Know

    DHFL or Dewan Housing Finance Limited of is one of the leading home loan providers in India. The home loans offered by DHFL Housing come with great innovation and flexibility. They are designed to meet the changing needs and requirements of the customers.

    DHFL home loan eligibility criteria for salaried applicants
    Age 21 years to 60 years
    Maximum Loan Amount Rs.5,00,00,000
    Equated Monthly Instalment/lakh Rs.776
    Interest Rate Linked to PLR 8.60% to 9.75%
     
    DHFL home loan eligibility criteria for self-employed applicants
    Age 21 years to 65 years
    Maximum Loan Amount Rs.5,00,00,000
    Equated Monthly Instalment/lakh Rs.812
    Interest Rate Linked to PLR 8.50% to 8.90%

    DHFL home loan eligibility criteria

    The DHFL home loan eligibility is based on different factors. These factors are mentioned below:

    • Age
    • Income
    • Property value
    • CIBIL score
    • Fixed Obligation to Income Ratio

    DHFL home loan eligibility based on age

    The age of the applicants plays a very important role in the determination of eligibility towards a home loan and the repayment capability for the loan. Lower the applicant’s age, higher is the tenure available for the repayment of the loan amount. In order to be eligible for a home loan offered by DHFL, the applicant must be at least 21 years old at the time of commencement of the loan. DHFL Housing Finance provides home loans for a maximum tenure of 30 years for both self-employed applicants and salaried applicants. The maximum loan tenure that can be availed by an applicant is mentioned below:

    Present age Maximum loan tenure for self-employed applicants Maximum loan tenure for salaried applicants
    50 years 15 years 10 years
    45 years 20 years 15 years
    40 years 25 years 20 years
    35 years 30 years 25 years
    30 years 30 years 30 years
    25 years 30 years 30 years

    DHFL home loan eligibility based on property value

    The entire value of the property is not financed by the home loan provider. DHFL Housing Finance will offer a certain percentage of the total property value as the home loan. The maximum home loan eligibility will be dependent upon the property value shown in the table below:

    Value of property LTV
    Above Rs.75 lakh 75%
    Between Rs.30 lakh and Rs.75 lakh 80%
    Less than Rs.30 lakh 90%

    If a co-applicant is added, it boosts the primary applicant’s home loan eligibility. This happens as adding a co-applicant increases the repayment capability of the primary applicant. The co-applicant must have a clean CIBIL record, low obligation and good income.

    All the documents associated with the property being purchased must be satisfactory and passed by the legal team of the bank.

    DHFL home loan eligibility based on net income

    The net monthly income is also very important in the determination of home loan eligibility. It states how much home loan an applicant is capable of paying after taking care of other daily expenses depending on the applicant’s standard of living. For example, if the applicant’s net income per month stands at Rs.70,000, the value of the house being purchased costs Rs.50 lakh and the rate of interest stands at 8.60%, then the maximum loan amount that can be availed by the home loan applicant is going to be as follows:

    Age Monthly income (Net)
    Rs.1,00,000 Rs.75,000 Rs.50,000
    50 years Rs.52,19,997 Rs.39,14,997 Rs.26,09,998
    45 years Rs.65,61,613 Rs.49,21,210 Rs.32,80,807
    40 years Rs.74,35,686 Rs.55,76,765 Rs.37,17,843
    35 years Rs.80,05,151 Rs.60,03,864 Rs.40,02,576
    30 years Rs.83,76,162 Rs.62,82,122 Rs.41,88,081
    25 years Rs.83,76,162 Rs.62,82,122 Rs.41,88,081

    The applicant may choose to repay the loans with high EMI and short tenure in order to boost the DHFL home loan eligibility.

    • Nature of the Employment: The applicant’s nature of employment will also be checked and verified by the home loan provider. It will check if you are a self-employed applicant or a salaried applicant. The home loan provider will also check the income stability and job experience of the applicant.

    DHFL home loan eligibility based on CIBIL score

    The credit behaviour of the home loan applicant and track record from the past credit card providers and lenders gets recorded in the CIBIL score. Banks and other lenders consider this report while determining the applicant’s credit-worthiness. Thus, CIBIL score is extremely important in defining the applicant’s eligibility for a DHFL Home Loan. If the applicant has a high credit score, it automatically implies that the credit behaviour of the applicant has been really good. The chances of the home loan application getting approved is also very high in such cases. However, a low CIBIL score will bring down the eligibility factor of the applicant.

    Some of the Factors that Affect the Applicant’s Credit Score are Mentioned Below

    • Credit Limit Usage: The credit card bills and statements show the applicant’s credit behaviour. Using the entire limit of the card reflects financial stress and indiscipline on the home loan applicant’s part. This causes a negative impact on the credit score.
    • Several Loan Applications: In case the applicant applies for a home loan in in different banks at the same time, it can cause a negative impact on the score are in turn reduce the eligibility factor of the applicant.
    • Unsecured Loans : The applicant must strike a balance between the unsecured loans and secured loans. A high number of unsecured loans can affect the applicant’s credit score substantially.
    • Late Payments: A negative impact is caused to the applicant’s credit score if he/she fails to make repayments on time.

    DHFL home loan eligibility based on fixed obligation to income ratio

    Fixed Obligation to Income Ratio or FIOR is extremely important when it comes to determining the DHFL home loan eligibility. The lender takes all the fixed obligations of the applicant into account while defining the eligibility of the applicant. The minimum FIOR needed to be eligible for a DHFL home loan stands at 0.65. The home loan calculator can be used to calculate the home loan eligibility.

      

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