DHFL Home Loan Interest Rates

DHFL’s Home Loans Can Be Availed for Purposes Such As:

1. Home improvement
2. Home construction
3. Home extension
4. Purchasing a plot/land
5. Purchasing a plot and constructing a house

Types of Home Loans offered By DHFL

1. Home loan for the salaried
2. Home loan for the self employed

DHFL Home Loan Interest Rate for Salaried Individuals

For salaried individuals, the rate of interest remains at 9% for loans up to Rs.75 lakh. For loans above Rs.75 lakh and below Rs.150 lakh, the interest rate to be paid is 9.15%. For loans above Rs.150 lakh and below Rs.300 lakh, a 9.35% rate of interest applies. Lastly, for loans above Rs.300 lakh, salaried individuals will have to pay 9.75%.

DHFL Home Loan Interest Rate for the Self-Employed

The rate of interest for self-employed individuals is marginally higher than that of salaried individuals. For loans up to Rs.75 lakh, the rate of interest applicable is 9.10%. For loans above Rs.75 lakh and up to Rs.150 lakh, the rate of interest would be 9.25%. For loans above Rs.150 lakh and below Rs.300 lakh, the rate of interest is 9.45%. And, for loans above Rs.300 lakh, there is a 10% rate of interest applicable.

Eligibility Criteria for Applying DHFL Home Loan

There are a couple of determinants taken into consideration in order to attain the loan such as:

1. Age
2. Repayment capacity
3. Number of dependents
4. Educational Qualification
5. Stability of Income
6. Liabilities
7. Assets
8. Co-applicants income
9. Financial history

Documentation Required for DHFL Home Loan

For Salaried

1. KYC Documents
2. Pay slip for the last 2 months/salary certificate
3. Form 16
4. 3 months copy of bank’s passbook/bank statement
5. Company profile in case it’s a lesser known company

For Self-Employed Businessmen

1. KYC documents
2. Copy of the last 2 years income tax returns and computation of income attested by a Chartered Accountant
3. Copy of the last 2 years Profit and loss statement along with the balance sheet, also attested by a Chartered Accountant
4. A brief business profile on the letterhead of the business
5. Copy of the Partnership Deed, Memorandum of Associations, Articles of Association (if applicable)
6. Copy of Tax Deduction Certificate / Form – 16A (if applicable)
7. Details of Contract (if applicable)
8. 6 months bank statement of saving, current and overdraft account
9. Copy of Licence of establishment/VAT registration and other mandatory licenses
10. Copy of Advance Tax paid / Self-Assessment Tax paid challan

For Self-Employed Professionals (Same As Above with the Following Additions)

1. Copy of Educational Qualification Certificate
2. Copy of Professional Practice Certificate
3. Salary Certificate (in case of doctors having salaried income)

DHFL Home Loan Documentation Required For Non-Residents

1. KYC Documents
2. Salary Certificate from the employer mentioning the name as in passport, date of joining, passport number, designation and latest salary and perquisites, in English.
3. Salary slips for the last 3 months / Salary Certificate (If variable components like overtime & incentives are reflected, then 6 months’ salary pay slips are required)
4. Latest Income Tax Returns (if applicant files IT returns in India).
5. For Self Employed Individuals, documents evidencing currently in business like Trade License, Registered Power of Attorney or agreement with sponsor, etc.
6. Passport copy with valid residence visa page.
7. Work Permit/ Labour contract copy / Photocopy of Identity card or any other proof of work / employment issued by concerned Government authorities
8. Property related documents, detailed cost estimates from an Architect/ Engineer (from India).
9. Processing fee cheque drawn on applicant’s bank in India or draft payable at the place where the application will be processed.
10. The income documents for salaried should be attested by the embassy official if documentary evidence like bank statement for credit salary or frequent remittance of fund to India is not available.
11. Copy of all overseas bank statements for the last 6 months, if any
12. Copy of NRE / NRO bank statement of the last 6 months
13. Power of Attorney (POA) if applicant is not available in India for signing of documents in DHFL’s format.
14. Copy of Continuous Discharge Certificates

Factors on Which the DHFL Home Loan Interest Rate Depends:

1. Applicant’s Salary: The income of an applicant is one of the factors that determine the interest rate the customer has to incur. These are inversely proportional to each other. Higher the Income, lower the interest rate the applicant has to pay.
2. Amount of the Loan: The interest rate also depends on the loan amount. The higher the loan amount, the interest rate becomes higher as well.

Tips to Reduce DHFL Home Loan Interest Rate

1. Shorter Tenure: The interest rate is affected by the tenure of the loan. The shorter the tenure, the lower the total interest paid. However, the EMIs paid will be higher.
2. Increase EMIs: Increasing the amount of EMI paid will not only reduce the overall interest paid, but will also enable you to pay off the loan faster.

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score