A "low interest" loan shouldn't mean you have very little interest in paying it back!
| 9.75% | |
| ** 9.75% p.a. onwards | |
| Processing Fee | Rs.5,000 onwards + document charges + GST |
| Maximum Tenure | 30 years |
DHFL offers different types of home loans designed to meet the varied needs of its customers. You can avail DHFL home loans for the purchase of a home, expansion or renovation of your current home, or to buy a land for the purpose of constructing a house.
Below are the types of home loans offered by DHFL:
The breakup of DHFL home loan processing fees is as below:
| Processing Fees(Non-Refundable) | Loan Amount |
|---|---|
| Salaried/Self-Employed Professional (SEP) |
|
| Between Rs.30 Lakh and Rs.75 Lakh: Rs.10,000 + GST + document charges | |
| Above Rs.75 Lakh: Rs.20,000 + GST + document charges | |
| Self-Employed Non-Professional (SENP) |
Net PAT: 0.5% + GST Others: 1.5% + GST |
DHFL offers different interest rates on different types of home loans. Below are the details of DHFL home loan interest rates which start at:
| Type of DHFL Home Loans | Interest Rate (p.a.) |
|---|---|
| New Home Loans | 9.75% |
| Plot/Land Loans | 10.25% |
| Home Construction Loans | 9.75% |
| Home Extension Loans | 9.75% |
| Home Renovation Loans | 9.75% |
| Plot and Construction Loans | 9.75% |
| NRI Home Loans | 10% |
DHFL also offers home loans under the Pradhan Mantri Awas Yojana, a Central government initiative for first-time home buyers in the country. There are interest subsidies offered by the government towards purchase/construction/extension of your flat or house. Below are details for your reference:
| Type of CLSS Scheme | Eligibility Household Income | Maximum Carpet Area (sqm) | Interest Subsidy (p.a.) | Interest Subsidy Calculated on Maximum Loan Amount | Scheme Validity | Maximum Subsidy | Women Ownership |
|---|---|---|---|---|---|---|---|
| EWS and LIG | Up to Rs.6 Lakh | 60 sqm | 6.50% | Rs.6 Lakh | 31 March 2022 | Rs.2.67 Lakh | Yes |
| MIG 1 | Between Rs.6 Lakh to Rs.12 Lakh | 90 sqm | 4% | Rs.9 Lakh | 31 March 2019 | Rs.2.35 Lakh | Not Mandatory |
| MIG 2 | Between Rs.12 Lakh and Rs.18 Lakh | 110 sqm | 3% | Rs.12 Lakh | 31 March 2019 | Rs.2.30 Lakh | Not Mandatory |
DHFL levies several other charges when you avail a home loan from the housing finance company. Below is a table with all the charges and fees related to DHFL home loans:
| Type of Charges | Amount |
|---|---|
| CERSAI Registry/Modification |
Up to Rs.5 Lakh: Rs.50 + GST Above Rs.5 Lakh: Rs.100 + GST |
| Technical Fees (Charged towards additional property or property located outside geographic limit or levied for pre-technical) |
Within 60 km: No charges Beyond 60 km: Rs.500 for the first visit and Rs.750 for subsequent visits + GST |
| Valuation Fee (Construction Linked Home Loans) |
First Visit: No charges Subsequent Visits: Rs.500 + GST |
| Part-Payment Charges |
Within 6 Months: No prepayment allowed After 6 Months: No charges if the borrower/co-borrower is Individual and 2% + GST if borrower/co-borrower is other than Individual |
| Foreclosure Charges |
Within 6 Months: No foreclosure allowed After 6 Months: No charges on fixed interest rate, if it’s foreclosed with own source/borrower or co-borrower is individual; In case of a variable interest rate, balance transfer is allowed with no charge. 2% + GST is applicable on balance transfer or borrower/co-borrower is other than Individual (both fixed and variable interest rate). |
| Prepayment Charges (Land Loans/Easy Land and Construction Loans) | 3% + GST if the house is not constructed on the land within 3 years from the date of 1st disbursement of the home loan (borrower/co-borrower is other than Individuals) |
| ECS/Cheque Bounce | Rs.500 + GST |
| Bank Charges on ECS/Cheque Bounce | At actual |
| Overdue Charges on Default EMI/Pre-EMI | 18% p.a. on the outstanding home loan amount |
| ECS/Cheque Swapping (Per Set) | Rs.250 + GST on each swap |
| Pay Order/DD Issuance | Rs.150/Lakh or actual bank charges (whichever is higher) + GST |
| Legal | Applicable on case-to-case basis |
| Collection Pickup | Rs.250/visit + GST |
| Recovery | At actual |
| Non-Encumbrance Certificate | At actual |
| Stamp Duty/Franking Charges | As per applicable law |
| Copy of Property Documents | Rs.500 + GST |
| Duplicate No Dues Certificate | Rs.250 + GST |
| Custodial Fee for Property Documents (Closed Loans) | Rs.500 per month (after 60 days from the loan closure date) + GST |
| Statement of Account/Provisional IT Certificates |
1st Instance: No charges Subsequent: Rs.250 + GST |
| Foreclosure Statement | Rs.500 + GST |
| Document Retrieval Charges on Closure of the Loan | Rs.1,000 + GST for loans up to Rs.10 Lakh Rs.2,000 + GST for loans above Rs.10 Lakh |
To avail a DHFL home loan, you must qualify in the below parameters:
Interest rates are dynamic in nature and fluctuate due to market conditions. In India, home loan interest rates are calculated on a daily/monthly/yearly reducing balance method.
While in the scenario of a fixed rate of interest, the rate remains the same during the tenure of the home loan, in the case of a floating rate of interest, the rate could fluctuate due to market conditions.
Equated Monthly Instalment (EMI) is a set amount payable to the bank or the lender every month until the completion of the home loan tenure. EMI includes the interest amount and the principal amount.
You pay pre-EMI on the loan amount disbursed before to the full disbursement is executed by the bank. Here you service only the interest on the loan. Once the entire loan amount is disbursed, then the actual EMI begins comprising the principal and interest amounts.
Subject to all relevant documents provided by the applicant, the process of approving a home loan application can take about 3 to 15 days.
Once the documentation process is complete and is found satisfactory and that 15% of the cost has been paid upfront to the builder or seller of the property, the loan amount is disbursed in about 3 to 15 days.
The processing fee charged for the DHFL home loan starts from Rs.5,000 plus applicable GST.
Apart from the interest rate on the home loan, there are other charges such as processing fees, prepayment penalties, and miscellaneous charges mentioned.
The housing finance company offers home loans which range up to 30 years.
Indian residents can claim tax deductions on the principal and the interest amount of a home loan. Currently, under Section 80C you can claim tax deductions on the principal amount of up to Rs.1 lakh and under Section 24(b), you can claim tax benefits on the interest amount of up to Rs.2 lakh.
DHFL doesn’t require you to present a guarantor; however, you can apply for a home loan with a co-applicant.
The property for which you need the loan becomes the security or collateral, which is mortgaged to the bank or lender until the loan is repaid in full. Additional securities such as fixed deposits (FD) receipts, life insurance policies and savings or share certificates, etc. May be required.
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