A "low interest" loan shouldn't mean you have very little interest in paying it back!
Dewan Housing Finance Corporation Limited, popularly known as DHFL, is one of India’s leading housing finance companies. They offer home loans for a variety of housing-related services like construction, improvement, extension, land purchase, et cetera. Over the years, they have helped millions of customers in India in building their dream home. In fact, their interest rates right now are among the lowest in the market.
As all of us know, all loans come with certain processing fees and charges and the same is applicable to home loans with DHFL. Regardless of the type of home loan chosen, you will have to pay home loan processing fees and additional charges, as shown in the tables below.
| Loan Amount | Processing Fees |
|---|---|
| Up to Rs. 30 lakh | Rs. 5,000 plus document charges |
| Rs. 30 lakh - Rs. 75 lakh | Rs. 10,000 plus document charges |
| Above Rs. 75 lakh | Rs. 20,000 plus document charges |
Also, a minimum login fees of Rs. 2,500 or the processing fee (whichever is lower) will be levied on your DHFL home loan application. Moreover, Goods & Service Tax (GST) will also be applicable to the aforementioned charges.
Under the SENP category, the following two charges are levied.
In case you decide to prepay your home loan, keep in mind that certain charges may be applicable, depending on the time that has passed since the first disbursement.
These charges are applicable, regardless of the interest rate type you have availed your home loan (fixed or variable).
| Time Passed Since the first Disbursement | Charges |
| Six months | Prepayment is not allowed |
| After six months |
|
Also, if the loan is a DHFL Plot Loan or Easy Land and Construction Loan, then 3 percent plus applicable GST will be charged for prepayment, provided the borrower/co-borrower is other than an individual.
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Just like prepayment, certain charges will be levied if you decide to foreclose your home loan. This too depends on the time passed since the first disbursement.
| Time Passed Since the first Disbursement | Type of Interest Rate | Charges |
|---|---|---|
| Six months | Fixed/Variable | Foreclosure is not permitted |
| After six months | Fixed/Variable |
|
If you feel that you are paying more interest with your present lender, then you can always switch your home loan to DHFL through home loan balance transfer. However, depending on the category, you may have to pay certain charges.
| Category | Balance Transfer Charges Applicable |
|---|---|
| The borrower/co-borrower is an individual | No charges |
| The borrower/co-borrower is not an individual | 2 percent plus GST as applicable |
Apart from the fees and charges mentioned above, there are additional fees and charges that you may have to pay, depending on the situation. The following table illustrates this clearly.
| Category | Charges |
|---|---|
| Legal charges | As applicable to the case |
| Foreclosure statement | Rs. 500 plus GST as applicable |
| Charges for document retrieval on closure of loan |
|
| Â Property documents copies | Rs. 500 plus GST as applicable, per copy |
| Duplicate copy of No Dues Certificate | Rs. 250 plus GST as applicable |
| Stamp duty | Applicable as per the property laws of the relevant state |
| Conversion charges |
|
| Â Provisional IT certificate/Account statement |
|
| Â Custodial fee | Rs. 500 per month |
| Cheque /Electronic Clearing Service (ECS) bounce charges | Rs. 500 plus applicable GST |
| Overdue charges on EMI/Pre-EMI | 18 percent per annum on all outstanding dues |
| Issuance charges for Demand Draft/Pay Order | Rs. 150 per lakh or actual bank charges, plus applicable GST (whichever is higher) |
| Swapping charges for ECS/Cheque | Rs. 250 plus GST as applicable, for every swap |
| Collection pickup | Rs. 250 plus GST as applicable |
As you can see, there is a complete spectrum of processing fees and charges that one will have to incur, when availing a home loan with DHFL. Therefore, it is recommended that you go through the document carefully and understand these charges. These DHFL home loan processing fees will be levied on your loan application, while the other charges are subject to certain conditions.
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