DHFL offers eligible customers plot loan with interest rates ranging from 8.75% p.a. The maximum funding of the loan can be restricted to 75% of the property cost. The maximum term of your plot loan can be up to 20 years. The processing fee applicable is Rs.2,500 plus GST.
Established in the year 1984, DHFL works with the aim of providing housing finance assistance to lower and middle income groups, at affordable rates, in semi-urban and rural India. The company boasts of a rich history, and is the second housing finance company to be established in the country. Based in Mumbai, the company and has a widespread network of 365 offices spread across India. DHFL also has an international presence through its representative offices in Dubai and London for catering to the financial needs of NRIs. The organization has taken a progressive step in the arena of housing finance by tying up with leading private and public sector banks like United Bank of India, Punjab and Sind Bank, Central Bank of India and YES Bank.
Plot loans enable customers to avail financial assistance for buying a piece of land/plot of their choice. After acquiring the plot, you can construct a house/apartment/structure in tandem with your requirements. This also gives you the liberty to build your dream house according to your aesthetics, unlike buying a pre-existing house or flat. Plot loans are different from house loans because the latter provides financial assistance for buying a newly constructed or pre-existing house/apartment. Plot loans, on the other hand, offer funds for buying a plot on which the borrower can construct his/her house or apartment from scratch.
DHFL makes plot loans easily accessible to customers, by offering it at practical interest rates. The innovative plot loan scheme also comes with special features tailor-made to suit the varied need of the company’s wide customer base.
The loan tenure ranges from a minimum of 1 year to a maximum of 20 years. The tenure does not extend beyond the applicant's retirement age (whichever is earlier). It is 60 years for salaried individuals and 65 for self-employed individuals.
The long tenure of 20 years enables borrowers to reduce the EMI amount, as they get enough time to pay back the loan. This helps them in repaying the loan without disrupting their monthly budget.
Plot loan can be availed for buying nonagricultural land. The same needs to lie within Municipal / Local Development Authority limit.
The lending rates for this type of loan is based on the DHFL’s Retail Prime Lending Rate (RPLR). Please note that this fluctuates from time to time based on the prevalent market conditions.
DHFL provides customers with different options for repaying their plot loan. They can either pay back the loan through ECS (Electronic Clearing Service), which is based on standing instructions to the borrower’s bank. Customers can also choose to pay EMIs towards the loan via postdated cheques drawn on their bank account.
If the applicant is self-employed then he/she should not be more than 65 years old, and salaried individuals should not be more than 60 years old to avail the loan.
One can apply for DHFL plot loans either individually or jointly (with a spouse or close family member).
Applicants can avail a plot loan, from DHFL, of up to 75% of the direct allotment letter + stamp duty + registration fee, or 75% of market value of the plot (whichever is lower). You can avail a higher amount of loan by including an earning co-applicant. Whether the applicant is eligible to avail a plot loan or not, and loan amount to be disbursed is determined taking into account the following factors -
Applicant’s loan repayment capacity
Age of the applicant
Applicant's educational qualifications
The stability and continuity of applicant’s income
The number of dependents on the primary applicant
Income of co-applicant
Assets held and savings habit of the applicant
Applicant’s saving habits
Fees and charges:
The processing fee charged for availing plot loans from DHFL is Rs. 5000 to Rs. 20,000 (for salaried and self-employed professionals), and Rs. 1.5% of the loan amount for self-employed nonprofessionals. Please note that GST, as applicable, is also charged in addition to the aforementioned processing fee.
To successfully avail plot loan from DHFL, one needs the following documents -
All the documents in compliance with standard KYC norms.
Valid identity proof issued by the government - passport, aadhar card, voter ID card, driving license, PAN card.
Proof of residence - telephone bill, electricity bill, ration card, etc.
Copy of educational qualification certificates.
Details of contract, only if applicable
Passport size photographs of primary applicant and co-applicants.
Proof of income - valid salary slips, bank statements of last 6 months, form 16/IT returns, PAN card. The number of months (of which salary slips and bank statements are required) varies according to the professional profile of the applicant.
What is a co-applicant? Who can be my co-applicant if I am availing a plot loan from DHFL?
When you avail a loan, you can have a co-applicant for the same who is being offered as a collateral/security towards the loan. Co-applicants are also co-owners of the property for which the loan is being availed. Please note that all co-applicants need not be co-owners. A primary applicant usually chooses his/her spouse, son/daughter or one of the parents as co-applicant for the loan. You can do the same while availing a plot loan from DHFL.
How do I figure out the right time to apply for a plot loan?
You can apply for a plot loan before or after selection of the plot. The loan quantum is usually sanctioned in principle. This is done to let the buyers know of the amount they can avail of. This comes in handy for the borrowers to decide their budget and purchasing power. The loan is finally disbursed after a complete verification of the necessary documents, and finishing all the other procedures.
What is the meaning of fixed rate of interest?
When the rate of interest remains unchanged during the entire duration of the loan, it is called fixed rate of interest. This also means that customers do not benefit even if plot loan interest rates drop, due to fluctuating market conditions, even during the duration of their loan.
Does DHFL ask for a guarantor to avail plot loans?
No, you do not need a guarantor to avail plot loan from DHFL. You can have a co-applicant, instead.
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Taken my home loan from DHFL. They offered 12 lakhs of Principle with high interest rate of 13%. I am paying EMI of Rs. 12800 for the duration of 20 years. The customer service is not up to the mark. They are not having internet banking service for repayment hence each month the emi is payed directly to the bank branch. The don't have email facilities for solving the customer query. The customer service need a lot of improvement.
I have taken home loan directly through DHFL and everything was good to me so far .This loan is still active and am paying the EMI via ECS. Their rate of interest and the processing fee was medium . Even there is no extra charge for late payments.
I have taken a home loan from DHFL to purchase the flat. I have opted for 16.5L of loan amount according to their process with the interest rate 10.4% which is really high. I was eligible for the government scheme, but bank executive has not taken step to avail it. It took around 20 days to process the loan. There is no proper response for customers. I am trying to transfer the loan amount to other bank.
I have taken a housing loan from DHFL and the loan amount of Rs. 10,50,000 for the rate of interest of 9.8%. I am paying the EMI amount of Rs. 8500 for the tenure period of 15 years since its plot cum construction loan. Bank itself approved a loan within 3 days.
I have taken home loan directly through DHFL .The rate of interest and the processing fee was very high since had a requirement at that time taken this loan .This loan is still active and the loan got sanctioned on time .There was proper callback and follow up as well.Everything was ok but the service was average according to my point of view.
Chosen my home loan from DHFL. They have provided me a interest rate of 8% and there is no hidden charges deducted. They have disbursed the loan on time. I have selected the tenure period of 24 years. They are having a pre-closure facility with some charges. The documentation process was smooth.
From DHFL I have taken a home loan almost more than a year. One of my cousin's friend working there he recommend to apply for a home loan. The process was smooth and sanctioned a loan within 6 days with sufficient amount of 20 years. The rate of interest was high.
I have taken Home loan directly through DHFL ,The agent gave all the details about the loan process very clearly and the rate of interest and the processing fee was nominal .I have applied for 15 lakhs for the tenure of 15 years .This loan is still active.The process was very smooth and there was no difficulties faced .
Currently my DHFL home loan is active at the time of loan process. My land was in airport area hence its became an issue but DHFL helped me a out however the interest rate was quite more but still due to my situation they fulfilled my needs. As per the government rule they are reversing the loan Every six to one year. The bank staffs are helpful and comfortable.
I am disappointed with DHFL, they are taking certain hidden charges. Hence I am not satisfactory, I took the loan amount around Rs. 16 lakhs for the duration of 20 years, the interest rate was higher side its not upto the mark. I am very fine with them.
I have a home loan with DHFL and that time it was suggested my friend. The charges and interest rate is high also they have handover to ICICI BANK. The loan tenure is 12 years and the remaining 90 EMI's are pending . They have charged me 10K for processing fee.
I have selected DHFL loan amount 27 lakhs Rate interested is 9.5 floating two month they increased Rate of intersted , EMI Rs 23962, one time processing fee applicable. while documents through executive , there is no delay disbursal loan amount . Customer service s good and responsive they clear information about loan processing loan Tenure 20 years . Pradhan manthri avasa yogna loan applicable is 2.63 lakhs not received
The service is pathetic because there is no transparent in the service, the documentation process was done quick, i got the loan amount soon, the rate of interest was 11.75%, the duration for repaying the loan was not given exactly. I have used the loan for 6-7 years. The charges higher for the fore closer also there is no proper customer support and service.
I am not satisfied with the loan because i have submitted all of the documents but i have not received the 3rd dispersal amount which is almost many months past. The loan amount was 10.70L, the rate of interest was 8.5%, the customer support is not good. The duration for repaying the loan was 15years.
I came to know about the DHFL loan i went direct to the office and collected form and applied for it. I wish to say that their service is not up to the mark. They just want the client to apply and want to achieve their target and they keep on changing their rate of interest was application was submitted.
This is bond process hence they have completed all the process within 1 week. They have delivered the cheque very fast. I have taken my home loan from DHFL. They have charged me a interest rate of 9% and its a zero processing fee. I have chosen the tenure period of 20 years and their service has been prompt.
I have been holding my housing loan with DHFL , the loan amount which they have given to me was sufficient they have given me up to 17,00,000-18,00,000 which was sufficient, the rate of interest they have charged me was high, they have charged me up to 10.35% which was high, i asked them to minimize the interest rate they did not help me out.
I am using my housing loan from long time with DHFL , the documentation process was done quickly also the loan came on time, the loan amount was sufficient they have given to me as per my requirement, so far i did not face any issue, the rate of interest they have charged me was nominal, still this loan is running.
I am using the loan from last 5 years, the documentation process was done quickly also i got the loan amount but it took some time. The loan amount was sufficient. The rate of interest was 10% approximately. The duration for repaying the loan for 20 years. The locking period is for 1 year.
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HARISH GANGARAM MOHITE
Reviewed on Jun 23, 2019
I was taken a home loan in DHFL for the past 7 years. The amount which was provided from DHFL was not sufficient and it was low. The rate of interest and the processing fee are high when compare to other bank. The customer service is not good and no proper response from their end.
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RAKESH RATNESHWAR JHA
Reviewed on Jun 21, 2019