DHFL Home Loan

Features and Benefits of DHFL Home Loan

DHFL Home Loan has several amazing features tailored to offer multiple benefits to its customers.

Loans for All

DHFL offers loans to all salaried and self-employed individuals who meet the eligibility criteria of the home loan.

Minimum Documentation

Piramal Finance demands minimal documentation to ensure a hassle-free and easy processing of a home loan application.

Hassle-free Procedures

Applying for a DHFL Home Loan is quite easy. You simply need to fill in the application form and submit all the required documents. Soon, you will receive a call from DHFL’s relationship manager and start the process at your convenience. The online home loan application has made the process simpler and easier.

Home Loan EMI that Fits Your Pocket

DHFL offers you the flexibility to choose from the floating or a fixed interest rate while you opt for a home loan. If you opt for a loan up to 90% of the property purchase price, you have a higher probability of turning your dream of owning a home into a reality.

Flexibility of Repayment of the Home Loan

DHFL offers a plethora of options to choose from to create a home loan structure that matches your requirements. You get flexibility in the loan tenure, foreclosure and prepayment.

Tax Benefits

With a home loan comes tax benefits. Under Section 80C of the Income Tax Act, 1961, you can claim up to ₹1.5 lakhs on the principal amount, stamp duty, and the registration charges of the housing loan.

DHFL Home Loan Eligibility Criteria

The DHFL Home Loan eligibility criteria typically depend on the borrower’s employment profile and status. Given below are some significant aspects to keep in mind while applying for DHFL Home Loan:

For Salaried Individuals

• The age of the individual applying for the loan must be between 21 years and 70 years.

Note: This home loan can be availed only for the time an individual is earning an income.

• Individuals employed under the following can apply for the loan:
  • Private sector
  • Government institution
  • MNCs or related companies
  • Partnership firms
  • Public sector
  • Proprietorship concern
  • NGOs or related organisations

For Self-Employed Individuals

• The individual applying for the loan must have attained an age of 23 years and must not be more than 70 years at the tenure end.
• Self-employed individuals can either be architects, doctors, business owners, partners of partnership firms, proprietors, etc.

DHFL Home Loan Fees and Charges

Particulars	Applicable charges
CERSAI Registry/Modification Charges	For loans up to ₹5 Lakh – ₹50  For loans above ₹5 Lakh – ₹10 lakh
Technical Fees (for additional property or property situated outside geographic limit or for pre technical)	Within 60 km radius: ₹500 (for the first visit) and ₹750 (for subsequent visits) No charges beyond 60 km
Valuation fee in Construction Linked Loan cases	First visit: ₹500 No charges for subsequent visits thereafter
Part-Prepayment Charges	Within 6 months from 1st disbursement: No prepayment allowed After 6 months: No Charges (for individual borrowers/co-borrowers) 2% (for borrowers/co-borrowers other than individuals) Plot Loans/Easy Land Cum Construction Loans For borrower/co-borrower other than individual – 3% (in case the dwelling unit is not constructed on the plot within 3 yrs. from the date of the first disbursement of the loan)
Foreclosure charges	Within 6 months from 1st disbursement: No foreclosure allowed After 6 months: No Charges (for individual borrowers/co-borrowers) 2% (for borrowers/co-borrowers other than an individual)
Overdue Charges on default instalment (EMI/Pre-EMI)	18% p.a. on the outstanding amount
Demand Draft/Pay Order issuance charges	₹150/lakh or actual bank charges, whichever is higher
Statement of account/ provisional IT certificates	1st time: No charges Subsequent: ₹250
Custodial Fee for property documents in closed loans	₹500 per month (post 60 days from Loan Closure Date)
Document retrieval charges on the closure of loan	For loans up to Rs. 10 Lakh: ₹1,000 For loans above Rs. 10 Lakh: ₹2,000
Foreclosure statement	₹500

Documents Required for DHFL Home Loan

The documents that you have to submit while applying for a home loan include the following:

• PAN card
• Identity proof (any one of the following):
  • Aadhaar card
  • Voter ID card
  • Passport
  • Driving license
  • Job card issued by NREGA
  • Letter issued by the National Population Register containing details of photo/name
• Address proof (any one of the following):
  • Voter ID card
  • Passport
  • Aadhaar card
  • Driving license
  • Job card issued by NREGA
  • Utility bills like telephone bill/electricity bill etc.
  • Letter issued by the National Population Register containing details of photo/name and address.
• A salaried person has to provide any of the following income proof documents:
  • Last 3 months’ salary slips
  • Form 16
  • Bank statements from the previous six months and payslips
  • Documentation of the collateralised property
• Self Employed Person has to furnish any of the following income proofs:
  • ITR for the previous two years, with computation
  • CA audited financials wherever applicable
  • 6 months primary bank statement
• Passport size photographs
• Co-applicant: Having a co-applicant for a DHFL home loan is obligatory. A woman co-applicant is mandatory in specific conditions such as: 
  • When a co‐applicant is a spouse or any first blood relative like siblings, parents or children who have attained the maturity age (s.t. income-ownership grid)
  • All co-owners of property must be on a loan structure.
  • Friends cannot be made co‐applicants (allowed only if they are coming in the capacity of Shareholder/Partners/Directors).

You have to furnish all the documents during the application to get your DHFL home loan approved.

How Does the EMI Calculation Work for DHFL Home Loan?

You can calculate your Equated Monthly Instalments (EMIs) by determining the principal loan amount, maximum tenure offered by DHFL and the rate of interest. You can use the formula given below to calculate the monthly EMI you have to pay on DHFL Home Loan. 

EMI = (P × R × (1+r)^n)/((1+r)^n-1)

Where,

• The principal loan amount: P can range from ₹10 lakh to more than ₹75 lakhs.
• The rate of interest: R is at 8.75%
• The loan tenure: n can be up to 20 years

You can also use the DHFL home loan EMI calculator or Urban Money’s Home Loan EMI calculator and plan your finances accordingly.