DHFL is a well-known housing finance company and with so much advertisement, it has got much more attention. And why not, when the brand ambassador is the king- Shahrukh Khan. The lender has chosen the bollywood star as the face of brand. With PMAY, the lender gives great saving option to home loan borrowers.
But, there is no harm in comparing the interest rates available on a housing loan at other lenders other than DHFL home loan. The comparison can help you make a wise choice. We have given all the information related to DHFL home loan and lowest home loan rates available at top lenders in India.
DHFL Home Loan Interest Rate 2018
The floating rates for home loans range from 9-10% per annum. You also have the option to apply under PMAY scheme and save on interest. If you match the criteria for PMAY- CLSS, you can save up to Rs. 2.7lakhs on your home loan.
DHFL Home Loan Eligibility
At DHFL, the factors that decide whether or not you will get the loan are as follows:
- Repayment Capacity
- Educational qualifications
- Stability and continuity of income
- Number of dependents
- Co-applicant’s income
- Saving habits, and more
DHFL Home Loan Processing Fees
The processing fee applicable on a home loan is a one-time payment which is the non-refundable amount. The fee is ₹5000 to ₹20,000 for salaried individuals or self-employed professionals. For self-employed non-professionals, the fee is 1.5% of the loan amount plus GST.
DHFL Home Loan Document
- KYC Documents
- Salary slip for the last 2 months/Salary Certificate
- Latest Form – 16 if salary above ₹20000/- per month
- Copy of all bank pass books/bank statements for the past 3 months including front page
- Company profile if it is a lesser known organization
Self-employed Businessmen and Self-employed Professionals:
- KYC Documents
- Copy of last 2 years Income Tax Returns of the applicant along with computation of income duly attested by a Chartered Accountant
- Copy of last 2 Years Balance Sheet and Profit & Loss Account of the firm duly attested by a Chartered Accountant
- Brief Business Profile on the Letter Head of the firm by the applicant
- Bank Statement for the last 6 months for the Savings Account & Current Account, O/D Account
- Copy of Establishment License/VAT Registration or any other mandatory license/registration
- Copy of the Partnership Deed, Memorandum of Associations, Articles of Association
- Copy of Tax Deduction Certificate/Form – 16A
- Details of Contract
- Copy of Advance Tax paid/Self Assessment Tax paid challan
How much EMI will your pay on your housing loan from DHFL?
You can check your payments even before applying for DHFL housing loan. Use a loan EMI calculator for this and mention following details:
- Loan amount
- Interest rate
For instance, if you getting the rate approval of 9% per annum as per your eligibility and income, your payments would be as follows:
Loan amount- ₹20 lakhs
Interest rate- 9% p.a.
Tenure- 20 years
The payment details will be as follows:
Monthly EMI- ₹17995
Total Interest Outgo- ₹2318685
Total Amount (Interest + Principal)- ₹4318685
Home Loan Interest Rates in Top 5 Banks
- State Bank of India- 8.45% p.a. onwards
- ICICI Bank- 8.55% p.a. onwards
- Axis Bank- 8.50% p.a. onwards
- HDFC – 8.70% p.a. onwards
- Bank of Baroda- 8.50% p.a. onwards