Choosing a home finance company is never an easy task since it is a long-time commitment for which you need to trust the lender. Similarly, lenders want to have reasons to believe with their money for the same.
The lender would approve the only if you will be fit enough to repay it. This is judged on the basis of your income, job stability, property value or location, and CIBIL score (650 or above). In this article, we have brought in the details of DHFL home loans to make it easier for you to decide whether it is suitable as per your requirement.
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.
How much EMI do you Pay on the Loan?
You just need to mention the basic details on your home loan which are as follows:
- Loan amount
- Tenure
- Interest rate
Here is an example of the loan amount ₹20 lakhs with the tenure of 15 years and interest rate of 9% p.a.
EMI: ₹20,285
Total interest outgo: ₹16,51,360
Total amount: ₹36,51,360
DHFL Home Loan Eligibility
At DHFL, the factors that decide whether or not you will get the loan are as follows:
- Repayment Capacity
- Age
- Educational qualifications
- Stability and continuity of income
- Number of dependents
- Co-applicant’s income
- Assets
- Liabilities
- Saving habits, and more
DHFL Home Loan Documents
The documentation required to apply for a home loan at DHFL is different according to the profession. The list is as follows:
Salaried:
- KYC Documents
- Salary slip for the last 2 months/Salary Certificate (If variable components like over-time and Incentives are reflected then salary slips for the past 6 months are required)
- 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:
- 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 either Shop & Establishment License/VAT Registration or any other mandatory license/registration or old ITRs evidencing business
- Copy of the Partnership Deed, Memorandum of Associations, Articles of Association (if applicable)
- Copy of Tax Deduction Certificate/Form – 16A (if applicable)
- Details of Contract (if applicable)
- Copy of Advance Tax paid/Self Assessment Tax paid challan
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 letterhead of the firm by the applicant
- Bank Statement for the last 6 months for the Savings Account & Current Account, O/D Account
- Copy of either Shop & Establishment License/VAT Registration or any other mandatory license/registration
- Copy of the Partnership Deed, Memorandum of Associations, Articles of Association (if applicable)
- Copy of Tax Deduction Certificate/Form – 16A (if applicable)
- Details of Contract (if applicable)
- Copy of Advance Tax paid/Self Assessment Tax paid challan
- Copy of Educational Qualification Certificate
- Copy of Professional Practice Certificate
- Salary Certificate (in case of doctors having salaried income)
If you have had any query related to DHFL home loans, you can contact the customer care department of the housing finance company.