DHFL Home Loan Interest rates in Ludhiana
DHFL Home Loan Floating interest Rates
| Up To 25,00,000 | 25,00,000 To 75,00,000 | 75,00,000 To 10,00,00,000 | 10,00,00,000 Above | |
|---|---|---|---|---|
| Salaried | 9.05% | 9.05% | 9.15% | 9.15% |
| Self Employed | 9.15% | 9.15% | 9.35% | 9.35% |
| Women | 8.60% | 8.60% | 8.75% | 8.75% |
Loan To Value (LTV) For DHFL Home Loan in Ludhiana
| Up To 25,00,000 | 25,00,000 To 75,00,000 | 75,00,000 To 10,00,00,000 | 10,00,00,000 Above | |
|---|---|---|---|---|
| Salaried | 90.00% | 90.00% | 85.00% | 80.00% |
| Self Employed | 90.00% | 90.00% | 85.00% | 80.00% |
| Women | 90.00% | 90.00% | 85.00% | 80.00% |
Features of DHFL Home Loan Ludhiana
| Type | Features |
|---|---|
| Processing Fee | Upto 1.5% |
| Pre Closure Charges | Nil |
| Part Payment Charges | Nil |
| Min Tenure | 1 Years |
| Max Tenure | 30 Years |
| Min Age | 21 Years |
| Max Age | 60 Years |
DHFL Home Loan Ludhiana Charges
| Type | Charges |
|---|---|
| E M I Bounce Charges | 18.0% Per Annum |
| Duplicate Statement Charges | Rs.250/- |
| Insurance Cover | Upto Loan Amount |
| Inspection Charges | At Actuals |
| Legal Opinion Valuation Charges | At Actuals |
| Validity Of Sanction | NA |
| Cheque Swapping Charges | Rs.250/- |
| Bounce Cheque Charges | Rs.250/- |
| Issue Duplicate Provisional Interest Certificate | Rs.250/- |
| Issue Duplicate Interest Certificate | Rs.250/- |
| Duplicate Balance Certificate | Rs.250/- |
| Issue Amortization Schedule Duplicate | Rs.250/- |
| Switch Variable To Fixed | 0.5% of the principal outstanding |
| Switch Fixed To Variable | 0.5% of the principal outstanding |
| Photocopy Documents | Rs.500/- |
Documentation For Home Loan
For Salaried Persons
- Filled Application form
- Identity Proof (PAN CARD)
- Address Proof
- Latest 3 months Payslips
- Job Continuity Proof
- 2 Passport Size colour Photographs
- Co-Applicant identity proof, Address Proof
- Co-Applicant relationship Proof and Photograph
- 6 months Bank Statements
- 3 Post Dated Cheques/ECS Mandate
- Property Related documents
For Self Employed/Professionals
- Filled Application form
- Identity Proof
- Address Proof
- Last 2 years Income Tax Returns
- Professional/Self employed existence proof for more than 3 years
- 2 Passport Size colour Photographs
- Co-Applicant identity proof, Address Proof
- Co-Applicant relationship Proof and Photograph
- 6 months Bank Statements
- 3 Post Dated Cheques/ECS Mandate
- Property Related documents
Identity Proof For Home Loan
- Passport
- Driving License
- PAN card
- Photo credit card (with embossed Signature and last two months statement)
- Banker's sign verification
Age Proof For Home Loan
- PAN Card
- Passport
- License
- School leaving certificate
- Voter card
- Birth Certificate
- LIC policy (only for age Proof)
Income Proof For Home Loan
- Passport
- Telephone bill (BSNL/MTNL)
- Electricity bill
- Title deed of property
- Rental agreement
- Driving license
- Election ID card
- Photo-credit card (with last two month statements)
Address Proof For Home Loan
- Latest salary slip
- Current dated salary Certificate with latest form 16.
- Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
Job Continuity Proof For Home Loan
- Form 16
- Relieving letter
- Appointment Letter (for last two months)
- Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)
Banking History For Home Loan
- Bank statements of latest 2 months
- 3 months bank passbook
Property Related Documents For Home Loan
- Min of 15 years of Link documents of Property
- Min 15 Years of Encumbrance Certificate (EC) of the property obtained from Govt. Authorities
- Property Sanction plan
- BRS/LRS copies (if required, any)
DHFL Home Loan FAQ's
What are the types of home loans that DHFL offers?
"There are a variety of home loans you can benefit from: 1. Home Purchase Loan: Common loan for purchasing a home 2. Home Improvement Loan: Loan given for implementing repair works and renovations to your home 3. Home Construction Loan: Loan available for the construction of a new home 4. Home Extension Loan: Given for expanding or extending an existing home – eg. Addition of an extra room, etc. 5. Land Purchase Loan: Sanctioned for purchase of land, for both home construction or investment purposes 6. Home Loans for Self Employed: Specially tailored Home Loans for Self employed Professionals and Non-Professionals such as Small retailers, Doctors, Architects etc. 7. Plot Loans: Loan for Purchase of Non Agriculture Plot Loans across India 8. Home Loan Transfer: Transfer of Home Loans from other Housing finance companies or Banks. "
What is an EMI?
EMI (Equated Monthly Instalment) is the amount payable to the lending institution every month, till the loan is paid back in full. It consists of a portion of the interest as well as the principal.
What are the eligibility conditions for a home loan?
"To qualify for a home loan with DHFL, you must be: 1. An Indian resident or NRI 2. Above 21 years of age at the commencement of the loan 3. Below 65 when the loan matures 4. Either salaried or self employed "
Who can be a co-applicant?
A co-applicant is/are the co-owners of the property which is being offered as collateral/security to the loan. However all co-applicants need not be co-owners. Co-applicants to the loan are generally husband/wife, father/son, etc.
What are the interest rates offered for home loans? What are daily reducing, monthly reducing and yearly reducing balance?
"Interest rate varies according to the market conditions and interest rates are dynamic in nature. The interest on home loans in India is usually calculated either on monthly reducing or yearly reducing balance. In some cases, daily reducing basis is also adopted. 1. Annual Reducing: In this system, the principal, for which you pay interest, reduces at the end of the year. Thus you continue to pay interest on a certain portion of the principal which you have actually paid back to the lender. This means EMI for the monthly reducing system is effectively less than the annual reducing system. 2. Monthly Reducing: In this system, the principal, for which you pay interest, reduces every month as you pay your EMI. 3. Daily Reducing: In this system, the principal, for which you pay interest, reduces from the day you pay your EMI. EMI in the daily reducing system is less than the monthly reducing system DHFL calculates EMI on monthly reducing basis only. "
What is a fixed rate of interest?
Fixed rate of interest means the rate of interest remains unchanged for the entire duration of the loan. This means you do not benefit even if home loan interest rates drop in the market during the course of your loan.
What is a floating rate of interest?
In this case, the rate of interest fluctuates based on the market lending rate. This means you stand the risk of paying more than you budgeted for in case the lending rate goes up.
What is Pre-EMI Interest?
Prior to full and final disbursement and commencement of EMI, you pay pre-emi interest on the portion of the loan disbursed to you. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of the EMI.
What are the other costs that usually accompany a home loan?
"Home loans are usually accompanied by the following costs: 1. Processing Charge: It’s a fee payable to DHFL on applying for a loan. 2. Pre-payment Penalties: If the Housing loan is under Variable/Floating Rate loan and the loan is prepaid through any source, no prepayment charges shall apply If the Housing loan is under fixed rate, the pre-payment charges shall apply except in the cases in which the customer is paying out of his ‘Own Sources’. The expression ‘own sources’ indicates that the proceeds of the prepayment should be from ‘any source other than from a bank/HFC/NBFC and/ or a financial institution’. All other Loans would continue to attract pre-payment penalty upon pre-closure, as per the terms and conditions of the loan agreement which is duly signed and executed by the customer. 3. Commitment Fees: DHFL doesn’t take any commitment fees from consumers, while some Institutes levy a commitment fee in case the loan is not availed of within a stipulated period of time after it is processed and sanctioned. 4. Miscellaneous Costs: DHFL levies a minimal charge of ` 220 only for Standard documentation charges. "
What are the repayment period options?
Repayment period options range generally from 5 to 20 years. DHFL offers loans from whose tenure ranges from 5 to 20 years.
Are securities required for home loans?
In most cases, the property to be purchased, itself becomes the security and is mortgaged to the lending institution till the entire loan is repaid. Some institutions may ask for additional security such as life insurance policies, FD receipts and share or savings certificates. DHFL doesn’t ask for securities. Securities will be asked by DHFL in exceptional cases only.
What is the right time to apply for a home loan?
Loans can be applied for before or after selection of property. The loan amounts are sanctioned in principle to let buyers know what amounts they can avail of. This helps them decide their budgets and purchasing power. Actual disbursements are made after satisfactory verification of all necessary documents and completion of specific procedures.
Do I require a guarantor to get a home loan?
DHFL doesn’t ask for a Guarantor. One can have a co-applicant instead, while some other financial institutions do ask for 1 or 2 guarantors.
What is the time required for home loan application approval?
About 3-15 days, subject to proper documentation provided by the Home loan applicant.
What is the time required for home loan disbursement?
On an average, loans are disbursed within 3-15 days after satisfactory and complete documentation and completion of all relevant procedures, including proof that 15% of the cost has been paid upfront to the seller of the property.
What are the tax benefits of home loans?
Resident Indians are eligible for certain tax benefits on principal and interest components of a home loan. As per Income Tax Act 1961 rules, the current applicable exemption under section 24(b) is ` 1,50,000/- for the interest amount paid in the financial year and up to ` 1,00,000/- (under section 80 C) for the principal amount repaid in the same year.
About DHFL
DHFL Highlights
About Other Banks
Bajaj Finserv
ICICI Bank
Axis Bank
HDFC Bank
Magma Fincorp
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IDBI Bank
IndusInd Bank
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Aditya Birla Housing Finance
Capital First
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Indiabulls Housing Finance
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Yes Bank
Canara Bank
Bank of Baroda
Home Loan Can Be Used For Many Purposes Like Below
Why Home Loans?
Most of the families prefer to have their own house whether big or small. There is a significant difference staying in a self owned house than in a rented shelter. House is the most costly asset owned by middle and upper middle class families and it has emotional value. Affording own house with actual money is not always possible. Even though a person has stable income, years of savings are required to own a house in this current market. A Home loan answers the problems of those people who are willing to have their own home but do not have sufficient money to do that. You can now own your dream home by availing Home loan.
Home loan is normally for purchase of a new House/ Flat/Plot or renovation/ renewing of existing residential or commercial properties. Home loans are provided by Banks and registered finance companies. In Indian market there are several Banks/ HFCs providing Home loans at competitive interest rates. Home loan is always secured against the property that you buy. In case you are unable to repay the loan amount the lending bank will have right to take possession of the home.
In case of a Home loan entire lump sum amount will be sanctioned and disbursed initially based on the credit worthiness. You can plan your housing loan repayment tenure varying from 10-30 years and is repayable in form of EMIs. The rate of interest applicable is linked with Bank's base rate. You have a option to chose floating interest rate or fixed interest rate for the loan amount. For those who want the EMI amount to be fixed and are intending to plan their payments accordingly can opt for fixed interest rate. Those who are ready to take minimal risk and intend to avail the advantage in the long run can avail floating rate of interest. Floating rate of interest is more beneficial in the long run.
Expert Advice
Best Practices for Home Loan
Things not to do for Home Loan
Interest Rates
Other Benefits
Facts about Home Loans
The Banks/Financial Institutes takes care about the following, when you apply for a Home Loan.
Home Loan Vs Mortgage Loans
| Home Loans | Mortgage Loan |
|---|---|
| Home loan can be availed for own/purchase of new property (Home or Flat). | Mortgage loans will be provided based on already owned property. |
| Under Home Loan, loan can be availed only for purchase of new property. | There is no restriction on mortgage loan usage. It can be used for any purpose. |
| Housing Loan will be provided for max of 25 years, some banks can extend it to 30 years also. | Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India. |
| Home Loans interest will be as low as 9.95% to max of 11.5%, these interest rates will be subject to change as per market condition. | Interest rate will be very from 12% to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans. |
| Home Loan customers can be eligible for Income tax deduction of Rs 1.00 lakh on housing loan interest under section 80EE. This would be in addition to the existing tax benefit of Rs 1.5 lakh under section 24, only if the value of the property purchased should not exceed Rs 40 lakh. Also, it could result in maximum savings of Rs 30,000-31,000. | If the money received from a mortgage loan is used for business purposes, the interest can be claimed as an expense on the balance sheet of the business. However, if an individual is using it for personal end use, like marriage or medical expenses, the interest is not tax deductible as per income tax guidelines. |
| Loan can be availed up to max of Rs. 1.0 Cr under home loan, for real estate project funding it can be up to Rs. 20.0 based on the bank risk appetite. | Mortgage Loans can be avail up to Rs. 15.0 cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms. |
| There is no prepayment penalty for the housing loan customers, when the loan will be cleared by the own funds. | There will be pre payment changes will be applicable for mortgage loans. This will be vary from 1% to 3% as per bank internal guidelines. |
| Part pre Payments will be allowed in Housing Loans. | There were no part prepayment will be allowed for Mortgage loans. |
| Housing Loan can be availed with joint eligibility by Husband and wife or blood relatives. | Mortgage loans also avail with the joint eligibility as company and director or blood relatives. |
| You can avail max of 80% of the property value as a home loan as per your eligibility criteria. | In Mortgage Loan max of 65% property value can avail as a Loan based on the type of property. |
| You can avail a top loan facility on your home loan. | Top up facility will be vary from bank to bank internal guidelines. |
About Ludhiana
Ludhiana is namely the Lodhi Dynasty,Ludhiana is a city and a municipal corporation in Ludhiana district in the Indian state of Punjab, and is the largest city north of Delhi. It is situated on the banks of the Sutlej River.
Ludhiana city is a well known Industrial hub in Northern India, especially for manufacturing bicyles, cycle parts, sewing machine, hosiery, etc. The city is well connected by direct rail service with all parts of India.
Ludhiana city is believed to be founded way back in the year 1480 by the Lodhi dynasty. Two of Lodhi Chiefs Nihang Khan and Yusuf Khan, had come to the region on the orders of Sikandar Lodhi with a purpose to reinstate order in the area. They stayed in a village called Mir Hota which was situated at the present site of Ludhiana. While Yusuf Khan had gone across Sutlej River, Nihang Khan stayed back and founded the city at the spot of the village. The new town, thus, came to be known as ‘Lodhiana’, meaning ‘the town of Lodhis’. Subsequently, the name was amended to Ludhiana.
Other Cities Loan Offers
Places To Be Visited In Ludhiana
Phillaur Fort
During the reign of Sher Shah Suri, a Sarai (inn) was constructed at Phillaur near Ludhiana. During the reign of Shah Jahan the inn was converted to a military fort and a post office. The fort was later used by the British as a part of the military cantonment. The fort now houses a police training academy and a finger print bureau.
Lodhi Fort
Lodhi Fort was built by the Muslim monarch Sikandar Lodhi around 500 years ago. The fort is located at the banks of the Sutlej River and also came under the British in 1809. The fort was once a majestic residence of the great Muslim king and displayed his military power. However, in the wake of neglect the fort stands in ruins and has badly suffered by nature’s elements.
Punjab Agricultural University Museum
Also known as Ajaib Ghar, Punjab Agricultural University Museum is a definitive visit if you like to learn about the people’s life in Ludhiana in the 18th and the 19th centuries. The museum becomes a stage to the colorful festival of the Kisan Mela held annually. The museum houses various rural and farming tools and objects and several other artifacts from the 18th and 19th century.
Tiger Zoo
Located at the GT road, the Tiger Zoo is spread across a massive 25 acres of land. The zoo was established in 1993 and has been a favorite tourist spot in Ludhiana ever since. The safaris are conducted inside safety vans and one can watch the tigers in the open from inside the vans.
Maharaja Ranjit Singh Museum
The Museum is located at GT road and is named after Maharaja Ranjit Singh whose statue depicting him sitting on a throne is located at the entrance. The museum has 12 galleries in total with sections like ancient history and post independence.
Nehru Rose Garden
This beautiful rose garden was established in 1967, over an area of 30 acres with more than 17,000 plants and 1,600 varieties of roses. It is one of the largest rose gardens in Asia, which serves open for the visitors from morning till evening. The blooming surroundings of this park are worth viewing, especially for people who love roses and really like to check its varieties that are spread here across a vast expanse of land. The garden organizes a Rose festival every year to offer a priceless display of flowers to the flower lovers all across the city.
Shivala Sangliwala Temple
This magnificent temple is believed to be around 400 years old and is located in the Old Ludhiana, attracting tourists from all over the world. It is dedicated to Lord Shiva and every year during Shivratri, pilgrims from distant areas visit this temple to offer holy water of River Ganges to the idol of Lord Shiva. During Shivratri, the temple witnesses long queues, waiting to catch a glimpse of Lord Shiva. A lot of people take a difficult journey of Kanwar from Haridwar to Ludhiana to offer holy water of River Ganges to Shivalingams.