DHFL Home Loan Interest rates in Mumbai
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 Mumbai
| 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 Mumbai
| 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 Mumbai 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
Citi Bank
Dcb Bank
IDBI Bank
IndusInd Bank
Kotak Mahindra Bank
RBL Bank
State Bank of India
Standard Chartered Bank
Avanse
LIC Housing Finance
Fullerton
TATA Capital
Credila
HDFC Limited
Aditya Birla Housing Finance
Capital First
Edelweiss
Indiabulls Housing Finance
Religare Finvest
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 Mumbai
Mumbai, which was previously known as Bombay is a major metropolitan city of India. It is the state capital of Maharashtra . Mumbai city is known as the business capital of India, it being the country's principal financial and communications centre. The city has the largest and the busiest port handling India's foreign trade and a major Interntional airport. India's largest Stock Exchange which ranks as the third largest in the world, is situated in Mumbai. Here, trading of stocks is carried out in billions of rupees everyday.
Historic All India Congress Committee session was started on 7th of August 1942 at Gowala Tank Maidan. Mahatma Gandhi gave 'Quit India' call at this session. British arrested the Indian leaders soon afterwards but the momentum of the Quit India movement could not be stopped and led to the final withdrawal of the British on 15 August 1947.After independence, the state of Bombay was split into Maharashtra and Gujarat states in 1960 on linguistic basis, while the former retaining Bombay city as its capital.
Other Cities Loan Offers
Places To Be Visited In Mumbai
Gateway of India
Mumbai's most recognized monument, the Gateway of India, was constructed to commemorate the visit of King George V and Queen Mary to the city. It's also a popular place to start exploring Mumbai. These days the atmosphere around the monument resembles a circus at times, with numerous vendors peddling everything from balloons to Indian tea.
Heritage Buildings
Mumbai has some captivating heritage buildings where you can marvel over staggering examples of intricate colonial architecture. Some of the best are the Gothic looking Prince of Wales Museumin the Kala Ghoda art precinct, Victoria Terminus (CST) railway station, the Bombay High Court and the buildings of Horniman Circle in the Fort area. The feature of Horniman Circle is its huge gardens, which provide a welcome respite from the hustle and bustle of the city. Also have a wander past the historic 18th century homes in Khotachiwadi village.
Haji Ali
The imposing Haji Ali is both a mosque and tomb. It was built in 1431 by wealthy Muslim merchant and Sufi saint Pir Haji Ali Shah Bukhari, who was inspired to change the course of his life after going to Mecca. It also contains his body. Situated in the middle of the ocean, Haji Ali is only accessible during low tide from a narrow, 500 yard long walkway.
Caves and National Park
In contrast to its millions of inhabitants and sprawling development, Mumbai surprisingly also has a national parklocated within its limits and the many ancient Buddhist caves, which have been hand carved into volcanic rock there. More caves, dedicated to the Hindu Lord Shiva, can also be found on Elephanta Island.
Juhu and Marine Drive Chowpatty Beaches
The Juhu Beach in Mumbai is one of the most famous Indian beaches.It is located approximately 18 km from the city center and is a desired location for most film shootings.
Kala Ghoda Art Precinct
Kala Ghoda, meaning "Black Horse" in reference to a statue that was once located there, is Mumbai's cultural center. This crescent-shaped stretch is home to Mumbai's best art galleries and museums. It's also filled with cultural spaces, including some wonderful pavement galleries.