Dewan Housing Finance Limited (DHFL) is one of the premier financial institutions offering home loans to varied classes o borrowers. What also adds weight to its home loans is the flexible tenures and interest rates that are there to keep you interested.
For a loan to be called cheaper, the interest rate must be lower so that the repayment liability reduces significantly over time. The repayment goes through the EMI that can be as long as 30 years. That’s why a complete study of DHFL Home Loan Interest Rate is vital to your cause. Let’s begin to understand the aspects concerning interest rate.
DHFL Home Loan Interest Rate 2018
Firstly, DHFL offers home loans to salaried and self-employed professionals & non-professionals. Plus, the interest rates charged vary according to the profession as well as the loan amount sought. However, salaried and self-employed professionals bear the same interest rates on the same loan amount. It’s the self-employed non-professionals that service the debt at different rates compared to the other two.
Loan amount of up to ₹1.5 crore can be disbursed at an interest rate of 9.15% per annum. Anything between ₹1.5-3 crore is chargeable at 9.35% and above ₹3 crore is at 9.70%. On the other hand, non-professionals are offered loans of up to ₹75 lakhs and ₹1.5 crore at 9.15% and 9.35%, respectively. Loans between ₹1.5 crore and ₹3 crore are offered at 9.45%. Loan amount beyond ₹3 crore would be chargeable at 9.95% per annum.
DHFL Home Loan EMI Calculator
Now that the interest rates are clear to you, the next thing you must do is to know the installment applicable to your loan. The tool that can let you know the same is an EMI calculator. It computes the installment based on the loan amount, interest rate and tenure. The Equated Monthly Installment (EMI) combines a portion of both interest and principal repayments to be made every month till the expiry of the tenure. You also get to know the total interest liability using the calculator. Knowing the installment and interest would only help you plan better.
DHFL Home Loan Documents
DHFL asks for the following documents to approve your home loan case.
Identity Proof – PAN Card/Aadhaar Card/Passport/Voter ID/Driving License
Address Proof – Driving License/Utility Bills/Ration Card/Bank Statement/Sale Deed/Rent Agreement
Income Proof – Last 2-month salary slip or salary certificate, cash salary to be attested on a company letterhead, last 3-month bank statement copy (for salaried)
– Last 2-year ITR showing income computation, last 2-year PL account and audited balance sheet, last 6-month bank statement copy (for self-employed professionals and non-professionals)
Property Documents – Allotment letter & NOC from the builder, agreement of sale, stamp duty registration receipt, own contribution receipt, Index-ii, builder-linked documents, partnership deed, sale deed, tripartite agreement, NA Order, Title Search Report
Note – PAN Card is mandatory if the income is used to calculate loan eligibility
DHFL Home Loan details are explained here to help you take a right call. Be aware of the repayment you can afford before going ahead with the deal. A clear idea of the budget and the likely EMI would only make it easy for you.