dhfl home loan

Why You Must Prefer Using DHFL Home Loan EMI Calculator

Finance

A loan EMI calculator is the genuinely a best friend of the borrower. It shows the same results for the same queries no matter how many times you check it and who is checking it. DHFL home loan EMI calculator is similarly useful for you when you are looking for a suitable home loan lender and also during the repayment period. Using the calculator before finalizing the deal with the lender.

In this article, we have shown an example of how an EMI calculator is used along with the basic information such as the eligibility, interest rate and documentation of DHFL home loan.

What is the lowest interest rate on the home loan?

DHFL understands the expectations of a home loan borrower and hence the rates have been kept as low as 9%-10% per annum. The housing finance company also disburses loan under PMAY which further lowers its interest.

How much EMI do you pay on the loan?

A home loan EMI calculator is an online facility that is accessible anytime anywhere. You just need to mention the basic details on your home loan which are as follows:

  • Loan amount
  • Tenure
  • Interest rate

Now, when you mention the above details in the calculator, it would give you the data of the EMI, the total interest outgo, and the total amount (principal+interest). Here is an example with 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

What the benefits of a loan EMI calculator?

Below are the reasons you should look for using a loan EMI calculator:

  • The calculation of EMI is simpler with the calculator
  • It shows result instantly
  • You can use it as many times as you want
  • It is available online so there is flexibility
  • It helps in comparing different combinations
  • It gives accurate results and is not partial

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 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 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 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
  • 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)

With the above information on the rate and an example of how the EMI is calculated, you can check your monthly installment with DHFL home loan EMI calculator as many times as you want. The calculation does not cost time or money and gives you result in less than 2 seconds.

Srishti Singh is a professional financial writer who has written on various financial products like personal loans, home loans, credit cards & mutual fund investment, etc. She believes in delivering best of her knowledge so as to help the readers understand the product and be aware of their financial decisions.

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