Dhanlaxmi Bank Home Loan Details 2020
|Interest Rate||8.85% onwards|
|Loan Tenure||Up to 20 years|
|Loan-to-Value Ratio||Up to 85% of the property value|
|Processing Charges||1% of the loan amount, subject to a minimum of Rs.10,000 + GST|
Dhanlaxmi Bank offers home loans at a competitive interest rate starting from 8.85%. The bank extends home loan facility to all the eligible salaried and non-salaried, resident and non-resident Indian borrowers. The loan can be used for construction, purchase, refurbishing and even transfer of an existing home loan from another HFC, and provides versatile finance options.
Features and Benefits of Dhanlaxmi Bank Home Loan
- High loan-to-value ratio of up to 85%
- Easy and fast approval
- Attractive interest rate
- No hidden charges
- Maximum loan amount of up to Rs. 2.5 crore
- Top Up facility on existing loan
Dhanlaxmi Bank Home Loan Interest Rates
The rate of interest offered by Dhanlaxmi Bank Home Loan is directly linked with the Repo Linked Lending Rate (RBLR), which currently stands at 7.93%. The total interest rate applicable on a home loan is the combination of RBLR and spread (basis the customer’s CIBIL score). Currently, the ROI for home loan starts from 8.85% and goes up to 9.95%.
Dhanlaxmi Bank Home Loan Processing Fee and Other Charges
|Processing Fee||1% of the loan amount, subject to a minimum of Rs. 10,000|
|Cheque bounce charges||Rs. 500|
|Late payment charges||3% per month|
|Cheque swap charge||Rs. 500|
|NOC issuance charges (nil for first NOC)||Rs. 500|
|Document retrieval charges||Rs. 500|
|EMI cycle change||Rs. 500|
|Foreclosure statement charges||Rs. 200|
|Switch charges (Floating to fixed and vice versa only if the product exists at the time of request and is permitted by the bank)||3% of the loan outstanding|
|Part prepayment Charges||Part prepayment can be done after 6 months from the date of the first disbursement, subject to a minimum of Rs. 50,000 and a maximum of 25% of the loan outstanding at the beginning of the financial year. One payment is allowed every financial year. All part prepayments made 12 months prior to the foreclosure of the loan will be charged at the applicable foreclosure rate at the time of foreclosure.|
|Stamp duty (Facility documentation &|
Property) + Registration
|As per actual|
|Legal, repossession and incidental Charges||As per actual|
|Creation of charge with ROC||As per actual|
* Goods and Services Tax (GST) as applicable will be levied in addition to the mentioned charges.
Dhanlaxmi Bank Home Loan EMI Calculator
Dhanlaxmi Bank Home Loan EMI Calculator helps users know the approximate value of the loan instalments that they need to pay monthly for servicing their home loans. Dhanlaxmi Bank home loan calculator is an online tool which is also available at Paisabazaar.com. It is easy to use and provides quick results. Click to calculate your Dhanlaxmi Bank home loan EMI.
Dhanlaxmi Bank Home Loan EMI Calculation
The table below shows Dhanlaxmi Bank home loan EMI calculation for different interest rates, loan amounts and loan tenures.
|Loan Amount||Interest Rate||EMIs as per Different Loan Tenures|
|10 years||15 years||20 years|
|Rs. 30 lakh||8.85%||Rs. 37,760||Rs. 30,161||Rs. 26,703|
|Rs. 60 lakh||8.95%||Rs. 75,843||Rs. 60,678||Rs. 53,791|
|Rs. 90 lakh||9.00%||Rs. 1,14,008||Rs. 91,284||Rs. 80,975|
|Rs. 1 crore||9.55%||Rs. 1,29,671||Rs. 1,04,724||Rs. 93,540|
In the table above, one can notice that home loan EMIs decrease as the loan tenure increases. While choosing a longer tenure reduces your monthly liability but it also increases your total interest payout. Hence, choose your home loan tenure wisely.
Dhanlaxmi Bank Home Loan Eligibility Criteria
Mentioned below is the eligibility criteria to avail home loan from Dhanlaxmi Bank.
|Eligible Profiles||Employees, Professionals, Businessmen, Agriculturists, NRIs/PIOs|
|Loan Amount||Up to 85% of the property value|
|Annual Income||Over Rs. 1.2 lakh|
|Other Conditions||● Salaried employees with a net monthly income of at least Rs. 6,000 including that of the spouse, with a minimum 1 year of leftover service after completion of the eligible loan period.|
● NRIs (Non-Resident Indians) and PIOs (Persons of Indian Origin) below 55 years of age and employed overseas for at least 24 months with assured recurring earnings
|Age||Minimum: 21 years|
Maximum: 60 years (at the time of loan maturity)
Note for NRIs/PIOs:
- The maximum loan amount permissible is 60 times of take-home pay, subject to restrictions so that the loan can be repaid within the remaining period of the borrower’s gainful employment with 30% of earnings.
- Only applications for loans over Rs. 2 lakh will be considered.
Check Also: Home Loan Eligibility Calculator
Dhanlaxmi Bank Home Loan Documents Required
Following are the documents required to successfully apply for Dhanlaxmi Bank Home Loan.
|Salaried Individuals||Self Employed Individuals|
|Duly filled in and signed the application form with photographs||Duly filled in and signed application form with photographs|
|Identity, address and age proof||Identity, address and age proof|
|Salary slip of last 3 months||ITR and financial statements, including balance sheet, profit & loss account, schedules. (documents must be certified by a CA)|
|Bank statement of the past 6 months||Bank statement of the past 12 months|
|Form-16 and Income Tax Returns (ITR) details||For partnership firms: Latest partnership deed|
For companies: Latest Memorandum and Articles of Association (CA certificate on profit sharing ratio/list of directors/shareholding partnership)
For Limited Liability Partnership: LLP Agreement
|Title documents of the property||Title document of the property along with business address proof|
Apply for Dhanlaxmi Bank Home Loan on Paisabazaar.com
Customers can apply online for Dhanlaxmi Bank Home Loan through Paisabazaar.com by simply following the below-mentioned steps.
- Follow the link: https://www.paisabazaar.com/home-loan/
- Fill the form by providing relevant details like the loan amount, city of the property, tenure, etc.
- On filling all the required details, click on the ‘Proceed’ button
Soon, a representative from Paisabazaar will contact you on the provided contact number to process your application.
Dhanlaxmi Bank Home Loan Customer Care Details
Customers can reach out to Dhanlaxmi Bank through the below-mentioned contact details to get their home loan-related queries addressed.
- Phone: 91-487-6617000
- Fax: 91-487-6617222
Q1. What is the maximum loan amount offered by Dhanlaxmi Bank?
For employed persons, the maximum loan amount can be up to 60 times of the net monthly take-home salary, including that of the spouse. For all other borrowers, the maximum loan amount can be five times the net annual income as per IT Return. Overall, the maximum loan amount is restricted to Rs. 2.5 crore.
Q2. What is the maximum repayment tenure for a plot purchase loan?
The maximum repayment tenure for a plot purchase loan is 10 years and no initial holiday (moratorium) is allowed. Also, it is important to underscore that the maximum loan amount offered for plot purchase is Rs. 50 lakh.
Q3. How do I repay my home loan?
Repayment of the home loan is to be done in the form of instalments-collected by Post Dated Cheques in advance for each year.