|Dhanlaxmi Bank Home Loan Highlights|
|Interest Rate||9.35% – 10.50% p.a.|
|Loan Tenure||Up to 30 years|
|Processing Charges||1% of the loan amount + GST|
Note: Rates as of 3 October 2023
Dhanlaxmi Bank Home Loan Interest Rates
|Rating||Interest Rates (% p.a.)|
|Regular Program||Surrogate Program|
When setting the final interest rates for its home loan applicants, Dhanlaxmi Bank may consider factors like the desired loan amount, existing loan repayment obligations, credit score, etc. While Dhanlaxmi Bank has not disclosed credit score based interest rate matrix, lenders are increasingly setting home loan interest rates based on their home loan applicants’ credit scores. Banks and HFCs prefer offering lower home loan interest rates to applicants having higher credit scores. Therefore, one must check their credit scores before applying for a home loan. Applicants with no credit history or low credit scores can avail Step UP Credit Card, a secured credit card co-branded with SBM Bank India Ltd., and use it responsibly to steadily build/improve their credit scores and thereby, their chances to avail home loan at lower interest rates.
Improve your credit score with lifetime free Step Up Credit Card Know More
Compare Home Loan Interest Rates for Top Banks & HFCs
|Name of Lender||Up to Rs. 30 Lakh||Above Rs. 30 Lakh to Rs. 75 Lakh||Above Rs. 75 Lakh|
|SBI||8.40% - 10.15%||8.40% - 10.05%||8.40% - 10.05%|
|HDFC Bank Limited||8.50% onwards||8.50% onwards||8.50% onwards|
|LIC Housing Finance||8.50% – 10.35%||8.50% – 10.55%||8.50% – 10.75%|
|Kotak Mahindra Bank||8.70% onwards||8.70% onwards||8.70% onwards|
|PNB Housing Finance||8.50% - 14.50%||8.50% - 11.45%||8.50%-11.45%|
|Punjab National Bank||8.55%-10.25%||8.50%-10.15%||8.50%-10.15%|
|Bank of Baroda||8.40% - 10.65%||8.40% - 10.65%||8.40% - 10.90%
|Union Bank of India||8.40% – 10.80%||8.40% – 10.95%||8.40% – 10.95%|
|IDFC First Bank||8.85% onwards||8.85% onwards||8.85% onwards|
|L&T Finance Limited||8.60% onwards||8.60% onwards||8.60% onwards|
|Bajaj Housing Finance||8.45% onwards||8.45% onwards||8.45% onwards|
|Tata Capital Housing Finance||8.70% onwards||8.70% onwards||8.70% onwards|
|Federal Bank||8.80% onwards||8.80% onwards||8.80% onwards|
Compare Home Loan Schemes Offered by Top Lenders Compare Now
Dhanlaxmi Bank Home Loan Fees & Charges
|Particulars||Fees and 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|
|Part prepayment Charges||
|Foreclosure Charges||NIL for Floating rate loans|
|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|
|Cheque swap charge||Rs. 500|
|Document retrieval charges||Rs. 500|
|EMI cycle change||Rs. 500|
|Foreclosure statement charges||Rs. 200|
|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|
Also check the home loan processing fees of other home loan lenders.
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Features of Dhanlaxmi Bank Home Loan
- Loan tenure of up to 30 years
- Special surrogate income program for self employed applicants, wherein the bank assesses loan request not only on the basis of the applicant’s financials but also on the basis of the nature of their business and related aspects
- Step Up and Step Down EMI options for higher loan amount eligibility
- Mortgage Reducing Term Assurance (MRTA)* insurance to cover your outstanding home loan in your absence
Variants of Dhanlaxmi Bank Home Loan
Home Extension Loan
Purpose: Home Extension Loan is for financing costs related to house extension such as adding floors, additional rooms, a balcony, etc.
Home Improvement Loan
Purpose: Home Improvement Loan covers expenses related to internal and external repairs and other structural improvements such as flooring and tiling, painting, water-proofing, false ceiling, woodwork, plumbing or electrical work of an already purchased house.
Purpose: With Construction Loan, applicants can avail funds for constructing a house on an already owned plot.
Plot + Construction Loan
Purpose: Plot plus construction loan can be availed for acquiring a plot and constructing a house on it thereon, within a given time.
Home Loan Balance Transfer
Purpose: Home loan balance transfer facility is offered to existing borrowers of other banks & HFCs to avail home loan at lower interest rates and thereby, reduce their EMI and overall interest cost. The refinance facility can be availed within 6 months on the payments made towards acquisition of a house. The bank also offers top up loans with balance transfer for personal or business use.
NRI Home Loan
Purpose: NRIs can avail Dhanlaxmi Bank NRI Home Loan for purchasing/constructing/ renovating/extending houses in India. The loan facility can also be availed for buying a plot for house construction thereon. The bank also offers home loan balance transfer facility to existing NRI home loan borrowers of other banks/HFCs. Home loan balance transfer applicants are also offered top up home loans, which can be used for meeting personal or business requirements. NRIs can also use Dhanlaxmi Bank NRI Home Loan to refinance their properties within 12 months of making payments made towards home purchase.
Tenure: Ranging from 3 to 15 years
Other loan feature:
Mortgage Reducing Term Assurance (MRTA)* insurance to cover your outstanding home loan in your absence
Reduce your Home Loan EMI with Balance Transfer Click Here
Eligibility Criteria for Dhanlaxmi Bank Home Loan
Dhanlaxmi Bank has not disclosed the eligibility criteria required for applying for its home loan. However, banks and HFCs consider an applicant’s credit score, age, job profile, employer’s profile, monthly income, property value, qualifications, assets, savings history, etc., when evaluating their home loan eligibility.
Also know: Home loan eligibility criteria of top 10 banks and HFCs
Dhanlaxmi Bank Home Loan Documents Required
Common set of documents
- Duly filled application form (with photographs and signature across the photo)
- Processing fee cheque
- Copy of property papers, if the property is identified
- Details of limits and loans availed
- Repayment track record of 1 year (if applicable)
- Bank verification form
- Latest loan outstanding statement for balance transfer
- Age Proof/Photo ID Proof – PAN Card, Aadhaar Card, Passport, Ration Card, Voter ID Card
- Address Proof – Driving license, Passport, Utility Bill, Rent Agreement, Aadhaar Card, Voter ID
- Income Proof for Salaried – Latest Form 16, Salary slip for last 3 months or Salary Certificate, Bank Statement for last 6 months, a copy of Offer Letter if job continuity is less than 1 year or other proof of continuity in current job or business
- Income Proof for Self Employed – Financial documents of 2 years, ITR along with computation, balance sheet, P&L, Schedules, Tax Audit report of individuals, partners & company, latest shareholding pattern attested by both CA/CS or other authorised person, bank account statement (business and savings) for last 6 months, One year bank statement for surrogate, VAT/ Sales Tax Returns to validate sales.
Also read: The list of home loan documents required by other banks & HFCs
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Dhanlaxmi Bank Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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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?
Ans: 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. Do I get any tax deduction on my Dhanlaxmi Bank Home Loan?
Ans: Yes, Dhanlaxmi Bank Home Loan borrowers can avail tax deduction of up to Rs 1.5 lakh on the repayment of principal amount under Section 80C of Income Tax Act. The borrowers can also claim tax deduction of up to Rs 2 lakh on the repayment of interest component under Section 24(b).
Q3. Can I partly prepay my Dhanlaxmi Bank Home loan?
Ans: Yes, Dhanlaxmi Bank also allows its borrowers to partly prepay their home loans after 6 months from the date of first disbursement, subject to a minimum of Rs. 50,000 and a maximum of 25% of the loan outstanding at the start of the financial year. Moreover, borrowers are allowed to make prepayment once in a financial year.
Q4. Is it possible to prepay/foreclose my Dhanlaxmi Bank Home Loan?
Ans: Yes, you can prepay/foreclose your Dhanlaxmi Bank home loan and that too without incurring any foreclosure charges.