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Dhanlaxmi Loan Against Property 2022 |
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| Interest Rate | Depends on credit assessment |
| Loan Amount | Up to 65% of property value |
| Loan Tenure | 3 – 15 years |
| Processing Fees | 1.5% of the loan amount + applicable taxes |
Note: The figures given in the table are indicative and are subject to change as per changes in Dhanlaxmi Bank or RBI policies.
Read Also- Loan Against Property
Dhanlaxmi loan against property is a multi-purpose loan, which helps an individual raise funds against his/her property. The loan can be availed for business as well as personal needs. Both salaried as well as self-employed individuals can avail the loan at an attractive interest rate for a loan tenure ranging from 3 to 15 years.
Dhanlaxmi Loan Against Property Features & Benefits
- Avail up to 65% of your property value
- Flexible loan tenure ranging from 3 to 15 years
- Can be used for multiple purposes
- Get loan against both residential and commercial properties
- Step up and Step down EMI options
- Both balance transfer and top up facilities are available
- Offers special surrogate income program for self employed
- Offers Mortgage Reducing Term Assurance (MRTA) insurance plans to help your family cover your outstanding loan amount in your absence
Check Also: Other Benefits of LAP
Dhanlaxmi Loan Against Property Interest Rates
Dhanlaxmi loan against property rate of interest varies depending upon the loan amount, property type, income, etc. And this will be communicated by the bank’s loan officer.
Dhanlaxmi Loan Against Property Processing Fees & Other Charges
Non‐refundable processing fees payable at the time of application (included in the processing fees)
| Particulars | Charges |
| Processing fees | 1.50% of loan amount, subject to minimum of Rs. 10,000 |
| Up to Rs. 20 Lakh: Rs. 3,500 Above Rs.20 Lakh: Rs. 5,000 |
|
| Cheque bounce charges | Rs. 500 |
| Late payment charges | 3% per month |
| Cheque swap charge | Rs. 500 |
| Facility statement charges (nil for 1 statement every half yearly) | 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) | 3% of the loan outstanding |
| Escrow account charges (wherever applicable) | Rs. 10,000 The 1st year charges will be payable at the time of disbursement. The subsequent charges will be debited at the beginning of each financial year |
| Facility cancellation charges | Rs. 2,000 + interest charges from disbursement date till cancellation request |
| Part prepayment charges | ● Part prepayment can be done after 6 months from date of first disbursement. Subject to minimum of Rs. 50,000 and maximum of 25% of the loan outstanding at the beginning of the financial year ● One payment 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 |
| Foreclosure charges | ● 5% in the first 12 months from date of 1st disbursement ●3% for loans foreclosed between 12‐24 months from date of 1st disbursement, 2% service tax thereafter ●The charge is levied on the loan outstanding at the time of foreclosure |
| Stamp duty (Facility documentation & Property) + Registration | As per actuals |
| Legal, repossession and incidental charges | As per actuals |
| Customer Credit Information Report (Credit Bureau) | ●Individual Customers – Rs. 200 per report ●Non Individual Customers – Rs.750 per report |
Note: All applicable taxes will be levied in addition to the mentioned charges.
Dhanlaxmi Loan Against Property EMI Calculator
Dhanlaxmi loan against property EMI calculator helps you know your EMI in advance so that you can plan your finances accordingly. The online loan calculator required three basic loan details to give you accurate results – loan amount, interest rate and loan tenure. Once these details are entered by the user, the calculator gives results in an instant. To know your loan against property EMI, you can also use Paisabazaar’s loan EMI calculator. The mortgage loan calculator is easy for anyone to use and gives accurate results in no time. Click to calculate your loan against property EMI.
Dhanlaxmi Loan Against Property Eligibility Criteria
Following people are eligible to apply for Dhanlaxmi loan against property:
Individuals
- Salaried Individuals:Any Resident Indian who is in permanent service in a government undertaking or reputed private sector company in India. Salaried Non Resident Indians (NRIs) working with reputed companies in select countries can also apply for the loan.
- Professionals:Professionals such as allopathic doctors, architects, chartered accountants, cost accountants, practicing company secretary, management consultants and lawyers.
- Self-employed:Individuals such as traders, distributors, manufacturers, service providers etc.
Non-Individual Entities
- Proprietorship Firms, Partnership Firms, Private Limited Companies, Public Limited Companies
Dhanlaxmi bank also assesses your eligibility on parameters such as your income, age, qualifications, number of dependents, assets, liabilities, savings history, stability, property value and continuity of occupation.
Dhanlaxmi Loan Against Property Documents Required
When applying for Dhanlaxmi mortgage loan, submit the following list of documents:
List of Documents for Salaried Individuals
- Identity proof
- Passport size photographs of all applicants
- Address proof
- Latest form 16 and last 3 months salary slips
- Last 6 months bank statement of salary account
- Repayment track record (if any)
- A copy of property papers
- Processing fee cheque
List of Documents for Sole Proprietorship/ Partnership/ Pvt. Ltd. Company
- Identity proof
- Passport size photographs of all applicants
- Address Proof
- Last 2 years income tax return of Directors/ Partners
- Last 12 months bank statement of main operating account of the firm
- Audited financials
- Certified copies of MOA/AOA/ Partnership deed (as applicable)
- Professional qualification certificate (if applicable)
- Repayment track record (if any)
- A copy of property papers
- Processing fee cheque
Check Also: Documents Required for Loan Against property
How to Apply for Dhanlaxmi Loan Against Property
To apply for Dhanlaxmi loan against property customers can:
- Visit the nearest Dhanlaxmi bank branch
- Apply online at Dhanlaxmi bank official website
- Dial Dhanlaxmi Bank Customer Care Number at +91 0487 6613000
Dhanlaxmi Loan Against Property Customer Care
Customers can reach Dhanlaxmi Bank Customer Care to get any loan related queries resolved through these ways:
- Dhanlaxmi Bank Customer Care Number: +91 0487 6613000
- Email Address: customercare@dhanbank.co.in
Frequently Asked Questions (FAQs)
1. How much can I avail against the property value?
Dhanlaxmi bank can finance up to 65% of the market value of a property, provided the applicant meets the income eligibility criteria.
2. What is the repayment period under Dhanlaxmi Bank’s loan against property?
Dhanlaxmi Bank grants loans against properties from a period of minimum 3 years to a maximum of 15 years. The tenure for the loan is restricted to the retirement age or 60 years at loan maturity for salaried individuals and 65 years for self-employed individuals.
3. Do I need a co-applicant to avail Dhanlaxmi loan against property?
Yes. All the co-owners of the property have to sign up as co-applicants. For single owner properties, 1 adult family member has to sign up as the co-applicant. In case of a partnership firm, the partners will be the co-applicants. While the promoter directors will be co-applicants in case of a company.
4. What are the different ways in which I can repay the loan taken against property?
There are two ways to repay Dhanlaxmi loan taken against property. One can either pay via Electronic Clearing System (ECS) or by issuing post-dated cheques (PDCs).
Check Also: Mortgage Loan