DHFL Home Loan Eligibility Calculator

Eligibility Criteria	DHFL Home Loan
Eligible Age of Borrower	21 – 65 Years
Loan Amount Eligibility	Upto 5 Crore
Loan Tenure	Upto 30 Years
Interest Rate	9.75% p.a. onwards
Work Experience for Salaried	2 Years
Business Stability for Self Employed	5 Years
Maximum loan as percent of property value	Upto 80%
Maximum EMI as percent of income	Up to 65%
Fixed monthly obligations	Affects home loan eligibility

DHFL Home Loan Eligibility

The first step to avail a home loan is to know how much home loan you are eligible for. As per the norms defined by the company, customers are eligible for home loan only if they are salaried or self-employed. DHFL home loan amount eligibility ranges from 1 lakh-5 crore. That is one  can avail a home loan for a minimum amount of Rs. 1 Lakh. Whereas, on the upper limit, you can seek a loan amount maximum upto Rs. 5 crore. However, the company takes into consideration the lower of either 80% of the market value of the house or 85% of the cost of the property (inclusive of registration fees and stamps). The limits can be further enhanced, if you add on a working co-applicant to the loan process.

Some key factors that may decide for actual DHFL home loan amount that you are eligible for:

• Ability to repay the loan amount
• Age of the applicant(s)
• Number of dependents applicant(s)
• Educational qualifications of the applicant(s)
• List of existing liabilities.
• Usual saving and investment patterns
• Job security and its continuity
• Possessed assets

Why DHFL Home Loan?

Ever since its inception in 1984, DHFL (Dewan Housing Finance Corporation Limited) has committed itself to provide affordable finances to purchase houses nationwide i.e DHFL Home Loans are serving people from decades. DHFL is a deposit-taking housing finance company that operates and manages 181 branches and 146 service centres, as on Jan 2018. The promoters of DHFL want to make sure that the dreams of lower and medium income groups of buying a house, just don’t remain a dream all their lives. Over the past three decades, the company has come forward with some innovative and beneficial product lines. All this along with the constant desire to help people fulfill their dreams has made DHFL one of the leading names in the home financing institutions.

Documents Required for DHFL Home Loan:

The list of documents required for availing a home loan with DHFL would largely depend on the type of loan application. For an instance, the set of documents for a salaried individual would differ from self-employed. Similarly, documents required for businessmen shall be different from what Non-Resident Indians have to submit. The following are some of the common documents required for different categories:

Businessmen

• KYC (Know Your Customer)compliance
• Proof of Income tax returns for the previous 2 years along with all calculations certified by a chartered accountant
• Business profile of the applicant in brief
• Profit & Loss statements and balance sheets of the previous 2 years, certified by a chartered accountant
• A copy of Form 16A,if applicable
• Statement provided by banks for any existing savings, current or overdraft accounts
• If any advance tax is paid, challan for the same is required

Non-Resident Indians(NRIs)

• KYC compliance
• Copy of the latest income tax returns
• Copy of work permit/identity card/contract copy/proof of employment
• If salaried, then salary slip of at least three months (6 months,if overtime and incentives are reflected in the salary slip)
• Copy of bank statement of any overseas account for the last 6 months
• Copy of bank statement for any NRO/NRE accounts held
• Power of attorney, in the event that the applicant is unable to come to India for signing documents

Salaried Individuals

• KYC compliance
• Copy of bank statements or passbook for the last three months
• A copy of the latest Form 16 (Applicable for individuals whose salary exceeds Rs.20000/month)
• If your company is not well known, a brief profile of the organisation
• Either salary certificate or salary slips for the previous two months

Important Features and Benefits of DHFL:

• Loan – As mentioned above you can avail home loans from Rs. 1 lakh and to Rs. 5 crore, which can be enhanced by the addition of a co-applicant.

• Fees – A loan application has some processing fees and it stands at Rs. 5000 to Rs. 20000 plus applicable GST for salaried individuals. For self-employed individuals, the same stands at 1.5%of the loan amount plus GST.

• Usage – You can avail home loan for an already constructed home or for under construction. House being a broader category, flats and apartments are also inclusive.

• Term – All home loans have a term duration of the range of 12 months to 30 years. However, the tenure cannot extend beyond the retirement age of 60 years or 65 years for the self-employed.

• Interest Rates – DHFL uses something called Retail Prime Lending Rate to deduce the interest rate. Thus, the interest rate changes with respect to the capital market.

• EMI – Since you have the option to choose the term from 12 months to 30 years, you can select one as per your convenience. You can either opt to cut down your expenses and go for a higher EMI and shorter tenure or go for a lower EMI (Equated Monthly Instalment) and higher tenure.

• Tax Benefits – The Income Tax Act allows you to deduct Rs. 2 lakh per year under Section 24(B) for the interest paid on the home loan. On the top of this, you can also deduct the principal amount paid to a maximum of Rs. 1.5 lakh under Section 80C.

• Co-Applicant – If you want to enhance your borrowing limits, you can add a co-applicant for the loan application process by taking Joint Home Loan.
• Repayment – You can choose to repay the loan amount through postdated cheques or by opting for ECS (Electronic Clearance Service) after consulting with your bank.