At DHFL, we understand that in India , only 7% of our labour force is in the organized sector and the rest is in the unorganized sector. Most of the Indian labour force is self-employed, with a majority running small shops, cottage industries etc. Because of unorganized financial transactions in this industry, many financial institutions shy away from servicing these people. Thus, to get a home loan is a very difficult proposition to self employed people because of variable income.
To overcome this, DHFL has come up with home loans exclusively tailored for the needs of self-employed people. Self-employed professionals as well as non-professionals can now avail of home loans, thanks to DHFL’s pioneering assessment processes, whereby income is assessed through an independent source rather than through the income tax authorities.
Home loan for Doctors, Retailers, Business men, Architects, Chartered Acccountants and more
Home loans for self-employed professionals and non-professionals such as Retailers, Small scale business men, Doctors, Architects, Chartered Accountants etc.
Home loan Eligibility Amount
You can avail a home loan of up to ` 100,00,000 (minimum loan amount ` 1 lac) but not exceeding 60% of the cost of property (including stamp duty and registration fees) or 60% of market value, whichever is lower. The actual loan amount is determined taking into various account factors such as:
- Repayment capacity
- Educational qualifications
- Stability and continuity of income
- Number of dependents
- Co-applicant’s income
- Saving habits, and more
To calculate your eligibility please use our Home Loan Eligibility Calculator.
Work out your EMI using our Loan EMI Calculator.
You can also find more information from our Product brochure which can be downloaded here ( click to view/download)
Maximum Tenure of Loan:
DHFL understands the value of your hard earned money. With a tenure up to 15 years, you can reduce the EMI amount, so that your outgoings every month do not come in the way of your lifestyle and living standards. The tenure of your Samarth Home loan ranges from 1 to 15 years maximum. The term however does not extend beyond the retirement age or 60 years whichever is earlier (65 years for self employed individuals).
DHFL offers one of the most competitive rates in the market. The Interest rate applicable is based on the DHFL’s Retail Prime Lending Rate (RPLR) which fluctuates from time to time based on the money market conditions.
This is charged as the fee towards processing your home loan application. In case of salaried individuals (SAL) it is 1% of the loan amount, whereas for Self – employed Professionals / Non Professionals (SEP / SENP) it is charged at 1.5% of the loan amount, plus Service Tax and Cess as applicable.
You have 2 options for repayment of the loan based on the EMIs payable:
a) Through ECS (Electronic Clearing Service) based on standing instructions to your bank
b) PDCs (Post Dated Cheques) drawn on your Savings/Salary account
For processing your home loan application, we’re required to adhere to certain documentation procedures. To enable us to speedily process your home loan application, we will require the following:
- KYC (Know Your Customer) documents
- Proof of Income documents and bank statements as per log-in checklist
- Property related documents.
Home Loan Tax Benefits:
As per IT Rules, the current applicable exemption u/s 24 is ` 1.5 lacs for the interest amount paid in a financial year and up to ` 1 lac for the Principal amount repaid in the same year. Thus up to ` 2.5 lacs is tax exempt, helping you save up to ` 70,000 tax annually.
Now you don’t have to worry about buying your home or constructing one. Fill in the Enquiry Form alongside ,Our Representative will get in touch with you to help you through the entire loan process. Smile, your new home is at hand.