We offer a variety of home loans you can benefit from:
EMI (Equated Monthly Installment) is the amount payable to the lending institution every month, till the loan is completely paid off. EMI comprises of the interest as well as the principal component.
To qualify for a home loan with DHFL, you must be:
Interest rates vary according to the market conditions and are dynamic in nature. The interest on home loans in India is usually calculated either on monthly reducing or yearly reducing balance. In some cases, daily reducing basis is also adopted.
DHFL calculates EMI on monthly reducing basis and doesn’t give any yearly or daily reducing balance.
Fixed rate of interest means interest rate remains constant during the entire tenure of the loan. DHFL does not offer fixed rate of interest at present to customers.
In case of floating rate of interest, the interest rate fluctuates based on the Retail Prime lending rate.
Prior to full and final disbursement and before beginning of the EMI, you pay interest on the portion of the loan amount disbursed to you. Pre-EMI interest is the interest amount calculated on disbursed amount as per Rate of Interest given to customer and is payable every month up to the date of commencement of the EMI.
Home loans are usually accompanied by the following costs:
DHFL offers home loans with a tenure ranging up to 25 years.
The property to be purchased itself becomes the security and is mortgaged to the lending institution till the entire loan is repaid in full. In Home Improvement / Extension loan; the already possessed property which applicant proposes to renovate / extend will be generally the security and mortgaged.
DHFL doesn’t ask for a Guarantor. One can have a co-applicant instead, while some other financial institutions do ask for guarantors.
Loans can be applied before or after selection of a property. The loan amounts are sanctioned in- principle to let Applicants - buyers know what amounts they can avail of. This helps them to decide their budgets and purchasing power. Actual disbursements are made after satisfactory verification of all necessary documents and execution of Loan and security documents
About 3-8 working days, subject to proper documentation provided by the home loan applicant.
On an average, loans are disbursed within 3-15 days working days after satisfactory, complete documentation and completion of all relevant procedures, and submission of all original papers including proof that 15% (variable depending on the loan amount) of the cost has been paid upfront to the seller of the property.
Resident Indians are eligible for certain tax benefits on principal and interest components of a home loan. As per Income Tax Act 1961 rules, the current applicable exemption under section 24(b) is Rs. 2,00,000/- for the interest amount paid in the financial year and up to Rs. 1,50,000/- (under section 80 C) for the principal amount repaid in the same year.
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