The maximum term of your home loan can be up to 25 years and it cannot extend beyond your retirement age or 60* years (whichever is lower).
*70 years for self-employed individuals.
Your home loan amount depends on your annual income and your ability to repay the loan.
Following are the key criteria for your home loan eligibility:
For the eligible customers falling under Economically Weaker Sections (EWS) and Low Income Groups (LIG), the credit linked subsidy will be available only for loan amounts up to Rs. 6 Lakh at the rate of 6.5% p.a. for tenure of 20 years (or the tenure of loan, whichever is lower).
The Middle Income Group 1 (MIG 1) the credit linked subsidy will be available only for loan amounts up to Rs. 9 Lakh at the rate of 4% p.a. for tenure of 20 years (or the tenure of loan, whichever is lower).
The Middle Income Group 2 (MIG 2) the credit linked subsidy will be available only for loan amounts up to Rs. 12 Lakh at the rate of 3% p.a. for tenure of 20 years (or the tenure of loan, whichever is lower).
|CLSS Scheme Type||Eligibility Household Income ()||Carpet Area-Max (sqm)||Interest Subsidy (%)||Subsidy calculated on max. loan of||Loan Purpose||Validity of scheme||Max Subsidy (Rs.)||Woman Ownership|
|EWS & LIG||Up to 6,00,000||60 sqm||6.50%||6,00,000||Purchase/Self Construction/ Extension||31/03/2022||2.67 Lakh||Yes+|
|MIG 1++||6,00,000 to 12,00,000||160 sqm||4.00%||9,00,000||Purchase/Self Construction||31/03/2019||2.35 Lakh||Not Mandatory|
|MIG 2++||12,00,000 to 18,00,000||200 sqm||3.00%||12,00,000||Purchase/Self Construction||31/03/2019||2.30 Lakh||Not Mandatory|
+Woman ownership is not mandatory ++for MIG - 1 & 2 except Construction loan should be approved on/or after 1/1/2017
|Example||Example 1||Example 2||Example 3|
|Value of your Property (Find out the value of your home in today’s market)||6,70,000||10,00,000||13,50,000|
|Loan to Value (A comparison between value of your loan and value of your home)||90%||90%||90%|
|Loan Amount(The total amount of loans available)||6,03,000||9,00,000||12,15,000|
|Loan Duration(The time duration to pay back loan)||20 years||20 years||20 years|
|CLSS Subsidy @ 6.50% for 20 Years(Pradhan Mantri Awas Yojana) – ESW & LIG||2,40,551||2,67,280||2,67,280|
|CLSS Subsidy @ 4% for 20 Years(Pradhan Mantri Awas Yojana) – MIG 1||1,41,040||2,35,068||2,35,068|
|CLSS Subsidy @ 3% for 20 Years 2,30,156 (Pradhan Mantri Awas Yojana) – MIG 2||1,03,570||1,72,617||2,30,156|
You can pay your home loan EMIs through:
Your home loan makes you eligible for certain tax benefits* as per the prevailing laws. This means that you can save more money by claiming deductions in your income tax, against principal and interest amount repaid.
*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.
What is an EMI?
EMI (Equated Monthly Installment) is the amount payable to the lending institution every month, till the loan is completely paid off. EMI comprises of interest as well as principal component.
Who can be an applicant?
To qualify for a home loan with DHFL, you must be:
What are the interest rates offered for home loans? What are daily reducing, monthly reducing and yearly reducing balance?
IInterest 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.
Are securities required for home loans?
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.
What are the tax benefits of home loans?
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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*National Housing Bank (NHB) had introduced Know Your Customer (KYC) guidelines for housing finance companies. We request you to co-operate with us in complying with these guidelines.
*If variable components like over time and incentives are reflected, then salary slips for the past 6 months are required.
Note: Original documents are required for verification purpose only
Pradhan Mantri Awas Yojana is a special initiative from Indian Government.. The core objective of the Pradhan Mantri Awas Yojna is to ensure that affordable housing is provided to everyone, especially to the urban poor. The proposal to build houses through Pradhan Mantri Awas Yojna for the economically weaker sections of society is a mission that DHFL shares with the Government of India.
Following the goal of ‘Housing for all by 2022’, DHFL under the Credit Linked Subsidy Scheme offers affordable home loans for economically weaker sections, low income groups and middle income groups. First time home buyers, who don’t own a pucca residential house can benefit under this special scheme. This is DHFL’s continuous effort in ensuring permanent homes for every Indian, ever since its inception.
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