DHFL Home Loan: For the majority of people in India, purchasing a home is perhaps one of the greatest achievements in their lives.
Finding an appropriate place then obtaining a reasonable housing loan are two elements that are nearly equally crucial in the entire process.
However, it would be fair to say that it is not just a shortage of money that makes people apply for housing loans.
There are certainly plenty of other advantages that one can avail of after getting a housing loan like DHFL Home Loan.
Some of these include expansion of assets and tax benefits, among others.
Now talking about DHFL Home Loan, the application process for their housing loans is not only digital but also incredibly simple.
One can easily apply for a DHFL Mortgage loan from the comfort of their homes and enjoy convenient EMI amounts at a competitive DHFL Home Loan Interest Rate and minimal documentation.
Nonetheless, you must apply for a DHFL home loan with the utmost caution for ensuring 100% approval of your application.
While the thought of applying for home loans and buying a home sounds easy, in the true sense, it may get highly complicated sometimes.
This is why we are here to completely guide you through the process.
In this article, we are going to enlighten you on all the different aspects of applying for a DHFL home loan and getting easy as well as quick approval.
Eligibility Criteria for DHFL Home Loan
- Minimum Age Limit- 21 years old and older
- Maximum Age Limit- 60 years old for salaried applicants; and 70 years for self-employed applicants
- Type of Resident- Resident of India
- Type of Employment- Self-employed individuals (businessmen) or individuals working on a salary basis in a company
- Work Experience – For Salaried Individuals, they should have worked for a minimum term of 3 years
- Work Experience – For Self-employed Individuals as well as professionals, they should have worked for a minimum term of 3 years
An individual will be able to avail of a DHFL home loan only till the time he/she stays a revenue contributor.
Type of Employment
All the Individuals working on a salary basis in the following sectors or institutions are eligible to apply for a DHFL home loan:
- Government organization
- Private domain
- Public domain
- MNCs or any other related corporations
- Partnership organizations
- Proprietorship concern
- Non-governmental organizations or any other related groups
Type of Employment
- Self-employed experts such as doctors, lawyers, architects, chartered accountants, and others
- Company owner, a partner in a partnership firm, proprietor, and others
Minimum Credit Score Required when applying for DHFL Home Loan
If you have a high Credit score or CIBIL score, your DHFL home loan application is certainly going to get a major boost and the odds of getting an easy approval will be high.
Generally speaking, a credit score of 650-700 and more is a decent mark that boosts the possibility of approval for your DHFL home loan application.
Factors Influencing Eligibility for DHFL Home Loan
It is worth noting that certain crucial factors can have a significant impact on your eligibility for a DHFL home loan.
You must make sure to consider them well enough in advance so that your home loan application doesn’t get rejected on the terms of inadequate eligibility.
The following is a list of all such factors:
- Applicant’s age
- Applicant’s credit score rating or CIBIL score
- Applicant’s capacity of repaying the DHFL home loan amount
- Applicant’s previous credit record as mentioned in their credit report
- Applicant’s history of repayments of different loans
- Any other ongoing loans or monthly debts of the applicant
Also read – Tata Capital Home loan
Documents required when applying for a DHFL home loan
While a home loan application may seem like a huge task, it can become a lot simpler and quicker if you do your homework right.
All the documents that you need to submit with your DHFL home loan application are largely related to your occupation or profession.
The following is a list of all the mandatory documents that you must keep ready before you go on to apply for a DHFL home loan.
In case there are any discrepancies in your documents, make sure to get them rectified well in advance to avoid any disputes.
- PAN Card
- Proof of Identity (Passport, Aadhar Card, Voter’s Identity Card, or Drivers License)
- Proof of Address (Any Identity Proof that states your permanent address, Telephone Bills, Electricity Bills, etc.)
- Documents related to the Property for which you are applying for a home loan
- Passport-sized photograph of the applicant
List of documents required when applying for a DHFL Home Loan: In the case of Salaried Individuals
- Proof of Income: Latest Salary Slips, Form-16
- Bank Account Statement of past three months
List of documents required when applying for a DHFL Home Loan: In the case of Self-Employed Individuals
- Bank Account Statement of past six months
- PAN Card
- Proof of the existence of the Business
- Financial affidavits (must have been audited by a chartered accountant)
- Balance sheet
- Statement Sheet of Profit & Loss
DHFL Home Loan Interest Rate
DHFL home loan interest rate may vary depending on your principal amount of home loan.
The following is a list of different loan amounts as well as related DHFL home loan interest rates.
- For home loan amounts up to Rs 35 lakhs, the DHFL home loan interest rate starts from 10.50% onwards per year
- For home loan amounts from Rs 35 lakhs to Rs 75 lakhs, the DHFL home loan interest rate starts from 10.50% onwards per year
- For home loan amounts exceeding Rs 75 lakhs, the DHFL home loan interest rate starts from 10.50% onwards per year
Processing fees for DHFL home loan – Rs 2,500 plus applicable GST
Different steps involved in a DHFL Home Loan
The entire process that takes place for the sanctioning of a DHFL home loan is quite a long one.
The following are different steps or stages involved in this process:
Step 1. Inspection for Determining the Eligibility for DHFL Home Loan
For the first stage, the representatives at DHFL are going to determine the applicant’s capacity of repaying the home loan after taking plenty of factors into account such as monthly income as well as the accuracy of all the data provided in the DHFL home loan application form.
According to all the information provided by you, the DHFL credit team is then going to specify the total amount of home loan that you can avail of.
After establishing the amount of home loan, the DHFL representatives will then go on to execute a comprehensive credit analysis of the applicant for scrutinizing the credit record and eventually assessing the applicant’s creditworthiness.
This is certainly a significant stage as it may quite literally make or break the odds of home loan approval for the applicant.
It is recommended that you get a copy of your credit report in advance and only then go on to apply for a DHFL home loan with a view of resolving conflicts or incorrect entries in the credit report which can go on to prove against your DHFL home loan application.
Step 2. Sanction of Home Loan (Conditional)
In case everything takes off nicely in the first step, DHFL is instantly going to set up arrangements for sanctioning (conditional) of the home loan.
Keeping in mind the numerous sub-processes concerned, it will probably take 5-6 days to decide on a DHFL home loan application.
In this stage, DHFL is going to hand out a formal letter to the applicant offering the exact home loan amount as earlier discussed and decided on.
This letter is also going to act as official approval of your DHFL home loan application and must be signed by all the home loan applicant(s) only after going through all the terms and conditions as stated by DHFL.
The applicant will also need to confirm the authenticity of all the data provided in this letter and in case there are any discrepancies found, he/she must have it rectified.
After that, the home loan agents working at DHFL will be guiding you further on the following paperwork as well as the direction forward.
Step 3. Security Assessment
The third stage in the DHFL home loan process includes two sub-processes that are supposed to be performed simultaneously.
These include Technical Assessment as well as Legal Assessment.
The Technical Assessment is going to be conducted by a competent surveyor who is supposed to thoroughly assess the property that is to be provided by the applicant as security in their home loan application.
After finalizing the examination, a comprehensive statement will be furnished by them to DHFL for any further inquiry.
The process of Legal Assessment is related to the inspection of the documents of the property from a lawful level.
Agreements, Titles, as well as all the other documents, are going to be thoroughly investigated to decide if the particular property is appropriate for a mortgage.
Also read – Union Bank Home loan
Step 4. Disbursement of the home loan amount
After your home loan application has been successfully accepted and all factors have been investigated successfully as mentioned above, the applicant will be required to deposit a cheque at DHFL as a charge of ultimate processing fees.
As soon as the cheque gets cleared, the cheque of home loan disbursement will then be handed out to the applicant at the designated DHFL branch or office.
The first repayment of the DHFL home loan will start after exactly a month from the date of disbursement of the home loan amount.
As a vigilant as well as an educated home loan borrower, it is highly important for you to be fully conscious and bold during the entire home loan application process and obey the laid down protocol.
Make sure that you communicate well enough through applicable channels at different stages of home loan processing with the DHFL representatives.
Any kind of delay in providing documents is going to conclude in further prolongation of your home loan approval process.
In case you are planning to purchase your dream house and get a DHFL mortgage loan for the same, we recommend that you prepare yourself well in advance as it may prove to be truly helpful for you and your home loan application.
Keep in mind that you fulfill the stated eligibility criteria rightfully and submit all the necessary documents.
Moreover, a decent CIBIL score and adding a co-applicant in your DHFL home loan application can also fetch you some brownie points in the approval of your home loan.
Apply now for a DHFL home loan here.