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Dewan Housing Finance Corporation

In general, housing finance institutions can have benefits that a bank doesn’t provide, ... including getting a loan for up to 90% of the property value, easier documentation and more. DHFL, being a leading housing finance provider, has a reputation for providing loans on generous terms with the minimum of documentation. Read More +

With 8.5% interest rate as a starting point, it is well worth considering their loans. However, their processes aren’t as rigorous as a banks, so you will need to track your loan interest rates and other details quite closely. They have a focus on providing affordable housing to middle and lower income groups in India. DHFL also has an extensive network of over 300 branches

Interest Rates

Loan Amount Interest Rate
Up to 30 Lakhs 8.95% (women) - 8.95% (others)
30 Lakhs to 75 Lakhs 8.95% (women) - 8.95% (others)
75 Lakhs to 2 Crore 9.25% (women) - 9.25% (others)
Loan Amount Interest Rate
Up to 30 Lakhs 9.25% (women) - 9.25% (others)
30 Lakhs to 75 Lakhs 9.25% (women) - 9.25% (others)
75 Lakhs to 2 Crore 9.25% (women) - 9.25% (others)

Product offerings

DHFL is one of India’s largest and pioneering housing finance institutions. They have a range of loans that you can avail for home purchase, plot purchase, home construction, home renovation and home extensions. They also have specialized loans for NRIs. DHFL is also a partner to the central government under the Pradhan Mantri Awas Yojna (PMAY Scheme), and this credit linked subsidy scheme can bring you savings if you fulfill the eligibility criteria. To know more about this scheme, click here . They also have a balance transfer product that will allow you to transfer your loans to them at lower rates (for loans up to Rs.5 Crores).

DHFL Home Loan

The DHFL home loan is meant for the purpose of purchasing a ready built-up, under construction or resale property. The DHFL Home loan can be availed by anyone who fulfills their eligibility criteria.

Why should you take it?

In addition to being a loan provided by a trusting housing finance provider, you get the following advantages:

  1. You can get a loan with a term of up to 30 years or age of retirement - which is 60 for salaried but can go up to 70 for self-employed individuals
  2. You can get a loan of up to 90% of the property value , for loans up to 30 lakhs
  3. You can get interest rates starting from 8.35% , which is comparable to the rates provided by a lot of the leading banks.

What should you consider?

  1. For loans above Rs.30 Lakhs, the proportion of the loan to property value does change, which is something you will need to enquire about while applying for the loan
  2. DHFL Loans function on the principle of monthly reducing principal - which means that the principal amount (on which interest is charged) reduces every month as you pay EMI’s
  3. You need to be below 65 years of age when the loan matures


DHFL Plot Loan

The DHFL home loan is specifically to meet your needs when it comes to buying a plot of land on which to construct your home. The DHFL Home loan can be availed by anyone who fulfills their eligibility criteria for plot loans

Why should you take it?

In addition to being a loan provided by a trusting housing finance provider, you get the following advantages:

  1. You can get a loan with a term of up to 20 years or age of retirement - which is 60 for salaried but can go up to 70 for self-employed individuals
  2. You can get a loan of up to 75% of the property value, which is higher than the amounts that most banks provide
  3. You can get interest rates starting from 8.35% , which is comparable to the rates provided by a lot of the leading banks.

What should you consider?

  1. DHFL Loans function on the principle of monthly reducing principal - which means that the principal amount (on which interest is charged) reduces every month as you pay EMI’s
  2. You need to be below 65 years of age when the loan matures
  3. If you intend to begin construction of a property immediately after purchasing the plot, you may want to consider taking the DHFL Plot & Construction loan instead, since you can get the complete amount sanctioned in one go


DHFL Home Construction & Home Extension Loans

The DHFL home construction and home extension loans are specially designed for you to either build a home from scratch, or for you to add an extension to your existing home. This means that you can probably get higher loan amounts for construction by availing of this specific loan. The DHFL Home construction loan can be availed by anyone who fulfills their eligibility criteria

Why should you take it?

In addition to being a loan provided by a trusting housing finance provider, you get the following advantages:

  1. You can get a loan with a term of up to 30 years or age of retirement - which is 60 for salaried but can go up to 70 for self-employed individuals
  2. You can get loans of up to 100% of your construction estimate, or up to 90% of the value of the property - whichever is lower - for loans of up to 30 lakhs. These estimates will be validated by an expert team from DHFL
  3. You can get interest rates starting from 8.35% , which is comparable to the rates provided by a lot of the leading banks.

What should you consider?

  1. For loans above Rs.30 Lakhs, the proportion of the loan to property value does change, which is something you will need to enquire about while applying for the loan
  2. DHFL Loans function on the principle of monthly reducing principal - which means that the principal amount (on which interest is charged) reduces every month as you pay EMI’s
  3. You need to be below 65 years of age when the loan matures


DHFL Plot & Construction Loan

The DHFL plot and construction loan functions provides the combined benefit of their individual plot loans and home construction loans. You can get a combined loan for the whole amount of the project, without having to go through 2 separate processes. The individual components of the loan will be disbursed to you in two different stages of plot purchase and homes construction.


DHFL NRI Home Loan

The DHFL NRI home loan is designed for NRI’s, for the purpose of purchasing a ready built-up, under construction or resale property. The DHFL Home loan can be availed by any NRI who fulfills their eligibility criteria.

Why should you take it?

In addition to being a loan provided by a trusting housing finance provider, you get the following advantages:

  1. You can get a loan with a term of up to 20 years
  2. DHFL has an NRI representative office that you can reach out to for help, advice or guidance regarding their NRI loans
  3. You can get interest rates starting from 8.35% , which is comparable to the rates provided by a lot of the leading banks.

What should you consider?

  1. The minimum loan amount for an NRI loan is Rs. 5 lakhs
  2. DHFL Loans function on the principle of monthly reducing principal - which means that the principal amount (on which interest is charged) reduces every month as you pay EMI’s



The interest rate options for you depends on your loan amount

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Eligibility

Income

Income is the primary criteria based on which your eligibility is determined. Naturally, income primarily refers to disposable income. So, most banks and NBFCs deduct any sort of fixed monthly commitments (EMIs on car loans or tax payments, for example) from their calculations.

Your loan eligibility is calculated by the EMI/NMI ratio: NMI basically refers to Net Monthly Income (income after deducting monthly commitments). Lenders typically have a fixed EMI/NMI ratio for different income slabs based on which your eligibility is calculated.

Credit History and CIBIL Score

Credit History and CIBIL scores are important criterion when it comes to determining elibility. SBI using certain proprietary tools, look for specific patterns in your credit history. The last twelve months of your credit history are more important than the preceding time period.

Credit scores or CIBIL scores are determined by how well you manage your loan or credit obligations. If you’ve never missed a loan payment and keep on top of credit card bills, your credit score will be higher. Usually, credit scores range between 300 and 900; a credit score of above 700 is required for a home loan.

Rather confusingly, if you’ve never taken a loan or a credit card before, your credit score is likely to be low. Why is this? It’s because lenders have no idea about your ability to repay loans. Build a credit score by responsible management of credit before applying for a home loan.

Property

Banks look at the property you’re investing in carefully when approving a home loan. Among the things that SBI looks at when investigating the property are:

  1. Whether the title to the property is clear and whether there are any other claimants or if there is any dispute regarding the property.
  2. Whether all the necessary regulatory approvals have been taken. Absence of approvals is looked at as suppression of property records.
  3. Whether the building is constructed as per approved building norms. If the property flouts certain guidelines, there is a tendency to devalue that property when compared to other properties in the same area.
It is a good idea to establish whether you are eligible for a loan from DHFL and for how much, by using their eligibility calculator on the website. You can also use the EMI calculator to understand how much EMI will apply to you once you’ve taken the loan. Regardless of what the Eligibility calculator tells you, please consider carefully whether you can pay the EMI calculated promptly and consistently.

Documents Required


kyc proof
KYC Proof
  1. Aadhar Card
  2. PAN Card - Mandatory if, income is being considered for eligibility calculation
  3. Drivers License
  4. Passport (current)
  5. Voter ID Card
  6. Utility Bill (Water/Electricity/Gas Bill)
  7. Ration Card
  8. Letter from employer
  9. Bank Statement or copy of passport with address
  10. Valid rent agreement
  11. Sale Deed
income proof
Income Proof
Salaried
  1. Salary Slips for the last 2 months or salary certificate
  2. Cash Salary - Income details on company letterhead for salary up to Rs.30,000 p.m
  3. Copy of bank statements for the past 3 months (salary account)
Self-Employed Proffesionals
  1. Certificate of qualification for professionals: CA/Doctor/Architect
  2. Copy of last two years income tax returns, along with computation of income
property documents
Property Proof
  1. Allotment letter from builder
  2. Agreement of Sale
  3. Registration and stamp duty receipt
  4. Index - II
  5. NOC from builder
  6. Own Contribution Receipt (OCR)
  7. All builder linked documents (applicable for cases not previously approved by DHFL)
  8. Development Agreement
  9. Tripartite Agreements
  10. Partnership Deed
  11. Sale Deed
  12. Title search report
  13. NA order

How to Apply

Once you’ve shortlisted Dewan Housing Finance Corporation as your home loan provider, ensure you have all your documents in place. Make sure you confirm the eligibility criteria for that specific loan and source the down payment. You can apply for a loan either jointly or individually.



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Abhijeet Deshpande
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Pallav Sharma
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I had effortless experience to shift my loan from one bank to another. Thanks to SwitchMe team for constantly followed up with me, keeping me updated on all the events happened during the whole process.
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Home Loan Top Up

A top up loan is for anyone who wants to “top up” their home loan with additional funding to cover for unexpected cost increases. A top up loan from Dewan Housing Finance Corporation is based on the balance principal outstanding. So for instance, if your original home loan was worth Rs 10,00,000 and you have Rs 8,00,000 outstanding, you are eligible for a top up loan worth Rs 2,00,000. Please keep in mind that you’ll need to have completed atleast six months worth of EMI payments to be eligible for a top up loan. Also, the interest rate is 1-3% higher than a regular home loan but is significantly less when compared to a personal loan.

Balance Transfer to Dewan Housing Finance Corporation

The general process to transfer your home loan takes a fair amount of time, but is worth it if you find that Dewan Housing Finance Corporation offers you a lower rate of interest. Dewan Housing Finance Corporation is slightly less stringent with documentation when compared to a state run institute.
  1. Get a foreclosure letter from your current home loan provider, along with payment history and list of your documents.
  2. Apply to Dewan Housing Finance Corporation with the list of documents.
  3. The bank typically does a background check on credit history, ownership and more before they provide approval.
  4. Lastly, you complete the documentation stage with your existing bank and Dewan Housing Finance Corporation, and you are good to go.
Typically, every bank that you're transferring out of will have foreclosure charges which is usually around Rs 500+GST. Please confirm with your bank.