DHFL is the second largest housing finance corporation (HFC) in India and provides the loan to customers for home renovation, purchase, and home extension. It promises simplified documentation and speedy approvals to avail a home loan. DHFL also offers lucrative interest rate to the borrowers on home loans. Here are some of the advantages of taking a DHFL home loan:
1. Leniency in your credit score: DHFL generally shows leniency while calculating your credit score. DHFL has been known to approve home loans for credit scores as low as 640. Most banks, on the other hand, are quite rigorous in their requirement of a 750+ CIBIL score before approving the loan.
2. Lenient about document requirement: DHFL is one of the few loan providers which disburses home loans even when the customer does not have access to all the required documents. For example, DHFL approves home loans without Occupancy Certificate which is generally demanded by the other loan providers.
3. Higher loan eligibility: Your loan eligibility is calculated on the basis of your income, credit score, previous loans, etc. It refers to the maximum amount that a lender is willing to give you. DHFL offers a higher loan eligibility as compared with banks for the same customer profile.
4. Lucrative interest rates: DHFL home loan interest rates are in the range of 8.70% to 9.90%, with special discounted rates for a specific category of borrowers. For example: For women borrowers, the bank offers the lowest interest rate of 8.70%. So, if you want a lower interest rate, opt for DHFL home loans.
Documents required for DHFL home loans:
Here are the documents that are required to avail a home loan from DHFL:
For salaried employees
- ● Signed application form
- ● Passport Size Photo
- ● Income Tax Return of last 2 years
- ● Identity Proof: Aadhaar Card, Passport, Driving Licence, Voter ID, PAN
- ● Residential Proof: Registered Rent Agreement, Utility Bill (up to 3 months old), Passport, Aadhaar Card
- ● Income Documents: Salary slip, Form 16, 6 months bank statement of salary account
- ● Property Documents: Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension
For self-employed
- ● Signed application form
- ● Passport Size Photo
- ● Identity Proof: Passport, Aadhaar Card, Voter ID, PAN Card, Driving License
- ● Residential Proof: Registered Rent Agreement, Utility Bill (up to 3 months old), Passport
- ● Business proof: VAT/ service tax registration, profit, and loss account and balance sheets certified by CA, incorporation details in case of companies, business address proof, proof of business existence, business profile, etc.
Due to the reasons mentioned above, a DHFL home loan can be a good option for you. You can apply for a DHFL home loan by visiting the bank’s branch or by applying through online marketplaces. Applying for a loan through an online marketplace improves the chances of getting the best loan rates, special offers and low processing fees.
Author Bio:- Tushar Sharma is a financial advisor with an experience of more than 6 years. He has worked with top-most financial firms and has been a visiting faculty at many reputed institutes in India. Currently based in Delhi, Tushar Sharma is a passionate writer and loves sharing his knowledge on the subject.
