DHFL Home Loan and Its Variants, Eligibility Explained DHFL is a prominent housing finance company serving the dream home wish of many. However, the housing finance major does not stop at offering finance to purchase a new home only. In fact, it goes beyond by offering loans to buy a plot, as well as for constructing and renovating homes, etc. DHFL offers a home loan at varied interest rates ranging from 9.10%-10.55% per annum, depending on the purpose for which you would like to avail for. Let’s check out the DHFL Home Loan and its variants before glancing at the eligibility. New Home Loan You can apply for a new home loan for up to 30 years. However, the loan tenure must not extend beyond the retirement age or 60 years, whichever is earlier, in case of salaried. Self-employed, however, must not be more than 70 years by the time the proposed loan maturity period gets over. The quantum of finance depends on the cost of the chosen property to buy. The loan amount of up to ₹ 30 lakhs can be financed at up to 90% of the property cost. Plot Loan The loan can be used to buy a piece of land to construct a dream home. You can receive a loan up to 75% of the value of the plot for a period of up to 20 years. However, the repayment period must be up to the retirement age of an applicant or 60 years, whichever is earlier. Self-employed, however, must not be more than 70 years by the time the proposed loan maturity period gets over. Construction Loan The loan is availed to construct a home on an owned plot for a period of up to 30 years. The repayment period, however, won’t exceed the retirement age or 60 years, whichever is earlier. Self-employed, however, must not be more than 70 years by the time the proposed loan maturity period gets over. You can get a loan of up to 100% of the construction estimate. A loan of up to ₹ 30 lakhs can be availed at up to 90% of the market value of the property.
Home Loan Balance Transfer You can also refinance the home loan by transferring the outstanding balance of another bank to DHFL at lower rates of interest, resulting in enhanced savings. The loan by virtue of balance transfer can carry on at DHFL for a maximum of 30 years. However, the maximum repayment period must not be more than the retirement age or 60 years, whichever is earlier. Self-employed, however, must not be more than 70 years by the time the proposed loan maturity period gets over. The article has deliberated on the basic features of DHFL home loan variants. You can thus look at the eligibility criteria before applying for a loan. DHFL Home Loan Eligibility Criteria You are eligible for the loan if you meet the following requirements. ● The applicant must be an Indian resident or a non-resident Indian (NRI) ● Both salaried and self-employed can apply for a loan ● The age of the borrower must be a minimum of 21 years at the time of loan application