DHFL Home Construction Loan

DHFL Home Construction Loan: Building your home can be a wonderful and exciting experience. Right from the planning of its architecture to laying the first foundation and designing the interiors, the joy, satisfaction and fun are incomparable. But apart from this, it can also be a long and expensive process. Most of the people cannot pay the cost of building their house, and getting a mortgage can be difficult after all you are asking for a bank or a mortgage lender for some money that still does not exist. In this scenario, the best thing you can choose is DHFL Construction Loan. With DHFL Home Construction Loan, you can build your dream home in your own way, prepare your imagination and can meet your family’s needs.

A Home Construction Loan is basically a short-term loan that is given to people who are constructing a building over an empty plot of land. These loans are unique in the sense that your entire loan amount is not disbursed in one go. It is used to pay the cost of building a home. It is offered for a certain period (usually around a year) to allow you to build your home. At the end of the construction process of the home, when the construction of the house is done, you will need to get a new loan to pay off the construction loan, this is called the ‘end loan”. You can apply for a DHFL Home construction loan if you want to construct your house on your own plot. You can avail loan for loan term minimum of 1 year and the maximum of 20 years, but it should not exceed the retirement age of 60 years & if you are a self-employed it should not exceed the age of 65 years.

Also Read: 8 Ultimate Types of DHFL Home Loan For Different Needs and Situations

Features and Benefits of DHFL Home Construction Loan:

• You can avail a Home Construction Loan to build your home on your own plot of land.
• The tenure of your loan ranges from 1 to 20 years.
• You can avail loan amount up to Rs. 5 crores from DHFL.
• With 20 years of loan tenure, you can reduce the amount of EMI on your home loan, so that your outgoings every month do not come in your lifestyle and living standard.
• The applicable interest rate is based on DHFL’s Retail Prime Lending Rate (RPLR), which periodically fluctuate on the basis of money market conditions.
• The process of documentation is very easy so that the customer receives full details at the time of inquiry.
• In DHFL Home Construction Loan, easy repayment options are also available.
• Resident Indians are eligible for certain tax benefits on principal and interest amount of a home loan.
• Adding a co-applicant in your home loan can enable you to enhance your loan amount and gain access to additional funds.

Eligibility Criteria for DHFL Home Construction Loan:

• The minimum age of the applicant is 21 years.
• Age of the applicant should not be more than 60 years at the time of loan maturity (65 years for self-employed).
• The applicant should be an Indian Resident.
• Get a Home Loan of up to Rs. 5 crores (minimum loan amount 1 lakh) but not exceeding 85% of the cost of property (including stamp duty and registration fees) or 80% of market value, whichever is lower.
• The applicant must have a regular and steady source of income.
• The loan amount is based on various factors such as current income of the applicant, number of co-applicants, the applicant’s retirement age, etc.
• Repayment capacity of the applicant is also a considerable factor for loan eligibility.
• You can apply for a loan either separately or jointly. All the co-owners of the property have to be co-applicants.
• All the co-applicants need not be co-owners of the property.
• Both salaried and self-employed individuals are eligible for Home Construction Loan.

Top 5 Blunders While Taking A Home Loan

Interest Rate on DHFL Home Construction Loan:

1)      DHFL Home Loan Interest Rates for Salaried / Self Employed Professionals (SEP):

Loan Amount	Applicable Rate of Interest
Up to Rs. 25 Lakhs	8.85%
Above Rs. 25 Lakhs up to 75 Lakhs	8.85%
Above Rs. 75 Lakhs to Rs. 1 crore	8.95%
Above Rs. 1 crore to Rs. 1 crore 50 Lakhs	8.95%
Above Rs. 1 crore 50 Lakhs to Rs. 3 crores	9.15%
Above Rs. 3 crores	9.50%

2)      DHFL Home Loan Interest Rates for Self Employed Non-Professionals (SENP):

Loan Amount	Applicable Rate of Interest
Up to Rs. 25 Lakhs	8.95%
Above Rs. 25 Lakhs up to 75 Lakhs	8.95%
Above Rs. 75 Lakhs to Rs. 1 crore	9.15%
Above Rs. 1 crore to Rs. 1 crore 50 Lakhs	9.15%
Above Rs. 1 crore 50 Lakhs to Rs. 3 crores	9.25%
Above Rs. 3 crores	9.75%

Documents Required for Home Construction Loan:

Purpose	Documents for Salaried	Documents for Self Employed Professionals	Documents for Self Employed Non-Professionals
Identity Proof	Passport Voter ID Card Aadhar Card Driving License PAN Card	Passport Voter ID Card Aadhar Card Driving License PAN Card	Passport Voter ID Card Aadhar Card Driving License PAN Card
Address Proof	Recent copy of Telephone Bill Electricity Bill Water Bill Piped Gas Bill Driving License Aadhar Card	Recent copy of Telephone Bill Electricity Bill Water Bill Piped Gas Bill Driving License Aadhar Card	Recent copy of Telephone Bill Electricity Bill Water Bill Piped Gas Bill Driving License Aadhar Card
Income Proof	Last 2 months Salary Slip or Salary Certificate Latest copy of Form 16 if the salary is above Rs. 20,000/- per month	Income Tax returns for last 2 years Balance Sheet & Profit & Loss A/c for last 2 years TDS Certificate (Form 16A, if applicable)	Income Tax returns for last 2 years Balance Sheet & Profit & Loss A/c for last 2 years TDS Certificate (Form 16A, if applicable)
Account Statements	Bank A/c. Statement for last 3 months including front page	Bank A/c. Statement for last 6 months	Bank A/c. Statement for last 6 months
Organization/Business Proof	Company profile, if your company or organization is not very well known.	Brief Business Profile on the letterhead of the organization by the applicant Copy of Professional Practice Certificate Copy of Shop & Establishment License/ VAT Registration or any other mandatory license Copy of the Partnership Deed, Memorandum of Associations Certificate of qualification (for C.A./ Doctor and other professionals)	Brief Business Profile on the Letter Head of the organization Copy of Business Establishment License / VAT Registration or any other mandatory license Copy of the Partnership Deed, Memorandum of Associations Contract details (if applicable)

DHFL Home Construction Loan Processing Fee and Charges:

A.  Processing Fees (Non-Refundable):

Loan Amount	Applicable Charges
Up to Rs. 30 Lakhs	Rs. 5,000 + document charges + Applicable GST
Above Rs. 30 Lakhs and up to Rs. 75 Lakhs	Rs. 10,000 + document charges + Applicable GST
Above Rs. 75 Lakhs	Rs. 20,000 + document charges + Applicable GST

B.  CERSAI Registry / Modification Charges:

Loan Amount	Applicable Charges
Up to Rs. 5 Lakhs	Rs. 50 + Applicable GST
Above Rs. 5 Lakhs	Rs. 100 + Applicable GST

C.  Technical Fee (for property situated outside geographic limit or for additional property or for pre-technical):

Geographic Limit	Applicable Charges
Within 60 km radius	No charges
Beyond 60 km (first visit)	Rs. 500 + Applicable GST
Beyond 60 km (subsequent visits)	Rs. 750 + Applicable GST

D.  Valuation fee for Construction Linked Loan cases:

Visits	Applicable Charges
First visit	No charges
Rest of the visits	Rs. 500 per visit

E.  Conversion Charges:

Loan Amount	Applicable Charges
Up to 75 Lakhs	Rs. 2500 + Applicable GST
Above 75 Lakhs	Rs. 5000 + Applicable GST

F.  Document retrieval charges on the closure of loan:

Loan Amount	Applicable Charges
Up to Rs. 10 Lakhs	Rs. 1,000 + Applicable GST
Above Rs. 10 Lakhs	Rs. 2,000 + Applicable GST

G.  Overdue Charges on default instalment: On the outstanding dues, 18% p.a.

H.  ECS/ Cheque Bounce Charges: Rs 500 and Applicable GST.

I.   Pay Order/ Demand Draft issuance Charges: Actual Bank Charges or Rs. 150 per lakh, whichever is higher + Applicable GST.

J.  ECS/ Cheque Swapping Charges (per set): 250 per swap.

K.  Legal Charges: Legal charges will be charged on a case by case basis.

L.  Duplicate No Dues Certificate: 250 + Applicable GST.

M.  Copy of Property Papers: 500 + Applicable GST.

N.  Foreclosure statement:  500 + Applicable GST.

O.  Custodial Fee for keeping Property Documents in Closed Loans: 500 per month (post 60 days from loan closure date) + Service Tax.

P.  Duplicate Annual Account Statement, Provisional Certificate: 250 + Applicable GST.

Q.  Loan closure (fully)/ prepayment statement charges: 500 + GST.