DHFL Home Loan

DHFL Home Extension Loan

DHFL Home Extension Loan

DHFL Home Extension Loan: You are living in your house with your parents and children. During the period of time, you have developed this place for you, which was perfect for your needs when you bought it. But as your family grows larger, the requirement of additional space or room is also growing. DHFL offers exclusive Home Extension Loans to enlarge your existing home by adding a bedroom, put an open balcony or building an extra room on the terrace, build a new floor etc. The DHFL Home Extension Loan is designed to meet this need especially by offering loans at interest rates that you cannot turn down in order to make your home more spacious and thus more comfortable. Unlike DHFL Home Improvement Loan, with DHFL Home Extension Loans you can now add more space to your home ensuring that all your family has an extra room for expression. A Home Extension Loan helps you to meet the expenditure of any changes like extension or modification of your home. You can take advantage of a Home Extension Loan, after receiving the required approvals from the Municipal Corporation.

DHFL offers home extension loan for such buyers, who want to make changes in their present home to make it more suitable as per their requirements. This Home Loan is the best option for those who don’t want to buy a new home, but they want to make some changes in their current home to make it suitable for their family. The main motive of Home Extension Loan is to cover the expenditure related to the construction of new features in your existing home.

Features and Benefits of DHFL Home Extension Loan:

  • DHFL offers Home Extension Loans to enlarge your existing home by adding a bedroom, put an open balcony or building an extra room on the terrace, build a new floor etc.
  • The tenure of your loan ranges from 1 to 20 years.
  • The duration of the loan repayment, however, does not extend beyond the retirement age or 60 years whichever is earlier (65 years for self-employed individuals).
  • The loan amount should be given the maximum of Rs 1 crore or 80% of the cost of the property, whichever is less.
  • 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.
  • Easy repayment options are also available in DHFL Home Extension Loan.
  • 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 Extension Loan:

  • The minimum age of the applicant is 18 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.
  • You can avail a loan of up to 100% of the improvement cost which estimated and certified by an engineer/architect and verified by the Technical Officer. Subject to the maximum 90% of the overall market value of the property, whichever is lower on loan amount up to Rs. 30 Lakhs.
  • 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 Extension Loan.

Top 5 Blunders While Taking A Home Loan

Interest Rate on DHFL Home Extension 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 Extension 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 Extension 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.

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