DHFL Home Loan

DHFL Home Improvement Loan

DHFL Home Improvement Loan

DHFL Home Improvement Loan: Your home is a reflection of your personality and position. That’s why it is important that your home always remains new and beautiful. If you want to see your home always in a new look and want to make it trendy, the one thing which is highly required is renovation or improvement of your home. Home renovation or home improvement is also necessary to maintain your home and give it a new look. It is also important to increase its life. If you want to renovate or make some changes in look and style of your home according to the latest market trends, this type of makeover requires a lot of money and time as well. It is very important that you should estimate the cost related to the work you want to perform on your house. After evaluating the value associated with the work and cost, one thing that comes to your mind is that you have not enough money to complete this work on your own. If you don’t have enough money or the estimated cost for renovation of your home, in that case, you can borrow the money from DHFL. DHFL comes with a home improvement loan, you can borrow the loan for any of the home improvement work such as painting the exterior or interior of the house, maintain and repair any portion of the house, upgrading electrical system, installing security systems, waterproofing, etc.

Buying a house is not a big deal, but it is important to maintain it well. Modifying it according to the changing needs and upgrading it from time to time are some additional milestones that you may not want to miss. A beautiful and decorated home shows your personality and status. DHFL offers Home Improvement Loan that helps you to upgrade your existing home in a new improved design and a more comfortable living space.  DHFL Home improvement loan can be availed both for the already built up house and for the purchase of under constructed house or flat. DHFL has provided a home improvement loan to meet your financial requirements related to improvement work on your home. You can always get the loan on the basis of your eligibility and repayment capacity.

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

Features and Benefits of DHFL Home Improvement Loan:

  • You can avail a Home Improvement Loan to renovate or improve your home.
  • The tenure of your loan ranges from 1 to 10 years.
  • The minimum loan amount that you can get is Rs. 1 lakh, and maximum up to Rs. 5 crores from DHFL.
  • With 10 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 Improvement 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 Improvement 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.
  • 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.

Also Read: 5 Reliable Tips To Learn About Unsecured Home Improvement Loans

Interest Rate of DHFL Home Improvement 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 Improvement 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 Improvement 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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