DHFL Home Loan

DHFL Home Loan Balance Transfer

DHFL Home Loan Balance Transfer

DHFL Home Loan Balance Transfer: Home loans are long term loans up to 30 years or more, therefore the interest rate on the loan is also for long term. It is a matter of concern for everyone who decides to take a home loan. In case, if your home loan provider such as the bank or any lender charging high-interest rate on you, you pay the huge amount of money as interest during the loan period. It doesn’t mean to be stuck with a home loan with higher interest rate and EMI just because you have already taken the loan. You can save significantly on your payments when you see that the market conditions have changed and the interest rates have dropped. If you think that you are paying a higher interest rate and EMI on your current home loan then you should consider moving your home loan balance to another bank.

Home Loan Balance Transfer is the process that allows you to get the lower interest rates provided by other lenders or banking institute. In Home Loan Balance Transfer, if you have an existing outstanding home loan with a lender, you can transfer your home loan that means to shift the remaining loan amount to a different lender who charges a lower rate of interest from you. A Home Loan balance transfer is an option that most individuals choose to take advantage of lower interest rates in the market.

You can transfer your Home Loan balance to DHFL at a low-interest rate structure by opting for the Balance Transfer Home Loan facility. DHFL Home Loan Balance Transfer helps a customer to avoid the high-interest rate of a home loan provided by a lender and transfers the home loan balance with another lender to a lower interest rate structure. This allows you to make effective and tactical usage of current interest rates that are being offered by different banks across the country. If you have paid your payable amount on time without defaulting, so this process is usually quite simple. You also have the option of a Top-Up loan over the balance you transfer. By DHFL Home Loan Balance Transfer, move your Home Loan remaining balance to the DHFL and pay lower monthly installments so that you can enjoy your savings for the other things in life that really matter to you and your family.

Features and Benefits of DHFL Home Loan Balance Transfer:

  • This facility offered by DHFL in which you can transfer your home loan balance to DHFL at a lower interest rate than your existing lender.
  • This helps in reducing the EMI which you are paying for your existing home loan.
  • The tenure of your loan ranges from 1 to 20 years.
  • 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.
  • In most cases, the home loan balance transfer application is treated as a new home loan application.
  • 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 Loan Balance Transfer, 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 Loan Balance Transfer:

  • 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.
  • 80% of Market Value or 100% of Principal outstanding and other charges based on the loan SOA/Foreclosure statement, 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 this Loan.

Interest Rate on DHFL Home Loan Balance Transfer:

1)      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)      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%

Home Loan Interest Rate Guide

Documents Required for DHFL Home Loan Balance Transfer:

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 Loan Balance Transfer 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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