DHFL Home Loan

DHFL Home Loan for Self Employed

DHFL Home Loan for Self Employed

DHFL Home Loan for Self Employed: Your home is not just a place for you to live but it is more than that. It is a small corner of the world that belongs to you, depending on your needs and desire. This is the place where you celebrate happiness and enjoy the journey of life. DHFL offers home loans exclusively for the majority of self-employed people who want to construct their home or purchase a new home. This loan fulfills all the needs of self-employed individuals and provides the chance to live in their own home.

In our country, only a few percent of the total work forces worked in the organized corporate sector. Most of the people are working in unorganized sectors or are self-employed and the majority of people are running their small shops, cottage industries, establish their own business etc. As a self-employed category, they have been ignored somewhere in the housing finance community. There are two reasons for this ignorance, the first reason is that they have variable monthly income, which is not always the same. The second is that even if they have the money, but they don’t have the necessary documentation that proves their financial condition. In order to overcome this problem, DHFL comes with a special loan for the self-employed person. DHFL Home Loan for Self Employed is planned as per the need of self employed by its evaluation process. In the evaluation process, the income of the applicant is evaluated through an independent source rather than the income tax authorities.

Also Read: DHFL Home Loan Balance Transfer

Features and Benefits of DHFL Home Loan for Self Employed:

  • DHFL Home Loan for Self Employed is designed for self-employed individuals both professionals and non-professionals.
  • The tenure of your loan ranges from 1 to 15 years.
  • The loan tenure for self-employed individuals is up to 65 years.
  • The minimum loan amount is 1 lakh.
  • You can avail a home loan up to Rs. 1 crore.
  • With 15 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 for this DHFL Home Loan for Self Employed.
  • 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 for Self Employed:

  • The minimum age of the applicant is 18 years.
  • Age of the applicant should not be more than 65 years at the time of loan maturity.
  • The applicant should be an Indian Resident.
  • The loan amount cannot exceed exceeding 60% of the cost of the property or 60% 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.
  • Only self-employed individuals are eligible for this home loan.

Interest Rate on DHFL Home Loan for Self Employed:

1)      DHFL Home Loan Interest Rates for 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%

Here’s How Home Loan Interest Rate Can Lower with Lower PPF Rates

Documents Required for Home Loan for Self Employed:

Purpose 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
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
Income Proof
  • 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 6 months
  • Bank A/c. Statement for last 6 months

 

Organization/Business Proof
  • 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)

Processing Fee and Charges of DHFL Home Loan for Self Employed:

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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