DHFL Home Loan Review: Should You Consider This Lender?

DHFL Home Loan Review: Should You Consider This Lender?

DHFL does not always offer the most affordable home financing products in India. However, it is worth checking the banks rates, especially as a backup option, before applying for another home loan.

Good for

  • Individuals seeking a backup home loan option

Bad for

  • Individuals seeking the cheapest loan in order to purchase a home

Editor's Rating

3.5/5.0

While DHFL does not always offer the cheapest home loan products in India, it's interest rates are typically only slightly above the market averages. For this reason, if you are not approved for a cheaper loan from another lender it is worth enquiring with DHFL to see what kind of pricing you are offered.

Summary of DHFL's Home Loans
Slightly Above Average Interest Rates: 9.10% - 10.75%
Processing Fee (Salaried): Rs. 5,000 - Rs. 20,000
Processing Fee (Self-Employed): 0.5% - 1.5%

Table of Contents

What Makes DHFL Home Loans Stand Out to Borrowers

DHFL does not offer the lowest interest rates for home loans in India. For this reason, the lender's home loans are likely to end up being more expensive than other financing options for most borrowers. With that said, DHFL tends to charge interest rates that are relatively close to the market average, making it a decent backup other more affordable lenders.

BorrowerInterest Rate Range
Salaried/SEP9.10% - 9.90%
Self-Employed9.75% - 10.75%
* as of November 2018
BorrowerInterest Rate Range
Salaried/SEP9.10% - 9.90%
Self-Employed9.75% - 10.75%
* as of November 2018

Who Can Apply: Eligibility Criteria

Consider this if you seek a great home loan backup option

Maximum Loan Tenure 30 years
Processing Fee Rs. 5,000 to Rs. 20,000

DHFL home loans are available to Indian residents and Non-Resident Indians (NRIs) as well as salaried and self-employed individuals. The lender offers home loans to individuals that are at least 21 years old and will be younger than 65 years old at the time of the loan's maturity.

Other Charges and Fees

In addition to its processing fees (Salaried: Rs. 5,000 - Rs. 20,000; Self-Employed: 0.5% - 1.5% of loan amount), DHFL charges a number of standard fees with its home loans. That said, we strongly suggest that prospective borrowers plan to avoid unnecessary fees in order to limit the total cost of their home financing.

FeeAmount
Processing Fee (Salaried)Rs. 5,000 - Rs. 20,000
Processing Fee (Self-Employed)0.5% - 1.5%
Part-Prepayment0% - 3%
Foreclosure Charges0% - 2%
Conversion FeesRs. 2,500 - Rs 8,500
* Fee amounts listed above are not inclusive of applicable GST

How to Apply: Application Process

Individuals interested in applying for a home loan from DHFL must fill out an application form and submit several required documents. The lender requires that applicants submit documentation proving their identification, residence and income. Additionally, home loan applicants must submit documentation regarding the property that they plan to purchase or borrow against.

Required Documents for DHFL Home Loan Application

  • Proof of Identity: PAN Card, Valid Passport, Voter ID Card, Driving License or Aadhar Card
  • Proof of Residence: Utility Bill, Ration Card, Letter from Employer, Bank Statement, Valid Rent Agreement or Sale Deed
  • Proof of Income: Salary slips, bank statements, tax returns, etc.

In terms of income documentation, salaried loan applicants must submit bank statements and salary slips or income details on company letterhead. Applicants that are self-employed professionals must provide their certificate of qualification, income tax returns, audited financials, bank statements and either VAT or Service Tax returns or a TDS Certificate.

Additionally, the lender requires applicants to submit provide a long list of property documents. It is important to note that depending on your specific loan application situation you may not need to submit all of these documents. We recommend that you contact the bank directly if you have questions about required documentation.

Required Property-Related Documents

  • Allotment letter from builder
  • Agreement of Sale
  • Registration and stamp duty receipt
  • Index-ii
  • NOC from builder
  • Own Contribution Receipt (OCR)
  • All builder linked documents
  • Development Agreement
  • Tripartite Agreement
  • Partnership Deed
  • Sale Deed
  • Title Search Report
  • NA order