Dhanlaxmi Bank provides home loans starting at 9.35% p.a. for up to 30 years. They offer a unique 'Surrogate Income Program' for self-employed applicants, assessing loan applications based on both financials and business-related aspects. Additionally, Dhanlaxmi Bank offers Step Up and Step Down EMI options, enabling applicants to avail higher loan amounts against their incomes. Existing home loan borrowers from other banks/HFCs can also transfer their outstanding loans to Dhanlaxmi Bank at lower interest rates.
Dhanlaxmi Bank Home Loan Highlights |
|
|---|---|
| Interest Rate | 9.35% – 10.50% p.a. |
| Loan Tenure | Up to 30 years |
| Processing Fees | 1% of the loan amount + GST |
| Table of Contents | ||
|---|---|---|
| Compare Interest Rates offered by other Lenders | ||
| Interest Rates | ||
| Types of Dhanlaxmi Bank Home Loan | ||
| Processing Fees & Charges | ||
| Eligibility Criteria | ||
| Documents Required | ||
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
|---|---|---|---|---|
| SBI Bank | 8.40% - 10.15% p.a. | 8.40% - 10.05% p.a. | 8.40% - 10.05% p.a. | Apply Now |
| HDFC Bank Limited | 8.40% p.a. onwards | 8.40% p.a. onwards | 8.40% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.60% p.a. onwards | 8.60% p.a. onwards | 8.60% p.a. onwards | Apply Now |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.35% - 10.35% p.a. | 8.35% - 10.55% p.a. | 8.35% - 10.75% p.a. | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50% - 11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| Axis Bank | 8.70% - 13.30% p.a | 8.70% - 13.30% p.a | 8.70% - 9.10% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Also read: Best Home Loan in India
| Rating | Interest Rates (% p.a.) | |
|---|---|---|
| Regular Program | Surrogate Program | |
| AAA | 9.35% | 9.85% |
| AA | 9.45% | 9.95% |
| A | 9.50% | 10.00% |
| BBB | 9.60% | 10.10% |
| BB | 9.65% | 10.15% |
| B | 9.75% | 10.25% |
| C | 10.00% | 10.50% |
| Unrated | 9.55% | 10.05% |
When determining the final interest rates for home loan applicants, Dhanlaxmi Bank considers factors such as the desired loan amount, existing loan repayment obligations, and credit score. While the bank hasn't disclosed a credit score-based interest rate matrix, lenders increasingly set home loan rates based on applicants' credit scores. Banks and HFCs prefer offering lower rates to those with higher credit scores. Hence, it's essential to check your credit score before applying. Applicants with no credit history or low scores can use the Step UP Credit Card, a secured card co-branded with SBM Bank India Ltd., to responsibly build or improve their credit scores, increasing their chances of getting a home loan at lower rates.
Home Loan Balance Transfer
Purpose: The home loan balance transfer facility allows existing borrowers from other banks and HFCs to switch to a home loan with lower interest rates, reducing their EMIs and overall interest costs. This refinance option can be utilized within 6 months of making payments towards acquiring a house. Additionally, the bank provides top-up loans along with balance transfer, which can be utilized for personal or business purposes.
Home Extension Loan
Purpose: The Home Extension Loan covers expenses related to house extension, such as adding floors, additional rooms, balconies, etc.
Construction Loan
Purpose: With the Construction Loan, applicants can access funds for constructing a house on a plot they already own.
Plot + Construction Loan
Purpose: Plot plus construction loan can be availed for acquiring a plot and constructing a house on it within a specified period.
Home Improvement Loan
Purpose: The Home Improvement Loan covers expenses related to internal and external repairs, structural improvements such as flooring, tiling, painting, water-proofing, false ceiling, woodwork, plumbing, or electrical work of an already purchased house.
NRI Home Loan
Purpose: NRIs can access Dhanlaxmi Bank NRI Home Loan for purchasing, constructing, renovating, or extending houses in India, including buying a plot for construction. The bank also extends a home loan balance transfer facility to existing NRI home loan borrowers from other banks or HFCs. Applicants opting for home loan balance transfer are also eligible for top-up home loans, which can be utilized for personal or business needs. NRIs can also utilize Dhanlaxmi Bank NRI Home Loan to refinance their properties within 12 months of making payments towards home purchase.
Also Read : Best Home Loan EMI Calculator
| Particulars | Fees and Charges |
|---|---|
| Processing fees | 1% of the loan amount, subject to a minimum of Rs. 10,000 |
| Cheque bounce charges | Rs. 500 |
| Late payment charges | 3% per month |
| Foreclosure Charges | NIL for Floating rate loans |
| Switch charges (Floating to fixed and vice versa only if the product exists at the time of request and is permitted by the bank) | 3% of the loan outstanding |
| Cheque swap charge | Rs. 500 |
| Document retrieval charges | Rs. 500 |
| EMI cycle change | Rs. 500 |
| Foreclosure statement charges | Rs. 200 |
| Stamp duty (Facility documentation & Property) + Registration | As per actual |
| Legal, repossession and incidental Charges | As per actual |
| Creation of charge with ROC | As per actual |
| Part prepayment Charges |
|
Features of Dhanlaxmi Bank Home Loan
- Loan tenure of up to 30 years.
- Special surrogate income program for self-employed applicants, assessing loan requests based on financials and business nature.
- Step Up and Step Down EMI options to increase loan amount eligibility.
- Mortgage Reducing Term Assurance (MRTA) insurance to cover outstanding home loan in case of your absence.
Also read: Best Home Loan Fees and Charges
While Dhanlaxmi Bank hasn't disclosed specific eligibility criteria for its home loan, banks and HFCs typically consider various factors when assessing applicants. These may include credit score, age, job profile, employer's profile, monthly income, property value, qualifications, assets, and savings history.
Also Read : Best Home Loan Eligibility
Here's a common set of documents required:
- Bank verification form.
- Duly filled application form (with photographs and signature across the photo).
- Processing fee cheque.
- Copy of property papers, if the property is identified.
- Details of limits and loans availed.
- Repayment track record of 1 year (if applicable).
- Latest loan outstanding statement for balance transfer.
Also Read : Best Home Loan Documents Required
KYC Documents
- Age Proof/Photo ID Proof – Passport, Ration Card, Voter ID Card, PAN Card, Aadhaar Card
- Address Proof – Utility Bill, Rent Agreement, Aadhaar Card, Voter ID, Driving license, Passport
Income Documents
Income Proof for Salaried –
- Latest Form 16.
- Salary slip for the last 3 months or Salary Certificate.
- Bank Statement for the last 6 months.
- Copy of Offer Letter if job continuity is less than 1 year or other proof of continuity in the current job or business.
Income Proof for Self Employed –
- Financial documents for 2 years, including:
- Income Tax Returns (ITR) along with computation.
- Balance sheet.
- Profit & Loss statement (P&L).
- Schedules.
- Tax Audit report for individuals, partners, and the company.
- Latest shareholding pattern attested by both CA/CS or another authorized person.
- Bank account statement for the business and savings accounts for the last 6 months.
- One-year bank statement specifically for surrogate purposes.
- VAT/Sales Tax Returns to validate sales.
Also read: Best Home Loan Balance Transfer