Here Is Everything You Need to Know About DHFL Home Loan Eligibility

Not everyone can buy a house in one go, but everyone does share a common dream- to buy a home irrespective of their economic situation! With the help of several banks and lending institutions like DHFL in the country, many residents in rural and semi-urban areas have been able to buy a home/plot of land. Read on to know more about DHFL home loan eligibility.

DHFL, better known nowadays as Piramal Capital and Housing Finance Ltd, offers home loans at attractive interest rates starting from 8.75% per annum. You can use this loan for buying all types of properties like newly constructed homes, houses on resale, properties under construction, ready-to-move-in flats, as well as for self-constructed properties. Loan subsidies for the lower-income groups are also available under the PMAY scheme. 

Anyone from lower-income families and EWS (Economically Weaker Sections) can apply for the DHFL home loan. However, the maximum loan amount that can be sanctioned depends on many factors like monthly income, age, and credit scores (credit history and the repayment capability of the candidate). Another factor in consideration is if the applicant has any other running loans and their repayment details. During the home loan application process, you also need some documents based on whether you are a salaried employee or a self-employed individual. Today, we delve deep into the DHFL Home loan eligibility.

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DHFL Home Loan Eligibility

Like any other financial institution, DHFL lends money to applicants who match their eligibility criteria entirely. That is why it is vital to have a piece of proper knowledge of DHFL home loan eligibility criteria before applying for a home loan. 

General Criteria

• Home loan eligibility age criteria –The applicant should be a minimum of 21 years of age or more
• For salaried individuals, the maximum period of the applicant is 60. For self-employed, the threshold is 70 years
• The applicant should be an Indian resident
• Both salaried and self-employed individual's can apply
• The applicant should have a minimum work experience of 3 years (both salaried and self-employed)

Eligibility Based on Salary

While checking your salary eligibility for a loan, many factors go into consideration, like your monthly salary, loan tenure, and age. But, of course, you can always check the DHFL eligibility calculator for this purpose. 

Below is a tentative list of the maximum loan amount considering the loan tenure is 25 years with the minimum interest rate (8.75% pa).

Eligibility Based on Age

Age is a significant factor while sanctioning home loans. The younger you are, the more time you get to repay your home loan. Kindly note that the age bar and loan tenure will vary based on the type of employment. Below is a detailed breakdown of the DHFL Home loan eligibility for salaried individuals.

Here is an updated list of the maximum loan tenure for various age-group applicants who are self-employed professionals.

Credit Score Eligibility

Before sanctioning the loan, DHFL will check all the applicant's credit history, including their repayment history and the payment details for running loans, if any. Here is a credit score card for your reference:

• A credit score of 750 and above is good
• A credit score of 600-750 is considered average
• Any score below 600 will be regarded as poor

Your CIBIL score is also an essential factor while sanctioning loans. Currently, a CIBIL score over 650 will significantly increase your chances of home loan approval.

DHFL Home Loan Eligibility Calculator

Visit the home loan amount eligibility calculator page of DHFL and follow these few simple steps:

1. Fill in your monthly earning/Gross Income.
2. Enter the tenure of your loan. A longer loan tenure will improve your chances of loan approval.
3. Enter the current housing loan interest rate per annum.
4. Under the "Existing EMIs" section, input the monthly EMI of your running loan, if any.
5. Then click on "Apply Now".

DHFL Home Loan Details

Here are some essential facts about the DHFL housing loan:

• The housing loan’s maximum interest rate is 10.50%.
• The amount of loan sanctioned to the applicant will depend on the annual income and the repayment capacity of the applicant.
• Your past credit history is critical before the approval of loans.
• The home loan eligibility for salaried employees differs from that of self-employed entities.

DHFL Home Loan Interest Rate

The home loan interest rates start at 8.75% per annum. Under the PMAY scheme, one can get a housing loan at 6.5% per annum.

DHFL Home Loan Processing Fees

The processing fee is charged at 0.5% of the loan amount(+GST) for salaried and self-employed professionals. For self-employed non-professionals, the processing fee is 1% of the loan amount in addition to GST.

DHFL Home Loan Foreclosure Charges

The applicant can foreclose their housing loan during any time of the loan tenure. The foreclosure charges are 2 to 3% of the loan amount along with the applicable GST.

DHFL Home Loan Pre-Closure Charges

Often, the applicant can pre-pay the remaining loan amount in one single payment instead of multiple EMIs. Now, this payment can be partial or complete. Whichever the case may be, the preclosure charges for DHFL home loans are pegged at 2 to 3% of the loan amount along with the GST applicable.

DHFL Home Loan Documents Required

You will need any one of the following documents along with a photograph for individual applicants.

• PAN
• Aadhaar
• Passport
• Voter ID
• Driving license

DHFL Home Loan Application Status

Nowadays, you can narrow your DHFL home loan application status online and offline. You can visit the official "Loan Tracker" page of DHFL Housing. You can also call DHFL customer care representatives at their toll-free number 1800223435. If you are an existing customer, call on the toll-free number 180030001919.

DHFL Home Loan Emi Calculator

Visit the EMI Calculator page of Piramal Finance Ltd and input the required details like loan amount, tenure of the loan as well as the current rate of interest on the housing loan.

Factors that Affect DHFL Loan Eligibility

Here are the factors that affect your DHFL loan eligibility.

1. Credit Score – A credit score is a measure of your loan handling ability. A better credit score means that you handle your debt responsibly. A better DHFL Home loan CIBIL score means higher loan eligibility and higher chances of approval.
2. Applicant Age – Applicant age is used to determine the number of remaining years of service. There is no home loan age limit as such. But a 20-year-old has a higher chance of getting a loan because they will have a longer service period during which they will be able to pay off the loan.
3. Repayment Capacity –  This is measured by the Fixed Obligation to income ratio. The ratio should not cross the 40-50% mark. If it is more than the eligible mark, you must pay off the loan, or try increasing the income by adding a co-applicant.
4. Property Features – Lenders will evaluate the market value, age and location of the property before deciding upon the eligible loan amount. Home loan applications may be rejected if the property is too old or disputed.
5. Employer and Profession – Individuals in established organisations are given preference while approving loans. This is because salaried individuals are more stable than self-employed individuals
6. Job or Business Stability – Lenders may avoid lending to individuals with frequent job changes or ones without a stable business.

5 Ways to Improve your DHFL Home Loan Eligibility

You might have figured out by now that when lenders are processing your DHFL loan they are on the lookout for evidence of your financial stability and responsibility. You can take the following steps to improve your DHFL Home Loan Eligibility.

1. Increase your credit score – You can do this by making timely payments on loans.
2. Increase your down payment – paying more of your home loan as a down payment will decrease your loan-to-value ratio (LTV). This will make you more eligible for the loan.
3. Choose a longer tenure loan – By reducing your home loan instalments, your EMIs become more affordable and manageable.
4. Pay off any outstanding debts – Pay off the costlier debts first and slowly increase your repayment capacity.
5. Add a co-applicant – If you think getting the desired loan amount is difficult, add a co-applicant. A Joint home loan has a higher eligible loan amount. It will also consider the credit score and repayment capacity of the co-applicant.

DHFL is one of the most prominent NBFCs in the country that provide housing solutions to the lower-income groups of society. Primarily aimed at the rural and semi-urban population, they give housing loans to people at better terms and conditions. They also provide a maximum loan tenure of 30 years to ensure easy monthly instalments. If you are looking for more housing news, go through our blog section. You can also contact our NoBroker financial experts in case of any confusion. So, give us a call today!

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