There are several home loan providers in the market trying to mark their name in the competitive environment. One of those is DHFL which is doing great business these days. The bank belongs to the private sector but the facilities offered are one of the best in the market which make people look forward to avavil a loan from the bank. One of the major advantages that the bank provides is low rate of interest. The DHFL home loan interest rates are always at the lowest level making customers feel secured. However, the interest rates vary according to the type of the loan.
The best interest rate for loan
While there are different interest rates for different home loans, the best rate offered is 8.60% currently. This is flexible interest rate and will vary according to the market rate of interest and the margin mentioned by RBI. The effective rate of interest starts from 9%. This makes the EMI per month really low and makes it easy for anyone to afford a home at that EMI. Lower interest rate will also increase your eligibility as EMI is determined based on your paying capacity.
DHFL home loan interest rates
Home loan interest rate for salaried and self-employed people may vary and the tenure can be 1 to 30 years. DHFL home loan interest rates usually start from 9% onwards.
For salaried individuals
The interest for salaried individuals start from 9% per annum and that is applicable for loan amount up to 75 lacs. If you want to take a loan of more than 75 lakhs but less than 1.5 crore, the interest rate will be 9.15%. From 1.5 crores to 3 crores, the interest rate is fixed at 9.35% and for bigger amounts the interest will be 9.75%.
For Self-Employed
For people who are self-employed,, the interest rate is a bit higher compared to the salaried employees. The interest rate for up to 75 lacs is 9.10% while for the range of 75 lacs to 1.5 crores; the rate is fixed at 9.25%. For loans over 1.5 crore and less than 3 crores, the rate of interest charged by the bank is 9.45% and for any amount more than that you will have to pay an interest of 10%.
Apart from the home loan interest, a borrower also needs to pay a processing fee of Rs.5000 for a loan up to 30 lacs. For a loan up to 75 lacs the processing fee is Rs. 10,000 and for amount more than that the processing fee is Rs. 20,000. This is a nonrefundable amount charged by the bank and it is charged only once. There are some other charges too that depend upon the terms and conditions of the loan.
There are several reasons why people choose DHFL as their home loan partner. One of those reasons is that the bank is a user friendly one and the interest rate is quite low too. The bank makes sure that the burden is lower for the borrower and thus tries to offer the best rate in the market. Apart from that, the processing of the loan is done quite early making it a convenient option for the borrower who wants things to be wrapped up as early as possible. The representative of the bank will guide you in every step of processing the loan and doorstep service is offered to customers who are unable to visit the branch. The documentation process is easy and hassle free and that is the reason why it has become easy to take a loan from DHFL.
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