About Dhanlaxmi Bank

Dhanlaxmi Bank, a predominantly South Indian bank, has its origins in Kerala. A group of enterprising young men in Thrissur came together to establish Dhanlaxmi Bank on 14th November 1927. The objective of creating the bank was to ensure proper banking facilities to the business community in Kerala. Today, the bank has grown to have 628 touchpoints located throughout the country. 

Kerala has a sizeable NRI contingent. Therefore, it is natural for Kerala-based banks to have links with foreign banks and exchange houses, especially in the Gulf countries. Dhanlaxmi Bank has affiliations with six of the top exchange houses in the Middle East countries. Besides, the bank has a correspondent banking relationship with eight foreign banks to facilitate the smooth flow of investment from the NRI community.

Apart from banking, Dhanlaxmi Bank partners with four top private insurance players in India to provide insurance business to their clients, as well.

About Dhanlaxmi Bank Home Loan

Dhanlaxmi Bank has a well-defined Home Loan product that caters to almost every section of society. The bank offers Home Loans to meet nearly all Home Loan requirements, such as:

  • Construction of home on your land or purchasing house/flat under construction
  • Purchase of new/second-hand house/apartment
  • Purchase residential plot of land to construct your house at a later stage
  • Repair, renovate, or refurbish your existing home
  • Transfer your Home Loan from other banks and financial institutions

The features of Dhanlaxmi Bank Home Loan are as follows:

  • Home Loans that cater to all housing requirements
  • Maximum Home Loan amount of 2.50 Crores
  • Enjoy higher loan amount against your income
  • Top-up loan facility available
  • Refinance facility within 12 months of payments made towards acquiring a home
  • Competitive rates of interest
  • Flexible loan repayment tenure up to 30 years
  • Maximum Loan to Value Ratio
  • Easy eligibility norms
  • Surrogate Income Program for self-employed persons
  • Mortgage reducing term assurance Insurance plans available
  • Simple documentation procedure
  • Doorstep services
  • Transparent processing
  • Affordable charges

Dhanlaxmi Bank Home Loan Documents

The applicants should submit the following documents to the bank when applying for Dhanlaxmi Bank Home Loan:

Pre-Sanction Documents

For both salaried and self-employed individuals:

  • Application form completed in all respects with a photograph of the applicants and their signature across the picture.
  • Non-refundable Processing Fee cheque
  • Photocopy of the property documents
  • KYC Documents should include the following - Any one document from each category should suffice:
    • Identity proof - Employee ID, Driving Licence, PAN Card, Passport and so on
    • Residence proof - Passport, Driving Licence, Aadhar Card, and so on
    • Signature proof - Passport, PAN Card, Driving Licence, and so on
    • Verification of employment - Employment letter
    • Evidence of business - GST certificate, or any other document to prove the existence of business.
    • Proof of qualification - Copy of Educational or Professional degree or any equivalent document.
    • Details of loans and advances availed - Statement of account of all loans outstanding
  • Copy of PAN card
  • Repayment Track Record for one year
  • Bank Verification Form
  • In case of Balance Transfer - The latest outstanding statement
Additional Documents from Salaried Customers
  • Salary certificate or salary slips for the last three months
  • Form No 16 - Latest
  • If employed for less than one year - Copy of Offer letter
  • Otherwise, the applicant should submit proof of continuity of employment
  • Six months' statement of bank account evidencing the credit of salary
Additional Documents for Self-Employed customers
  • Financial statements for the previous two years (minimum)
    • Income Tax Returns along with the Statement of Computation of Income
    • Profit and Loss Schedule and the Balance Sheet
    • Tax Audit Report of individuals, partnership firms, and companies
  • In the case of a partnership firm - Copy of partnership deed
  • In the case of a company - Memorandum of Association and the Articles of Association
  • Latest shareholding pattern certified by the Chartered Accountant (in the case of a company)
  • Bank statement of account for six months of business and individual savings account
  • In the case of surrogate - The statement should be for one year
  • GST Returns to validate sales
Property Documents
  • Photocopy of title deeds, EC (encumbrance certificate) for a minimum of 30 years, possession certificate, and property tax receipt.
  • In the case of society - Allotment letter of the co-operative society or the association of apartment owners.
  • Approval of the residential plot from the local authority
  • Approved Plan and licence for construction issued by the local planning authority
  • An estimate of expenses prepared and certified by an approved engineer
  • In case of flat/apartment - Agreement for sale
  • Construction agreement - In case of loan for the purchase of house/flat under construction


Other documents that the bank might require

  • CIBIL Consent letter
  • Post-dated cheques for the next year
  • Salary-cum-undertaking letter

Important points to note

  • All applicants including co-applicants should submit the documents as listed above
  • The applicants can provide photocopies of the original documents. The bank can demand to see the original papers. If so, the applicant should be in a position to show it to the bank.
  • The bank panel advocate could ask for other documents like property tax paid receipt, utility bills, and so on. The advocate could also demand the copies of all sale deeds before this transaction for a minimum of 30 years.
  • In case of purchase of land and plans to construct the building at a later stage - The applicant should undertake to construct the building within the specified period.
  • The applicant should provide an undertaking that the construction of the house is according to the approved plan.
  • The applicant should agree to submit any other document that the bank might call upon at a later stage.
Additional Documents for NRIs/PIOs
  • Passport copy with the VISA duly stamped and attested/verified
  • Valid Work Permit
  • Copy of the employment contract duly attested/checked
  • In the case of Merchant Navy personnel - The copy of Continuous Discharge Certificate
  • Details of Previous employment, if any
  • Statement of the overseas bank account of the NRI for the last six months
  • Residence Proof overseas
  • In case the NRI/PIO is a self-employed person - Proof of income/profit
  • Copy of labour card or identity card duly attested/verified
  • Salary certificate or Payslip duly verified/attested
  • Power of Attorney duly notarised

Dhanlaxmi Bank Home Loan - How to Apply

Applicants can apply for Dhanlaxmi Bank Home Loans in different ways:

Online Application

  • Access the official Home Loan webpage of Dhanlaxmi Bank
  • Click on the Apply option
  • Submit your details like name, email address, phone number, address, product type, and loan amount.
  • You will get a call from Dhanlaxmi Bank officials who will help you to complete the application form and submit the necessary documents.

Direct Branch Visit

  • Visit the nearest branch of the Bank and meet the relationship manager to enquire about the Home Loan.
  • Complete the application form and submit the necessary documents

MyMoneyMantra

MyMonetMantra.com offers you the facility to apply for Dhanlaxmi Bank Home Loan from our website.

  • Access the MyMoneyMantra website
  • Select the Home Loan Option
  • Submit the information that we ask from you
  • You will get an OTP on your registered mobile number
  • Enter the OTP to confirm the transaction
  • Proceed with comparing different Home Loans and select Dhanlaxmi Bank as your preferred lender.
  • Our Home Loan counsellors help you with the Home Loan application and submission of documents to Dhanlaxmi Bank.

Dhanlaxmi Bank Home Loan - Frequently Asked Questions

If I do not have any KYC document to prove my identity, will I be able to apply for Dhanlaxmi Bank Home Loan?

Usually, everyone has at least one KYC document to prove their identity. It could be any of the following:

  • Passport
  • Driving Licence
  • Voter's ID card
  • PAN Card
  • Aadhar card
  • NREGA Job card
  • Employee ID Card
  • Bank account passbook

If all these documents are not available, some banks accept photo identification if a Member of Parliament or a local corporator certify the same. However, it is difficult to envisage a person without any KYC identity in India.

As far as the loan application is concerned, you cannot apply for any loan without submitting proper KYC documents. It is a part of due diligence carried out by banks.

Do I need to submit separate documents for ID proof, address proof, and signature proof?

The RBI rules are silent in this regard. Usually, banks ask for two different documents for ID proof and address proof. However, if your ID proof and signature proof documents are the same, it should not be a big deal. Similarly, your ID proof and age proof document could also be the same. However, when it comes to ID proof and residence proof, banks always insist on two different documents.

Should I produce KYC proof if I maintain an account with Dhanlaxmi Bank?

If there are no changes in the details, you need not produce a fresh set of KYC documents. However, if you have changes, like address proof, then it is necessary to submit the evidence of the latest address.

As far as income and property documents are concerned, you have to submit them.

Will the KYC Registry Certificate suffice as KYC document?

Nowadays, all banks register their account holders with a universal KYC Registry. Each registered person gets a unique KYC Registry number. The individual can submit this identification number without needing to produce documents. The banks can verify the genuineness of the information from the KYC Registry. However, if the data has changed subsequently, the individual should provide valid documentary evidence to substantiate the change.

What is the Surrogate scheme in a Dhanlaxmi Bank Home Loan?

The surrogate comes into the picture when the applicant is not in a position to provide documentary evidence of the generation of income or profit. Under such circumstances, the bank cannot determine the eligibility of the Home Loan. Such a situation can crop up when the applicant has informal sources of income. Examples of such professions are daily wage earners, carpenters, temple priests, plumbers, rickshaw drivers, and so on. Such people do not have documentary evidence such as IT returns (if they have not filed otherwise). Therefore, the bank interviews such applicants and asks for a statement of the bank account for one year. It enables the bank to arrive at a reasonable income level. Dhanlaxmi Bank approves Home Loans based on such estimates of income, as well.

What documents should I submit at the time of creating the equitable mortgage of the property?

The bank has panel advocates who search the property records at the Sub-Registrar's Office. This search provides details of the previous owner of the property.

The advocates seek details for 30 years to establish an unbroken chain for the entire 30 years. The search also reveals encumbrances on the property if any. On completing the search, the advocate submits a Legal Scrutiny Report to the bank. This report contains details of the documents that the borrower should deposit to create a valid and marketable mortgage. The borrower should submit these documents as listed out in the LSR.

Why should NRIs produce the Power of Attorney as one of the necessary documents?

The NRI resides abroad for a significant period in a year. The NRI can purchase property in India and avail bank loan's as well. However, the bank would need someone in India to contact in case of an emergency. The NRI might also not be available to execute the bank loan agreement. Under such circumstances, the NRI should authorise a close relative to represent him/her in India in dealings with the bank. A power of attorney is the right document to divest such responsibilities.

Why should the Power of Attorney be notarized?

Usually, the Power of Attorney is executed in a foreign country in front of an advocate/notary/Indian Embassy. The attorney signs the document in India after receiving the same. Rules stipulate that the attorney holder should register the Power of Attorney within two months of its receipt in India.

Should the Power of Attorney be a general power of attorney or specific power of attorney?

Usually, banks seek specific power of attorney in a prescribed format. This power of attorney authorises the attorney holder to represent the NRI borrower in dealings with the bank alone. For other purposes, the NRI can issue a separate power of attorney.

What is the need to sign a CIBIL consent letter?

Dhanlaxmi Bank will verify the repayment track record of the applicant by generating the CIBIL report. The rate of interest depends on the CIBIL score. Hence, the bank requires the specific consent of the borrower to seek information from CIBIL. 

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