Dhanlaxmi Bank Home Loan

You can also Apply for 40 Lakh Home Loan

Here are some attractive features and benefits of the Dhanlaxmi Bank Home Loans:

Purpose of Loan: The Dhanlaxmi Bank Home Loans are given with the purpose of helping customers buy or build their dream houses with the flexibility of ample cash. It can be used to buy a plot, construct a house on the pre-owned plot, buy and construct a house, buy a flat, renovate a house, or extend it.

Eligibility: Here are the important factors to be considered to understand your eligibility for a Home Loan from Dhanlaxmi Bank:

Income of Borrowers: Professionals, employees, businessmen, NRIs, Agriculturists, etc., with a salary of more than Rs. 1.2 Lakhs per year.

Age: Borrower must be able to repay the loan before attaining the age of 60 years. Minimum age of borrower must be 21 years.

Loan Quantum: In case you want to buy a plot, the maximum loan amount is Rs. 50 Lakhs. However, for a house/flat it goes up to Rs. 2.5 Crores. However, certain other criteria also govern the loan amount sanctioned. The loan amount sanctioned is lowest among the following (whichever might be applicable):

• The loan amount should be 85% of the price of the house/flat/unit or the cost of construction of the unit.
• The loan amount should be 75% of the cost of the plot to be purchased
• The loan amount should be 70% of the cost of repairing the existing unit
• For employed borrowers: The loan amount should be 60 times their net monthly salary, including that of their spouse as well.
• For any other category of borrowers: The loan amount should be five times their net annual income according to the IT returns filed by them.

Increased flexibility: With Dhanlaxmi Bank Home Loans, you can get more loan quantum with respect to your present income. There is easy loan tenure of up to 30 years and competitive interest rates on home loan to make the loan easy on you. Even the documentation is very simple with the bank offering doorstep delivery to help you complete the process. What is even better is that you can easily step up or step down your EMIs as per your financial ability.

Transparent dealings: With the Dhanlaxmi Bank, you always experience transparency and clarity in all their dealings. All charges and costs are discussed with the customer beforehand so that there are no hidden surprises later. They charge only one-time processing fee and there are no charges applicable on loan repayments.

Special offers and schemes: Under their special schemes, the Dhanlaxmi Bank offers loans not just on the basis of your income but also as per your business's nature. The bank also offers a MRTA insurance plan that works on mortgage reducing terms to cover the outstanding loan in the absence of the borrower.

Options for Refinance: You can avail the facility of refinance within one year. The bank also offers great balance transfer rates on the existing loan as well as top-up Home Loans too for personal use or business purposes.

Additional Info: Also check DDA Housing Scheme

Dhanlaxmi Bank offers Housing Loan based on its 1-year MCLR, which is the Marginal Cost of Funds Based Lending Rate. The current 1-year MCLR of the bank is 10.10%.

The interest rates applicable are as follows:

Following are the eligibility criteria required for Dhanlaxmi Bank Home Loan:

• Employees/Businessmen/Professionals/Agriculturists/NRIs having an annual income of above Rs. 1.2 Lakhs are eligible to apply for the loan.
• Loan must be repaid before the borrower turns 60 years of age
• Salaried employees, having a minimum net monthly income of Rs. 6,000 (including spouse's income), with a minimum 1 year of service left after completing the eligible loan tenure, can apply.
• Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) who are below 55 years of age and are employed overseas for minimum 24 months with assured recurring earnings, can apply.

Eligibility Criteria for NRIs/PIOs

• The maximum loan amount offered is 60 times of applicant's take-home income, subject to restrictions so that the applicant can repay the loan within their remaining period of gainful employment with 30% of their earnings.
• The loan amount to be applied for must be above Rs. 2 Lakhs

Additional Info: Also check Banglarbhumi West Bengal Land Record

Here is a list of documents, which are required to be submitted by all applicants:

• Latest income tax assessment order or return filed or certificates - Issued by revenue authorities.
• Salary certificate/ salary recovery undertaking letter by the employer (for salaried persons)
• For NRIs/PIOs:
  • Passport with VISA stamp duly verified or attested
  • Valid work permit
  • Duly verified/attested employment contract
  • Continuous discharge certificate copy (for Merchant Navy)
  • Previous employment details
  • Last 6 months' bank account details
  • Residence proof
  • Income proof in case of self-employed
  • Copy of duly verified/attested labour card or identity card
  • Duly verified salary certificate/slip
  • Duly notarised Power of Attorney (POA)

Additional Info: Also check Documents Required For Home Loan

Dhanlaxmi Bank offers four types of Home Loans. These are as follows:

Home extension loan: 

This loan is ideal for you if you want to extend your existing home and add extra rooms/space to it. The loan is passed once all necessary approvals are in place.

Construction Loan: 

This loan is given by the Dhanlaxmi Bank to those looking to construct a house on a pre-owned plot.

Home improvement loan: 

Perfect for external or internal repairs in the existing home, the home improvement loan from the Dhanlaxmi Bank is suitable for refurbishing your home. It can also be used to conduct structural improvements like flooring, tiling, plumbing, waterproofing, electrical work, underground water tank construction, etc. This loan is passed only after estimates from the civil works department of your area have been received and assessed.

Plot + Construction loan: 

Plot loan is given by the Dhanlaxmi Bank to those looking to buy a plot for constructing a house on it subsequently.

Additional Info: Also check AnyRoR Gujarat Land Record

Formula to calculate

To Calculate the Dhanlaxmi Bank Home Loan EMI use the formula given below:

P*r* (1+r)^n/([(1+r)^n]-1)

In this formula,

P = loan amount which you want to borrow

R = the bank's rate of interest on the loan

N = the repayment loan term (in months and not years)

MyMoneyMantra EMI Calculator

If you want a faster and more reliable method of calculating the Dhanlaxmi Bank Housing Loan EMI, you can use the MyMoneyMantra EMI Calculator. Simply fill in the different variables into the calculator (loan amount, rate of interest, and tenure) and press 'Calculate' to arrive at the EMI, which you will have to pay. If you want to come to a more favourable EMI, you can easily make changes to the loan amount or the tenure to figure out the EMI that suits you best.

What to consider while calculating the EMI?

Once you have calculated the EMI, it is important to consider factors such as:

• Your monthly expenses, liabilities, and responsibilities in the short run as well as the long run.
• The amount that you will be able to pay comfortably without having to cut corners or end up in further debt.

It is important to consider these points to avoid delay or failure to repay the monthly instalments and end up paying penalties or borrow greater amounts to meet everyday needs.

Additional Info: Also check SBI Home Loan EMI Calculator

For any of your queries related to products and services offered by the Dhanlaxmi Bank contact them at their customer care number:

+91- 0487 6613000

Alternatively, you can also write to them at customercare@dhanbank.co.in

Registered & Head Office

Dhanlaxmi Bank Ltd., Dhanalakshmi Buildings, Naickanal, Thrissur - 680001

Kerala, Phone: 91-487-6617000