|Loan amount||Up to 90% of Property Value|
|Rate of interest||8.35% onwards|
|Tenure||Up to 20 years|
|Lowest EMI possible||Rs. 858 Per Lakh|
|Processing fee||0.50% + GST|
|Foreclosure Charges||Nil for floating rates|
|Penal Interest Rate||2% per month|
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):
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 20 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 8.35%.
The interest rates applicable are as follows:
|Tenor||MCLR (%) p.a.|
|1 month MCLR||7.50%|
|3 months MCLR||8.20%|
|6 months MCLR||8.50%|
|1 year MCLR||8.90%|
Following are the eligibility criteria required for Dhanlaxmi Bank Home Loan:
Additional Info: Also check Banglarbhumi West Bengal Land Record
Here is a list of documents, which are required to be submitted by all applicants:
Additional Info: Also check Documents Required For Home Loan
Dhanlaxmi Bank offers four types of Home Loans. These are as follows:
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.
This loan is given by the Dhanlaxmi Bank to those looking to construct a house on a pre-owned plot.
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 loan is given by the Dhanlaxmi Bank to those looking to buy a plot for constructing a house on it subsequently.
|Fees and charges||Amount|
|Processing fee||1% of the loan amount (minimum of Rs. 10,000) + service tax|
|Non-refundable processing fee which is to be paid at the time of application|
|NOC issuance charges|
|Late payment charges||3% per month|
|Cheque swap charges||Rs. 500 + service tax|
|Bounced Cheque charges||Rs. 500 + service tax|
|Facility statement charges|
|Charges for changing EMI cycle||Rs. 500 + service tax|
|Charges for documents retrieval||Rs. 500 + service tax|
|Charges on foreclosure statement||Rs. 200 + service tax|
|Facility cancellation charges||Rs. 2,000 + service tax + interest charges from the date of disbursement till cancellation request.|
|Charges for changing interest rate mode from floating to fixed and vice versa (if permissible by the bank)||3% of the loan outstanding + service tax|
|Insurance premium||As per the actuals|
|Creation of charge with ROC||As per the actuals|
|Legal, repossession, and incidental Charges||As per the actuals|
|Customer credit information report charges|
|Stamp duty and registration charges||As per the actuals|
|Charges on escrow account|
|Charges on part-prepayment of loan|
|Charges on loan foreclosure||Nil w.e.f. 01.02.2012|
Additional Info: Also check AnyRoR Gujarat Land Record
Formula to calculate
To Calculate the Dhanlaxmi Bank Home Loan EMI use the formula given below:
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)
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.
Once you have calculated the EMI, it is important to consider factors such as:
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
|Lender||Maximum Loan Amount||Maximum Tenure||Interest Rate||Processing Fee|
|Dhanlaxmi Bank||Up to 90% of property cost||20 years||8.35%||0.50% + GST|
|ICICI Bank Home Loan||Up to 90% of property cost||30 years||7.60% - 8.45%||0.50% - 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST|
|HDFC Ltd||Up to 90% of property cost||30 years||7.55% - 8.05%||Up to 1.50% or Rs. 4,500 (whichever is higher) + applicable taxes|
|Axis Bank Home Loan||Rs. 5 Crores||30 years||7.60% - 8.05%||Up to 1%, minimum Rs.10,000|
|Kotak Mahindra Home Loan||75% to 90 % of property value||30 years||7.50% - 8.10%||O.5% to 2.0 % + GST|
Additional Info: You can also avail SBI Home Loan
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 email@example.com
Registered & Head Office
Dhanlaxmi Bank Ltd., Dhanalakshmi Buildings, Naickanal, Thrissur - 680001
Kerala, Phone: 91-487-6617000
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Dhanlaxmi Bank Home Loans are available to salaried individuals working in government or private sector. It is also available to NRIs, pensioners, self-employed professionals, and businesspersons.
It is possible to get up to 80% finance for the property's market value; however, the same is assigned based on the applicant's income.
Dhanlaxmi Bank offers loans for a minimum of three years and a maximum tenure of 20 years. However, the loan tenure also depends upon the age of the borrower. A salaried borrower must not be more than 60 years old at the time of loan maturity and a self-employed borrower must not be more than 65 years old at the time of loan maturity.
The Dhanlaxmi Bank offers several options for Home Loans, under those there is the surrogate income-based loan and the income-based loan. Dhanlaxmi Bank is able to offer these loans based on its knowledge of different businesses and the subsequent effect they have on your loan repaying ability.
Yes, Dhanlaxmi Bank requires all loans to be applied by co-applicants. In case the property is a joint ownership property, then the co-owners will have to also sign as co-applicants to the loan. However, if it is a single ownership property, then a family member of the applicant will have to sign as co-applicant.
Yes, it is possible to pay your Dhanlaxmi Bank Home Loan, anytime after six months of the final loan disbursement. However, if you want to foreclose the loan, there are charges applicable on the same.
The Dhanlaxmi Bank Home Loan comes with Foreclosure charges on whatever is the outstanding loan amount when the loan is being foreclosed.
Yes, it is possible to make part-prepayment of your Dhanlaxmi Bank Home Loan. However, there is a minimum of Rs. 50,000 at least that you must pay and that too after six months from the first disbursement of the loan. You can make part-prepayment only once every financial year provided at least 25% of your loan amount is outstanding as balance amount at the time of the request being made. Any part payment made within a span of a year before you foreclose your complete loan will be levied with the same charges as of any foreclosed loan at the time when you are closing your loan account.
Yes, you can avail a tax exemption on your Dhanlaxmi Bank Home Loan on principal as well as interest payments.
It is possible to pay your Dhanlaxmi Bank Home Loan conveniently through post-dated cheques or through Electronic Clearing System (ECS).