Dhanlaxmi bank
Loan Against Property

Dhanlaxmi Bank, earlier known as Dhanalakshmi Bank Ltd, originated in the year 1927 in Thrissur, Kerala. The bank was renamed in the year 2010. It became a scheduled bank in the year 1977 and at present has 280 branches spread across several major States in the country.

The bank is offering various products and services to retail and corporate sectors. They have several retail products to cater to the personal needs of both the salaried individuals and the self-employed. One of the products is the Loan Against Property, which is provided at very competitive interest rates with flexible repayment option.

The added advantage of the scheme is the step up and step down EMI ,which enables the borrowers to plan their EMI. Borrowers in the younger age group and at the beginning of their career can opt for a step-up EMI wherein the EMI is kept low in the beginning and is increased periodically as their income increases with increasing experience in their jobs. The step-down EMI is meant for borrowers who are nearing retirement. They can keep the EMI high as long as they are in service and opt for a reset to a lower EMI post-retirement when their income becomes considerably low. A loan is also provided against the rental income from the property in the form Lease Rental Discounting facility.

There are two variants under the scheme:

• Loan Against Property
• Lease Rental Discounting

The features of the loan are as follows:

Also Read - 5 Steps to Choose the Ideal Lender for Loan Against Property

The following are the advantages of availing the Dhanlaxmi Bank Loan Against Property:

• Maximum loan quantum subject to the income, repayment capacity, line of business, number of dependants, etc.
• Competitive rate of interest
• Flexible repayment period ranging from 3 years to 15 years for Loan Against Property and 3 years to 10 years for Lease Rental Discounting.
• There is the benefit of step-up and step-down EMI
• For assessment of rental income under Lease Rental Discounting, extended lease period equal to the original lease period will be considered.
• For Lease Rental Discounting, easy repayment of the loan by way of depositing the rent in an Escrow Account.
• Simple documentation
• Loan is provided against residential as well as commercial property
• Balance transfer option with top-up facility is available
• Doorstep service is also provided
• Nominal processing charges
• No post loan hassles

Following are the eligibility norms for Dhanlaxmi Bank Loan Against Property Eligibility:

• A loan is granted to resident Indians
• Salaried individuals, self-employed individuals/professionals, and businessmen are eligible for the loan.
• The applicant should have a regular source of income and should have ample repayment capacity.
• The applicant should have a permanent job with ample experience and the self-employed should have a well-established business.
• The eligibility is also assessed based on the number of dependants
• The payment history of the applicant should be satisfactory, and the credit score should be good.

Also Read - 9 Factors That Affect Your Eligibility for a Loan Against Property

Following are Dhanlaxmi Bank Loan Against Property interest rate details:

Effective interest rates linked to RLLR - New floating rate loans:

Other new floating interest rate loans of tenure 1 year and above - Externally rated accounts

Effective interest rates linked to MCLR - Floating rate loans

Also Read - Best Loan Against Property Interest Rates in India

Following charges are involved in availing Dhanlaxmi Bank Loan Against Property:

*Applicable taxes will be collected on all the charges mentioned above.

Also Read - Dos & Don’ts of Applying for a Loan Against Property

Equitable mortgage of the property against which the loan is granted. In the case of the Lease Rental Discounting Scheme, the future rent receivables should be assigned in favour of the bank. A declaration from the lessee that the rent will be paid directly to the bank has to be obtained.

To avail the loan, applicants need to submit the following documents:

Also Read - Documents Required for Applying a ‘Loan Against Property’ in Mumbai

In the present days, it is very difficult for both the salaried individuals and the self-employed to spare time for doing the groundwork required to apply for a loan. Comparing the schemes offered by different financial institutions is a real tedious task even if it can be done online.

Earlier, there were very few lending institutions and there was not much difference in the schemes and rates. It was like you know about the scheme and rates of one lending institution and you know it all. Loyalty was another factor. If you had been dealing with a financial institution for long, you would not divert the dealings to another institution just for a small gain. But now, with so many attractive offers, with the competition on the rise, each one would like to compare the offers before going in for a loan.

It is like a product available in different brands with competitive pricing. When you set out to buy a consumer product, you will shop around to settle for the best deal. You would definitely want to follow the same procedure when you are going in for a big-ticket loan where you will have to pay interest for a term as long as 10 to 15 years. The lower the rate of interest, the lesser will be the cost of the loan. With so many players in the market, a comparison of all the offers to choose the best deal will be a herculean task. With the dearth for time, it will be practically impossible to do it on your own.

The increase in the number of players has paved way for the loan aggregators who partner with leading institutions to provide you with all the comparative data and to assist you in the loan process. MyMoneyMantra is one such lending marketplace with a strong team of loan specialists. With an experience of over 30 years in the field and tie-up with over 100 leading financial institutions, you can expect an array of products to choose from. To avail of their services, you will have to apply for the loan through MyMoneyMantra.

You will find the list of comparative data on the website on a single screen. The team will also help you to compare the data and choose the most lucrative deal that suits your repayment capacity, income, and your requirements. You can have a conversation with the team to understand the various products available. They will also help you to fill up the loan application. Doorstep service will also be provided, and they will collect the documents and will hand it over to the loan provider of your choice. Thereafter they will liaison with the loan provider for a quick approval and disbursal. The hassle-free loan experience is the advantage of applying for a loan through MyMoneyMantra.

Calculating the EMI is the major part of applying for a loan. Understanding the EMI in order to plan your monthly budget is very much essential. You can calculate the EMI manually by applying the formula, but the process will be elaborate and time-consuming. You can do the same calculation in just seconds by using an EMI Calculator. With MyMoneyMantra EMI Calculator, you can calculate your EMI beforehand and make your choice of the best deal.

To use the MyMoneyMantra EMI Calculator, you should log in to the website and choose the EMI Calculator from the list of calculators available under the financial tool. You should then provide the loan amount, loan tenure, and the rate of interest. The EMI will be calculated instantly. You can do the calculation multiple times using different combinations until you arrive at the EMI that suits your budget. After making the choice of EMI you can apply for the loan through MyMoneyMantra.

Also Read - 5 Steps to Choose the Ideal Lender for Loan Against Property