Dhanlaxmi Bank Loan Against Property
Apply for Dhanlaxmi Bank Loan Against Property at an interest rate starting at 10.60% p.a. With an extended tenure of 15 years, low processing fee, customised EMI options, NIL foreclosure charges & funding up to 65% of property value, Dhanlaxmi Bank offers high-value mortgage loans. Use the free LAP Interest Rate Calculator and know your eligibility instantly online. Salaried, self-employed, professionals, as well as business units, can avail tailored loan offers.
Apply for Dhanlaxmi Bank Loan Against Property at Attractive Interest Rates
Features of Dhanlaxmi Bank Loan Against Property
The features of the loan are as follows:
| Name of the Product | Purpose | Quantum | Interest | Security | Repayment | Charges |
|---|---|---|---|---|---|---|
| Loan Against Property | The loan can be used for the working capital requirement of the business or for business expansion. It can also be used for personal needs like medical emergencies, planning a wedding, for the higher education, for planning a vacation, for renovation and repairs of the property, etc. | The quantum of the loan depends on the income of the borrower, repayment capacity, value of the property, nature of the business and number of dependants of the borrower. As far as possible, the maximum quantum of loan will be provided. | The rate of interest ranges from 11.55% to 14.15% p.a., depending on the external credit rating of the borrower. | Equitable mortgage of the property against which the loan is provided. | The minimum repayment period is 3 years and the maximum repayment period is 15 years. | Processing charges: 1.50% of the loan amount with a minimum of 10,000. Part prepayment charges: Part prepayment is allowed only after 6 months from the date of the first disbursement of the loan. The minimum part payment amount should be 50,000. Part pre-payment up to a maximum amount of 25% of the principal outstanding at the beginning of the financial year is allowed and is permitted to be made only once in a year. Part prepayment made 12 months prior to the foreclosure will be considered for charging the penalty during the foreclosure of the account. Foreclosure charges: The charges will be 5% on the outstanding principal amount if closed within 12 months from the date of first disbursement of the loan, 3% on the outstanding principal amount if closed between 12 to 24 months from the date of the first disbursement of the loan and at 2% of the outstanding principal balance if closed thereafter. |
| Lease Rental Discounting | The quantum of the loan depends on the future rent receivables less the standard deductions, advance rent deposit and also the income tax and the market value of the property There is an added benefit of an extended lease period up to the original lease period for considering the rental income. | The rate of interest ranges from 11.30% to 13.90% p.a., depending on the external credit rating of the borrower. | Equitable mortgage of the property against which the loan is provided and the assignment of the future rent receivables in favour of the bank with a declaration from the lessee that the rent will be payable directly to the bank. | The minimum repayment period is 3 years and the maximum repayment period is 10 years. |
Advantages of Dhanlaxmi Bank Loan Against Property
The following are the advantages of availing the Dhanlaxmi Bank Loan Against Property:
- The maximum loan quantum is subject to the income, repayment capacity, line of business, number of dependents, etc.
- Competitive rate of interest on a loan against property
- 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 the assessment of rental income under Lease Rental Discounting, an 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 a top-up facility is available
- Doorstep service is also provided
- Nominal processing charges
- No post-loan hassles
Dhanlakshmi Bank Loan Against Property Interest Rates
The following are Dhanlakshmi Bank Loan Against Property interest rate details:
Effective interest rates linked to RLLR - New floating rate loans
| Loan Against Property | |
| Ratings | Applicable Rate of Interest |
| AAA | 11.55% |
| AA | 11.90% |
| A | 12.35% |
| BBB | 12.80% |
| BB | 13.05% |
| B | 13.25% |
| C | 13.65% |
| Unrated | 14.15% |
| Unrated Accounts - ( 2 Lakhs and below loan limits) | 12.35% |
| Loan Against Property Under Surrogate | |
| Ratings | Applicable Rate of Interest |
| AAA | 12.30% |
| AA | 12.65% |
| A | 13.10% |
| BBB | 13.55% |
| BB | 13.80% |
| B | 14% |
| Unrated | 14.40% |
| C | 14.90% |
| Unrated Accounts - ( 2 Lakhs and below loan limits) | 13.10% |
| Dhanam Lease Rent Discounting | |
| Ratings | Applicable Rate of Interest |
| AAA | 11.30% |
| AA | 11.65% |
| A | 12.10% |
| BBB | 12.55% |
| BB | 12.80% |
| B | 13% |
| C | 13.40% |
| Unrated | 13.90% |
| Unrated Accounts - ( 2 Lakhs and below loan limits) | 12.10% |
Other new floating interest rate loans of tenure 1 year and above - Externally rated accounts
| Type of Loan | Ratings | Applicable Rate of Interest |
| Loan Against Property | AAA | 11.20% |
| AA | 11.20% | |
| A | 11.40% | |
| BBB | 11.80% | |
| Loan Against Property Under Surrogate Method | AAA | 11.95% |
| AA | 11.95% | |
| A | 12.15% | |
| BBB | 12.55% | |
| Dhanam Lease Rent Discounting | AAA | 10.90% |
| AA | 11% | |
| A | 11.10% | |
| BBB | 11.50% |
Effective interest rates linked to MCLR - Floating rate loans
| Type of Loan | Ratings | Applicable Rate of Interest |
| Loan Against Property | AAA | 11.45% |
| AA | 11.80% | |
| A | 12.25% | |
| BBB | 12.70% | |
| BB | 12.95% | |
| B | 13.15% | |
| C | 13.55% | |
| Unrated | 14.05% | |
| Unrated Accounts - ( 2 Lakhs and below loan limits) | 12.25% | |
| Dhanam Lease Rent Discounting | AAA | 11.20% |
| AA | 11.55% | |
| A | 12% | |
| BBB | 12.45% | |
| BB | 12.70% | |
| B | 12.90% | |
| C | 13.30% | |
| Unrated | 13.80% | |
| Unrated Accounts - ( 2 Lakhs and below loan limits) | 12% |
Dhanlaxmi Bank Loan Against Property Eligibility
The following are the eligibility norms for Dhanlaxmi Bank Loan Against Property:
- 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 dependents
- The payment history of the applicant should be satisfactory, and the credit score should be good.
Dhanlaxmi Bank Loan Against Property Fees & Charges
The following charges are involved in availing a Dhanlaxmi Bank Loan Against Property:
| Type of charge | Details |
|---|---|
| Processing charges | 1.50% of the loan amount with a minimum of 1,000 + applicable tax. |
| Non-refundable processing charges to be paid at the time of submitting the loan application |
|
| Cheque dishonour charges | 500 per instance |
| Delayed payment charges | 3% p.m. interest for the delayed period |
| Cheque swap charges | 500 |
| NOC charges |
|
| Issuing document copies | 500 |
| Change of EMI cycle | 500 |
| Statement for foreclosure | 200 |
| Part prepayment charges |
|
| Foreclosure charges |
|
| Charges for cancelling the facility | 2,000 along with interest from the date of disbursement till the cancellation of the request. |
| Stamp duty | As per the guidelines of the respective State |
| Legal, incidental and repossession charges | Actuals |
| Issuing a credit report | 200 per report for consumer report and 750 per report for a commercial report. |
*Applicable taxes will be collected on all the charges mentioned above.
Security Required for Dhanlaxmi Bank 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.
Documents Required for Dhanalaksmi Bank Loan Against Property
To avail the loan, applicants need to submit the following documents:
| Type of Document | Salaried | Self-Employed |
| Address Proof | Aadhar Card, Voter's ID Card, Driving Licence, Utility Bills | |
| Photo ID Proof | Pan Card, Passport, Ration Card, Voter's ID Card | |
| Income Proof |
|
|
| Business Proof | Not applicable |
|
| Other Documents | Repayment Track Record, if any A cheque for processing fee | |
| Property Documents | Copy of title deeds relating to the property against which the loan is provided. | |
| Application | Relevant application for the Loan Against Property or Lease Rental Discounting as the case may be. | |
| Photograph | Two passport size photographs of the applicant as well as co-applicants. | |
FAQs
The following can apply for the Dhanlaxmi Bank Loan Against Property:
- Salaried individuals, self-employed individuals/professionals, and businessmen
- A resident Indian
- An applicant with a regular source of income with adequate repayment capacity
- An applicant with a permanent job if salaried and with a well-established business if self-employed.
- An applicant with a good credit score
The following are the benefits of availing the Dhanlaxmi Bank Loan Against Property:
- The loan will be granted against a residential as well as commercial property
- The repayment option is flexible with a minimum period of 3 years and maximum period of 15 years for the Loan Against Property and with a period ranging from 3 years to 10 years for the Lease Rental Discounting Scheme.
- For considering the rental income under Lease Rental Discounting extended lease period equal to the original lease period will be considered.
- The repayment for Lease Rental Discounting can be done by depositing the rent in the Escrow Account.
- There is an option of step-up and step-down EMI
- The rate of interest is competitive
- The documentation is simple and easy
- A loan balance transfer facility at a lower rate of interest with a top-up facility is available
- Doorstep service is provided
- The processing and pre-payment charges are nominal
- An overall hassle-free loan process
The processing fee applicable for the Dhanlaxmi Bank Loan Against Property is 1.50% of the loan amount with a minimum of 10,000.
The security by way of equitable mortgage of the property against which the loan is provided for both Loan Against Property and Lease Rental Discounting. For Lease Rental Discounting, apart from the equitable mortgage, the future rent receivables should be assigned to the bank with a declaration letter from the lessee that the rent will be paid directly to the bank. A separate escrow account can be opened, and the rent deposited in the account.
The following documents are required for Dhanlaxmi Bank Loan Against Property:
- A prescribed application for a Loan Against Property, duly filled and signed
- Two passport-sized photographs of the applicant
- Address proof like voter's ID card, Aadhar card, Driving Licence, and utility bills for both salaried individuals and the self-employed.
- Photo ID Proof like Pan Card, Passport, Ration Card, Driving Licence, etc, for both salaried individuals and the self-employed.
- Salaried individuals should submit income proof by way of salary slips for the last 3 months, the latest Form 16 and ITR, and a bank statement for the last 6 months of the salary account.
- The self-employed should submit income proof by way of audited financial statements like the balance sheet and P & L Account for the last 3 years, ITR for the last 3 years,and bank account statement of the main account for the past 12 months.
- The self-employed should submit business proof by way of GST Registration Certificate, Partnership Deed, MOA, AOA, etc., as per the constitution of the business.
- Repayment track record, if any
- Copies of the property documents of the property against which the loan will be granted