Dena Bank

Dena Bank Home Loan

Apply Dena Bank Home Loan

About Dena Bank Home Loan

Who doesn't want the privilege of living in their own home? Not only does it take away all your worries about paying monthly rentals, but it is the only place that you can call your own. You also get the privilege to rent it out to someone else, who is in need of a home. However, building a house or even buying one is not a small feat. It takes an incredible amount of funds and labour, forcing a lot of people to put off the idea to build a home.

Many banks and non-banking financial companies (NBFCs) are trying to help people in turning their dream homes into reality. One such bank is the Dena Bank which offers housing finance schemes to people who want to invest in a house. If you are planning to buy a house and are looking for a housing loan, then you have come to the right spot.

Being one of the oldest banks in India, Dena Bank was founded in 1938 and is headquartered in Mumbai. This nationalised bank provides Home Loans depending upon your requirements be it a purchase of a plot, build a house from the foundation, or even buy an already constructed one. You can also take up loan for extensions, renovations or repair work on your existing house property.

*Important Notice: Dena Bank and Vijaya Bank have merged with the Bank of India w.e.f 01.04.2019. Banking operations and accounts of these two banks will be transferred to the Bank of Baroda post merger. This merger will lead to some changes for the Dena Bank and Vijaya Bank customers.

Why Opt for a Home Loan by Dena Bank?

Dena Bank Home Loans can give you some of the most competitive interest rates in the market along with a loan tenure of up to 30 years. The loan amount depends on the location of the property. For instance, if you want to construct a home in a Metro city, the Home Loan can go up to 10 Crores. Alternatively, buying or constructing a house in urban and semi-urban centres can fetch you a loan of up to 5 Crores. Another good news is that there are no prepayment charges in case of floating interest rate loan. This means that you don't need to pay any extra charges if you repay the outstanding loan before maturity.

Features and Benefits of Getting a Dena Bank Home Loan

Being one of the oldest banks in India, Dena Bank is an old player in the industry and understands the loan market to give you some of the best Home Loan offers.

  • Tailor-Made Home Loans: Dena Bank understands that your needs for a Home Loan may vary from that of other individuals. Hence, Dena Bank offers tailor-made Home Loans that best suit your needs. Dena Bank makes sure to include all your requirements and expectations from the loan while making sure that you will not be burdened by a massive equated monthly instalment (EMI) amount or a high-interest rate.
  • Daily Reducing Balance for Interest Rates: Unlike most other banks, Dena Bank calculates interest rates depending on your outstanding principal amount on a daily basis. This means that even if you make additional payments within a month, the interest rate will reduce the very next day depending on the outstanding principal amount.
  • Competitive Interest Rates: Dena Bank gives you some of the best interest rates in the industry, currently starting at 8.70% per annum.
  • Low Processing Fees: Dena Bank charges a minimal processing fee of 0.50% of the loan amount for the credit appraisal and lending process.
  • Easy Repayment: Dena Bank offers easy repayment options so that you can plan your monthly payments accordingly. Depending upon your age and your requirements you can choose a payback period of up to 30 years, this will reduce the monthly instalments.
  • Zero Hidden Charges: Dena Bank ensures that their customers are satisfied at all times. Dena Bank makes sure to disclose all the relevant charges and information so that you are not cheated upon any hidden costs. However, in case there are any additional charges applicable, an executive from Dena Bank is sure to reach out to you and clarify all the doubts.

Dena Niwas Housing Finance Interest Rates

The interest rates offered by Dena Bank vary depending on various factors like your occupation, age, income, total loan amount, and type of loan. The rates are linked to the base rate or 1 year Marginal Cost of Funds based Lending Rate (MCLR) of the bank which is 8.70% (as updated on 07.05.2019). 

Here are the details of Dena Bank Home Loan interest rates based on its 1-year MCLR:

Dena Bank and Vijaya Bank have merged with the Bank of Baroda on 01.04.2019. Hence, banking operations and accounts of these two banks is transferred to Bank of Baroda post merger. The interest rates will be as follows:

Type of Scheme Spread Applicable Interest Rates

Baroda Home Loan & 
Baroda Home Improvement Loan

1-year MCLR to 1-year MCLR + 1%

8.70% to 9.70%

Baroda Home Loan Advantage

Up to  75 Lakhs: Normal Home Loan Interest Rate

8.70% to 9.70%


Above 75 Lakhs: 0.25% over Normal Home Loan Interest Rate

8.95% to 9.95%

Baroda CRE Home Loan

0.25% over Normal Home Loan Rate

8.95% to 9.95%

Baroda CRE Home Loan (Advantage)

Up to  75 Lakhs: 0.25% over Normal Home Loan Interest Rate 

8.95% to 9.95%


Above 75 Lakhs: 0.50% over Normal Home Loan Interest Rate

9.20% to 10.20%

Baroda Top Up Loan (Resident/NRIs/PIOs0)

Applicable Rate of Interest on Home Loan + Strategic Premium + 0.50%

9.20% to 10.20%

Additional Risk Premium of 0.05% is applicable over and above the interest rate on all variants of Home Loans including Top Up Loan. This additional Risk Premium can be removed for the borrowers who provide credit insurance cover on loan for the entire tenure.

Types of Dena Bank Housing Loans

The type of housing loan offered by Dena Bank depends on the type of interest rate you choose. You get a Home Loan with a fixed interest rate that gives you greater tenure flexibility and lower risks. Otherwise, you can choose a floating interest rate Home Loan that comes with a slight risk of changing interest rates depending on the market, but floating interest rates are lower as compared to the fixed interest rate.

However, along with the regular Dena Niwas Housing Finance scheme, you can also avail other schemes like that help you buy furniture, or get your home insured, or just help you get a top up on your loan.

  • Dena Niwas Furniture Loan Scheme:This scheme provides funds to all Home Loan borrowers furnishing the house.
  • Dena Niwas Gruh Swami Insurance Loan Scheme: This scheme offers insurance cover to your house for protection against any damage through disasters or natural calamities or any harm or loss caused by terrorism or robbery.
  • Dena Top Up Housing Loan Scheme: This allows you to get a top-up on the loan amount borrowed from the bank, provided that you have made satisfactory repayments in the past one year.

The Home Loan variants will be as offered by the Bank of Baroda post merger.

Dena Bank Home Loan Eligibility

Just like any other loan, you will need to need to meet the eligibility criteria required to get the Home Loan at Dena Bank. Any individual who is above 18 years of age with the minimum required salary can apply for a Home Loan at Dena Bank.

It is best that you calculate the monthly instalment you will need to pay according to your loan requirement before you apply for a Home Loan. You can easily use the EMI Calculator on MoneyMantra for the same and calculate your monthly instalments.

Eligibility Factors for Dena Bank Home Loan

You are eligible to get a Home Loan from Dena Bank if you fulfill the following criteria:

  • Anyone who is over 21 years of age and not more than 60 years old is eligible for a Home Loan from Dena Bank.
  • You should have a regular source of income to apply for the loan
  • For salaried employees, you need to have at least two years of experience. For self-employed candidates, your business needs to have a stable history of the past five years.

The eligibility factors to be considered will be same as Bank of Baroda Home Loan.

Documents Required for Dena Bank Home Loan

Dena Bank asks you to provide a list of documents to verify your eligibility and get more details about the property. These vary slightly between salaried and self-employed individuals.

Salaried-Employed Self-Employed

Duly filled loan application form

Duly filled loan application form

2 passport-sized photographs

2 passport-sized photographs

Identity proof: Passport/ Driving licence/ PAN card/ Voter ID

Identity proof: Passport/ Driving licence/ PAN card/ Voter ID

Address proof: Passport/ Driving licence/ Registered Rent Agreement/ Utility Bill

Address proof: Passport/ Driving licence/ Registered Rent Agreement/ Utility Bill

Proof of income: 6 months pay slip, six months bank statement stating salary credit and any EMI deductions, Form 16 for the past two years, Income Tax Returns along with computation of income for the last two years.

Business proof: Business address proof, VAT or Service tax registration, incorporation details, CA certified profit and loss account and balance sheets, business profile, partnership deed, and proof of business existence.

Property documents: Conveyance deed, Sales deed, Allotment letter, Possession letter, Property tax receipt, approved plan for construction or extension

Property documents: Conveyance deed, Sales deed, Allotment letter, Possession letter, Property tax receipt, an approved plan for construction or extension

Other Products by Dena Bank

Apart from giving Home Loans, Dena Bank has a bunch of other financial aids and schemes that help people fulfil their dreams. Along with a Home Loan, you can also apply for the following loans by Dena Bank (now Bank of Baroda):

Bank of Baroda (Dena Bank) Products

Personal Loan

Education Loan

Vehicle Loan


Mortgage Loan

Mudra Loan

Debit Card EMI

Advance Against Securities

Commission Agent Loan (Arthias)

Loan for Public Issues (IPO)

Traders Loan

Baroda Advance Against Securities

Debit Cards

Credit Cards

Prepaid Cards

General insurance

Life Insurance

Health Insurance

Mutual Funds

Baroda m-Invest App

Baroda e-trade

Fixed Deposit

Recurring Deposit

Baroda E-Trade 3-in-1 Account


NPS Schemes

Savings Account

Current Account

Salary Account

How to Calculate the EMI for Dena Bank Home Loan?

Calculating the monthly EMI for your loan is a crucial step before going ahead with the application. It allows you to understand your expenses correctly so that you can pay out your loan smoothly. You can easily do this on the MyMoneyMantra EMI Calculator. This calculator requires you to enter parameters like the principal loan amount, interest rates, and tenure correctly to calculate the EMI amount to be paid.

EMI amount calculation depends on three factors which are discussed below.

Interest Rate: The higher the loan amount, the lower the interest rates. The lowest interest rate provided by Dena Bank is 8.70%, which is a floating interest rate. Depending on your CIBIL score and the documentation, this interest rate can go up.

Loan Tenure: Loan tenure refers to the payback period of your loan. The longer the tenure, the lower the EMI you will have to pay every month. The longest tenure available is 30 years. However, the loan tenure depends on your age. Your loan tenure cannot extend your retirement age in case you are salaried, and 65 years in case you are self-employed.

Loan Amount: Naturally, if you take a higher loan, you will have to pay a higher EMI.

Dena Bank Home Loan Processing Fees and Other Charges

Dena Bank charges a minimal amount of 0.50% of the principal amount as a processing fee towards your loan amount. Apart from this, in case there are any other charges, you will be notified by the bank immediately, which means that you will not be charged any hidden fees before or after availing the Home Loan.

The charges applicable are as per Bank of Baroda's guidelines post merger.

Dena Bank Home Loan Customer Care

For any kind of queries or complaints, you can reach out to Dena Bank through the following means.

Toll Free Numbers:

  • 1800-223-344
  • 1800-102-4455
  • 1800-258-4455
  • 1800-102-7788 (6:00 am to 10:00pm) for PMJDY customers and other financial inclusion Schemes
  • NRIs: +91-7949044100 and +91- 7923604000

Head Office Address (post merger):

Bank of Baroda,

Baroda Bhavan,

7th Floor, RC Dutt Road

Vadodra- 390007, Gujarat

Frequently Asked Questions

What is the maximum tenure that I can take for a Dena Bank Home Loan?

The maximum tenure offered by Dena bank is 30 years.

What is the processing fee to get a Dena Bank Home Loan?

The bank charges a processing fee of 0.50% on the sanctioned loan amount.

What is the security that I need to give Dena Bank for the Home Loan?

The security for your Home Loan will be an equitable mortgage of the property for which you are availing the loan. This can even be the property in question, provided that the bank has properly verified all the legal documents of your property.

What is the benchmark applicable for a housing loan at Dena Bank?

The benchmark at Dena bank is one year's MCLR.

Can I get a Dena Bank Home Loan to purchase a property that is ten years old?

Yes, you can. As long as the property is not more than 50 years old, you can apply for a Home Loan at Dena Bank to buy it.

Can I include my spouse's name in the loan?

Yes, you can. In fact, it is advised that you do include your spouse's name when getting the loan to increase your eligibility to get the loan.

Do I get a tax benefit from Dena Niwas Housing Finance?

According to the Indian Income Act, 1961, you are eligible for tax benefits as long as you are a resident of India.

Are there any foreclosure charges?

No, you need not pay any foreclosure charges on floating rate loans.

Can I transfer my Home Loan from another bank to Dena Bank?

Yes, Dena Bank ensures a hassle-free balance transfer of your loan from another bank to Dena Bank.

Latest News- Dena Bank Home Loan

Dena Bank & Vijaya Bank merger with Bank of Baroda to be effective from 1st April 2019

State-owned Bank of Baroda's merger with Dena Bank and Vijaya Bank will be affected from 01.04.2019. The amalgamation plan has already got all the necessary approvals from the concerned regulators. The Bank of Baroda board also decided in a recent meeting to issue and allot equity shares to both the banks on March 11. 

Dena Bank climbs 5% as the bank decides to sell non-core assets

Shares of Dena bank climbed over 5% after it sold more than 60 lakh shares, including SIDBI. The stock value increased up to 5.31% and hit a high of 15.85 on Bombay Stock Exchange.

Dena Bank to sell 60.5 lakh shares in 3 entities

Dena Bank decides to sell a cumulative of 60,50,000 shares, including SIDBI. This decision comes in efforts to hive-off non-core assets in a way to deal with high non-performing assets.

Dena Bank gets a new chairperson along with Punjab & Sindh bank and Central Bank of India

As a part fulfilment towards its agenda to reform the public sector banks, the finance ministry appoints new chairpersons in Dena Bank, Punjab & Sindh Bank, and Central Bank of India. Anjali Bansal, the founder of Spencer Stuart's India and worked with McKinsey and Company, has been appointed as the new chairman of Dena Bank.

Dena Bank gets 243 crore from the government

State-run Dena Bank received a capital infusion of 243 crores from the government. This was done as a part of the contribution of the central government for preferential allotment of shares.

Why Apply for Dena Bank Home Loan on MyMoneyMantra?

Dena Bank has remained in the market since 1938 and is one of the oldest nationalised banks in the country. With so many years of experience of being in the market and dealing with loans, Dena Bank has strived to come up with lucrative Home Loan schemes. Along with providing competitive interest rates, Dena Bank considers all the different requirements and expectations you have from a Home Loan and tries to live up to them.

Dena Bank offers some of the best EMI rates in the industry. The lowest EMI rates offered is 812 per 1 lakh. You can avail this at a competitive interest rate of 8.60% for a maximum tenure of 25 years. If you are planning to take up a Home Loan or already have a Home Loan but are paying more than 812 per lakh, then you must consider switching on to this scheme to avoid overspending.

Along with this, you can also get tax benefits under the section 80C of the Income Tax Act if you avail a Home Loan by Dena Bank. For this, you will need to be a resident of India. You will also be benefited with a subsidy under the Pradhan Mantri Awas Yojana launched in 2015.

MoneyMantra strives to help customers get easy loans and make the loan approval process smoother. You can directly apply for a Dena Bank Home Loan through the MyMoneyMantra website for a hassle-free application process. Also, we will guide you through the entire loan scheme, including the application process and collection of documents from home and deliver it to your bank. MyMoneyMantra will also give you a notification when the bank approves your loan and disburses the amount.

How to Apply for Dena Bank Home Loan on MoneyMantra?

MyMoneyMantra has quite a user-friendly website where you can easily click on Home Loans on the home page and apply for a loan. We ensure that you always get the best loan, which is why our website will ask for some information that will need to be entered to find the right kind of Home Loan for you. These include your age, gender, region, the purpose of the loan, and other minimal details. Once you get through this, you will be given a list of banks or Home Loan packages that are suitable for you.

You can easily pick the Dena Bank Home Loan from this list and get more information and apply for the same. Post merger, you will have to click on Bank of Baroda Home Loan to apply online.

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