One of India’s leading housing finance companies, DHFL has a reputation of offering the best loan services to the burgeoning middle-class in India. Whatever be your requirement for a loan, be it marriage expenses, further education for your child, renovating your home, sudden medical emergency, the common man is always on the lookout for a loan that carries a low-interest rate coupled with short tenure. To solve all your financial woes, it has introduced the DHFL Loan Against Property scheme that fulfills the borrower’s demands to the best.
DHFL provides loans against properties to help its customers meet pressing business and personal needs against mortgage of owned property. It assists customers to leverage their property to the maximum, to gain an advantage of additional cash flow when it is needed. You no longer need to worry about your asset that is not giving you any gains. That asset could well be mortgaged with DHFL for additional finance that you may need. You can apply online for DHFL Loan Against Property as a solution to your financial problems. When mortgaging your property for a loan, it is essential to choose the loan that provides the best interest rates and also offers the value for your property.
Under the scheme, there are two variants of properties which can be mortgaged:
- Loan Against Commercial Property/Plot
This scheme allows the customers to avail loan against any commercial property that they possess like shops, warehouse, office space or a non-agricultural commercial plot of land within the sanctions of the municipal or local development authority.
- Loan Against Residential Property/Plot
This scheme lets you use your house or flat as collateral to take a credit against property. You can continue to enjoy occupying your home while availing the DHFL Loan Against Property which gives an economic value to your existing home. You can also mortgage a residential plot which is within the sanctions of municipal or local development authority for a loan.
- Maximum tenure of the loan is 15 years.
- The minimum amount of loan given is Rs. 5 Lakhs and the maximum amount is Rs. 10 Crores.
- Easy, simple and hassle-free documentation and approval process.
Eligibility Criteria for DHFL Loan Against Property
Any salaried, self-employed professional or a non-professional can avail a DHFL Loan Against Property. However, DHFL holds the discretion to consider the application based on the below factors:
- Value of the property
- Repayment capacity of the borrower
- The total value of assets held by the borrower
- The total value of liabilities held by the borrower
- Age of the borrower
- Legal clearance of the property documents
Documents Required for DHFL Loan Against Property
Common documents for all applicants:
- An application form duly filled and signed by the applicant
- Recent passport-sized photograph
- Proof of residence
- Identity proof
- A cheque for processing fee
- KYC documents for all applicants and co-applicants (in the case of partnership firms or companies – the KYC of partners, directors and other senior members).
Financial documents for salaried individuals:
- Salary slips for the last 3 months
- Bank account statements for the last 3 months
- Profile of employer
Financial documents for self-employed business owners and professionals:
- Income tax returns for the past 2 years
- Bank account statements for the last 6 months
- Proof of evidence of business
- Form 16
- In case of professionals – proof of professional qualifications and certificates
Documents for partnership firms/companies/listed companies:
- Copy of registered partnership deed
- Articles of Association or Memorandum of Association of company
- Latest pattern of shareholding in companies
- Bank account statements held for the last 6 months
- Proof of evidence of business
- Form 16
- Financial statement of partnership for the last 2 years
Property related documents:
- Occupancy certificate
- Approved plan of the building
- Chain of sale deeds in case of a resale property
- Agreement of Sale
- Payment receipts or Bank Account statements of payment made to the seller
Processing Fee and Other Charges Associated with the Loan
- DHFL charges a non-refundable fee for processing loans which ranges between 1% to 2% plus service tax depending on the individual cases.
- A flat rate of Rs. 5,000 plus applicable GST is charged as application or login fee.
- Repayment of a property loan from DHFL is permissible before the completion of its tenure. However, it is only allowed post completion of 6 months from the date of the loan disbursement irrespective of whether the interest rate is fixed or variable. Charges are levied for part-prepayment, and it will amount to 3% in addition to service tax if the borrower or co-borrower is someone other than an individual.
Some kinds of expenditure are certain and can be provided for by way of savings and investments. However, there are those rare occasions when the money in hand falls short and does not yield the desired result. DHFL Loan Against Property is a great way to meet this shortfall and solve the problem.