Dewan Housing Finance Limited (DHFL) is one of the largest non-banking finance companies (NBFCs) in the retail lending segment. It’s predominantly a player that has left quite an impression as far its housing loan and loan against property offers are concerned. While it offers a home loan to help individuals purchase, construct, renovate and extend a housing unit, the loan against property would mean the credit you can get by mortgaging your residential or commercial property. Both loans come at different rates of interest. So, it would be better if you get an idea of the amount payable to DHFL over the loan course. The DHFL Loan Rate of Interest would help you determine the same. Let’s check out these loan offers and the interest rate that the lender charges.
DHFL Home Loan Interest Rate DHFL offers home loans at interest rates benchmarked to the Retail Prime Lending Rate of 19.42%. The interest rates of 9.10%-10.55% would be applied to DHFL Home Loan. The loan comes with a processing fee that can vary based on the amount you apply for. Loans up to 30 lakh come with a fee of ₹5,000 plus document charges and applicable Goods and Services Tax (GST). Whereas, loans above ₹30 lakh-75 lakh are levied with a processing fee of ₹10,000 plus document charges and applicable GST. When the loan is applied in excess of ₹75 lakh, the processing fee comes as ₹20,000 plus document charges and applicable GST. Both salaried and self-employed can apply for a loan and pay it in equated monthly installments (EMIs). They can repay over a maximum of 30 years. DHFL Loan Against Property Interest Rate DHFL provides the loan against residential as well as commercial property you may have. The loan can be provided to meet your personal and business needs. It can be given for a maximum of 15 years, irrespective of whether a residential or commercial property is getting mortgaged. Now, the interest rates would be customized as per the value of the property, your overall income, existing liabilities, if any, etc. How Will the DHFL Loan Rate of Interest Determine the Course of Repayment? The interest rate greatly determines the course of repayment by resulting in more payment when charged higher and vice-versa. The interest rate, if charged higher, would lead to more payment through the EMI and less when charged lower. But, there are two more factors - loan amount and tenure - apart from the interest rate that sets the course of repayment. You can check the EMI and interest outgo using the EMI calculator. As the calculator is available online, you can easily track its function and compute the repayment. Can You Plan for Prepayment Using the Calculator? The calculator can be used to plan a prepayment to reduce the interest outgo than when allowing the loan to cover the territory in its own way. You can see through EMI calculator the schedule of interest and principal repayment on a monthly or yearly basis. At the same time, you can check the outstanding balance that’s going to be on a periodical basis. This can help you target the period by which you can pay off the loan fully or a substantial chunk. Shall You Apply for DHFL Loans? You should apply only after finding DHFL loan rate of interest lower than that of others. The lower rate would help you keep a lid on the interest payment. So, if the interest rate does come to be lower, you should apply and submit relevant documents that not only support your identity, residence and income but also the property you want to buy (for a home loan) or the one you have (for a loan against property). The documents will be checked thoroughly before the lender approves the transaction.
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Anika Sharma
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