Owning a home is either a valid or invalid dream to some of us. With a sure plan and resources, the dream becomes valid. However, getting a partner to hold your hand and see the bigger picture is actually a challenge. Okay!
Banks and financial institutions are there waiting to offer big sums to home builders. This not being the issue, as we all check on the interest rate, and can I manage to pay the loan at the given time. The fear of paying and getting stuck plus the losing the house to compensate for the loan leaves us to opt for paying rent. Nonetheless we have companies in the Indian country which offer softer terms and gives hope of owning you dream home.
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Dewan housing finance corporation Ltd (DHFL) a well-known company suited in Mumbai and widely spread across the Indian country. DHFL is an established housing finance company which works to ease housing cost for lower and middle income individuals and families. they basically focus on the semi-urban and rural areas of the country thus giving loans to help build homes. The company goes further to lease off commercial and residential homes at affordable prices. It ranks among the biggest lending companies in the country.
The company has set up some criteria for one to qualify for the loans as follows:
- Applicants must be the age of 21 years and above.
- You should have a stable source of income salaried of self-employed.
- Attain 65 years at loan maturity which is should be verified at the official website.
DHFL offers loans at affordable rates, taking a bit of numbers. If one gets RS 30 lacs you will receive 90% of the property. Here the DHFL guidelines helps you learn how much you can take. Note if have good paying patterns it earns you proper position in the company. They offer a long and reasonable tenure for repayment. Giving 30 years’ maximum but not going beyond the retirement age for salaried employees of 65 years and 70 years for self-employed.
|Interest rates||9% -9.5%|
|A processing fee of||RS 5000-RS20000|
|Repayment time||1 year to 30 years|
Note interest rates are also determined by the current economic market. Though the changes are slight but guided by the DHFL guidelines.
Application process for DHFL home loan
The process is simple as it contains for steps only. The company has to check whether you’re qualified to receive a loan and how much you can pay back.
- An Assessment: is done to determine eligibility criteria. This will be done by the DHFL officers who will check on the information given and income. They will also send you details to the credit score and check your history.
- Conditions: The DHFL team will start making arrangement, if the above process if done. You will receive letter of approval from the company where you shall sign and agree to the terms and conditions.
- Security: Here a qualified personnel from the company will assess your property and get how much its worth. He/she will make a full report and pass it to the DHFL team. This is called the technical assessment.
- Legal Assessment: This will be done by legalized team who will check on your land titles and other legal documents.
- Disbursement: If all goes well the loan will be processed and the applicant to offer the processing fee. The money will be sent to the agreed bank.