*Please note quotes shown will be from Our Partners

Home Loan

Dena Bank, one of the earliest nationalized bank, now a public sector bank is one of the foremost premier banks in India. The Bank has been able to achieve certain milestones like receiving World Bank Loan for technical advancement and to enhance guidance, to start phone banking facility in certain specific cities, to establish rating system for customers in order to rate the service standard of the bank and many more such things.


Why do you need a Home Loan?


Buying home or a land is always a crucial decision in life which involves a lot of significant points to ponder upon. And houses, flats or land usually are bought through home loans, which enables an individual to pay for it through Equated Monthly Installments.

Features & Benefits of Dena Niwas Home Loan

Purpose of the loan


One can take a home loan for the following purpose:
 

  • For buying a land.
  • For buying a house
  • For construction of house.
  • For buying under construction properties.
  • For making additions to the existing house.
  • For buying a 50 years old house as well, however the residual life for the house should be 25 years.
  • For renovation, repairs, fittings, etc.
  • Balance Transfer.

Loan Amount
 

Maximum loan amount provided is Rs 2 crores for purchase and construction and Rs 10 lakhs for reconstruction and rebuild.

Dena Niwas Housing Finance Rate of Interest

  • For upto Rs 75 lakhs – 9.45% floating
  • Above Rs 75 lakhs- 9.70% floating

Fixed Rate of Interest – This rate is revised at the end of every 3 years.
 

  • Limit upto Rs 25 Lakhs – 11.25 % fixed.
  • Limit more than Rs 25 lakhs and upto Rs 30 lakhs- 11.25% fixed.
  • Limit more than 30 lakhs – 11.75% fixed

Security


Reasonable mortgage of the flat, house or apartment for which the loan has been taken.


Margin


Following is the margin that the bank follows:
 

  • Loans upto Rs 20 lakhs- 10% of cost of property excluding the registration charges and stamp duty.
  • Loans above Rs 20 lakhs and upto Rs 75 lakhs- 20% of cost of property excluding the registration charges and stamp duty.
  • Loans above 75 lakhs- 25% of cost of property which excludes the registration charges and stamp duty.

Repayment
 

Up to 25 years after buying the new house, flat, construction of house and extension began


Up to 10 years after restoration, repairs, and up gradation.

Documentation

The following basic documents are required for the salaried and self employed:


Salaried – All Self Attested
 

  • Proof of Residence which can be valid passport, PAN card, telephone bill, electricity bill, driving license.
  • Age proof which can be valid passport, PAN card, school leaving certificate.
  • Driving license,
  • Bank statements where salary gets credited from past 6 months.
  • Last 3 months salary slip reflecting all deductions.
  • Present form 16.
  • Brief profile on the company.
  • Increment/ Appointment Letter from the employer where the annual benefits are shown.
  • Processing fee from the salary account.
  • Two passport sized recent photograph of applicant and co-applicant as well as Guarantors.

Self Employed – All Self Attested
 

  • Proof of Residence which can be valid passport, PAN card, telephone bill, electricity bill, driving license.
  • Age proof which can be valid passport, PAN card, school leaving certificate.
  • driving license,
  • Bank statements for last 1 year for both current and savings account.
  • Income Tax return for last 3 years along with computation.
  • Audited and Certified Profit and Loss Account with Balance Sheet for last 3 years.
  • Brief profile of the company on the company letterhead.
  • Address proof of the office in applicant’s name.
  • Applicant’s qualification Certificate.
  • Repayment track record for any existing loan.
  • Processing fee.
  • Two passport sized recent photograph of applicant and co-applicant as well as Guarantors.

Reasons to prefer Home Loan from Dena Bank

Dena Bank is a very old market player and understands the retail loan market and thereby provides the product of home loan in customized manner which caters to the requirement of people.


Dena Bank is considered one of the oldest contributors forhome loans in the Home Loan segment which has good expertise. There are number of customers who have taken home loan from Dena Bank according to their requirements and are quite happy. With highly efficient professionals having both experience and expertise, the bank aims at customer satisfaction with top class service and smooth  end to end modus operandi. Dena Bank is very transparent for its customers in terms of disclosing facts and figures be it charges or any other small things. One can be rest assured while taking loan from the bank that no unseen or hidden charge will be levied from the customer without notifying the customer.


The loan obtained from the bank can be used for a range of purposes. Individuals can take home loan for construction or buying a new house, redecoration or improvement of an existing house, purchase of a resale house, balance transfer which means transfer of outstanding home loan amount from other bank to this bank, extension of existing house, for any repair work etc. Purpose of Home loan can also vary in nature, and most of the times Dena Bank offers tailor made home loans to suit individual needs or requirements of people.