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Home Loan

Dhanalaxmi Bank provides easy home loans to all its customers, thus enabling them to purchase a house of their dreams. Dhanlaxmi offers loans at low interest rates, easy documentation and quick approval approach. Dhanlaxmi Limited Home loans are available in a lot of variants depending upon the customers’ requirement and suiting their budget.


Key Features of Dhanlaxmi Limited Home loan:
 

  • Simple Documentation:  Dhanlaxmi Limited Home loan is issued easily with simple documentation. This saves the applicant from the unnecessary burden of arranging for papers.
  • Fast Approval: The bank follows the practice of fast approval of Dhanlaxmi Housing Loans
  • The amount of Dhanlaxmi Housing loans to be sanctioned varies depending upon the applicant’s income, nature of the business and other such related matters.
  • Loan Tenure: Dhanlaxmi Limited Home loan is issued for a period of 3 years to 20 years.
  • Lower EMI’S: Owing to lower rate of interest, the EMI’S of loan against property are comparatively lower than personal loan EMI’S.
  • Dhanlaxmi Bank home loan offers the facility of step up/Step down EMI’S.
  • The bank also provides for doorstep services to its customers as per their wish for its home loan from Dhanlaxmi Bank.
  • A special surrogate income programs for the self-employed professionals is available under Dhanlaxmi Bank Home Loan.
  • Mortgage Redemption Term Assurance (MRTA): MRTA protects the applicant’s family from the paying off the applicant’s debt in case of sudden demise of the applicant.
  • The bank charges one time processing fee at the time of disbursement of the Dhanlaxmi Bank Home loan. It ensures no other inclusions of charges in the form of hidden cost, thereby, saving the applicant from post loan hassles.
  • The bank also provides for refinancing facility for Dhanlaxmi Bank home loan schemes availed towards acquisition of a house, within 12 months of the loan disbursement.
  • The bank also provides balance transfer options, which allows the customer to transfer his existing home loans in other banks to Dhanalaxmi bank at comparatively lower interest rates.
  • It also gives its customer an option of applying for top up loans along with the Dhanlaxmi Home Loan transfer option.

Dhanalaxmi bank offers home loans in a lot of variants, designed specially to meet the specific needs of the borrower.
 

  1. Dhanlaxmi Home extension loans: Home extensions loans can be availed by all individuals extend or expand their existing housing premises. This loan helps the user to fund his luxury expenses such as expansion of his drawing room/ living room or adding a balcony or a garden to his/her existing premise. However, the applicant has to match the home loan eligibility criteria and abide by the banking terms in order to avail this loan.
  2. Dhanlaxmi Home improvement loans: Home improvement loans are extended to individuals wishing to refurnish or redecorate their homes. These loans help an individual to carry out his pending work such as tiling, flooring, Painting of the home, both internally as well as externally, plumbing, electrical works, waterproofing and roofing of the housing premises, construction of water tank (whether underground or overhead) , external and internal repairs to the house, structural improvements and any other such related expenses. Basically, this loan helps an individual to decorate their homes.
  3. Plot+ Construction Loan: This Dhanlaxmi Bank Home loan is extended to individuals wishing to purchase a plot and construct their dream homes on the plot. Basically, this loan helps an individual to have a home of his own in totality, right from the plot to the building.
  4. Construction loan: This Dhanlaxmi Bank Home loan can be availed by the applicant to build a home of his own as per his requirements, design and style.

Fees and Charges

The bank levies certain fees and charges on all the loans that it issues. Given below is the detailed list of the charges:
 

  1. Processing Fees: The bank charges a processing fee of standing at the rate of 1.00%of the sanctioned loan amount, subject to a minimum of Rs.10000. However, these charges are exclusive of service taxes. Service tax, as applicable, over and above the mentioned charges will be levied.

The bank also charges a non refundable processing fee of Rs.3500+S.T for loans which amount to less than Rs.20 lakhs and a processing fee of Rs.5000+ S.T, in case of loans amounting to more than Rs.20 lakhs. These charges are included in the processing charge.
 

  1. Foreclosure charges: The bank does not levy any kind of foreclosure charge on Dhanlaxmi Bank Home loan.
  2. Part-prepayment fees: Part prepayment can be done only after completion of 6 months from the date of first disbursement. The bank allows part prepayments for loans amounting to less than 25% of the outstanding loan amount, subject to a minimum of Rs.50000, in a given calendar year. The applicant can only opt for making one prepayment in one financial year. All other prepayments made 12 months prior to the foreclosure of the Dhanlaxmi Bank Home loan, a rate of interest as per the foreclosure rate will be levied.
  3. Foreclosure statement charges: The bank issues a foreclosure statement by taking a charge of Rs.200+S.T from the applicant.
  4.  Cheque Bounce Charges: The bank levies a penalty of Rs.500+S.T per instance of cheque dishonor.
  5. Late Payment Charge: This charges stands at 3% per month.
  6. Cheque Swap charges:  The bank charges Rs.500+S.T for every cheque swap instance.
  7. Facility Statement Charges: The bank does not levy any kind of charge towards issuance of the first statement. However, it levies a statement charge Rs.500+S.T for subsequent statements.
  8. Document Retrieval charges: The bank charges Rs.500+S.T for retrieval of property documents.
  9. NOC issuance Charges: The bank also issues of NO Objection Certificate on customer’s demand. However, it has to be kept in mind that this facility is free of cost only for the first NOC issued. Post that, A charge of Rs.500+S.T will be taken from the applicant for every NOC that the bank issues.
  10. EMI cycle change: The applicant can also opt for a change in his existing Dhanlaxmi Bank Home Loan EMI date to a suitable date by bearing a minimal charge of Rs.500+S.T.
  11. Switch Fees: The applicant can also opt to switch from floating rate of interest type loan to fixed interest type of loan by paying a charge of 3%+S.T on the outstanding Dhanlaxmi Bank Home loan amount.
  12. Escrow account charges (wherever applicable): The bank levies a charge of RS.10000+S.T p.a. The first year charges have to borne by the applicant at time of disbursement of the loan. Post that the amount towards this charge will be debited from the applicant’s account at the beginning of respective financial years.
  13. Facility cancellation charges: The applicant can also opt for cancelling his Dhanlaxmi Bank Home loan with the bank before the entire disbursement of the loan has been done. However, the charge for this facility stands at Rs.2000+S.T +interest charges, as applicable from the date of the first loan disbursement till the cancellation request date.
  14. Stamp Duty (Facility Documentation & Property) +Registration: These charges are levied on actual basis.
  15. Legal, Repossession and incidental charges: These charges are levied on actual basis.
  16. Insurance premium: These charges are levied on actual basis.
  17. Creation of charge with ROC: These charges are levied on actual basis.
  18. Customer Credit Information Report (Credit bureau): The bank issues a CIBIL report at the rate of RS.200 for individual customers and at the rate of Rs.500 for non individual customers.
  19. Any other charge: The bank will levy other charges as applicable bind by the Dhanlaxmi Home loan agreement and the sanction letter.

Documentation

  • Signed Application form with self attested photograph:
  • A Copy of Passport / Voter ID card / Driving License for identity proof
  • A Copy of Passport /Ration Card / Rental Agreement / Electricity or Telephone Bill for address proof
  • The latest ITR or Form 16 or the bank account statement of the last 6 months
  • The latest Salary Slip or the recent Salary Certificate for salaried individuals
  • Repayment track Record (if any) : The applicant has to submit a detailed payment record of his existing or past loans, if any, with the bank itself or with any other financial institution. Required in the cases of all applicants whether salaried, non salaried self employed, proprietorship firms/ Pvt. Ltd. Co. and partnership firms.
  • Copy of Property papers: The applicant has to submit the copy of the legal documents pertaining to the property in question. Required in the cases of all applicants whether salaried, non salaried self employed, proprietorship firms/ Pvt. Ltd. Co. and partnership firms.
  • Photographs: Passport size photographs in case of both salaried and non salaried applicants.
  • Processing Fee Cheque: the bank charges a minimal amount for processing the loan. An applicant has to submit the same along with other documents at the time of Home loan application. Required in the cases of all applicants whether salaried, non salaried self employed, proprietorship firms/ Pvt. Ltd. Co. and partnership firms.
  • Along with the above mentioned documents, a non salaried self employed professional, proprietorship firms/ Pvt. Ltd. Co. and partnership firms also need to submit the below mentioned documents for the Dhanlaxmi Home Loan:

  • Last Two years IT Returns of the directors and partners of the firm.
  • Last twelve months statement of the business’s main operating bank account.
  • Audited financials such as Profit and Loss A/c and Balance Sheet of the firm
  • Certified copies of MOA/AOA/Partnership deeds, if applicable.
  • Professional qualification certificate of the highest degree availed by the applicant.

Procedure to Apply for a Dhanlaxmi Limited Home Loan

  • The applicant has to submit a duly filled and signed loan application along with all the required documents for home loans to the bank.
  • The bank officials on receiving the documents undertake internal verification process of the documents. This verification process is undertaken to make sure that all the documents submitted are true to its nature and that the loan applicant is a genuine candidate.
  • On being satisfied with the relevancy of the documents and the credit worthiness of the applicant, the bank then arranges for a personal interview with the applicant.
  • The terms and conditions of the loan agreement are then decided between the two parties.
  • The bank then issues a sanction letter. However, this sanction letter is issued only after the bank receives a clear title and correct value of the property.
  • The process of title clearance, valuation and inspection is done by the bank’s empanelled advocate, valuer, and a bank official respectively.
  • After all the above mentioned processes are completed, the bank demands the submission of pre disbursement letters.
  • On having completed all the formalities, the bank disburses the loan.

Dhanlaxmi Home Loan Eligibility

The eligibility of the applicant applying for Dhanlaxmi Housing loan depends upon the repayment capacity of the borrower along with other relevant factors such as income, age, qualifications, no of dependents, Spouse’s income, assets, liabilities, savings history, and stability, value of the property in question and the steadiness of the applicant’s business.

Dhanlaxmi NRI Home Loan

Dhanlaxmi bank also extends home loans to Non Resident Indians, subject to their home loan eligibility and submission of proper documents.


Key Features of Dhanlaxmi NRI Home Loans:
 

  • Simple Documentation:  Home loans are issued easily with simple documentation. This saves the applicant from the unnecessary burden of arranging for papers.
  • Fast Approval: The bank follows the practice of fast approval of the loan.
  • The amount of home loans sanctioned varies depending upon the applicant’s income, nature of the business and other such related matters.
  • Loan Tenure: Home loans are issued for a period of 3 years to 15 years.
  • The bank also provides for doorstep services to its customers as per their wish.
  • Mortgage Redemption Term Assurance (MRTA): MRTA protects the applicant’s family from the paying off the applicant’s debt in case of sudden demise of the applicant.
  • The bank charges one time loan processing fee at the time of disbursement of the loan. It ensures no other inclusions of charges in the form of hidden cost, thereby, saving the applicant from post loan hassles.
  • The bank also provides for refinancing facility for loans availed towards acquisition of a house, within 12 months of the loan disbursement.
  • The bank also provides balance transfer options, which allows the customer to transfer his existing home loans in other banks to Dhanalaxmi bank at comparatively lower interest rates.
  • It also gives its customer an option of applying for top up loans along with the balance transfer option.

Fees and charges:


Fees and charges: the bank levies certain fees and charges on all the loans that it issues. Given below is the detailed list of the charges:
 

  1. Loan Processing Fees: The bank charges a processing fee of standing at the rate of 1.00%of the sanctioned loan amount, subject to a minimum of Rs.10000. However, these charges are exclusive of service taxes. Service tax, as applicable, over and above the mentioned charges will be levied.

The bank also charges a non refundable processing fee of Rs.3500+S.T for loans which amount to less than Rs.20 lakhs and a processing fee of Rs.5000+ S.T, in case of loans amounting to more than Rs.20 lakhs. These charges are included in the processing charge.
 

  1. Foreclosure charges: The bank does not levy any kind of foreclosure charge on home loans.
  2. Part-prepayment fees: Part prepayment can be done only after completion of 6 months from the date of first disbursement. The bank allows part prepayments for loans amounting to less than 25% of the outstanding loan amount, subject to a minimum of Rs.50000, in a given calendar year. The applicant can only opt for making one prepayment in one financial year. All other prepayments made 12 months prior to the foreclosure of the loan, a rate of interest as per the foreclosure rate will be levied.
  3. Foreclosure statement charges: The bank issues a foreclosure statement by taking a charge of Rs.200+S.T from the applicant.
  4.  Cheque Bounce Charges: The bank levies a penalty of Rs.500+S.T per instance of cheque dishonor.
  5. Late Payment Charge: This charges stands at 3% per month.
  6. Cheque Swap charges:  The bank charges Rs.500+S.T for every cheque swap instance.
  7. Facility Statement Charges: The bank does not levy any kind of charge towards issuance of the first statement. However, it levies a statement charge Rs.500+S.T for subsequent statements.
  8. Document Retrieval charges: The bank charges Rs.500+S.T for retrieval of property documents.
  9. NOC issuance Charges: The bank also issues of NO Objection Certificate on customer’s demand. However, it has to be kept in mind that this facility is free of cost only for the first NOC issued. Post that, A charge of Rs.500+S.T will be taken from the applicant for every NOC that the bank issues.
  10. EMI cycle change: The applicant can also opt for a change in his existing EMI date to a suitable date by bearing a minimal charge of Rs.500+S.T.
  11. Switch Fees: The applicant can also opt to switch from floating rate of interest type loan to fixed interest type of loan by paying a charge of 3%+S.T on the outstanding loan amount.
  12. Escrow account charges (wherever applicable): The bank levies a charge of RS.10000+S.T p.a. The first year charges have to borne by the applicant at time of disbursement of the loan. Post that the amount towards this charge will be debited from the applicant’s account at the beginning of respective financial years.
  13. Facility cancellation charges: The applicant can also opt for cancelling his loan with the bank before the entire disbursement of the loan has been done. However, the charge for this facility stands at Rs.2000+S.T +interest charges, as applicable from the date of the first loan disbursement till the cancellation request date.
  14. Stamp Duty (Facility Documentation & Property) +Registration: These charges are levied on actual basis.
  15. Legal, Repossession and incidental charges: These charges are levied on actual basis.
  16. Insurance premium: These charges are levied on actual basis.
  17. Creation of charge with ROC: These charges are levied on actual basis.
  18. Customer Credit Information Report (Credit bureau): The bank issues a CIBIL report at the rate of RS.200 for individual customers and at the rate of Rs.750 for non individual customers.
  19. Any other charge: The bank will levy other charges as applicable bind by the loan agreement and the sanction letter.

Documentation: An NRI applicant in order to avail Dhanlaxmi Home Loans must submit the following documents:
 

  • Signed Application form with self-attested photograph
  • Identity Proof which can be a Copy of Passport / Social Security / Driving License
  • Copy of employee identity card/ labor card.
  • Copy of valid resident or work visa stamped on the passport.
  • The Foreign Residence Address proof
  • Copy of appointment letter and contract, duly signed by the employer. The employment contract or the labor contract should be translated in English.
  • Latest 3 month’s salary slip/ certificates stating the name, date of joining, post of the applicant and date of joining.
  • Continuous Discharge certificate.
  • Filed Tax returns or local tax receipts should be submitted by the applicant.
  • Latest 6 months bank statement of the account where the applicant’s salary has been credited.
  • Latest 6 months bank statement of the applicant’s NRE/NRO account.
  • Power of Attorney in the given format has to be submitted by the applicant. The POA should be duly signed by all the applicants.
  • A CIBIL report has to obtained by the applicant from credit rating agencies and deposit the same at the bank.
  • Copy of legal documents of the property has to be submitted by the applicant.
  1. Processing fee cheque issued form the applicant’s NRE/NRO account has to be submitted.

Dhanlaxmi Home Loans Interest Rate

Dhanlaxmi Bank Housing Loan is priced based on its Marginal Cost of Funds based Lending Rate (MCLR). The Base Rate of the bank is 11.40% per annum while the bank’s Benchmark Prime Lending Rate (BPLR) is 21% per annum. Home loans offered by Dhanlaxmi bank are charged on the basis of the Base Rate. The housing loan scheme is offered on a floating rate of interest. There are two interest rates on the Dhanlaxmi Bank Home Loans. One is the rate of interest on normal Dhanlaxmi home loans while the other is the interest charged on the top-up home loan.


Dhanlaxmi Limited Home Loan Interest Rate = Base Rate = 11.40% per annum


Interest rate on Dhanam Home Loan – Top Up = Base Rate + 1% = 12.40% per annum

EMI Calculator

Dhanlaxmi Bank offers applicants the facility that they can know of their Equated Monthly Instalments (EMIs) before they apply for Dhanlaxmi Bank Home loans by using the EMI calculator facility available on the bank’s website. Below are some of the calculations carried out using the provided calculator on the bank’s website.
 

  • Dhanlaxmi Home loans amounting Rs.25 lakhs which is taken for repayment tenure of 10 years would have an interest rate charged at 11.40% which is the Base Rate. the corresponding Equated Monthly Instalment for this loan at this rate of interest would come to Rs.35,006
  • If the amount of home loan available at Dhanlaxmi Bank is increased to Rs.40 lakhs with an increased Dhanlaxmi Home Loan repayment period of 30 years which is the maximum period allowed, the EMI would be Rs.39, 307. The rate of interest would be similar as in the above case which is the Base Rate of 11.40%.
  • If a top-up home loan of Rs.10 lakhs is taken for a period of 12 years, the rate of interest charged would be different. It would be an additional 1% on the Base Rate. thus the equivalent rate of interest would be 12.40% and the instalment payable for the Dhanlaxmi Home loans would amount to Rs.13,377

Applying Online

One can apply for a Dhanlaxmi Ltd. Home Loan online easily through our website by following a simple procedure:


Visit our website at Paisabazaar.com and opt for the ‘Home Loan’ option on the home page. A new page opens up which requires your information and the loan information, by providing the required information, one can easily complete the online application process.


This is the simplest process of applying for the Dhanlaxmi Ltd. Home Loan from Dhanlaxmi Limited and it can be done at the convenience of your home or office. If required, you can also compare the quotes of other banks against Dhanlaxmi Limited Home Loan.


Customer Care


The bank also has a systematic approach to deal with the customer’s Loan related queries. Customers can call the bank on their helpline numbers which are + 91 0487 66130000 for official inbound calls and 1800 425 1747 for outbound calls. The customers can also use the website of the bank to connect with the bank online by filling up and sending an online form depicting the queries, requests or feedbacks. Lastly, the customers can also write to the bank at its registered office in Kerala.