Housing loan from DHFL may prove to be a great choice as it is amongst the most affordable one available in India. With the combination of PMAY interest subsidy, a borrower can save up to Rs. 2.7 lakhs. Don’t you want to save money and use it for decorating your home instead? So, start with calculating EMIs for your loan and be ready for the down payment.

Home loans can be used for varied purposes such as renovation, construction, plot purchase, etc. DHFL home loan interest rate is kept low so that it is within the reach of the mass. In this article, we have shown an example of EMI which you will have to pay if you manage to get the lowest rate.

How much EMI will you pay for lowest DHFL home loan interest rate?

You just need to mention the basic details on your home loan which are as follows:

• Loan amount
• Tenure
• Interest rate

Here is an example of the loan amount ₹20 lakhs with the tenure of 15 years and interest rate of 9% p.a.

EMI: ₹20,285

Total interest outgo: ₹16,51,360

Total amount: ₹36,51,360

Eligibility required for DHFL home loan

At DHFL, the factors that decide whether or not you will get the loan and lowest rate of interest are as follows:

• Income
• CIBIL Score
• Age
• Educational qualifications
• Stability and continuity of income
• Number of dependents
• Co-applicant’s income
• Assets
• Liabilities
• Saving habits, and more

DHFL Home Loan Documents

If you find yourself eligible for the loan, you must make sure that you have all the documents otherwise your loan won’t be approved. The list of documents is as follows:

Salaried:

• KYC Documents
• Salary slip for the last 2 months/Salary Certificate (If variable components like over-time and Incentives are reflected then salary slips for the past 6 months are required)
• Latest Form – 16 if salary above ₹20000/- per month
• Copy of all bank pass books/bank statements for the past 3 months including front page
• Company profile if it is a lesser known organization

Self-employed Businessmen:

• KYC Documents
• Copy of last 2 years Income Tax Returns of the applicant along with computation of income duly attested by a Chartered Accountant
• Copy of last 2 Years Balance Sheet and Profit & Loss Account of the firm duly attested by a Chartered Accountant
• Brief Business Profile on the Letter Head of the firm by the applicant
• Bank Statement for the last 6 months for the Savings Account & Current Account, O/D Account
• Copy of either Shop & Establishment License/VAT Registration or any other mandatory license/registration or old ITRs evidencing business
• Copy of the Partnership Deed, Memorandum of Associations, Articles of Association  (if applicable)
• Copy of Tax Deduction Certificate/Form – 16A (if applicable)
• Details of Contract (if applicable)
• Copy of Advance Tax paid/Self Assessment Tax paid challan

Self-employed Professionals:

• KYC Documents
• Copy of last 2 years Income Tax Returns of the applicant along with computation of income duly attested by a Chartered Accountant
• Copy of last 2 Years Balance Sheet and Profit & Loss Account of the firm duly attested by a Chartered Accountant
• Brief Business Profile on the letterhead of the firm by the applicant
• Bank Statement for the last 6 months for the Savings Account & Current Account, O/D Account
• Copy of either Shop & Establishment License/VAT Registration or any other mandatory license/registration
• Copy of the Partnership Deed, Memorandum of Associations, Articles of Association  (if applicable)
• Copy of Tax Deduction Certificate/Form – 16A (if applicable)
• Details of Contract (if applicable)
• Copy of Advance Tax paid/Self Assessment Tax paid challan
• Copy of Educational Qualification Certificate
• Copy of Professional Practice Certificate
• Salary Certificate (in case of doctors having salaried income)

With the above details, you learn that it is important to match the eligibility criteria not only to get the approval but also for a lowest home loan interest rate.