Dhanlaxmi Bank Home Loan

Dhanlaxmi Bank provides home loans starting at 9.35% p.a. for up to 30 years. They offer a unique 'Surrogate Income Program' for self-employed applicants, assessing loan applications based on both financials and business-related aspects. Additionally, Dhanlaxmi Bank offers Step Up and Step Down EMI options, enabling applicants to avail higher loan amounts against their incomes. Existing home loan borrowers from other banks/HFCs can also transfer their outstanding loans to Dhanlaxmi Bank at lower interest rates.

Dhanlaxmi Bank Home Loan Highlights
Interest Rate 9.35% – 10.50% p.a.
Loan Tenure Up to 30 years
Processing Fees 1% of the loan amount + GST

Pre Approved Home loan | Check Eligibility & Apply Online

Table of Contents
Compare Interest Rates offered by other Lenders
Interest Rates
Types of Dhanlaxmi Bank Home Loan
Processing Fees & Charges
Eligibility Criteria
Documents Required

Compare Home Loan Interest Rate Offered by Various Top Banks & HFCs

Name of Lender Up to Rs. 30 Lakh Above Rs. 30 Lakh to Rs. 75 Lakh Above Rs. 75 Lakh  
SBI Bank 8.40% - 10.15% p.a. 8.40% - 10.05% p.a. 8.40% - 10.05% p.a. Apply Now
HDFC Bank Limited 8.40% p.a. onwards 8.40% p.a. onwards 8.40% p.a. onwards Apply Now
Kotak Mahindra Bank 8.70% p.a. onwards 8.70% p.a. onwards 8.70% p.a. onwards Apply Now
ICICI Bank 8.75% p.a. onwards 8.75% p.a. onwards 8.75% p.a. onwards Apply Now
Federal Bank 8.80% p.a. onwards 8.80% p.a. onwards 8.80% p.a. onwards Apply Now
L&T Finance Limited 8.60% p.a. onwards 8.60% p.a. onwards 8.60% p.a. onwards Apply Now
Bajaj Housing Finance 8.50% p.a. onwards 8.50% p.a. onwards 8.50% p.a. onwards Apply Now
LIC Housing Finance 8.35% - 10.35% p.a. 8.35% - 10.55% p.a. 8.35% - 10.75% p.a. Apply Now
PNB Housing Finance 8.50% - 14.50% p.a. 8.50% - 14.50% p.a. 8.50% - 11.45% p.a. Apply Now
Punjab National Bank 8.45% - 10.25% p.a. 8.40% - 10.15% p.a. 8.40% - 10.15% p.a. Apply Now
Bank of Baroda 8.40% - 10.65% p.a. 8.40% - 10.65% p.a. 8.40% - 10.90% p.a. Apply Now
IDFC First Bank 8.75% p.a. onwards 8.75% p.a. onwards 8.75% p.a. onwards Apply Now
Tata Capital Housing Finance 8.70% p.a. onwards 8.70% p.a. onwards 8.70% p.a. onwards Apply Now
Axis Bank 8.70% - 13.30% p.a 8.70% - 13.30% p.a 8.70% - 9.10% p.a. Apply Now
Godrej Housing Finance 8.55% p.a. onwards 8.55% p.a. onwards 8.55% p.a. onwards Apply Now

Also read: Best Home Loan in India

 

Dhanlaxmi Bank Home Loan Interest Rates

Rating Interest Rates (% p.a.)
Regular Program Surrogate Program
AAA 9.35% 9.85%
AA 9.45% 9.95%
A 9.50% 10.00%
BBB 9.60% 10.10%
BB 9.65% 10.15%
B 9.75% 10.25%
C 10.00% 10.50%
Unrated 9.55% 10.05%

When determining the final interest rates for home loan applicants, Dhanlaxmi Bank considers factors such as the desired loan amount, existing loan repayment obligations, and credit score. While the bank hasn't disclosed a credit score-based interest rate matrix, lenders increasingly set home loan rates based on applicants' credit scores. Banks and HFCs prefer offering lower rates to those with higher credit scores. Hence, it's essential to check your credit score before applying. Applicants with no credit history or low scores can use the Step UP Credit Card, a secured card co-branded with SBM Bank India Ltd., to responsibly build or improve their credit scores, increasing their chances of getting a home loan at lower rates.

Types of Dhanlaxmi Bank Home Loan

Home Loan Balance Transfer

Purpose: The home loan balance transfer facility allows existing borrowers from other banks and HFCs to switch to a home loan with lower interest rates, reducing their EMIs and overall interest costs. This refinance option can be utilized within 6 months of making payments towards acquiring a house. Additionally, the bank provides top-up loans along with balance transfer, which can be utilized for personal or business purposes.

Home Extension Loan

Purpose: The Home Extension Loan covers expenses related to house extension, such as adding floors, additional rooms, balconies, etc.

Construction Loan

Purpose: With the Construction Loan, applicants can access funds for constructing a house on a plot they already own.

Plot + Construction Loan

Purpose: Plot plus construction loan can be availed for acquiring a plot and constructing a house on it within a specified period.

Home Improvement Loan

Purpose: The Home Improvement Loan covers expenses related to internal and external repairs, structural improvements such as flooring, tiling, painting, water-proofing, false ceiling, woodwork, plumbing, or electrical work of an already purchased house.

NRI Home Loan

Purpose: NRIs can access Dhanlaxmi Bank NRI Home Loan for purchasing, constructing, renovating, or extending houses in India, including buying a plot for construction. The bank also extends a home loan balance transfer facility to existing NRI home loan borrowers from other banks or HFCs. Applicants opting for home loan balance transfer are also eligible for top-up home loans, which can be utilized for personal or business needs. NRIs can also utilize Dhanlaxmi Bank NRI Home Loan to refinance their properties within 12 months of making payments towards home purchase.

Also Read : Best Home Loan EMI Calculator

Dhanlaxmi Bank Home Loan Fees & Charges

Particulars Fees and Charges
Processing fees 1% of the loan amount, subject to a minimum of Rs. 10,000
Cheque bounce charges Rs. 500
Late payment charges 3% per month
Foreclosure Charges NIL for Floating rate loans
Switch charges (Floating to fixed and vice versa only if the product exists at the time of request and is permitted by the bank) 3%  of the loan outstanding
Cheque swap charge Rs. 500
Document retrieval charges Rs. 500
EMI cycle change Rs. 500
Foreclosure statement charges Rs. 200
Stamp duty (Facility documentation & Property) + Registration As per actual
Legal, repossession and incidental Charges As per actual
Creation of charge with ROC As per actual
Part prepayment Charges
  • Part prepayment is permissible after 6 months from the first disbursement date, with a minimum of Rs. 50,000 and a maximum of 25% of the outstanding loan at the start of the financial year.
  • Only one part prepayment is allowed per financial year.
  • Any part prepayments made within 12 months of loan foreclosure will be charged at the prevailing foreclosure rate at the time of foreclosure.

Features of Dhanlaxmi Bank Home Loan

  • Loan tenure of up to 30 years.
  • Special surrogate income program for self-employed applicants, assessing loan requests based on financials and business nature.
  • Step Up and Step Down EMI options to increase loan amount eligibility.
  • Mortgage Reducing Term Assurance (MRTA) insurance to cover outstanding home loan in case of your absence.

Also read: Best Home Loan Fees and Charges

Eligibility Criteria for Dhanlaxmi Bank Home Loan

While Dhanlaxmi Bank hasn't disclosed specific eligibility criteria for its home loan, banks and HFCs typically consider various factors when assessing applicants. These may include credit score, age, job profile, employer's profile, monthly income, property value, qualifications, assets, and savings history.

Also Read : Best Home Loan Eligibility

Dhanlaxmi Bank Home Loan Documents Required

Here's a common set of documents required:

  • Bank verification form.
  • Duly filled application form (with photographs and signature across the photo).
  • Processing fee cheque.
  • Copy of property papers, if the property is identified.
  • Details of limits and loans availed.
  • Repayment track record of 1 year (if applicable).
  • Latest loan outstanding statement for balance transfer.

Also Read : Best Home Loan Documents Required

KYC Documents

  • Age Proof/Photo ID Proof – Passport, Ration Card, Voter ID Card, PAN Card, Aadhaar Card
  • Address Proof – Utility Bill, Rent Agreement, Aadhaar Card, Voter ID, Driving license, Passport

Income Documents

Income Proof for Salaried –

  • Latest Form 16.
  • Salary slip for the last 3 months or Salary Certificate.
  • Bank Statement for the last 6 months.
  • Copy of Offer Letter if job continuity is less than 1 year or other proof of continuity in the current job or business.

Income Proof for Self Employed – 

  • Financial documents for 2 years, including:
    • Income Tax Returns (ITR) along with computation.
    • Balance sheet.
    • Profit & Loss statement (P&L).
    • Schedules.
    • Tax Audit report for individuals, partners, and the company.
    • Latest shareholding pattern attested by both CA/CS or another authorized person.
  • Bank account statement for the business and savings accounts for the last 6 months.
  • One-year bank statement specifically for surrogate purposes.
  • VAT/Sales Tax Returns to validate sales.

Also read: Best Home Loan Balance Transfer

Frequently Asked Questions

Yes, it's possible to get your bike financed even as a student if you meet the specific eligibility criteria set by the lenders.

The best loan for financing your bike or scooter is the one with the lowest interest rate. This way, you'll have to pay less in monthly installments (EMIs) throughout your loan term.

To get financing for your motorcycle, bike, or scooter, you can easily apply for the loan online from home. Or, if you prefer, you can go directly to a bike shop and apply for the loan there by giving them the documents they need

You can check your loan status online through internet banking. Another option is to visit the closest branch of the bank or financial institution that's providing the loan.

Many lenders consider a credit score of 620 and above to be good when giving out loans for motorcycles, superbikes, or scooters. However, if your credit score is lower than 620, you can still find lenders who may be willing to give you a loan, although they might charge a higher interest rate.

Banks allow you to make prepayments after successfully paying 3-6 EMIs. Depending on the number of EMIs you've already paid, there might be a small fee applicable on the outstanding amount when you choose to prepay.

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