DHFL has set criteria based on which they approve loans. In the case of home loans, factors such as your income, job stability, property value and location, credit history and score and property documents play an equally important role.
Be it any loan, your credit score is very important as it helps the lender to trust your repayment capacity. The minimum CIBIL score for home loans is 650 or above.
If you apply for a home loan at this housing finance company, you have to make sure that you match their income, age and other criteria as per DHFL home loan eligibility. You also need to have all the documents as per the requirement. Other than that, your CIBIL score must be 650 or above. This will help you in getting a lower rate of interest and smoother approval. However, there are many other things that DHFL considers before approving the loan. Read this article to get the gist.
DHFL Home Loan Eligibility
At DHFL, the factors that decide whether or not you will get the loan are as follows:
- Repayment Capacity
- Age
- Educational qualifications
- Stability and continuity of income
- Number of dependents
- Co-applicant’s income
- Assets
- Liabilities
- Saving habits, and more
Home Loan Eligibility Calculator
Here, the bank would take into account your monthly saving of ₹60,000 which can be used to repay the EMIs of your home loan. Now, if you can calculate your amount, tenure and rate of interest, you can easily know the EMIs that you will have to pay every month.
Amount- ₹1 Lakh
Loan Tenure- 30 years
The rate of Interest- 9%
Your monthly EMI will be- ₹805
So, your calculation for the housing loan would be-
₹1 Lakh x 60,000/805=₹74,53,416 lakhs (approx.)
So, the maximum loan amount you can get on DHFL home loan will be around ₹75 lakhs.
Once you know that you are eligible for the loan, the second thing you should is to know which are the documents you need to have to get the approval.
DHFL Home Loan Documents
The documentation required to apply for a home loan at DHFL is different according to the profession. The list 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 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
- 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)
As you can see, both eligibility and documents are equally important. The eligibility for DHFL home loans is also dependent on your credit score. So, to get a lower rate of interest and easy approval, you have to make sure that you match the required criteria.