Dhanlaxmi Bank Home Loan

Table of Contents

• Dhanlaxmi Bank Home Loan Interest Rates
• Eligibility Criteria for Dhanlaxmi Bank Home Loan
• Dhanlaxmi Bank Home Loan Schemes
• Dhanlaxmi Bank Home Loan Types
• Dhanlaxmi Bank Home Loan for NRI or PIO
• How to Apply for Dhanlaxmi Bank Home Loan
• Document Checklist for Dhanlaxmi Bank Home Loan

Introduction

Dhanlaxmi Bank was established in 1937 in Thrissur, Kerala as a result of the ambitions of a group of enterprising entrepreneurs. Today, it is one of the premier private banking lenders offering a whole range of banking services. Their home loan is an important component of their retail business.

Dhanlaxmi Bank offers home loan solutions with some innovative and attractive schemes to suit every need of its clients. Through their impressive network of more than 600 touch-points pan India, Dhanlaxmi Bank endeavors to offer personalized custom home loan products and services.

Dhanlaxmi Bank Home Loan Interest Rates

Interest Rates are as of 2019

To the prospective home loan aspirant, the cost of the project is an important landmark. While working out the financials of the proposed project, the important components that determine the cost of capital are the rate of interest and the one time processing fees charged upfront. Since the rate of interest is perpetual defining the size of the EMI, it makes sense to have a lucid picture of the applicable rate of interest at present.

Dhanlaxmi Bank is governed by the MCLR pattern defined by RBI since 1st April 2016. The rates of interest effective in the bank from 1st July, 2019 and subject to monthly review are:

Eligibility Criteria for Dhanlaxmi Bank Home Loan

You must remember the factors that determine your eligibility for home loan with the bank. The key factors that impact your eligibility are:

• Your Income.
• Age.
• Your qualifications.
• Number of Dependents.
• Income of your souse.
• Assets and liabilities.
• Stability pertaining to savings history.
• Permanency of occupation.
• Property value.

Based on the above, the eligibility criteria for Dhanam Home Loan are tabulated below for your comprehension:

 Dhanlaxmi Bank Home Loan Schemes

Having come this far, you know that Dhanlaxmi Bank offers a range of home loan solutions aimed at all the individual needs and preferences in a transparent manner. The bank prides in the fact that their schemes are bereft of any hidden charges. It is also time to recapitulate with the finer details and recall the interest mechanism in vogue.

Dhanlaxmi Bank Home Loan Types

Dhanlaxmi Bank home loan solutions are targeted towards a vast cross section of their clientele, inclusive of the NRIs. They endeavor to maintain close personalized relationships with all their customers. The bank’s  approach is customer centric offering a host of exclusive benefits:

• You are given ample scope to enhance the quantum of loan through liberal options.
• Flexible repayment tenures from 1 to 30 years.
• Flexibility in EMI with a choice of step-up and step-down facility.
• To top it all, they offer the best doorstep services.

Having been enlightened with such redeeming features, it is in order to gain insight into the character of the schemes in a nutshell.

Main Home Loan

Dhanam Home Loan: It is the primary home loan offering from the bank’s stable. They are well versed with your sensibilities when it comes to home ownership and the schemes are well attuned with versatile finance options. Though, their loan comprehensively covers all home finance related issues, yet they also offer specialized variants to meet your specific needs.

Dhanam Plot + Construction Loan: If you are beginning from scratch and wish to first buy a piece of land and then build a house over it to your design and choice, this is the ideal loan for you. However, the ratio between the cost of the plot and construction should comply with their norms

Dhanam Construction Loan: You may already be in possession of a plot of land and are desirous of constructing your residence over it to your own design and need. It is meant especially for such a venture.

Refinance Home Loan Options

You are eligible for refinance on completion of 12 months of your existing loan and satisfactory progress after acquisition of your house. You can also transfer your home loan balance with others and seek a top-up to meet your specific fund needs.

• Dhanam Home Extension Loan: As the name suggests, you may need for additional accommodation after passage of time. Your family has grown and you have gained additional financial capacity to service this loan. This loan is eminently suited to meet your requirement and Dhanlaxmi Bank will be more than glad to assist you.
• Dhanam Home Improvement Loan: It is ideal when you intend to undertake maintenance of your dwelling unit, be it external or interior. It is designed to provide expenses related to all types of work associated with your house comprehensively.

Dhanlaxmi Bank Home Loan for NRI or PIO

Dhanlaxmi Bank looks upon the NRI section of their client base with care offering them a host of customized services. Their  offer of home loan is not in isolation from  this added attention. The home loan solution offered to the NRI are no different from the ones offered to the residents barring a few minor differences in eligibility.

Thus they are entitled to all the range of offers, subject to their complying with the rules framed by RBI or those defined under FERA.

Housing Loan for High-net-worth Individuals

The definition of an individual of high-net-worth is unclear in the eco-system of India. The growing economy and the increase in the disposable income in the hand of individuals may drive the idea of high-net-worth individuals. Whatever measure is applied to them could be misleading by the very fact that a home loan would assist him in meeting the fund gap when he is expected to be flush with liquid assets.

Be that as it may, a high-net-worth individual would be one who is abundantly credit worthy. Though the bank does not offer any specific premier scheme for them, they are welcome with proposals of high cost, which they are capable of handling.

Maximum Amount permitted under this loan

As there is no specific loan to cater to the needs of HNWI, the maximum loan permitted under the category of home loan remains Rs.250L. In any case, such single high cost proposal will definitely have a positive cascading effect on the home loan portfolio and that too without carrying the burden of default affecting the health of credit.

Dhanlaxmi Bank Home Loan for NRI

Before going deeper into the home loan solution for the NRI, it is prudent to know what it actually means. A NRI is an Indian citizen living abroad for an uncertain period of time mainly for reasons of occupation which includes employment, deputation or business.

He earns his income in hard currency, which gives him an edge due to the conversion rates in his favor.

Dhanlaxmi Bank has a customized home loan solution for the NRI with all the trappings of the loans meant for the resident Indian, barring a few for reason of compliances and convenience. The eligibility criteria for NRI Home Loan is tabulated below.

However the documentation for the NRI is slightly more elaborate than the resident Indian, in the sense that there are specific requirements which is applicable to Indians working abroad.

How to Apply for Dhanlaxmi  Bank Home Loan

You can put in your expression of interest in the bank’s portal for them to take it forward. However, the steps for home loan application with Dhanlaxmi Bank  can be tabulated in sequence thus:

• Submit completed application form along with requisite photograph and documents.
• Evaluation and verification of the proposal.
• Personal discussion with bank official.
• In principle sanction accorded subject to vetting of the title deed and valuation of property.
• Inspection of the property and its valuation by the empanelled architect/ engineer.
• Submission of pre-disbursement documents.
• Disbursement of the loan.

Check out Housing.com for some attractive home loan schemes as your partner.

Document Checklist for Dhanlaxmi Bank Home Loan