What is the procedure for Dhanlaxmi Bank Home Loan?
Below mentioned is the procedure for home loan –
How Dhanlaxmi Bank will decide my eligibility for proposed loan?
Eligibility depends upon your repayment capacity as determined by the bank. Factors like your income, age, qualifications, number of dependants, spouse's income, assets, liabilities, savings history, stability, property value and continuity of occupation are considered while computing your eligibility.
What are the charges for issuance for Duplicate NOC?
A charge of Rs. 500 will be levied for each duplicate copy of NOC.
How much finance can I avail against the property value?
You can borrow up to 80 % of the market value of your property subject to your income eligibility.
Do I need a co-applicant or guarantor?
Yes, co-applicant is mandatory to avail the loan. All the co-owners of the property must be sign as co-applicants. For a sole property owner or applicant, one adult member in the family will need to sign up as a co-applicant. In case of partnership firm or a company, partners and promoter directors respectively need to be co-applicants.
Will I receive any tax benefit?
Yes, you’ll get exemption under Section 80C of IT Act for repayment of principal and deduction under Section 24 of IT Act for interest payment on housing loan.
How can I repay the loan?
Loan can repaid either by way for ECS (Electronic Clearing System) or by way of PDCs (Post dated cheques).
Can I switch from floating rate of interest to fixed or vice-versa? And what are the charges for switching interest rate?
A fee of 3% on the outstanding amount will be charged for switching from floating rate of interest to fixed or vice-versa.
Can I reschedule my EMI cycle and what charges I have to pay?
Yes, you can reschedule your EMI cycle with paying a charge of Rs. 500 on each request.
Can I make a part-payment for my loan?
Yes, you can make part-payment on your loan any time after 6 months of loan disbursal. You can make a part-payment of minimum Rs. 50,000 and maximum of 25% of the loan outstanding at the beginning of the financial year, subject to 1 part-payment in a financial year.
What charge I have to pay for Credit Information Report?
A charge of Rs. 200 will be levied on individual customers and Rs. 750 on non-individual customers.