Your eligibility for a home loan depends on the criteria below. DMI Housing Finance provides home loans to individuals with different income backgrounds.

Eligibility for Bank-Salaried Individuals

• Age: 21 to 65 years
• Eligible Employment Types: Private, Government, MNC, and contractual employees
• Minimum Monthly Income: Rs. 10,000
• Loan Tenure: Up to 30 years

Eligibility for Cash-Salaried Individuals

• Age: 21 to 65 years
• Loan Amount: Up to Rs. 15 lakh
• Minimum Monthly Income: Rs. 10,000 onwards
• Loan Tenure: Up to 30 years

Eligibility for Formal Self-Employed Individuals

• Age: 21 to 75 years
• Eligible Applicants: Business professionals and non-professional individuals file ITR.
• Minimum Monthly Income: Rs. 10,000 onwards
• Loan Tenure: Up to 30 years
• Eligibility Based On: GST turnover

Eligibility for Informal Self-Employed Individuals

• Age: 21 to 75 years
• Eligible Applicants: Business professionals and non-professionals do not file ITR.
• Minimum Monthly Income: Rs. 10,000 onwards
• Loan Tenure: Up to 30 years
• Eligibility Based On: Banking churning and average daily bank balance

DMI Housing Finance considers various factors, such as monthly income, current age, income stability, current obligations (EMIs), and the current market value of proposed property/collateral, while deciding the final eligible loan amount.

Generally, if a customer applies for a home loan, home extension/renovation loan, plot loan, or any other type of housing loan, the process takes up to 60 days. However, cases with complete documents can witness the disbursement in 5 to 6 working days.

The home loan application is processed after the credit score and documentation verification. Furthermore, the legal and technical requirements are completed. DMI Housing Finance will also sometimes verify the customer’s contribution to the down payment. (before disbursement)

After all verifications, the disbursement will be initiated in the beneficiary account as a cheque, DD, NEFT, or RTGS (depending on the nature of the transaction).

DMI Housing Finance allows joint home loans, but co-applicants should be immediate family members like spouses, parents, or children. However, the co-owners of the property must necessarily be co-applicants to the loan. Also, a friend is not allowed to be a co-applicant even if they are a co-owner of the property.

A maximum of 5 co-applicants can apply in a single loan application along with a prime applicant. Therefore, a total of 6 joint holders can apply.

Repayment of the loan starts from the month after you receive the full loan amount. Here’s how it works:

1. EMI and Pre-EMI:
   • You can repay through EMI (Equated Monthly Installments) or Pre-EMI for a specific period.
2. When Pre-EMI Applies:
   • If only part of the loan amount is disbursed, you will pay Pre-EMI interest on the amount disbursed until your regular EMI starts.
   • Pre-EMI is calculated at the same interest rate as your EMI and must be paid monthly on the disbursed amount.

This ensures you only pay interest on the money you’ve received before your full loan repayment begins.

Yes, prepayment or foreclosure is allowed at any given point during the loan, but this can attract prepayment charges as applicable from time to time in some cases. To make a prepayment, you can contact the nearest branch.

DMI Housing Finance offers a loan amount of up to Rs.75,00,000/- depending upon your eligibility criteria and the type of housing loan product you choose- home loan, home extension/renovation loan, plot loan, construction loan, etc.

Yes, security is required for a Home Loan. Applicants must submit all the title deeds of the property against which they are taking a loan. The property will be mortgaged against the loan until the full repayment.

If you have any questions/queries regarding your loan application, you can:

• Send us an email at Customercare@dmihousingfinance.in.
• Call us at the toll-free no. 18001214214.
• Visit our nearest branch.

DMI Housing Finance determines applicants’ eligible loan amount based on the applicant’s monthly income, current age, income stability, current obligations (EMIs), and the proposed property/collateral market value. You can use the DMI Housing Finance’s Home Loan Eligibility Calculator to know your eligible home loan amount.

The property documents required to obtain home loans may vary from case to case. The documents for home purchase loans will differ from those used for home construction loans. However, some common documents are title deeds and proof of no encumbrances on the property.

You cannot take a home loan for the entire property value. The Reserve Bank of India (RBI) limits the Loan-to-Value (LTV) ratio, determining how much of the property’s value you can borrow as a loan. This means borrowers must contribute the remaining percentage of the property value as a down payment. Here’s how it works:

EMI calculation for a Rs. 30 lakh home loan would depend on the interest rate and tenure. Let’s assume the interest rate and tenure on your Rs. 30 lakh home loan is 12% p.a. and 10 years, respectively. Your home loan EMI would be Rs. 399,48 in such a case. To calculate EMI based on other tenure and interest rate values, you can use a DMI Housing Finance loan EMI calculator.

Home loan balance transfer allows existing home loan borrowers to transfer their outstanding home loan to a new lender at lower interest rates and better loan terms. DMI Housing Finance also allows existing home loan borrowers to transfer their home loans to DMI Housing Finance for better interest rates and flexible repayment terms. It is called a home loan balance transfer. Click to know more.

DMI Housing Finance Calculates the Equid Monthly Instalment (EMI) of a home loan based on the loan amount, interest rate, and repayment tenure.

With DMI Housing Finance, you can apply for a home loan at any stage—from deciding to invest in real estate to finalising your property. Once you apply, the loan amount is sanctioned in principle, clarifying your loan eligibility. This helps you plan your finances and manage the additional expenses of setting up your dream home.

A Notice of Intimation (NOI) is a document informing the authorities when you buy a house or take a home loan. This rule, effective since April 1, 2013, helps prevent property fraud, duplicate registrations, and multiple loans on the same property.

DMI Housing Finance offers a top-up loan to existing home loan borrowers. The offer depends on the borrower’s credit profile, income, and repayment history.

Yes, you can sell a property with an outstanding home loan, but you must obtain approval from your lender and follow the proper process.

Borrowers of DMI Housing Finance get the insurance policy with the loan. This policy safeguards borrowers and their families from the financial burden of loan repayment in unforeseen situations. It primarily covers the outstanding loan amount in case of the borrower’s death during the loan tenure. Additionally, it offers life insurance and general insurance.

DMI Housing Finance offers lower interest rates to female applicants, promoting women’s homeownership and empowerment.

Encumbrance on a property refers to claims or charges on the property due to liabilities such as unpaid loans and bills. During your home search, you must consider properties free of encumbrances.

DMI Housing Finance offers a home loan balance transfer facility for a maximum tenure of up to 30 years.

Yes, a home construction loan is eligible for tax exemption. If you have completed the construction, you can claim a tax deduction of Rs. 1.5 lakh under section 80C. Under Section 24(b), you can claim up to Rs. 2 lakh on interest paid for a self-occupied property, and there is no limit for a let-out property. Additionally, suppose you are a first-time homebuyer, and your house qualifies under the affordable housing category. In that case, you may claim up to Rs.50,000 per year under Section 80EE until the loan is fully repaid.

Yes, a home renovation loan is eligible for tax exemption. You can claim up to Rs.30,000 annually for a tax deduction under section 24 for a self-occupied home. This limit is a part of the Rs.2 lakh annual limit for tax deduction provided under section 24(b) for a home loan interest payment. For example, if you have a home loan and a home renovation, you have already claimed Rs.1.8 lakh for your home loan interest payment, then you can claim up to Rs.20000 for a home renovation loan interest payment. Tax deduction under section 80(c) is not allowed for home renovation loans.

Yes, a home extension loan is eligible for tax exemption. You can claim up to Rs.1.5 lakh for an annual tax deduction under section 80(C). Additionally, Rs.2 lakh can be claimed under section 24(b) for home loan interest payment if the home is self-occupied. There is no limit for deduction if it is a let-out property.

No, you do not get tax benefits on a land loan unless you start construction. Tax benefits under sections 80C and 24(b) of the Income Tax Act are applicable only after the construction of a house on the land begins.

If you are utilising funds from a loan against property for a house purchase or construction of a residential property, then under Section 80C, you can claim up to Rs.1.5 lakh on the principal repayment. Under Section 24(b), you can claim up to Rs.2 lakh on interest paid for a self-occupied property, and there is no limit for a let-out property.

Yes, DMI Housing Finance provides loans against commercial property, from Rs.2 lakh to Rs.75 lakh. Borrowers can use this money for their personal and business requirements.

Your housing loan interest rate depends on the type of rate you choose: Fixed rate or Floating rate. Fixed interest rates do not change and stay the same for the loan tenure. The floating interest rate on your loan is linked to your lender’s benchmark rate. Any movement in the benchmark rate will effectuate a proportionate change in your applicable interest rate. The interest rates are reset at defined intervals.

There are many types of home loans available in the lending market. DMI Housing Finance offers various loans under a home loan category:

• Home Purchase Loan
• Plot Purchase Loan
• Home Construction Loan
• Home Extension Loan
• Home Renovation Loan
• Home Loan Balance Transfer

A home loan provisional certificate is your home loan account given by your lender. The home loan provisional statement summarises the principal amount and interest you repaid towards your house loan for the given financial year.

DMI Housing Finance calculates a home loan’s Equid Monthly Installment (EMI) based on the loan amount, repayment tenure, and interest rate.

Fixed interest rates linked to your home loan do not change and stay the same for the whole loan tenure. The floating interest rate on your loan is linked to your lender’s benchmark rate. Any movement in the benchmark rate will effectuate a proportionate change in your applicable interest rate.

You can not simultaneously take two home loans for the same property. You can take another home loan after the first has been fully paid.

Yes, you can change the tenure of your home loan after it has been sanctioned, but this will depend on the policies of your lender. At DMI Housing Finance, If you wish to extend or reduce the loan tenure, you can request for this. Extending the tenure may reduce your monthly EMI but will increase the total interest paid over time.

The choice between a fixed interest rate and a floating interest rate depends on your financial situation, risk tolerance, and market conditions. Fixed rates provide stability and predictable payments, while floating rates have the potential to adjust with market changes, offering the possibility of lower rates if the market decreases.

Loan Against Property(LAP) can be availed by salaried and self-employed professionals (SEP) for professional and personal needs (other than for speculative purposes) like marriage, Child’s education, business expansion, debt consolidation, etc.

In a home loan, “own contribution” refers to the money the borrower personally contributes to purchasing the property, which the lender does not finance. This is typically the down payment made by the borrower, representing a percentage of the property’s total value. The remaining property cost is covered by the loan amount the lender provides. Own contribution is important as it shows the borrower’s financial commitment to the purchase and is often required by lenders as part of the loan approval process.

The “Agreement to Sale” in a property transaction is a legal document, typically executed on stamp paper, that outlines the terms and conditions agreed upon by the buyer and the seller. It includes important details about the Property, such as its size, price, possession date, and other relevant terms of the sale.

No, per the prescribed product policy, the Property should be 100% ready, and possession must be with the borrower.