DMI Housing Finance
Home ownership is a significant financial goal which gives a sense of stability and social inclusion. DMI Housing Finance Limited has played an important role in helping thousands of people buy their dream homes through affordable home loans. DMI home loan starts at 11.00% per annum at a processing fee of 1.5% + GST. The emerging NBFC provides easy and convenient home loans for plot and home purchase, home renovation or extension, home construction, and loan against property. The maximum loan repayment tenure offered by DMI Housing Finance is up to 25 years, and the maximum loan amount is up to Rs. 30 lakhs.
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DMI Housing Finance Highlights
Get the lowest interest rates with DMI Housing Finance
| Loan Amount | Up to Rs. 30 lakhs |
|---|---|
| Rate of Interest | 9.50% per annum |
| RPLR | |
| Processing Fee |
1.50% |
| Maximum Tenure for Repayment | 30 years |
| Penal Rate of Interest | |
| Rate Packages | Fixed/ Floater (Construction Loans) |
| Charges for Prepayment/Foreclosure | Nil |
DMI Housing Finance Interest Rates in 2024
The interest rate of DMI home loans depends on the person's CIBIL Score, repayment capacity, employment status, and various other factors. Applicants can choose a Fixed or Floater Range of interest rate when applying for a DMI home loan. The table below enlists the DMI Housing Finance rate of interest 2024:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| Home Loans | 11.00% - 15.50% per annum |
| Loan Against Property | 15.00% - 18.00% per annum |
Interest rates were last updated on 1st December 2024
DMI Home Loan Eligibility Criteria
DMI Housing Finance offers quick approvals on home loans, but only if the applicant meets certain eligibility criteria. These are usually based on the applicant's age, CIBIL score, nationality, and employment status. The table below enlists the DMI home loan eligibility criteria:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 18 - 70 Years | 18 - 70 Years |
| Nationality | Indian Residents/ NRIs/PIOs | Indian Residents/ NRIs/PIOs |
| Minimum Income Earned | Nothing Specific | Nothing Specific |
DMI Housing Loan Processing Fee and Charges
To process each home loan application, the NBFC charges a processing fee, which is a fixed percentage of the total loan amount. The DMI home loan processing fee and charges are listed below:
| Processing Fees on Home Loans | 1.5% + GST |
|---|---|
| Processing Fees on Loan Against Property | 2% + GST |
| Legal Verification | Rs. 1500 |
| Technical Verification | Rs. 1500 |
| Cheque Bounce Charges | Rs. 590 per instance |
| Charges for Providing Document List | Rs. 590 |
| Overdue Charges on Default Payment (EMI/ Pre-EMI) | 2% per month on the outstanding dues |
| Duplicate Foreclosure Letter | Rs. 590 |
| CERSAI |
|
| Duplicate Interest Certificate | Rs. 236 per copy and one copy allowed per year |
| Custodian Fee | Rs. 590 |
| Document Retrieval Charges | Rs. 590 |
| Cheque/ ACH Swapping Charges | Rs. 590 |
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DMI Home Finance Schemes and Top Plans
DMI Housing Finance Ltd. offers a plethora of home loan schemes because it understands the different needs of different borrowers. Have a look at the popular home loan plans offered by DMI Housing Finance:
1. House/ Flat Purchase Loan
- Ideal for borrowers keen to buy under-construction or ready-to-move-in homes
- Maximum loan repayment tenure of up to 25 years
- Maximum loan amount of up to Rs. 30 lakhs
- Maximum of 6 co-applicants permitted
2. Plot Purchase Loan
- Best home loan for purchasing a plot
- Either be applied on an individual or joint basis
- Salaried and self-employed individuals can apply for a plot purchase loan from DMI
- Maximum loan repayment tenure of up to 25 years
- Maximum loan amount of up to Rs. 30 lakhs
3. Home Construction Loan
- Ideal for borrowers keen to construct a home on a plot
- Affordable interest rate with no hidden charges
- Maximum LTV of property
- Fast loan approvals
4. Home Extension Loan
- Best home loans to extend an already existing home
- Zero hidden charges and quick approvals
- Easy eligibility criteria to get a home loan
- 6 applicants allowed as co-applicants
5. Home Renovation Loan
- Hassle-free loans with a low rate of interest
- Ideal to meet expenses for renovating an existing home
- Maximum LTV of property
- Flexible loan repayment tenure
6. Home Loan- Balance Transfer
- Available only on self-occupied residential properties which have been bought within 6 months of the loan application
- Option to avail Top-Ups on board of 9 months
- Maximum loan amount of up to Rs. 30 lakhs
7. Loan Against Property
- Helps meet personal financial expenses with ease
- Use the loan against property to build your own business
- No hidden charges and easy approvals
- Competitive rate of interestsa
Note: All of the above home loan plans are made available to applicants solely at the discretion of DMI housing finance, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required For DMI Home Loan
The DMI housing loan documents required list is shared below for your reference so that you can arrange for the same before applying for a home loan:
Documents Required for Salaried Applicants
- Salary Slip for the last 3 months
- Updated Bank Passbook or Statements for the last 6 months
- Photocopies of Property Papers
- Income Tax Returns for the last year
- Duly filled application form
- Passport-size photographs
- Processing fee cheque in favour of DMI Housing Finance Ltd.
Documents Required for Self-Employed Applicants
- Business Continuity Proof for the last 3 years
- Profit and Loss Account, Balance Sheet for last 3 years
- Updated Bank Passbook or Statements for the last 12 months
- Photocopies of Property Papers
- Income Tax Returns for the last 3 years
- Proof of operating address - Sales Tax Certificate, Shop and Establishment License, VAT Registration No., Latest Bank Statement in the name of the entity
- Duly filled application form
- Passport-size photographs
- Processing fee cheque in favour of DMI Housing Finance Ltd.
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof | Voter ID, Driving License, Aadhaar Card, Copy of Passport, PAN Card |
| Documents Related to Property |
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Find DMI Housing Finance Home Loan Offices Near You
If you are planning to visit one of the offices of DMI Housing Finance Home Loan near you to understand the DMI Housing Finance Home Loan Offer in details and apply for the Home Loan, you can simply fill in the Free Consultation form and the team of BASIC Home Loan will reach out to you for needful assistance in the process.
Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
FAQs
The maximum loan amount a borrower can fetch from DMI is up to Rs. 30 lakhs after meeting specific pre-fixed eligibility criteria.
The current interest rate for a DMI home loan starts at 11.00% - 15.50% per annum. However, please refer to the official website of DMI Housing Finance because these rates are subject to change at the discretion of the NBFC.
You can either visit the nearest branch of DMI Housing Finance to contact the customer care representative and check your DMI home loan status. Alternatively, you can check the loan status online by visiting the official website of DMI Housing Finance.
A CIBIL score of 750 and above is considered suitable for getting a DMI home loan. However, applicants with a CIBIL score of 550-750 can also get home loans from this NBFC.
Some key features of DMI Housing Finance are:
- Home loans for salaried/ self-employed applicants
- Home loans for the purchase, renovation, construction, and extension of a home and purchase of a plot
- No hidden charges
- Quick loan approvals
- Easy Balance Transfer facility
- Minimum paperwork
- Affordable interest rates
The borrowers can get the disbursement amount for a DMI home loan within 5 to 6 days of submitting the complete set of documents and fulfilling all the eligibility criteria laid out by the NBFC.
An applicant must fulfil the following eligibility criteria to get a DMI home loan:
- Age - 18 years - 70 years
- Nationality - Indian Resident/ NRI. PIO
- Employment Status - Salaried/ Self-Employed