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- 1 About DMI Housing Finance Home Loan
About DMI Housing Finance Home Loan
DMI Housing Finance Private Ltd, a subsidiary of DMI Finance, was established as a non-banking finance company in 2008. Since its inception, the Delhi-based company has been offering home loan to let people buy flats, construct and renovate their homes. In addition, the housing finance firm offers composite home loan for buying the plot and construct the home over the same. The company can finance you upto 80% of the market value of the property. So, if you have cash available or can arrange it from your relatives to pay the remaining 20% amount, then both you and the bank will be on the same page as far as loan approval & disbursal is concerned. So, let’s come and see what DMI Housing Finance has in store for us.
Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure
DMI Housing Finance Home Loan Interest Rates
|Interest Rate||12.75%-16.75% per annum|
|Maximum Loan Tenure||20 years but should exceed more than the retirement age|
|Maximum Loan Amount||80% of the market value of property|
|Processing Fee||INR 10,000|
|Age||22-70 years, subject to your age of retirement||24-70 years|
|Income||A stable flow of income needed. However, the repayment capacity must be good to pay off the loan EMI||A stable flow of income needed. However, the repayment capacity must be good to pay off the loan EMI|
|Job Stability/Business Continuity||Must have worked for a reasonable period of time||Must have been in the business for a good length of time|
Factors Affecting Home Loan Eligibility
The acceptance of your home loan application at DMI Housing finance will depend greatly on the factors stated below.
Age – It is always good to apply for a home loan when you have a reasonably higher amount of time left before you hang up your boots from the professional life. Say, you started your professional journey at the age of 24 years, then it is advisable you apply for a home loan when you hit 30 so that you would have 30 years left before your retirement age of 60 years, as is the case in most companies. Very few banks offer you a loan tenure of 30 years. But most will give you a tenure of 20-25 years based on your repayment capacity. So, when you apply at a younger age, the chances of home loan approval by DMI Housing Finance is greater compared to when you get older, say in the 40s.
Income – Perhaps the biggest criteria for a home loan approval is the salary or business income that you generate. More the income, greater is the chance of the loan getting approved by DMI Housing Finance and vice-versa.
Property Value – Since DMI Housing Finance provides home loan equivalent to 80% of the value of property, you need to look for a flat or bungalow for which you can get a maximum loan based on your repayment capacity. So, when you approach a property developer to buy a home, make sure both of you settle for a purchase price within the range of loan amount that can be offered by the housing finance company. If the loan amount falls below the agreed price, then you should have extra cash to pay the remaining amount and thus own a home.
Location of Property – Your home loan eligibility is also contingent upon the location of the property that you want to buy. While you scout for your dream home, make sure the property does not fall into the negative zone as DMI Housing may deny you a loan for the same.
Authority Approval – Your property must have the legal attestation of the competent property development authority so that the loan approval is seamless and hassle-free. In the absence of the same, your loan approval may take the back seat and you get deprived of having a home.
Job Stability – If you are a salaried professional, then you must have worked for a period of at least 2-3 years to get your home loan application approved by DMI Housing Finance.
Business Continuity – Self-employed and people belonging to other business classes must remain in the business for at least 3 years in their bid to get the loan pass the approval test.
DMI Housing Finance Home Loan Eligibility Calculator
How will DMI Housing Finance decide upon a loan amount? Well, it will be decided by the eligibility calculator that works in a simple manner. The calculator arrives at the loan amount eligibility by taking into consideration your monthly income and savings. Please let me take you deeper into the calculation with the help of an example mentioned below.
For example- You work in a company that gives you a salary of INR 30,000 per month. If the monthly expenses absorb 50% of your income, then the resultant savings come out to be INR 15,000 per month. The calculator first computes per lakh EMI before arriving at the loan amount that you are eligible for. Let’s calculate per lakh EMI based on a loan tenure of 20 years at the prevailing interest rates.
Amount – INR 1 Lakh
Loan Tenure – 20 Years
Interest Rate – 12.75%-16.75%
Per Lac EMI – INR 1,154 – INR 1,448
Home loan amount eligibility will be calculated via a formula
INR 1 Lakh x Savings/Per Lac EMI
= INR 1 Lakh x 15,000/1,154 = INR 12.99 Lakhs
=INR 1 Lakh x 15,000/1,448 = INR 10.35 Lakhs
So, the maximum loan amount on your savings equals to INR 10.35 Lakhs – INR 12.99 Lakhs
DMI Housing Finance Home Loan EMI Calculator
Equated Monthly Installment, abbreviated as EMI, is the combination of interest and principal amount payable towards the home loan that you would have availed. DMI Housing Finance Home Loan EMI Calculator will help you compute the EMI payable on your loan. Suppose you plan to avail a 20-year loan of INR 20 Lakhs from DMI Housing Finance at an existing interest rate of 12.75% per annum. Then, what will be the EMI?
Table Showing EMIs, Interest and Total Amount Payable on a Home Loan of INR 20 Lakhs at 12.75% Interest Rate for Different Loan Periods Upto 20 Years
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 20,00,000||12.75%||1||₹ 1,78,400||₹ 1,40,801||₹ 21,40,801|
|₹ 20,00,000||12.75%||2||₹ 94,849||₹ 2,76,375||₹ 22,76,375|
|₹ 20,00,000||12.75%||3||₹ 67,147||₹ 4,17,304||₹ 24,17,304|
|₹ 20,00,000||12.75%||4||₹ 53,407||₹ 5,63,544||₹ 25,63,544|
|₹ 20,00,000||12.75%||5||₹ 45,251||₹ 7,15,036||₹ 27,15,036|
|₹ 20,00,000||12.75%||6||₹ 39,885||₹ 8,71,706||₹ 28,71,706|
|₹ 20,00,000||12.75%||7||₹ 36,113||₹ 10,33,462||₹ 30,33,462|
|₹ 20,00,000||12.75%||8||₹ 33,335||₹ 12,00,203||₹ 32,00,203|
|₹ 20,00,000||12.75%||9||₹ 31,220||₹ 13,71,810||₹ 33,71,810|
|₹ 20,00,000||12.75%||10||₹ 29,568||₹ 15,48,155||₹ 35,48,155|
|₹ 20,00,000||12.75%||11||₹ 28,251||₹ 17,29,100||₹ 37,29,100|
|₹ 20,00,000||12.75%||12||₹ 27,184||₹ 19,14,497||₹ 39,14,497|
|₹ 20,00,000||12.75%||13||₹ 26,309||₹ 21,04,190||₹ 41,04,190|
|₹ 20,00,000||12.75%||14||₹ 25,583||₹ 22,98,018||₹ 42,98,018|
|₹ 20,00,000||12.75%||15||₹ 24,977||₹ 24,95,813||₹ 44,95,813|
|₹ 20,00,000||12.75%||16||₹ 24,466||₹ 26,97,406||₹ 46,97,406|
|₹ 20,00,000||12.75%||17||₹ 24,032||₹ 29,02,624||₹ 49,02,624|
|₹ 20,00,000||12.75%||18||₹ 23,663||₹ 31,11,294||₹ 51,11,294|
|₹ 20,00,000||12.75%||19||₹ 23,348||₹ 33,23,242||₹ 53,23,242|
|₹ 20,00,000||12.75%||20||₹ 23,076||₹ 35,38,296||₹ 55,38,296|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 23,241||₹ 2,53,673||₹ 19,76,758|
|2||₹ 26,384||₹ 2,50,530||₹ 19,50,373|
|3||₹ 29,952||₹ 2,46,962||₹ 19,20,421|
|4||₹ 34,002||₹ 2,42,912||₹ 18,86,418|
|5||₹ 38,600||₹ 2,38,314||₹ 18,47,817|
|6||₹ 43,820||₹ 2,33,095||₹ 18,03,997|
|7||₹ 49,745||₹ 2,27,169||₹ 17,54,252|
|8||₹ 56,472||₹ 2,20,443||₹ 16,97,780|
|9||₹ 64,108||₹ 2,12,806||₹ 16,33,671|
|10||₹ 72,777||₹ 2,04,138||₹ 15,60,894|
|11||₹ 82,618||₹ 1,94,297||₹ 14,78,276|
|12||₹ 93,789||₹ 1,83,125||₹ 13,84,486|
|13||₹ 1,06,472||₹ 1,70,442||₹ 12,78,013|
|14||₹ 1,20,869||₹ 1,56,045||₹ 11,57,144|
|15||₹ 1,37,213||₹ 1,39,701||₹ 10,19,930|
|16||₹ 1,55,767||₹ 1,21,147||₹ 8,64,162|
|17||₹ 1,76,831||₹ 1,00,084||₹ 6,87,331|
|18||₹ 2,00,742||₹ 76,172||₹ 4,86,589|
|19||₹ 2,27,886||₹ 49,028||₹ 2,58,702|
|20||₹ 2,58,944||₹ 18,213||₹ 0|
|Duly Filled Application Form||Applicable||Applicable|
|Age Proof||Passport/Voter ID/ Driving License/PAN Card/Aadhar Card||Passport/Voter ID/ Driving License/PAN Card/Aadhar Card|
|Address Proof||Passport/Voter ID/ Driving License/ Aadhar Card & Latest Bank Statement/Electricity Bill for the last 3 months||Passport/Voter ID/ Driving License/ Aadhar Card & Latest Bank Statement/Electricity Bill for the last 3 months|
|Income Proof||Salary Slip for Last 4 Months, ITR/Latest Form 16||Latest 3 ITRs of both Personal and Business Along with the Computation of Income, Duly Certified Balance Sheet and Profit & Loss Account for latest 3 Years, Advance Tax Challans|
|Business Existence||N.A.||Sales Tax Registration Certificate, Electricity or Telephone Bills, Registered Rent Agreement with an ID Proof of Owner, Shop & Establishment Act Certificate|