DMI Housing Finance Home Loan - Interest Rate 2024, Eligibility, EMI

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.

Home Loan

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    DMI Housing Finance Home Loan Interest Rates

    Interest Rate12.75%-16.75% per annum
    Maximum Loan Tenure20 years but should not exceed more than the retirement age
    Maximum Loan Amount80% of the market value of property
    Processing FeeINR 10,000

    Eligibility Parameters

    Age22-70 years, subject to your age of retirement24-70 years
    IncomeA stable flow of income needed. However, the repayment capacity must be good to pay off the loan EMIA stable flow of income needed. However, the repayment capacity must be good to pay off the loan EMI
    Job Stability/Business ContinuityMust have worked for a reasonable period of timeMust 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 AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 20,00,00012.75%1₹ 1,78,400₹ 1,40,801₹ 21,40,801
    ₹ 20,00,00012.75%2₹ 94,849₹ 2,76,375₹ 22,76,375
    ₹ 20,00,00012.75%3₹ 67,147₹ 4,17,304₹ 24,17,304
    ₹ 20,00,00012.75%4₹ 53,407₹ 5,63,544₹ 25,63,544
    ₹ 20,00,00012.75%5₹ 45,251₹ 7,15,036₹ 27,15,036
    ₹ 20,00,00012.75%6₹ 39,885₹ 8,71,706₹ 28,71,706
    ₹ 20,00,00012.75%7₹ 36,113₹ 10,33,462₹ 30,33,462
    ₹ 20,00,00012.75%8₹ 33,335₹ 12,00,203₹ 32,00,203
    ₹ 20,00,00012.75%9₹ 31,220₹ 13,71,810₹ 33,71,810
    ₹ 20,00,00012.75%10₹ 29,568₹ 15,48,155₹ 35,48,155
    ₹ 20,00,00012.75%11₹ 28,251₹ 17,29,100₹ 37,29,100
    ₹ 20,00,00012.75%12₹ 27,184₹ 19,14,497₹ 39,14,497
    ₹ 20,00,00012.75%13₹ 26,309₹ 21,04,190₹ 41,04,190
    ₹ 20,00,00012.75%14₹ 25,583₹ 22,98,018₹ 42,98,018
    ₹ 20,00,00012.75%15₹ 24,977₹ 24,95,813₹ 44,95,813
    ₹ 20,00,00012.75%16₹ 24,466₹ 26,97,406₹ 46,97,406
    ₹ 20,00,00012.75%17₹ 24,032₹ 29,02,624₹ 49,02,624
    ₹ 20,00,00012.75%18₹ 23,663₹ 31,11,294₹ 51,11,294
    ₹ 20,00,00012.75%19₹ 23,348₹ 33,23,242₹ 53,23,242
    ₹ 20,00,00012.75%20₹ 23,076₹ 35,38,296₹ 55,38,296

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    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 FormApplicableApplicable
    Age ProofPassport/Voter ID/ Driving License/PAN Card/Aadhar CardPassport/Voter ID/ Driving License/PAN Card/Aadhar Card
    Address ProofPassport/Voter ID/ Driving License/ Aadhar Card & Latest Bank Statement/Electricity Bill for the last 3 monthsPassport/Voter ID/ Driving License/ Aadhar Card & Latest Bank Statement/Electricity Bill for the last 3 months
    Income ProofSalary Slip for Last 4 Months, ITR/Latest Form 16Latest 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 ExistenceN.A.Sales Tax Registration Certificate, Electricity or Telephone Bills, Registered Rent Agreement with an ID Proof of Owner, Shop & Establishment Act Certificate

  • Home Loan Interest Rates February 2024
    Axis Bank8.75% - 9.15%
    Bank of Baroda8.50% - 10.60%
    Citibank8.75% - 9.15%
    HDFC8.50% - 9.40%
    ICICI Bank9.00% - 9.85%
    Indiabulls Housing Finance Limited8.65%
    Kotak Bank8.70%
    LIC Housing8.50% - 10.50%
    Piramal Capital & Housing Finance10.50%
    PNB Housing Finance8.50% - 10.95%
    Reliance Home Finance8.75% - 14.00%
    State Bank of India/SBI9.10% - 9.65%
    Tata Capital8.95% - 12.00%