Purchasing or constructing a new house is certainly the costliest endeavour that a person goes through in his lifetime. It gets difficult for people to finance the entire house cost by themselves. That’s why home loans are there to cover the finance of the house so that the savings of the customer is not affected much. But some home loans can be taxing due to the high interest rates they carry. This is where the DMI home loan interest rates come into the pictures. DMI Housing finance provides one of the lowest interest rates in the market. Certainly, one of the most affordable. Want to know how much?
What is the DMI home loan Interest rate like?
DMI offers home loan at a floating rate of interest. Rates offered on home loans are different from that offered on loan against property. One of the lowest interest rates are being offered by DMI Housing Finance in the realm of Indian banking (especially when compared to other NBFCs). The minimum rate of interest that you can get on DMI home loan is 11.75%. Whereas, the maximum interest rate is capped at 15.50%.
What are the Factors that Affect your DMI Home Loan Interest Rate?
- Credit Score: Your credit score plays an important role in determining your interest rate. A good credit score translates into bagging a lower interest rate from DMI. Whereas, a credit score which is bad can leave you in the miseries of high interest rate on your home loans. Thus, it is advisable to keep a credit score of 750 and above. You just need to service your past debts properly (by paying your credit card dues on time and EMI payments for previous loans).
- Net Monthly Income: DMI Housing Finance has a close look at your bank statements and salary slips to see whether you have a regular flow of the minimum net monthly income required. If you have the desired net monthly income constantly flowing into your account, you can ask DMI to give you the lowest interest rate.
- Relationship with DMI: If you are an esteemed or an old customer with a good credit record (amy previous loans with DMI), chances are DMI may provide you home loans at very low interest rates.
- Property Type: The interest rate that you’ll procure from DMI Housing Finance depends on your property type also. A property bought in a gated and authentic society would help you fetch a lower interest rate than a property which is not in a hep location.
- Tenure of the Loan: The longer the tenure of the loan, the lower will be your interest rate. However, this is a gimmick that you should be aware of. When you take a loan for a longer duration, you end up paying more interest even though the interest rate is low. This is because the difference in rate cut is not much to make a big difference.
What are the Variety of Home Loans that DMI provides?
DMI has designed various loans to suit different purposes. From constructing a new house to buying a new land to renovating your house, the DMI home loan has a tailor made loan for every purpose. You can choose from the following options based on your needs:
- House (Under construction loans)/ Flat Purchases (Ready Possession Homes From Builder)
- Plot Purchase
- Home Construction/ Renovation/ Extension
- Home Loan – Balance Transfer
- Loan Against Property