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DHFL – The Beginning:
DHFL is a housing finance company that has taken the road less travelled. The journey began on the 11th of April 1984 . On this day, Mr. Rajesh Kumar Wadhawan began his mission to correct what had troubled him for years, the sad truth that most Indians couldn't get a housing loan on fair terms. The Founder Chairman saw the owning of a home as a critical element to the building of identity and confidence of every Indian. DHFL was only the second housing finance company to be set up in the private sector in India. And its stated business objective was to provide access to housing finance to lower and middle income Indians . Most experts lauded Mr. Wadhawan's altruism but shook their heads at his apparent lack of business acumen. Especially as in the beginning DHFL disbursed funds from its own equity contribution and had a return on equity of less than 8% at a time when the interest rates were about 18%. But that is the difference between those who see things as they are and the visionaries who see things as they can be.
DHFL – Today:
Over 25 years have passed since the company's inception, today DHFL arguably stands strong as the third largest housing finance company & the second largest housing finance company in the private sector, and is still profitably doing what its Founder intended it to do. It has got a purpose driven team of enthusiastic people who are willing to carry on the founder's vision & transform the housing scenario in India by providing affordable housing finance.
Today, DHFL with its Corporate Office at Mumbai & 6 Zonal offices strives continually to reach out to its customers through its extensive network of 101 Branches, 72 Services Centers, 24 Camps,6 Zonal officeces ,11Reginoal Processing offices spread across the length and breadth of the country. DHFL has also a tie – up leading Public Sector Banks such as Punjab & Sind Bank, United Bank of India , Central Bank of India to provide home loans to customers through a Joint Venture. DHFL has also setup up its representative offices at London & Dubai to serve the increasing NRI population in these regions. It has also tied – up with UAE Exchange to offer its home loan products through the various UAE Exchange centers in the GEC countries.
A Gross Income of INR 33,085.26 lacs, Profit After Tax (PAT) of INR 9347.06 lacs with disbursements recorded over INR 294402 lacs during Half year of 2010 (from 1 April to 30 September 2010) , it can be confidently said that DHFL and its vision did make good business sense and has contributed to changing the lives of more than 300000 customers.
DHFL is listed on BSE & NSE and has been rated CARE AA+ , BWR FAAA & CRISIL P1 indicating high standards of business management.
Being Human – with Winsights
Insights that help us and our consumers win
The Founder Chairman had a unique and timeless insight into the character of the majority of Indians who are generally dismissed as high credit risk. They respond unequivocally to trust. They have a very emotional relationship with the idea of an ‘own home.' To them it isn't an investment. It is a sanctuary. A symbol of who they are. They will not do anything to jeopardize this symbol of security. This insight was the prime mover behind DHFL
Customer Focused Product Innovations:
DHFL has always been customer driven; in doing so it has continually innovated & endeavored to reach out to the vast majority of the Low & Middle income group. DHFL has been continuously introducing new products and variants for its customers. The Company introduced a Non-Income Proof Scheme called ‘Samarth' for self employed individuals
Along with housing finance, the Company provides a free Triple Protection Plan* (terms & conditions apply) to secure the interest of its customers in case of damages due to natural causes and personal accident. DHFL in association with ICICI Lombard & ICICI Prudential also offers unique home loan linked insurance plans that come at premium; it provides security to the family of the borrower in the unfortunate event of the death of the borrower.
Customer Focused Credit Policies:
Our credit policies are conducive in helping people with affordable housing finance, the policies have been designed keeping in mind the various fall – outs that customers in the LMI category feels intimidated about when they approach a normal bank for housing finance. Our policies look around the regular framework of credit policies and go few steps further by assessing the customer's willingness to re – pay and thus try and maximize its efforts at serving his requirement.
A social vision achieved, a business vision vindicated.
Today DHFL is the first name on the lips of people as we are seen as a Housing finance company which is more welcoming by our customers due to our transparent business practices and since none of our business processes have been outsourced we ensure consistent service delivery. This faith in our customers has been amply rewarded by looking at the profits that the company has made with Net NPA of just 0.73%.
Home Loan Approval Process
Our Home Loan Approval and Disbursement Process
At DHFL, our focus is to simplify, abridge and shorten the process of acquiring your “Dream Home”. Once you have identified your “Dream home”, we work towards ensuring that you also get your home loan just as easily.
Our home loan application form, which you can download right here, is both simple and comprehensive. Simply fill it, collate the essential documents required to process your home loan and submit it to us along with a cheque favouring “Dewan Housing Finance Ltd” for the initial processing fees. If you any questions at this stage or need help with this, our home loan advisors are at hand to assist you with your application
Your dream home is not too far away now, as we at DHFL work on getting your loan application processed at the earliest.
Here is a quick guide to the process we follow, and the steps involved before you become the proud owner of a beautiful home you dreamt of.
Step1 –Assessment
Step2 - Conditional Loan Sanction
Step3 - Security Assessment
Step 4 – Loan Disbursement
Step 1 –Assessment
At this stage, we want to determine that you can afford the loan repayments. Our credit team will conduct income verification and validate the accuracy of the information you have provided.
A credit check will then be carried out to reveal your credit history; in this case we as a lender will obtain a credit report that will show the following details:
  • Personal details such as: Name, Residential Addresses, Date of Birth and PAN card number
  • Records of some recent credit accounts
  • Overdue Accounts (Defaults) which may have been listed against your name, including an indicator on whether the default amount has been paid or not
As your credit history plays an important part in the home loan application process, it is always advisable to clarify and resolve any credit related issues before lodging your loan application.
Step 2 - Conditional Loan Sanction
Considering there are no major issues with your income verification and credit checks, we at DHFL will provide conditional sanction for your loan. This means that we will issue a formal Letter of Offer cum acceptance favouring all the applicants to the loan. We recommend all applicants read this document carefully, sign and return it to us, making sure the information is correct and that everyone understands all the terms and conditions.
Your DHFL Home loan executive will be there to guide you through this step and assist you in compiling documents should we require any further information.
Step 3 - Security Assessment
  • Technical Assessment: A qualified technical officer will conduct a valuation on the property you intend to purchase and any property that will be used as security.
  • Legal Assessment: A qualified lawyer will examine the property documents i.e. chain of agreements/title etc to determine if the property documents provided by you are conducive for lending.
Based on the technical and legal assessment report, we will determine if the property is suitable for mortgage lending purposes.
Step4 – Loan Disbursement
Once you have formally accepted our loan offer, a thorough scrutiny of all of the above steps is conducted by our Operations Team to ensure accuracy of the entire process. Once the final check is completed, you need to submit the final processing fees cheque favouring “Dewan Housing Finance Ltd” to your DHFL executive. After clearance of the final processing fees cheque, the disbursement cheque for the approved amount is prepared by the Operations Manager and it is handed over to you.
Upon receiving the funds you will start paying your first home loan repayment, usually one month after the disbursement date.
And with these four simple steps, you and your family become a proud owner of your “Dream Home”- and take us that one step closer to fulfilling our mission – of providing everyone in India with a home of their own.
 
Documents Needed
 

List of Documents for Salaried Individuals

Sr No.

Document Name

1

KYC Documents

2

Salary slip for the last 3 months / Salary Certificate 
(If variable components like Over Time and Incentives are reflected then salary slips for the past 6 months are required)

3

Latest Form - 16 if salary above Rs.10000/- per month

4

Copy of all bank pass books / bank statements for the past 6 months including front page

5

Company profile if it is a lesser known organization

Note: Original documents are required for verification purpose only

 

List of Documents required for Self - Employed Businessmen

Sr No.

Document Name

1

KYC Documents

2

Copy of last 3 years Income Tax Returns of the applicant along with computation of income duly attested by a Chartered Accountant

3

Copy of last 3 Years Balance Sheet and Profit & Loss Account of the firm duly attested by a Chartered  Accountant

4

Brief Business Profile on the Letter Head of the firm by the applicant

5

Bank Statement for the last 1 year for the Savings A/c & Current A/c

6

Copy of either Shop & Establishment License / VAT Registration or any other mandatory license / registration

7

Copy of the Partnership Deed (if Applicable)

8

Copy of Tax Deduction certificate / Form - 16A (if applicable)

9

Details of Contract (if applicable)

10

Copy of Advance Tax paid / self assessment tax paid Challan

Note: Original documents are required for verification purpose only

 

List of Documents required for Self - Employed Professionals

Sr No.

Document Name

1

KYC Documents

2

Copy of last 3 years Income Tax Returns of the applicant along with computation of income duly attested by a Chartered Accountant

3

Copy of last 3 Years Balance Sheet and Profit & Loss Account of the firm duly attested by a Chartered Accountant

4

Brief Business Profile on the Letter Head of the firm by the applicant

5

Bank Statement for the last 1 year for the Savings A/c & Current A/c

6

Copy of either Shop & Establishment License / VAT Registration or any other mandatory license / registration

7

Copy of the Partnership Deed (if Applicable)

8

Copy of Tax Deduction certificate / Form - 16A (if applicable)

9

Details of Contract (if applicable)

10

Copy of Advance Tax paid / self assessment tax paid Challan

11

Copy Educational Qualification Certificate

12

Copy Professional Practice Certificate

13

Salary Certificate (in case of doctors having salaried income)

Note: Original documents are required for verification purpose only

 

List of Documents required for Non Resident Indians

Sr No.

Document Name

1

KYC Documents

2

Salary certificate from the employer mentioning name as in passport, date of joining, Passport number, designation and latest salary and perquisites, in English.

3

Salary slips for the last 3 months / Salary certificate (If variable components like overtime & incentives are reflected then six months salary pay slips are required)

4

Latest Income Tax Returns (if applicant files IT returns in India ).

5

For self employed Individuals, documents evidencing currently in business like Trade License, Registered Power of Attorney or agreement with sponsor etc.

6

Passport copy with valid residence visa page.

7

Work Permit/ Labour contract copy / Photocopy of Identity card or any other proof of work / employment issued by concerned Govt. authorities.

8

Property related Documents, detailed cost Estimates from an Architect/ Engineer (from India ).

9

Processing fee cheque drawn on applicant's bank in India or draft payable at the place where the application will be processed.

10

The income documents for salaried should be attested by embassy official if documentary evidence like bank statement for credit salary or frequent remittance of fund to India is not available.

11

Copy of all overseas bank statements for the last 6 months, if any

12

Copy of NRE / NRO bank statement of the last 6 months

13

Power of Attorney (POA) if applicant is not available in India for signing of documents.

Note: Original documents are required for verification purpose only

 

List of Documents needed for KYC compliance

National Housing Bank (NHB) had introduced Know Your Customer (KYC) Guidelines for Housing Finance Companies. We request you to co-operate with us in complying with these guidelines.

1

Photo Id Proof   (any one required)

•  PAN Card

•  Passport

•  Voters ID Card

•  Driving License

2

Residence Proof (any one required)

•  Electricity Bill

•  Telephone Bill

•  Ration Card

•  Letter from Employer

•  Bank Statement / Pass book with address