Development Credit Bank Home Loans Rates

Are you looking for some really attractive home loan rates to buy your dream home? Development Credit Bank can work as a solution for you. Development Credit Bank home loans rates are one of the best interest rates that are available in the home loan market.

About Development Credit Bank home loans rates

Development Credit Bank is offering home loans at 7.95% p.a. since October 2009. Development Credit Bank home loans rates are one of the most competitive rates in the market. The rate will remain fixed for the 1st year and subsequently, a floating rate will be applicable from the 2nd year. This rate is pertinent for loan amounts upto Rs.5 crores.

Documents necessary to apply for a Development Credit Bank home loan

• Passport size photographs of loan applicants and co-applicants.
• Properly completed application form
• Copies of property title and substantiating documents.
• Signature, Identity, Tele-contactability and Address proofs.
• Operative/main bank account statement for past 6 months
• All property owners have to work either as applicant/guarantor/co-applicant
• Pay slips/pay certificates with matching bank credits for past 2 months for salaried individuals.
• Calculation, Income Tax returns, P&L Accounts and Balance Sheet for self employed professionals for the past 2 years audited/approved by Chartered Accountants
• Age proof/Date of Birth
• Lease deed /Partnership deed/Memorandum and Articles of Association for Partnership or Private Limited Company
• Professional qualification proof for professionals – Chartered Accountants and Doctors.

Schedule of charges for Development Credit Bank home loans

Particulars	Charges
Loan Processing charges	0.5% of the loan amount, conditional on a minimum amount of Rs. 5000/-, of which 2500/- has to be paid at the time of loan application (through a PO/cheque/DD), balance would be subtracted at the time of loan approval.
Part – Prepayment Charges	Up to 25% of principal amount due in a period of 12 months from the date of total disbursement - NIL. Greater than 25% of principal amount due in a period of 12 months from the date of total disbursement - 2% (on the overall amount of partial prepayment)
Prepayment Penalties	2% (on the principal amount due comprising any partial pre-prepayment during a period of 12 months from the date of total disbursement, which was not charged earlier)
ECS/Cheque swap charge	Rs. 500/- per occasion
Penal Interest	3% per month.
Cheque bounce charge	Rs. 500/- each occasion
Document recovery charge	Rs. 500/- each occasion
Amortization Schedule	Rs. 100/- per schedule
Statement of foreclosure	Rs. 100/- per statement
Duplicate ‘No Dues Certificate/No Objection Certificate’	Rs. 100/-
Statement of Account	Rs. 100/- each statement
Resubstantiation of ‘No Objection Certificate’	Rs. 100/- each NOC
Interest Certificate	NIL
Provisional Income Tax certificate	NIL
Final Income Tax Certificate	NIL
Change of Address	NIL
No Dues Certificate/No Objection Certificate	NIL

Pre-payment of a home loan is not allowed during first 12 months of total disbursement. Part pre-payment is not permitted during first 6 months of total disbursement.