To assess your DBS Bank Home Loan Eligibility share your income, employment type, existing commitments, loan repayment tenure and interest rate on Online Home Loan Eligibility Calculator. You can instantly learn about available home loan amount and lowest EMI for your profile. Currently DBS Bank Home Loans are competitive at 7.70% onwards. Apply for repayment flexibility and customised terms.
The DBS Bank headquartered in Singapore is a multinational banking and financial services corporation. It was established in the year 1968. DBS Bank operates in India through 18 branches across the country with the headquarters in Mumbai. The bank has been the leader in the digitization of banking services and products.
The bank offers various personal, corporate and retail products and services and their home loan is the best choice for the first time home buyers and for the ones who want to give a facelift to their existing homes.
There are a set of conditions stipulated by lenders to qualify for the Home Loan. The eligibility criteria for Home Loan by DBS Bank are:
|Age||The age of the applicant should be between 21 years to 60 years|
|Nationality||The applicant should be a Resident Indian.|
|Income||The applicant should be a confirmed employee in a reputed organization with at least a work experience of 2 years. Self-employed professionals/individuals and businessmen who are well-established are also eligible for the loan.|
|Credit Score||A good credit score is a very essential criterion to qualify for the home loan. The minimum score required is 650.|
Salient features of DBS Bank Home Loan are:
The loan quantum is proportionate to the income and the repayment capacity of the applicant. The minimum loan that has to be availed is 11.00 lakhs and can go up to 5.00 Crores.
For a loan up to 80.00 lakhs, a maximum of 80% of the value of the property will be provided and 20% should be brought in by the applicant by way of margin.
|Interest:||Competitive rate of interest as per market standards|
|Security||Equitable mortgage of the property created out of the bank finance will be the security.|
|Repayment||The maximum repayment period provided is 20 years. There is a provision to pay only the interest when the construction of the property is under progress and the disbursement is not complete. The EMI begins only after the disbursement of the entire sanctioned amount.|
|Processing charges||Processing charges range from 0.25% to 1% of the loan amount depending on the scheme under which the loan is availed.|
|Pre-closure/part pre-payment charges||You can directly get the details of the pre-closure/part pre-payment charges from the bank at the time of applying for the loan.|
The list of documents required for Home Loan by DBS Bank is as detailed below:
|Type of Document||Salaried||Self-Employed|
Aadhar Card, Voter's Id, Pan Card, Passport, Driving Licence, Utility Bills.
Copy of Visa, Passport, Work Permit, and ID Card for NRI Customers.
Two passport size photographs of the applicant as well as the guarantors.
|Photograph||Two passport size photographs|
|Application Form||Relevant application form for a home loan|
The following are the factors affecting the DBS Bank Home Loan Eligibility.
Age: The loan eligibility mainly depends on the age of the borrower even though the repayment capacity and the value of the property have a major role in deciding the eligibility. The lender will be confident of prompt recovery of the loan if the applicant is in the prime of his career and has a long period of service left. This ensures a longer period of regular income. You will also get a longer repayment tenure and the EMI will be much lower and affordable even for a higher amount.
On the contrary, if you apply for your loan when you are close to your retirement, then the tenure available for repayment will be lower and the monetary burden will be higher as the EMI will be higher. In such instances, delayed payment of EMI or missing of payment will be foreseen and the lender will be skeptical while deciding the loan eligibility.
Credit Score: A credit score is a mirror of your financial discipline and creditworthiness. It is good to avail small loans for short tenures to create a credit score. If in the future you are planning a heavy investment by availing a loan, the primary requirement is to create a credits score. In the absence of a credit score, the lenders will not be able to assess your repayment pattern.
A good credit score is the first requirement as the lenders expect that all the loans given turn out go be good assets. This can happen only when the loan is given to a customer who has good financial discipline and they are sure that the repayments are made promptly.
Current loans: If you are availing loans for short durations with an aim to create a credit history, then it is fine. But if you are a habitual borrower and at some point in time are not able to cope up with the monetary burden and end up delaying the EMIs and having unpaid dues, then your creditworthiness will go down drastically.
Banks will not encourage a proposal from a customer who is already overburdened with the existing commitments. If you have to be eligible for a home loan of a considerably good volume, then manage your loans and try to keep the existing commitments as low as possible before applying for a home loan.
Income: The home loan eligibility is directly dependant on the income and repayment capacity of the applicant. If the applicant has a good income and the existing commitments are minimal, then the possibility of being sanctioned with a higher loan amount is bright.
Property and LTV Ratio: The property created out of the loan is the security against which the loan will be sanctioned. This means that in the event of the loan going bad despite all recovery measures, the only recourse the bank will have is to liquidate the property and set off the outstanding loan balance with the proceeds.
Over a period of time, if the EMIs are not paid regularly, the outstanding loan amount will be much higher than the originally availed amount. The bank will be able to recover the outstanding loan amount only if the value of the property has appreciated during the course of time since the major investment for the property would have been made by availing the home loan.
Hence if you choose a property in a location where the appreciation in the value of the property is good, the banks will easily sanction the loan as the risk attached to such a proposal will be low.
Employment: The banks trust you better as far as the recovery of the loan is concerned if you are a confirmed employee of Government Organisation/PSUs/MNCs or reputed Public/Private Company since there is an assured income. The eligibility to a great extent depends on your employment status as well.
The following are some of the tips to increase the home loan eligibility:
If you have to be eligible for a higher quantum you will have to cut down on the existing commitments by pre-paying some of the loans. The higher residual amount available out of the monthly income to provide for the home loan EMI, the higher will be the eligible amount.
Availing a home loan is not as simple as just filling an application and accept the outcome. Investment in a property is a substantial one and you will need to know the month-on-month financial commitment that follows and the terms and conditions that are attached etc.
If you have to be aware of some of the essential elements before applying for a home loan, you will have to use an EMI calculator for that.
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The loan approval will be given within a span of 15 working days if all the relevant documents and accurate information are provided.
ou can contact the bank through their customer care centre. You can either make an appointment through their website or you can just visit the nearest branch and submit the application with the relevant documents to apply for a home loan.
The loan quantum depends on the income and the repayment capacity of the applicant. However, the minimum amount stipulated is 11/- lakhs and the maximum loan is 5.00 Crores.
Yes. There is a provision for transfer of existing home loan balance with other banks/financial banks under the home loan scheme of DBS Bank.
Processing charges at 0.25% to 1% of the loan amount will be collected depending on the type of loan availed.
Yes. The property has to be insured for fire and other natural calamities and should be in always in force till the loan is fully cleared. Lien in favour of the Bank has to be marked in the insurance policy.
The interest is calculated on daily reducing balance and will be collected monthly.