DBS Bank (originally known as The Development of Singapore) is a Multinational banking corporation. DBS Bank was established in Singapore with a view to provide financial services and banking facilities for growing industries and manufacturing plants. Since then, DBS bank has grown to establish over 100 branches worldwide.
DBS Bank offers a variety of home loan services to customers across all its branches. DBS bank offers home loan for purchase of property and plot of land, as well as for construction of property over land. DBS Bank also offers loan against property, which is offered to individuals who are in urgent need of money and do not want to sell their property. DBS offers fast home loan disbursal with attractive Interest rates.
Additional Info: Also check SBI Home Loan EMI Calculator
DBS Bank offers a rate of Interest starting from 6.70% for a home loan application. However, this is just the base rate of Interest and it can differ based on the purpose, Home loan Eligibility, credit score etc. Below is a sample table showing how tenure and amount can affect your home loan EMI at a rate of Interest of 6.70%, the lowest offered by DBS bank.
|5 years||10 years||15 years||20 years|
|Rs. 25,00,000||Rs. 39,320||Rs. 22,914||Rs. 17,643||Rs. 15,148|
|Rs. 50,00,000||Rs. 98,300||Rs. 57,284||Rs. 44,107||Rs. 37,870|
|Rs. 1,00,00,000||Rs. 1,96,600||Rs. 1,14,568||Rs. 88,214||Rs. 75,739|
|Rs. 5,00,00,000||Rs. 9,82,998||Rs. 5,72,841||Rs. 4,41,070||Rs. 3,78,697|
As you can seen the EMI amount decreases with increase in tenure. It is also very likely, that your rate of Interest also increases as per the increase in tenure. You can calculate your own EMI amount based on the amount, tenure and rate of Interest offered to check if the EMI amount is suitable for you.
Additional Info: Looking for 25 Lakh Home Loan? Check EMI & Apply.
DBS offers a range of home loan solutions for different customer needs. Home loans are available for Indians as well as NRI's albeit under different DBS Home Loan Eligibility Criteria. DBS Bank also offers loan against property which is offered to individuals who do not wish to sell their property and are in urgent need of money. Below are some salient features of DBS Bank Home Loan.
|Purpose||Purchase of property, plot of land or construction of property over owned land. Loan against property is also offered by DBS bank.|
|Loan amount||Up to 5 Cr is the max loan amount offered by DBS bank|
|Available for||The home loan is available for both salaried and self-employed individuals. NRI's are also eligible for the home loan.|
|Interest rate||The rate of Interest starts from 6.70%|
|Tenure offered||The max tenure offered by DBS bank is 20 years|
|Processing Fee||The processing fee for the home loan application is up to 10,000.|
|Lowest EMI offered||Lowest possible EMI is Rs. 645 per lakh.|
Additional Info: Looking for 10 Lakh Home Loan? Check EMI & Apply.
EMI amount remains the same unless you go for a step-up loan or you specifically ask the bank to change it for you.
The EMI amount can also change in case you go for a floating rate home loan. A floating rate home loan is a loan where the rate of Interest can change according to the market Interest rate. If the market's Interest rate changes, the bank tries to keep the EMI amount same by increasing the tenure. So, you will be paying the same amount monthly, but for a longer time.
However, in some cases, if it's not possible to increase the tenure. E.g. If the total tenure is already the max tenure offered by the bank. In such cases, the EMI amount will increase.
Additional Info: Also check HDFC Home Loan EMI Calculator
The three main factors that affect your EMI amount are the home loan amount availed, rate of interest and tenure. Many factors affect your home loan EMI through each of these.
Additional Info: You can also check Best Home Loan Interest Rates
Your home loan amount is the biggest factor that will determine your EMI as the total Interest will also be calculated as per your home loan amount. Naturally, a higher home loan amount will mean a higher EMI. The home loan amount usually offered us up to 80-90% of property value, the rest of which can be considered as downpayment. A higher downpayment will reduce the home loan amount and accordingly, reduce your Interest and your EMI amount as well
The rate of interest of your home loan application is another factor that will impact your home loan application. The bank offers different Home Loan Rates of Interest for different home loan products. The rate of Interest also depends on your credit score and other eligibility factors as well. The more trust factor the bank has in your repayment capabilities, the lower your rate of interest.
The total amount is divided by the monthly tenure for your EMI (as the EMI is paid monthly). This means that with a higher tenure means that your EMI amount will be lower. However, the rate of Interest also increases with the tenure, so your overall Interest paid increases as well
Additional Info: Also Apply Home Renovation Loan
The EMI amount is very important for the applicant as Home loan EMI's are one of the largest liability amounts that the applicant will have to pay every month. The applicant has to ensure that the EMI amount is comfortable enough to manage while taking care of other dependents and liabilities. Below are some tips to figure out the ideal EMI amount.
Zeroing in on the home loan amount is very crucial for the loan application and calculating EMI. Take your time to plan out your application properly and ascertain the amount you can pay as downpayment. Try to gather as much income source as you can so that you can offer a higher downpayment. A higher downpayment means a lower loan amount.
The EMI amount needs to be such that you can still comfortably fulfil your financial obligations and take care of dependents while still paying it regularly. That is why it is important to have an accurate and proper overview of your finances so that you are aware of the income amount you are left with. This will give you an indication if the EMI amount that you should go for.
The rate of interest depends on a lot of factors like the purposes Credit Score and eligibility of the applicant. It also changes as per the occupation of the applicant and the loan amount. A good credit score has a great chance of offering a lower rate of interest. Also, government employees and salaried individuals are also offered a better rate of Interest for their home loan.
Additional Info: Also check Pan Number for Banks
An EMI calculator can make your loan application process easier by avoiding complicated calculations and providing immediate response. You can use the EMI calculator to check out the loan amount and tenure that gives you the EMI most convenient for your financial future and security. Below are some benefits of the EMI calculator.
Additional Info: Also check ICICI Home Loan EMI Calculator
DBS bank usually offers up to 80% of property value as home loan and the total amount that can be availed is up to Rs. 5 Cr. The amount of home loan can also depend on other factors such as your credit score, age, income, co-applicant etc. Your credit history can also affect your home loan amount.
Ideally, your EMI amount should be such that it can fit within your disposable income. Your disposable income is the income that you are left with after taking care of all your liabilities and dependents. You can leave a little room out of your income for emergencies apart from your EMI. An EMI amount of up to 35-45% of your monthly income is desirable.
An EMI calculator can be a very important tool to help you determine the EMI amount. It is important that you have a fair idea of the EMI before you go for your home loan application so that you can be sure of the loan amount, rate of Interest and tenure that you will be applying for.
Most banks offer EMI calculators free of cost to be used by anyone anywhere. MyMoneyMantra also provides a calculator that is free to use by anyone with an Internet connection. You can access the EMI calculator tool through MyMoneyMantra's website. You only need to enter the amount, rate of Interest and tenure and the calculator will return you the EMI amount.
There are many ways that you can apply for a home loan these days. One way is to enter the bank where you want to apply for a home loan and ask for an application form, fill it up and hand it over. Another way is to apply through the bank's online portal. Customer service executives are present who offer 24/7 support for online applications and MyMoneyMantra also offer professional service to guide you through the application.
Loan against property is offered for individuals who are in need of money and don?t wish to sell their property. In this case, the loan amount depends on the individuals need and the value of the property. The property for the duration of the loan is held as mortgage. The individual can continue using the property as they wish. The eligibility is the same as that of a purchase home loan.
Yes, DBS bank offers pre-approved home loans for individuals who do not have a property selected. In this case, the home loan amount is determined according to the age, income and other criteria of the individual. The individual is then free to look for a property depending on the loan amount provided. The final approval, however, is provided only after the property is verified.
Home loans are secured loans and require some form of security to be provided. Usually, the concerned property itself is held by the bank asa mortgage.