DBS Bank

DBS Bank Home Loan

Years

Months

Apply DBS Bank Home Loan @ 9.15%
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Interest Rate

9.15%-10%

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Processing fee

Upto 10000

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Loan Tenure upto

20 years

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LTV (Loan to value)

75% to 90% of property value

About DBS Bank Home Loan

DBS Bank headquartered in Singapore was started in 1908 by a small group of employees of the Economic Development Board. They took up the task with utmost pride and have emerged as one of the largest financial services group in Asia. Currently they are operating across 18 markets. In Singapore they are catering to customers from all segments including mass market through DBS and POBS which is also known as "people's" bank. They focus on three lines of business i.e., corporate banking, SME banking, and wealth management.

Banking with DBS is very safe with their digital platform equipped with enhanced safety features. They offer a wide range of products under all parameters and DBS Home Loan is one of them.

They have the best Home Loan to suit the needs of first time home buyers or for persons changing homes.

DBS Home Loan

Interest rate

8.85%

Loan tenure

20 Years

Loan turnaround period

8 - 15 days

Loan to value (LTV)

Get loan up to 85% of project cost

Who can apply?

  • Self-employed professionals
  • Salaried individuals
  • Indian residents

Co-applicants

Up to 4 applicants are allowed as co-applicants

Lowest EMI

848 Per Lakh

Why DBS Bank Home Loan?

Here are some reasons why you should opt for DBS Bank Home Loans:

  • The bank offers housing finance for all purposes including house purchase, construction, remodeling, and extension.
  • Attractive rates of interests on Home Loans on daily reducing balance
  • Higher loan amount
  • Flexible repayment tenure
  • The bank also offers housing loans to Non-Resident Indians (NRIs) of select countries
  • Fast processing and easy documentation
  • Reasonable processing fee
  • No pre-payment or part prepayment charges
  • No hidden charges

Features and Benefits of DBS Bank Home Loan

  • Purpose of loan: For purchase of ready or under construction property from developers approved by the bank. You can also get these loans for construction of a new house or remodeling of an existing house.
  • Who can apply: Salaried, self-employed salaried professional, and self-employed non-professional applicants aged between 21 to 60 years are eligible to apply for the loan.
  • Affordable interest rates: The bank offers Home Loans on competitive rates of interest to make them more affordable for everyone.
  • Quantum: The bank offers a minimum loan amount of 5 Lakhs and maximum 5 Crores.
  • Loan to Value (LTV ratio): For loan up to 25 Lakhs, you can get up to 80% of the cost of the property as LTV ratio.
  • Home credit overdraft facility is also available
  • Repayment of loan: EMI is fixed based on your income. EMI should not be more than 65% of the income of the applicant. The loan tenure is depending upon the age at the time of sanction of loan and retirement age. Normally DBS Bank offers a maximum repayment period of up to 20 years. There is flexibility to repay only interest during the construction period.
  • Loan to NRIs: NRI customers at select countries are eligible for Home Loan
  • Processing charge: Maximum processing charges collected will be 10,000

DBS Bank Home Loan Interest Rates

The interest rates of DBS Bank Home Loans are linked to the bank's 3-months Marginal Cost of Funds Based Lending Rate (MCLR), which is 8.85% w.e.f 07.04.2019. The current DBS Bank Home Loans Interest Rates are as follows:

Loan Type Loan Slab Interest Rate

Home Loan/ Home Loan Takeover

Any loan amount without Flexi account facility

3-months MCLR + up to 0.80: 9.65%

Any loan amount with Flexi account facility

3-months MCLR + up to 0.95: 9.80%


The final interest rate on loan is based on:

  • Loan amount
  • Type of product/facility offered
  • Customer segment
  • Internal assessment parameters of DBS Bank Loan

Types of DBS Bank Home Loans

The bank offers the following types of housing loans to customers:

DBS Bank Home Loan

This is a regular Home Loan product that caters to the home purchase needs of individuals.

Key Highlights

Purpose

Purchasing a ready/ under construction property from developers approved by the bank

Who can apply

Indian residents as well as NRIs who are salaried, self-employed professional or self-employed non-professional

Maximum loan amount

Up to 5 Crores

Maximum repayment tenure

Up to 20 years

Maximum LTV

Up to 80% of the cost of the property

DBS Bank Refinance Loan

If you are paying a high interest rate on your existing Home Loan from another bank, you can transfer it to the DBS Bank to reduce the interest cost and get attractive benefits.

Key Highlights

Purpose

  • Transfer a high cost Home Loan from another lender to DBS Bank to reduce your EMI burden
  • Consolidate all your debts into a one new loan
  • You can also get top-up on your loan for funding additional personal or business needs

Who can apply

Indian residents are salaried, self-employed professional or self-employed non-professional

Maximum repayment tenure

Up to 20 years

Maximum LTV

Up to 80% of the cost of the property

DBS Bank Flexi Loan

Flexi Loan enables you to save on your Home Loan interest payments and thereby reducing the tenure of the loan. It is operated via a Flexi Loan account that acts as an overdraft account. You can keep adding any surplus income and savings you have, in this account. The interest will be calculated on a daily basis on the principal outstanding minus the savings deposited in the Flexi Loan account. The bank also issues an additional Debit Card to the customer.

Key Highlights

Purpose

Save on Home Loan interest payments and thereby reducing the tenure of the loan.

Who can apply

Indian residents who are salaried, self-employed professional or self-employed non-professional

Maximum loan amount

Up to 5 Crores

Maximum repayment tenure

Up to 20 years

Maximum LTV

Up to 80% of the cost of the property

Eligibility for DBS Bank Home Loan

Below are the eligibility criteria to be met for availing a Home Loan from DBS Bank:

  • Applicant must be salaried, self-employed professional or self-employed non-professional.
  • Indian residents as well as NRIs and PIOs (select countries) can apply for this loan
  • The minimum work experience of the applicant should be at least 2 years
  • The minimum credit score required is 650. If the credit score is less than 650, the loan application can be rejected even if all the other eligibility parameters are satisfactory.
  • The age limit to avail this loan ranges from 21 years to 60 years
  • The net monthly income should be minimum 1 Lakh to maximum 10 Crores
  • Other monthly income is also considered but only up to a limit of 50% of the net monthly income.
  • Total monthly EMI commitment should not exceed 10 Crores
  • The borrower should not have an outstanding balance on their Credit Card exceeding 10 Crores.
  • The NRI applicant must have and maintain a Non-Resident Ordinary (NRO)/ Non- Resident External (NRE) account in India as per the Foreign Exchange Management Act, 1999.

Factors Affecting the DBS Bank Home Loan Eligibility

The main factors affecting the eligibility of DBS Bank Home Loan are:

  • Age
  • Income
  • Repayment capacity
  • Credit score
  • Job/business stability
  • Relationship with the bank
  • Loan tenure
  • Having multiple loans

Factors Affecting the Credit Score

The Credit score is one of the most vital factors in determining your housing loan eligibility. For DBS Bank Home Loan, the borrower must have a minimum CIBIL or credit score of 650. Here are some factors that can affect your credit score:

Increased number of unsecured loans: Having multiple loans is not a problem, but what needs to be seen is the extent of unsecured loans the applicant is having. Unsecured loans indicate the inefficiency of the applicant to offer security which again is not a positive indication as far as the credibility of the applicant is concerned. So it is necessary to maintain a balance between the number of secured loans and unsecured loans. If unsecured loans are too many then the credit score of the applicant comes down which in turn will reduce the chances of getting a Home Loan.

Multiple loan applications: Too many enquiries from different banks for loans will reduce the credit score of the applicant. So, you need to take care not to approach different banks at the same time for a loan.

Delayed payments: Healthy credit history is the key to getting a loan easily from any bank. So, one needs to keep in mind to make the equated monthly instalment (EMI) of the loans availed in the past regularly without any break. The EMI due date has to be kept in mind and sufficient funds made available in the account so that the payments are not delayed. Delayed and discontinued payments will bring down the credit score which will again bring down the chances of getting the Home Loan easily.

Usage of credit limit: Usage of Credit Card judiciously is recommended to increase the credit score. Using the Credit Card beyond the limit and delaying the card payment shows the financial indiscipline of the applicant. This in turn will reduce the credit score of the applicant. Low credit score means less chances of getting the Home Loan easily.

How to Increase the DBS Bank Home Loan Eligibility?

A clean record: Maintaining a clean track record in terms of repayment of past loan EMIs is a must to improve the credibility. So, before applying for a Home Loan, this aspect needs to be taken care of. A good track record will improve your credibility which will be seen in the CIBIL score. So, to increase the eligibility for DBS Bank Home Loan, maintaining a clean track record of past loans is a must.

Loan tenure: Repayment tenure means the period within the entire loan amount along with interest has to be repaid. The number of EMIs will be more and the EMI amount less if the longer repayment period is chosen. If you want to decrease the burden amount towards EMI then choosing a longer period is recommended. Since there are no prepayment charges, in case of any excess fund available the same can be paid to the loan account and the burden of interest reduced. However, initially opting for a longer repayment period is advisable.

Creditworthiness: CIBIL score is an indicator of creditworthiness of the applicant. This depends on the payment history of past loans taken by the applicant if any. The recommended CIBIL score to avail DBS Bank Home Loan is 650. Hence, it is vital that the borrower maintains a regular and a good track record for the past repayments.

Documents Required for DBS Bank Home Loan

Below is the documents checklist for DBS Bank Home Loan:

Document Type

Salaried Individual

Self-employed Professional

Self-employed Non Professional

NRIs

Proof of identity

Yes

Yes

Yes

Yes

Proof of address (NRI applicants must also provide the proof of overseas address)

Yes

Yes

Yes

Yes

Proof of age

Yes

Yes

Yes

Yes

PAN card

Yes

Yes

Yes

Yes

Aadhaar card

Yes

Yes

Yes

No

Salary slips for the last 3 months

Yes

No

No

Yes

Form 16/ ITR for the last 2 years/ Equivalent for NRI

Yes

No

No

Yes

Repayment track record for existing loans (if any)/ Loan closure letter

Yes

Yes

Yes

Yes

Proof of business existence and continuity for the last 3 years

No

Yes

Yes

No

Business profile

No

No

Yes

No

Employment confirmation letter

Yes

No

No

Yes

Certificate for education qualification

Yes

Yes

Yes

Yes

ITR for the last 3 years/ Assessment orders along with the computation of income including e-acknowledgement/  CA certified audited Balance Sheet and Profit & Loss account statement along with Auditor's

report with all annexures

No

Yes

Yes

No

Property's title documents and approved building plan

Yes

Yes

Yes

Yes

Approved plan

Yes

Yes

Yes

Yes

Agreement copy

Yes

Yes

Yes

Yes

Proof of customer's equity to developer for Home Loans

Yes

Yes

Yes

Yes

Copies of all pages of a valid passport and visa

No

No

No

Yes

Credit report from the Credit Bureau of respective countries

No

No

No

Yes

Credit Card statements of the last 3 months

Yes

Yes

Yes

Yes

Other Products Offered by DBS Bank

Apart from housing loans, DBS Bank also offers the following products and services to its customers:

Debit Cards

Fixed Deposits

Recurring Deposits

Auto-Saver (sweep in and sweep out facility)

Flexi Fixed Deposit

Basic Savings Bank Deposit Account

DBS Global Indian Account

Foreign Currency Non Resident (FCNR) Fixed Deposits

Investments

iBanking

DBS mBanking

Fund Transfer and Bill Payments

Remittance

Life Insurance

Loan Against Property

How to Calculate DBS Bank Home Loan EMI?

The EMI Calculator available on MyMoneyMantra is an online tool which helps you compute the exact amount of EMI to be paid on a monthly basis without facing a financial crunch. This computation will help you plan the monthly and annual expenses in such a way that the budget is not disturbed and you can plan the finances accordingly. The loan parameters like loan amount, tenure, and interest rate need to be provided to calculate the EMI that is suitable for your requirements.

To calculate your EMI for DBS Bank Home Loan using MyMoneyMantra Calculator, follow the steps mentioned below:

  • Click on EMI Calculator under Financial Tools tab mentioned on the home page of MyMoneyMantra's website
  • Enter the loan amount, interest rate, and loan tenure
  • Click on the Calculate button to get the result

It is advised to calculate Home Loan EMI prior to taking a Home Loan. There are several benefits of calculating your Home Loans EMI as discussed below:

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount, which fits your monthly budget and makes EMI easily affordable.
  • If you already know the EMI you have to pay each month, then you can plan your spends accordingly.
  • Based on the EMI amount, you can opt for making a prepayment of your Home Loan in the future when you have surplus amount.

How to decide the right amount of EMI?

  • Decide the loan amount actually require
  • Calculate your Home Loan eligibility
  • Review all your present financial responsibilities

Change in Home Loan EMI with prepayment

The interest on the Home Loan is based on the reducing liability. Part pre-payment will reduce the outstanding principal amount which in turn reduces the interest burden of the borrower. Home Loan pre-payment is accepted without any charges (for loans based on floating interest rates) which is an advantage to the borrower. Whenever there are excess funds it is always advisable to prepay the loan amount to reduce the outstanding balance. There are two prepayment options extended to the borrower, i.e. part prepayment and full foreclosure.

DBS Bank Home Loan Processing Fee and Other Charges

Fees or Charges Levied Amount

Loan processing fees

10,000

Stamp duty, NOC, etc.

On actuals

Charges for delayed payments/ defaults

18% Default Interest is applicable for non-payment of the EMI. It is charged on the overdue instalment for the defaulted period.

Incidental charges and expenses (levied to cover the costs, expenses, charges, and other costs spent for the recovery of dues from a defaulter)

On actual

Switch fees

Up to 5,000 or as mutually agreed when  accepting the service  request of the customer

Conversion Fees

Up to 1% or as mutually agreed when  accepting the service  request of the customer

Re-pricing fees

Up to 5,000 or as mutually agreed when  accepting the service  request of the customer

Part pre-payment  charges

  • For  variable interest rate Home Loans/ Hybrid interest rate Home Loans during the variable rate period: NIL
  • For fixed interest rate Home Loans/   Hybrid interest rate Home Loans during the fixed rate period: 2.5%  of the outstanding loan  amount (for part prepayment of above 25% )

Foreclosure charges

  • For  variable interest rate Home Loans/ Hybrid interest rate Home Loans during the fixed rate period: NIL
  • For fixed interest rate Home Loans/   Hybrid interest rate Home Loans during the fixed rate period: 2%  of the outstanding loan  amount + the  undisbursed part of  the sanctioned loan


Terms and conditions:

  • All taxes levied by the Central, State or any other government bodies will be applicable on all above-mentioned fees and charges.
  • In Hybrid Rate Loan facility, the interest rate remains fixed for the initial few years and becomes variable (linked to MCLR) thereafter.
  • The DBS Bank reserves the right to modify the fees, rates, or charges mentioned above or re-negotiate them based on the relationship with a customer.
  • All above-mentioned schedule of charges are subject to be revised by the bank as and when required.

DBS Bank Home Loan - Customer Care

For any query regarding DBS Bank Home Loans, you can call on the numbers mentioned below to talk with the DBS experts:

1860 267 1234 OR 1800 209 4555

DBS Bank Home Loan - FAQs

How many types of interest rates the DBS Bank may charge on its Home Loans?

The rates of interest charged by the bank may be of three types:

  • Fixed Rate of Interest
  • Floating Rate of Interest
  • Hybrid Rate of Interest (a combination of fixed and floating rates of interest). The interest rate remains fixed for a specific period and then turns into a floating rate for the balance tenure of the loan.

How many days does it take for the DBS Bank Home Loan application to get sanctioned?

The DBS Bank takes about 15 working days to sanction the Home Loan application from the date of receiving the completed application, KYC, and subject to all clarifications or information required for processing the loan.

What are the minimum and maximum loan amounts available under DBS Bank Home Loan?

You can avail a loan amount of a minimum of 11 Lakhs. The quantum may go up to 5 Crores, depending on the city where the loan is disbursed, your repayment capacity, and other eligibility factors.

What are the documents needed to be submitted to apply for the loan?

The primary documents required to be submitted are:

  • Application form along with a self-attested photograph
  • Identity proof
  • Age proof
  • Residence proof
  • Bank statement
  • Income documents
  • Property documents
  • Processing fee cheque

How can I apply for a DBS Bank Home Loan?

  • You can apply for the loan through any of the following ways:
  • Get in touch with the bank by calling at their contact centre numbers
  • Make an appointment with the bank representative online through their website
  • Visit any DBS Bank branch
  • Apply online through MyMoneyMantra

Who can be a co-applicant for the DBS Bank Home Loan?

You can include any of your immediate relatives like spouse, parents, or children as co-applicant(s) for the loan. Siblings can also be co-applicants if they co-own the property.

How to repay my DBS Bank Home Loan?

You can repay your DBS Bank Home Loan in the form of EMI through any one of the following payment modes:

  • By providing the Electronic Clearance Service (ECS) mandate
  • By providing Standing Instruction (SI)
  • By any other method as has been agreed by the borrower or as may be dictated by the lender in accordance with applicable law.

How does the bank calculate the interest on my Home Loan?

The interest is calculated by the bank on a daily reducing balance method and is charged with monthly rests.

Does the bank offer a top-up loan without providing any additional security?

Yes. After completing six months of repayment of your Home Loan, the bank offers you a top up loan over and above your existing Home Loan.

Do I need to insure my property?

Yes, your property must be duly and properly insured against fire and other appropriate hazards during the loan tenure. You will have to provide the proof to DBS Bank for the same, each year and/or whenever required to do so. The beneficiary of the insurance policy must be DBS Bank Ltd.

DBS Bank Home Loan Latest News

29.04.2019: DBS launches digital token assuring increased security for corporates and SMEs

DBS Bank has launched a new digital token, providing a higher level of security and better user experience to over 2,00,000 of its corporate and SME customers on DBS IDEAL. DBS IDEAL is an online banking platform of the bank for corporate and SME users.

04.03.2019: DBS Bank aims to triple its India business through a wholly-owned subsidiary

Singapore-based DBS Bank that had recently converted its branches in India into a wholly-owned subsidiary named DBS Bank India, said on 4th March that it aims to triple the size of its business in India by increasing its exposure to consumer loans. The bank is going to focus on SME and retail for the next five years. Their aim is to get the share of retail business to about 30% of revenues and profitability. Its retail loan book is around 10% currently.

07.03.2019: DBS Bank is in expansion mode

DBS Bank India Limited is witnessing expansion through its digital-cum-physical presence, "phygital" model to serve large corporates, SMEs and individuals, said Surojit Shome, its Chief Executive Officer. The bank plans to establish its presence across nine new cities by the end of March.

19.02.2019: DBS home loans business takes a hard hit from cooling measures

DBS Bank's home loans business was recently hit by cooling measures as its mortgage growth came in shy of USD 2 billion for 2018, less than what it had expected. Now, the bank expects about USD 1.5 billion to USD 2 billion in mortgage growth for 2019.

Why Apply for DBS Home Loan at MyMoneyMantra?

With the digital platform gaining momentum, applying and processing of loans has become very simple and hassle-free. To avail of this facility, one needs to apply for DBS Home Loan through MyMoneyMantra. MyMoneyMantra is a leading online lending marketplace. Our network of 70+ banks and other financial institutions, and a team of financial specialists are dedicated to providing the best suitable Home Loan or other financial product to the customers. At MyMoneyMantra, you can be assured of a quick online loan application, processing, and disbursal. We also provide free documents pick-up services to our customers.

How to Apply for DBS Home Loan at MyMoneyMantra?

The procedure for applying for the loan through MyMoneyMantra is very simple. Follow the simple steps mentioned below and make the whole process of availing Home Loan less complicated.

  • To begin with open the MyMoneyMantra website
  • Go to the Loans menu and click on Home Loan option
  • Then all the necessary details for Home Loan have to be filled and submitted
  • After doing that you will be shown various housing loan options. You can choose DBS Bank Home Loan as your lending partner.
  • Once you have applied for the Home Loan online, we will contact you to complete the process.

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