Deutsche Bank

Deutsche Bank Home Loan

Apply Deutsche Bank Home Loan

About Deutsche Bank Home Loan

Headquartered in Frankfurt, Germany, Deutsche Bank is a strong presence in Germany and Europe. It's a leading global investment bank and is continuously growing in Asia, North America, and emerging markets.

The first branch of Deutsche Bank in India was set up in the year 1980. Now it is operating in 16 cities all over the country. It has about 13,000 employees in the country. Deutsche Bank is a service provider to Indian Corporate, Institutional, and Individual clients. Over the years, the performance of the bank was recognized by bestowing several awards, like the Best Bank of India, Best Equity House in India, Best Cash Management Specialist, Best Private Bank of India, and the Best Sub-custodian India.

Since then, Deutsche Bank has provided an array of products both in the retail and corporate sectors to suit its clientele in India. One of its popular retail products is Deutsche Bank Home Loan.

Deutsche Bank provides Home Loan for purchase/construction of a new house, the purchase of a new flat, purchase of an old house/flat, repairs and renovation of the existing house, home improvement, and take-over of the Home Loan outstanding at other banks/financial institutions.

Why Opt for Deutsche Bank Home Loan?

There are many advantages of applying for a Home Loan from Deutsche Bank, such as:

  • Higher loan amount
  • Maximum Loan to Value (LTV) ratio
  • Easy documentation
  • Easy eligibility criteria
  • Quick approval
  • Flexible repayment tenure
  • Availability of Home Loan insurance
  • Availability of the balance transfer facility

Detailed Features and Benefits of Deutsche Bank Home Loan

The features and benefits of Deutsche Bank Home Loan are:

Purpose of the loan: The loan is provided for purchase/construction of a new house, purchase of a new flat, purchase of an old flat/house, repairs and renovation to the existing house, and home improvement.

Quantum of the loan: A loan up to 80% of the market value of the property or the project cost, whichever is lower, will be provided. However, the maximum quantum of the loan provided will be 15 Crores, depending upon the value and type of the property.

Interest: Both fixed and floating rates of interest options are available. If the fixed rate of interest is opted, then the interest rate will be 12.50% p.a. If a floating rate of interest is opted for, then the rate of interest will be 13.50% if the loan tenure is 3 years, and 14% if the loan tenure is 5 years.

Interest is charged on the daily outstanding balance. The cost of interest on the Home Loan can be reduced if part-prepayments are done periodically, whenever there is the availability of surplus funds.

Repayment period: Flexible repayment period in the range of 5 years to 20 years is available.

Margin: Margin will be 20% of the market value of the property or the project cost, whichever is lower.

Processing charges: There are no processing charges. However, an administration charge of 1% of the loan amount will be collected.

Insurance: An exclusive insurance plan at a nominal premium will be provided to cover the loan liability. This will take care of the outstanding balance in the Home Loan in the case of any eventuality. The family members of the borrower will not have the burden of clearing the Home Loan liability.

Documentation: The documentation is simple and hassle-free, thus reducing the turn-around time for the loan processing.

Balance Transfer: There is an option for transferring the outstanding balance in the Home Loan account at other banks/financial institutions.

Deutsche Bank Home Loan Interest Rate

The interest rate for Deutsche Bank Home Loan varies between 12.50% and 14%. Below is the segregation of interest rates, depending on repayment tenure and type of interest:

Floating Rate of Interest

  • Up to 5 years: 12.50%
  • More than 5 years and up to 10 years: 12.50%
  • More than 10 years: 12.50%

Fixed Rate of Interest

  • Up to 3 years: 13.50%
  • Up to 5 years: 14%

Eligibility for Deutsche Bank Home Loan

The following are the eligibility criteria for Deutsche Bank Home Loan:

  • Both salaried, as well as self-employed professionals, can apply
  • The age of the applicant should be minimum 23 years at the time of applying for the loan and not more than 65 years or retirement (whichever is earlier) at loan maturity.
  • The minimum gross annual income for both the salaried individuals and self- employed individuals/professionals is 5 Lakhs.
  • The loan amount is decided on the basis of age, repayment capacity, the income of the applicant, qualification, assets and liabilities, savings history, number of dependants, and stability of employment/business.

Documents Required for Deutsche Bank Home Loan

The following documents have to be submitted for Deutsche Bank Home Loan:

  • Identity proof (a copy of any of the following) - For all applicants
    • Valid Passport
    • Valid Driving Licence
    • Voter's ID
    • Aadhaar Card
    • PAN Card
    • Job Card issued by NREGA
  • Address proof (a copy of any of the following) - For all applicants
    • Valid Passport
    • Aadhaar Card
    • Valid Driving Licence
    • Voter's ID
    • Job Card issued by NREGA
  • Income documents for salaried applicants
    • Salary slip of last 3 months
    • Form 16 or ITR of the latest year
    • Salaried bank statement of last 6 months
  • Income documents for self-employed applicants
    • ITR of the last 2 years with computation of income
    • Audited profit & loss and balance sheet with annexures of last 2 years
    • Main current account bank statement of last 6 months

Why Apply for the Deutsche Bank Home Loan through MyMoneyMantra?

A thorough analysis has to be done before making a decision on the lending institution from where you will avail the loan. For this, the data of various players in the market has to be collected, compared and then the decision on the best deal has to be made. This data collection is a herculean task.

MyMoneyMantra.com has all the comparative data compiled on a single screen. All you have to do is access the website, go to the Home Loans page, and you will get all the details which make the data comparison so simple for you.

The team of loan experts of MyMoneyMantra will guide you in selecting the best deal, and on applying for the loan will take you through the process of the documentation till the approval of the loan and the whole process will seem so simple and hassle-free.

How to Apply for the Deutsche Bank Home Loan through MyMoneyMantra?

You will have to make use of the online platform provided by MyMoneyMantra.com and follow the steps mentioned below to apply for the Home Loan:

  • Under Loans tab, select Home Loan
  • Specify your gender and proceed further
  • The city of residence has to be chosen
  • Select the purpose of the loan. It could be the purchase of the flat/house or the purchase of plot and construction thereon, or construction of the house on an already existing plot, or home extension loan or balance transfer.
  • Choose the city where you intend to purchase the property
  • The market value of the property has to be entered
  • Provide details of your employment
  • Give details of your income
  • Provide a few personal details required
  • Enter your email address and phone number
  • Accept the conditions and proceed further
  • An OTP will be sent to your mobile number by MyMoneyMantra
  • Enter the OTP

After the completion of the above process, representatives of MyMoneyMantra will contact you and assist you with the application process. MyMoneyMantra will provide assistance from the documentation to the approval of the loan and will be with you at every step.

Other Products Offered by Deutsche Bank

The following are the products offered by Deutsche Bank:

Loans

  • Business Instalment Loan
  • Loan Against Property
  • Overdraft Against Fixed Deposit
  • Eve Business Loan
  • Unsecured Business Loan
  • Personal Loan

Savings Account

  • Value Plus Savings Account
  • Deutsche Bank Advantage Banking Account
  • Expat Savings Account
  • Regular Savings Account
  • Payroll Savings Account
  • Professional Savings Account
  • Eve Account

Fixed Deposit Account

  • Resident Fixed Deposit Account
  • NRE and NRO Fixed Deposit Account
  • Senior Citizen Fixed Deposit Account
  • Tax Saver Fixed Deposit
  • Recurring Fixed Deposit Account

NRI Banking

  • NRI Private Banking
  • Advantage NRI Banking
  • NRI Value-Plus Saving Account
  • NRI Fixed Deposit Account
  • NRI Portfolio Investment Scheme

Debit Cards

  • Navigator Forex Card
  • Infinite Debit Card
  • Signature Debit Card
  • Platinum Debit Card
  • Gold Debit Card
  • Platinum Business Debit Card
  • Domestic NRO Gold Debit Card
  • Classic Debit Card

Credit Card

  • Deutsche Bank Platinum Credit Card
  • Deutsche Bank Classic Credit Card
  • Deutsche Bank Smart Gold Card

How to Calculate the Deutsche Bank Home Loan EMI?

Equated Monthly Instalment (EMI) consists of both the interest and the principal component. On knowing the EMI, you can arrive at the nearest affordable amount by permutation and combinations with various loan tenure, interest rate, and loan amount.

The formula to calculate EMI is E = P x r x (1+r)n/(1+r)n-1

Here,

'E' means EMI
'P' represents the principal amount
'r' stands for the interest rate offered on a monthly basis
'n' is the duration of the loan

You can use MyMoneyMantra's EMI Calculator for instant EMI calculation. All you need to do is open EMI Calculator mentioned on our website under the Financial Tools tab and fill in the required details.

After calculating the EMI before applying for the loan, you have to check:

  • Check if the loan amount with the EMI will be sufficient to fund your project cost
  • Consider closing the credit card dues or loans with a low outstanding balance for which the regular EMI is being paid. This will reduce the existing monthly commitment and will increase the eligibility quantum for the Home Loan.
  • You should also consider the ratio of net take-home salary to gross salary after the inclusion of the proposed EMI. The ratio should be within the acceptable level prescribed by the Bank.

Deutsche Bank Home Loan - Fees and Charges

The fees and charges collected by Deutsche Bank for Home Loan apart from the interest are as detailed below:

Name of the Charge Amount

Administration fee

1% of the loan amount. It is non-refundable.

Pre-payment/part-prepayment charges

  • NIL for a Home Loan with a floating rate of interest
  • For Home Loans with a fixed rate of interest, part-prepayment charges at 2.50% of the amount to be prepaid and pre-closure charges at 2.50% of the outstanding loan amount will be collected.

Unsuccessful EMI payment

500

Conversion fee

A charge up to 0.5% of the outstanding loan amount will be collected for re-pricing the loan.

Transaction fee

500

Default rate of interest

24% per annum

ECS/NACH/PDC charges

500

Charges for retrieval of documents

500

Taxes & other government levies

As applicable

Stamp duty

As applicable

Deutsche Bank Home Loan Customer Care Numbers

For any complaint or query, you can email at customer.care@db.com

You can write to Deutsche Bank at the following address by regular post:

Customer Care - Banking

Deutsche Bank AG,

PO Box 9095,

Mumbai - 400 063

The bank will respond within 7 days of receiving your communication.

You can also call their 24/7 phone banking team at 1860 266 6601 for immediate assistance.

Frequently Asked Questions

What happens to the administrative charges if the loan is declined?

In the event of the loan getting declined, an amount of 2,000 or the fee paid by the borrower, whichever is lower, will be deducted as processing charges from the administrative fee collected, and the remaining amount will be refunded.

If the loan is approved, the administrative fee will not be refunded.

Can a co-applicant be included for the Home Loan?

The spouse can be the co-applicant for the Home Loan and the income of the spouse will be considered while arriving at the eligible loan quantum.

Is opening an account mandatory to avail Home Loan from the bank?

No, it is not mandatory to open an account with the bank to avail the Home Loan. However, to enjoy the benefit of the other services offered, the Bank encourages the opening of an account.

What are the formalities to be completed for the loan to be disbursed?

The loan will be disbursed only on the execution of the loan documents.

Is there any tax benefit on availing the Home Loan from Deutsche Bank?

You can claim a deduction of tax under Section 80C and 80CCE for the interest and principal component paid towards the loan.

Define pre-EMI interest?

When there is a part-disbursement of the loan, interest has to be paid only on the disbursed amount. The interest that has to be paid is the pre-EMI interest.

Can a top-up loan be availed on the Home Loan?

A top-up loan can be availed to meet various personal requirements depending on the value of the security offered to the Home Loan.

The top-up loan will be considered only after 12 months from the date of the first disbursement of the Home Loan. A top-up loan will be considered only if the repayment record of the Home Loan is satisfactory.

What is the repayment tenure for the loan?

The repayment period ranges from 5 years to 20 years.

What does the amortization schedule denote?

An amortization schedule will give the break up of the principal and interest component for the EMI scheduled to be collected for the entire repayment period.

Will an IT certificate be issued separately for the borrower and the co-applicant?

As per the IT rules, only one IT certificate has to be issued and so only one IT certificate will be issued in the name of both the borrower and the co-applicant.

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