DBS Bank Home Loan
Apply for DBS Bank Home Loan up to 5 crore at maximum of 8.55% p.a interest rate. Development Bank of Singapore Limited (DBS) is a multinational banking and financial services company and offers hassle free online loan processing & service and competitive interest rate. With option of flexi loan account you can enjoy maximum repayment flexibility with lowest interest burden.
Apply for DBS Bank Home Loan @ 8.55% Interest Rates
DBS Bank Home Loan Details
| Loan amount | Up to 90% of Property Value |
|---|---|
| Rate of interest | 8.55% |
| Tenure | Up to 25 years |
| Lowest EMI possible | Rs. 809 Per Lakh |
| Processing fee | INR 5,000 - 10,000 (non-refundable). |
| Foreclosure Charges | 2% - Nil for floating rates |
| Penal Interest Rate | 2% per month |
You can also Apply for 20 Lakh Home Loan
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 home 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 Rs. 5 Lakhs and maximum Rs. 5 Crores.
Loan to Value (LTV ratio): For loan up to Rs. 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 25 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 Rs. 10,000
Additional Info: Also check DDA Housing Scheme
DBS Bank Home Loan Interest Rates
The features & USP of DBS Bank Home Loan can be summarised as:
- DBS Bank Home Loan Interest rates range from 8.55% per annum.
- Loan amount: Up to 90% of the property value;
Maximum of 5 Crore. - Customised DBS Bank Loans for salaried as well as self-employed applicants.
- DBS Bank Home Loan processing fees is INR 5,000 - INR 10,000 (non-refundable)..
Looking for Loan? Apply and Calculate Rs. 35 Lakh Home Loan EMI
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.
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.
Documents Required 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 | No | Yes | Yes | No |
| report with all annexures | ||||
| 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 |
How to Calculate DBS Bank Home Loan EMI?
The DBS Bank Home Loan 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.
Additional Info: Also check SBI Home Loan EMI Calculator
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 25 years |
| Maximum LTV | Up to 90% 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 |
|
| Who can apply | Indian residents are salaried, self-employed professional or self-employed non-professional |
| Maximum repayment tenure | Up to 25 years |
| Maximum LTV | Up to 90% 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 25 years |
| Maximum LTV | Up to 90% of the cost of the property |
DBS Bank Home Loan Comparison with Other Lenders
| Lender | Maximum Loan Amount | Maximum Tenure | Interest Rate | Processing Fee |
|---|---|---|---|---|
| DBS Bank | Up to 90% of property cost | 25 years | INR 5,000 - 10,000 (non-refundable). | |
| ICICI Bank Home Loan | Up to 90% of property cost | 30 years | 7.70% | 0.50% - 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST |
| HDFC Bank | Up to 90% of property cost | 30 years | 7.90% - 9.00% | Up to 1.50% or Rs. 4,500 (whichever is higher) + applicable taxes |
| Kotak Mahindra Home Loan | 75% to 90 % of property value | 30 years | 7.99% | O.5% to 2.0 % + GST |
Additional Info: You can also avail Navi Home Loan
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
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.
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.
You can avail a loan amount of a minimum of Rs.11 Lakhs. The quantum may go up to Rs. 5 Crores, depending on the city where the loan is disbursed, your repayment capacity, and other eligibility factors.
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.
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.