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DBS Home Loan Interest Rates 2020

DBS Bank Housing Loan Interest Rate

Last Updated 07th Aug 2020

Current DBS Bank Home loan interest rates for Sep 2020 starts at 7.30% p.a. for a maximum tenure of 20 years. Processing fee on its housing loans is Maximum ₹ 10,000.

Loan AmountDBS Bank Repo Rate Home Loan Rate
Upto ₹ 25 Lakh7.30%
₹ 25 Lakh - ₹ 75 Lakh7.30%
₹ 75 Lakh - ₹ 2 Cr7.30%
Above ₹ 2 Cr7.30%

Top up loan available at home loan rate

DBS Bank Home Loan Interest Rates

DBS Bank offers various products on home loan. DBS Bank home loan can be used for the purchase of a flat, home construction loan, extension or improvement loan.

Features

  • DBS Bank Home Loan Interest Rate starts from 7.30%.
  • DBS Bank charges a processing fees of Maximum ₹ 10,000.
  • Loan Tenure of Home Loan ranges from 5 years to 20 years.
  • Lowest EMI per lakh on home Loan from DBS Bank is ₹ 793 per lakh offered at the lowest interest rate of 7.30% at the longest loan tenure of 20 years.
  • DBS Bank allows prepayment of home loans with Nil charges on floating rate loans.
  • DBS Bank has an average customer rating of 5/5.0 from customers who have taken a home loan from the bank.

DBS Bank Home Loan Rate

Current DBS Bank home loan interest rates are in the range of 7.30% to 7.30%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 7.30%. The table below gives the interest rates on various housing finance schemes of DBS Bank.

DBS Bank Home Loan Scheme Interest Rates
DBS Bank Repo Rate Home Loan7.30%

DBS Bank Bank Home Loan Charges

DBS Bank Home Loan Processing Fee

The bank charges the maximum processing fees at ₹ 10,000. The processing fees is typically non-refundable and has to be paid at the time of loan application. In addition to DBS Bank housing loan processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

DBS Bank Home Loan Prepayment

DBS Bank charges Nil fees on prepayment of floating rate loans, as per RBI prepayment rules which prohibit banks from charging prepayment penalty on loans with floating rate of interest. Hence, it becomes extremely easy to balance transfer your loan from bank to another. If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to DBS Bank for a foreclosure while processing your new home loan application with the new bank. However, if you have taken a fixed rate home loan from DBS Bank, you will need to pay a foreclosure fees to close your account or transferring it another bank as per your loan agreement with DBS Bank.

DBS Home Loan Documents

Documents for Salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 2 years
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Documents for Self-Employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Home Loan DBS Schemes

DBS Bank offers customized schemes for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Home Loan Balance transfer

      Key Loan Terms
      • Home loan available at the age of 21 - 60 years
      • Loan amount that you can borrow ranges from ₹ 5 Lakh to ₹ 5 Cr
      • Option to apply for a maximum ltv of 80% of value of the property
      • Housing loan for a maximum period of 20 years

      Top-Up Loan

          Key Loan Terms
          • Home loan available at the age of 21 - 60 years
          • Loan amount that you can borrow ranges from ₹ 5 Lakh to ₹ 5 Cr
          • Option to apply for a maximum ltv of 80% of value of the property
          • Housing loan for a maximum period of 20 years

          DBS Bank Pradhan Mantri Awas Yojana

          The government of India has launched many affordable housing loan schemes to facilitate availing home loan at concessional rates to lower and middle-income groups. Some of the popular schemes are:

          a) PMAY or Home Loan Subsidy Scheme: Launched in 2015 to provide houses to the homeless. You can apply for PMAY at DBS Bank if you fulfil the eligibility criteria. Know more about PMAY Scheme

          b) Pradhan Mantri Gramin Awas Yojana:  It focuses on homeless families and offers pucca houses with basic amenities.

          c) DDA Housing Scheme: It aims to provide houses to low, middle, and high-income groups.

          d) Tamil Nadu Housing Board Scheme: It started in 1961 to provide houses to varied income groups.

          e) Mhada Lottery Scheme: It's a lottery scheme launched every year for buyers of varied income groups.

          f) Rajiv Awas Yojana: Launched in 2009 with the aim of bringing illegal construction under the formal system and encouraging slum-free India.

          Each of these schemes has its conditions with respect to eligibility, the amount of loan that can be borrowed, and the rate of interest.

          Illustration on DBS Bank Home Loan Interest Rate
          Maximum Annual Percentage Rate (APR)7.3% to 7.3%
          Representative example of the total cost of the loan, including all applicable fees
          Here is an illustration of the total cost of the loan:
          • Total amount borrowed: ₹ 1 Lakh
          • Time period: 5 years to 20 years
          • DBS Bank Home Loan Interest Rate: 7.30% to 7.30%
          • Processing Fee payable to DBS Bank: Upto ₹ 10,000. Current offer for processing fee is Maximum ₹ 10,000
          • Fee payable to MyLoanCare: NIL
          • Total Monthly Cost – From ₹ 793 for a 20 years ₹ 1 Lakh loan at 7.30% (lowest rate, longest time period) to ₹ 1,994 for a 5 years ₹ 1 Lakh loan at 7.30% (highest rate, shortest time period). This is inclusive of principal repayment.
          • Total cost payable over loan tenure: ₹ 29,658 for 5 years loan to ₹ 1 Lakh for 20 years loan

          DBS Bank’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 5 years. Rate of interest depends upon income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of DBS Bank.

          FAQs

          What is DBS Home Loan interest rate?

          DBS Home Loan interest rate ranges between 7.30% to 7.30%.

          Why should I opt for balance transfer to DBS Bank?

          DBS Bank offers competitive Home Loan rates with the best EMI of ₹ 793 per lakh availed at a low-interest rate of 7.30% for a maximum tenure of 20 years. If you are paying an EMI more than ₹ 793 per lakh, you should consider the option for a loan transfer to DBS Bank from your existing bank. EMIs can be calculated through DBS Bank Home Loan EMI calculators.

          Do I get tax benefits on a Home Loan from DBS Bank?

          As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of a house finance under section 24 and section 80C of Income Tax Act.

          What is the effect of part prepayments on DBS Bank housing finance EMI ?

          Part prepayments help you in reducing the outstanding amount of loan, which in turn will reduce the interest amount due. After making part payments, paying the same Home Loan EMI will increase your involvement towards the principal amount, which will help you in repaying the loan faster.

          How to increase my eligibility on DBS Bank housing loan?

          If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.

          How will DBS Bank housing loan rate of interest change in the future?

          • DBS Bank offers RBI Repo Rate linked Home Loan which starts at 7.30%. Current Repo Rate of RBI is 4.00%. Bank adds a mark up on RBI’s repo rate which is called DBS Bank Repo Rate Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains the same throughout the tenure. Bank applies a premium of 3.3% to the Repo Rate to arrive at this rate.
          • When RBI increases rates, the bank may increase its Repo Rate linked Home Loan rates by the same basis points for all existing and new Home Loans. When RBI cuts interest rates, the DBS Home Loan interest rates will reduce the interest rates by the same basis points, which will be effective from 1st day of the following month.
          • For instance, if RBI slashes Repo Rate by 0.15%, then DBS Bank Repo Rate linked Home Loan rate will cut from 7.30% to 7.15%.

          What is the current DBS Bank Home Loan rate?

          The current DBS Home Loan rate starts from 7.30% with a processing fee of Maximum ₹ 10,000

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          DBS Bank Home Loan News - Sep 2020
          • 2019-03-06 : DBS Bank inaugurates the first branch in Ahmedabad
            DBS Bank on has inaugurated its first branch in Ahmedabad with a focus on catering to the needs of Small and Medium-sized Enterprises (SMEs), corporate and retail segment. The lender is increasing its presence in the state as well as the nation also by opening eight more number of bank branches. The lender has further plans to reach out to more number of SMEs through their digital offerings as well as superior banking services.
          • 2018-09-07 : DBS Bank hikes Floating Home Loan and LAP rates
            DBS Bank has increased its floating Interest Rate on the home loan and Loan Against Property (LAP) by 25 basis point following the hike in its MCLR. The new rate for the Home loan now starts at 9.70% and for that of LAP at 12.15%, a hike of 25 basis points. The revised rates are effective from September 7, 2018. There is no change in the processing fees.
          • 2018-08-08 : DBS Bank revises MCLR rates
            DBS Bank has revised its MCLR for the month of August. The rates continue to be in the range of 8.60% to 8.90%. Six month MCLR is now at 8.85% and that of one year is 8.90%. The rates are effective from August 7, 2018.
          • 2018-07-13 : DBS Bank expected to roll out 18 more branches in India
            DBS Group is expected to roll out more branches in India. Currently, they are working in 12 cities in the country, provides the home loan, LAP. Their aim is to expand in about 30 more cities over the next 12 to 18 months. DBS Bank, Singapore’s largest lender by assets, expects to become the first foreign lender to open a local unit in India by October this year.
          • 2018-07-10 : DBS hikes Floating Home Loan rates
            DBS has increased its floating Interest Rate on home loan. The new rate for Home loan is now 9.30%, which was 9.20% earlier. The new rates are effective from July 7, 2018. There is no change in the processing fees.
          *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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