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DCB Home Loan Interest Rates 2020

DCB Bank Housing Loan Interest Rate

Last Updated 13th Aug 2020

Current DCB Bank Home loan interest rates for Sep 2020 starts at 10.24% p.a. for a maximum tenure of 20 years. Processing fee on its housing loans is Upto 2.00%, Minimum ₹ 5,000 and .

Loan AmountDevelopment Credit Bank Home Loan Floating Rate
Upto ₹ 25 Lakh10.24%
₹ 25 Lakh - ₹ 75 Lakh10.24%
₹ 75 Lakh - ₹ 1 Cr10.24%
Above ₹ 1 Cr10.24%

DCB Bank Home Loan Interest Rates

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

Features

  • DCB Bank Home Loan Interest Rate starts from 10.24%.
  • DCB Bank charges a processing fees of Upto 2.00%, Minimum ₹ 5,000 and .
  • Loan Tenure of Home Loan ranges from 5 years to 20 years.
  • Lowest EMI per lakh on home Loan from DCB Bank is ₹ 981 per lakh offered at the lowest interest rate of 10.24% at the longest loan tenure of 20 years.
  • DCB Bank allows prepayment of home loans with Nil charges on floating rate loans.
  • DCB Bank has an average customer rating of 5/5.0 from customers who have taken a home loan from the bank.

DCB Bank Home Loan Rate

Current DCB Bank home loan interest rates are in the range of 10.24% to 10.24%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 10.24%. The table below gives the interest rates on various housing finance schemes of DCB Bank.

DCB Bank Home Loan Scheme Interest Rates
Development Credit Bank Home Loan Floating10.24%

DCB Bank Bank Home Loan Charges

DCB Bank Home Loan Processing Fee

DCB Bank home loan processing charges are upto 2.00% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. The bank charges a minimum processing of ₹ 5,000. The processing fees is typically non-refundable and has to be paid at the time of loan application. In addition to DCB 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.

DCB Bank Home Loan Prepayment

DCB 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 DCB 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 DCB Bank, you will need to pay a foreclosure fees to close your account or transferring it another bank as per your loan agreement with DCB Bank.

DCB 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

DCB 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 DCB 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 DCB Bank Home Loan Interest Rate
Maximum Annual Percentage Rate (APR)10.24% to 10.24%
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
  • DCB Bank Home Loan Interest Rate: 10.24% to 10.24%
  • Processing Fee payable to DCB Bank: Upto ₹ 10,000. Current offer for processing fee is Upto 2.00%
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 981 for a 20 years ₹ 1 Lakh loan at 10.24% (lowest rate, longest time period) to ₹ 2,137 for a 5 years ₹ 1 Lakh loan at 10.24% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Total cost payable over loan tenure: ₹ 38,192 for 5 years loan to ₹ 1.45 Lakh for 20 years loan

DCB 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 DCB Bank.

FAQs

What is DCB Home Loan interest rate?

DCB Home Loan interest rate ranges between 10.24% to 10.24%.

Why should I opt for balance transfer to DCB Bank?

DCB Bank offers competitive Home Loan rates with the best EMI of ₹ 981 per lakh availed at a low-interest rate of 10.24% for a maximum tenure of 20 years. If you are paying an EMI more than ₹ 981 per lakh, you should consider the option for a loan transfer to DCB Bank from your existing bank. EMIs can be calculated through DCB Bank Home Loan EMI calculators.

Do I get tax benefits on a Home Loan from DCB 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 DCB 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 DCB 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 DCB Bank housing loan rate of interest change in the future?

  • Floating rate on '.DCB Bank.' housing loan is linked to its '.1 Year.' '.MCLR.' Rate, which is currently at '.9.98.'%. When Bank offers a Home Loan at '..'%, it applies a '.premium of -9.98.'% to its '.MCLR.' Rate to arrive at this Home Loan rate.
  • When RBI increases rates, the bank may increase its '.MCLR.' rate and the applicable interest rate for all existing and new Home Loans would increase. When RBI cuts interest rates and the bank reduces the '.MCLR.' rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.

What is the current DCB Bank Home Loan rate?

The current DCB Home Loan rate starts from 10.24% with a processing fee of Upto 2.00%, Minimum ₹ 5,000 and

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DCB Bank Home Loan News - Sep 2020
  • 2020-08-07 : DCB Bank Ltd posted Rs. 79.38 crore PAT in Q1FY21
    DCB Bank posted a net profit of Rs.79.38 crores for the period ended June 30, 2020, as against a net profit of Rs.68.76 crores for the period ended March 31, 2020. In addition to this, the Bank reported a total income of Rs.950.70 crores backed by retail loans like home, personal, gold, two-wheeler, and car loans along with business and mudra loans during the period ended June 30, 2020.
  • 2020-01-28 : DCB Bank Q3 profit increased by 12.3%
    Private sector lender DCB Bank profit for Q3 hiked by 12.3% to Rs. 96.70 crores. The Bank total income rose by 13.66% to Rs. 990 crores boosted by Home Loans and Personal Loans. Further, Net Interest Income increased by 9.86% to Rs. 323 crores.
  • 2019-05-08 : DCB Bank expects to double balance sheet in the next four years
    Private sector lender, DCB Bank expects to double the size of its balance sheet in the next three-four years. The banks would be focusing more on growing its SME, agri, retail, commercial vehicles and small-ticket loans in which their current growth is nearly 16%. As of now, their balance sheet stands at Rs. 35,792 crores.
  • 2019-02-28 : DCB Bank launches open banking for gen-next banking solutions
    DCB Bank has announced the launch of its open banking platform. For this, the lender will collaborate with nearly 20 start-ups and fin-techs in order to provide better service to its customers. The newly launched platform aims to provide seamless and innovative banking services to meet the growing demand of the customers. The lender also has plans to achieve a significant growth across its retail loans portfolio including personal loans and business loans.
  • 2018-07-24 : DCB slashes Home Loan rates by upto 25 bps
    Development Credit Bank (DCB) has slashed its home loan rates. The new floating rates of Home Loan have gone from 10.44% to 10.19%, a drop of 25bps across all salaried and self employed categories. The new rates are currently effective.
*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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