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DBS Home Loan Balance Transfer

Home Loan Transfer to DBS Bank: Details

Last Updated 09th Nov 2021

Interest Rate7.30%
Processing FeeNil
Lowest EMI per lakh₹ 793
Loan Tenure20 years
  • DBS Bank offers a home loan balance transfer facility at low interest rates starting at 7.30% for a tenure of upto 20 years.
  • You can transfer your home loan to DBS Bank to reduce EMIs and save more on interest.
  • Avail home loan top up from DBS Bank at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

DBS Home Loan Transfer

DBS, the largest Foreign Bank in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to DBS Bank at the lowest interest rates. To transfer your housing loan to DBS Bank, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of DBS.

DBS Bank Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to DBS Bank, compare and calculate all the costs of loan transfer. The table below mentions DBS Bank home loan transfer interest rate and other home loan transfer charges of DBS Bank.

DBS Home Loan Transfer Rates 7.30%
Processing Fees and Maximum ₹ 10,000
Prepayment Charges Nil for individuals in case of floating home loan rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Features of DBS Bank Home Loan Transfer

Here are key features of the balance transfer scheme:

  • Lower Interest Rates: DBS Bank offers lower home loan rates starting at 7.30% along with Nil processing on home loans. Thus, you can save on your home loan by transferring your loan to DBS Bank.
  • Top-up Loans: If you have a good CIBIL score and fulfil the eligibility criteria of DBS Bank, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With this DBS Bank home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount.

Eligibility for DBS Bank Home Loan Transfer

To transfer your home loan to DBS Bank, you must fulfil the following eligibility criteria:

  • First, you must have an existing home loan with any bank except for DBS.
  • Second, you must have obtained a NOC (No-Objection Certificate) for transferring your home loan to DBS Bank.
  • You must be an Indian resident within the age criteria of DBS Bank. The minimum & maximum age to avail a DBS Bank home loan takeover is 21 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.
    • Use DBS Bank home loan balance transfer calculator to estimate the best balance transfer offers and costs associated with it.

Process to Transfer Your Existing Home Loan to DBS Bank

The home loan balance transfer process to DBS Bank is smooth and quick. To transfer your existing home loan to DBS Bank, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to DBS Bank upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to DBS Bank and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • DBS Bank will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to DBS Bank will be completed.

Document Required for DBS Home Loan Transfer

To avail of home loan balance transfer from DBS, you need to submit the following documents to DBS.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to DBS?

Yes, transferring your home loan to DBS Bank is a good idea for home loan borrowers as DBS Bank provides lower home loan rates starting at 7.30%, and minimal processing fee is Nil.

How can I transfer my DBS home loan from one branch to another?

To transfer your DBS Bank home loan from one branch to another, you can request through net banking/mobile banking. DBS Bank also allows the home loan transfer facility through phone banking by calling the home loan customer care.

Are there any charges while applying for DBS home loan balance transfer?

Yes, DBS Bank charges home loan transfer fees. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank. As the amount will be transferred to a new bank, the processing fee will also be levied accordingly.

What are the benefits of taking a DBS home loan balance transfer?

If you apply for a home loan transfer to DBS Bank, you can clear off your existing home loan at lower rates and save more on interest. Besides that, it can also help you avail top-up on your existing home loan.

How can I check the status of my DBS Bank home loan balance transfer?

To know your DBS Bank home loan status, you can call DBS Bank home loan customer care number or visit DBS official website to check the status.


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DBS Home Loan News - Nov 2021
  • 2021-04-30 : DBS planning to buy Citi’s consumer banking in India
    DBS is planning to purchase Citi’s consumer business in India. Citibank announced that it will be exiting from 13 international consumer banking markets, including India and China as part of its global strategy.
  • 2021-03-09 : DBS Bank launched a travel marketplace on the digibank app
    DBS Bank introduced a travel marketplace on the digibank app. It will enable customers to browse and book flights, bus tickets and hotels across hundreds of destinations within and outside of India. DBS bank offers a savings account and currently the interest on the savings account is 4%.
  • 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.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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