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  • Home Loan BYTES FROM OUR KITCHEN

    DBS Home Loan Singapore

    DBS is currently offering a wide range of options in terms of home loans. These include schemes that offer financing, refinancing solutions, and bridging loan services to purchase a new home or HDB flat or to renovate an existing residential property. Home loans offered by DBS offer numerous attractive benefits and promotional deals such as flexible lock-in periods to free conversion of legal and valuation fee subsidies or home loan interest rates.

    Home Loan Schemes Offered by DBS

    • Private Property Loan
    • Refinancing Private Property Loan
    • Executive Condominium Loan
    • Refinancing Executive Condominium Loan
    • HDB Flat Loan
    • Refinancing HDB Flat Loan
    • Bridging Loan
    • DBS Renovation Loan

    Interest Rates Offered on DBS Home Loans 

    Product Loan Tenure Interest Rate
    DBS Renovation Loan Up to 5 years 5.11% to 8.00%
    HDB Flat Loan Up to 30 years Floating rate package: FHR8 + 1.45% p.a. 2-year fixed rate package: 2.38% p.a. to FHR8 + 1.88% p.a.
    Private Property Loan Up to 35 years Floating rate package: FHR8 + 1.45% p.a. 2-year fixed rate package: 2.38% p.a. to FHR8 + 1.88% p.a.
    Refinancing Private Property Loan Up to 35 years Floating rate package: FHR8 + 1.45% p.a. 2-year fixed rate package: 2.38% p.a. to FHR8 + 1.88% p.a.
    Executive Condominium Loan Up to 35 years Floating rate package: FHR8 + 1.45% p.a. 2-year fixed rate package: 2.38% p.a. to FHR8 + 1.88% p.a.
    Refinancing Executive Condominium Loan Up to 35 years Floating rate package: FHR8 + 1.45% p.a. 2-year fixed rate package: 2.38% p.a. to FHR8 + 1.88% p.a.
    Refinancing HDB Flat Loan Up to 30 years Floating rate package: FHR8 + 1.45% p.a. 2-year fixed rate package: 2.38% p.a. to FHR8 + 1.88% p.a.
    Bridging Loan Up to 6 months NA

    Fees & Charges You Will Have to Pay  

    The fees and charges associated with this loan are as shown in the table below:

    Fees and charges Without lock-in With lock-in
    When you repay a portion of the loan or the entire loan Not applicable 1.50% of the amount repaid
    When you refinance your loan with a different financial institution 0.75% of the undisbursed loan amount (additional valuation and legal fees applicable) 1.50% of the unsettled loan amount 0.75% of the undisbursed loan amount (additional valuation and legal fees applicable)
    When you refinance your loan with the same financial institution 0.75% of the undisbursed loan amount with a processing fee of S$800 1.50% of the unsettled loan amount 0.75% of the undisbursed loan amount with a processing fee of S$800
    Processing your loan Not applicable Not applicable
    When you make a late payment Overdue interest calculated as 5% above DBS Prime Rate on the unsettled amount
    When you discard the loan after accepting the offer letter 0.75% of the undisbursed loan amount
    Any other fees or charges Insurance premium, valuation fee and legal fee as charged by external providers. If you have a special request, an additional servicing fee might be applicable.

    Types of Home Loans Offered by DBS

    The various types of home loans offered by DBS are as follows:

    Private Property Loan: With the DBS Private Property Loan, you can buy a private property in Singapore. You will get a loan amount of close to 80% of the value of the property. The private home loan offered comes with two interest rate packages, a floating rate package with a two-year lock-in period and a two-year fixed rate package.

    HDB Flat Loan: DBS also offers a loan to purchase an HDB flat. The interest rate is pegged to the bank’s fixed deposit rate. With this loan, you can either fund a made-to-order HDB flat or a resale HDB flat. It comes with a lower rate of interest and concessionary rate packages. There are two types of interest rate packages with HDB Loans –the HDB concessionary floating interest rate package and the floating rate package.

    Refinancing Private Property Loan: If you have a loan with some other bank, you can refinance it with DBS at a lower rate of interest. Just like other loans offered by DBS, it is also pegged to SGD fixed deposit interest rates.

    DBS Renovation Loan: If you need funds to renovate your house, you can opt for a DBS Renovation Loan. This loan offers a flat interest rate of 2.31% p.a. (EIR: 4.38% p.a.) with a tenure of up to five years. You will be eligible for a loan amount of up to S$30,000 or six times your monthly salary, whichever is lower.

    Bridging Loan: If you wish to have a short-term loan of up to six months, you can opt for the Bridging Loan. This loan is applicable to the purchase of all types of property. With this loan, you can pay for the down payment of your new property that you have purchased while waiting for the proceeds from your current property that you have sold. With this loan, you will have to pay the interest amount only during the loan period. Once you get the sale proceeds you must make the full payment.

    Refinancing HDB Flat Loan: If you wish to refinance your HDB loan, you can opt for the refinancing option as it offers concessionary loan rates and is pegged to SGD fixed deposit interest rates whose movements tend to be more stable in comparison to market benchmark rates such as the SOR or SIBOR. You can earn up to 3.5% p.a. using DBS Multiplier.

    In addition, you also have the option of taking a loan to purchase or refinance an executive condominium.

    Why Take DBS Home Loan?

    With DBS home loans, you will enjoy the following benefits:

    • You will enjoy home loans that are pegged to SGD fixed deposit interest rate which offers transparency.
    • The movement in the fixed deposit interest rate tends to be very stable in comparison to the market benchmark rates such as SOR or SIBOR that are very volatile.
    • If the loan tenure is over 25 years for HDB flats and over 30 years for private properties, you have the option of reducing your loan amount to 60% of the purchase price.
    • You have the option of customising your loan tenure as per your requirements.
    • Once you apply for the loan, the amount will be disbursed in a few working days.
    • You will get a subsidised home loan rate package with DBS HDB loan.

    Eligibility Criteria 

    If you wish to apply for this loan, you will have to fulfil certain criteria which are as follows:

    • If you are applying for an HDB loan, at least one buyer must be a citizen of Singapore, earn at least S$6,000 (for singles) or your gross monthly household income must not be more than S$12,000 (for families) and not more than S$18,000 for extended families.
    • Other criteria that you need to fulfil for HDB loans are as follows:
      • You must not have any other source of income from a commercial property.
      • You must have a valid SingPass identification.
      • You must not own multiple commercial/industrial property or market/hawker stall. If you have a commercial property, it must be operated by you.
      • You have not taken more than one loan for an HDB flat in the past.
      • You have not sold a private residential property in the past 30 months.
      • The last property that you have owned should not be a private property.
      • You must not be the owner of a private residential property at the time of applying for an HDB loan.
    • If you do not qualify for an HDB loan, you will have to look for other alternatives such as a private property loan for which you must generally be at least 21 years old and must have an annual income of S$24,000.

    Documents Required 

    When you apply for a DBS home loan, you will have to submit a few documents. You will require different documents for purchasing and refinancing.

    For the purchase of HDB flat, executive condominium or private property, you must have the following documents:

    Financial Commitments

    • Most recent credit facilities statements such as credit card, current home loans, personal loan facilities, car loan, and more.

    Income

    • Latest three months’ salary crediting account statements. People who are working overseas will require additional documents.
    • Latest three months’ salary slips.
    • CPF contribution history of the past 12 months or the most recent Notice of Assessment.

    Property and Personal Information

    • Value confirmed by HDB for its resale and the Valuation Report for executive condominium and private property.
    • Sales and purchase or option to purchase agreement.
    • HDB flat and financial information
    • NRIC for Singaporeans and Permanent Residents/Passport for foreigners of all applicants.

    For refinancing an HDB flat or private property from other financial institutions, you must have the following documents:

    Property and Personal Information

    • Latest CPF property withdrawal statement if you are applying for a term loan or if you have an existing term loan.
    • IRAS My Property Portfolio.
    • Latest six months loan repayment history.
    • Letter of offer from your financial institution.
    • HDB flat information and financial information.
    • NRIC (for Singaporeans and Permanent Residents)/Passport (for foreigners) of all applicants.

    The financial commitments and income documents are the same as mentioned above for the purchase of HDB flat, executive condominium or private property.

    For refinancing of HDB flat from HDB, you must have the following documents:

    Property and Personal Information

    • IRAS My Property Portfolio.
    • Latest six months loan repayment history.
    • HDB flat information and financial information.
    • NRIC (for Singaporeans and Permanent Residents).

    The financial commitments and income documents are the same as mentioned above for the purchase of HDB flat, executive condominium or private property.

    How Do I Apply? 

    If you wish to apply to any of these loans, you will have to take the following steps:

    1. Visit the official DBS website and download and fill in the application form.
    2. Once you have completed the application form, you will have to attach all the required documents in the checklist.
    3. Finally, you will have to submit the completed application form with all the necessary documents at: Bedok Central Post Office, Locked Bag Service No.1, Singapore 914686.

    Repayment Options  

    You can make your DBS home loan repayments in the following ways:

    • You can make monthly repayments that go towards paying for your interest and principal. You can pay this amount from your loan servicing account on the 15th of each month for HDB flats and the first of each month for private properties. In case the above dates fall on a gazetted public holiday or a Sunday, the instalment will be debited on the next working day.
    • If you wish to use your CPF funds for loan repayments, you can do so by revising your repayments each month by applying at the CPF website using your SingPass. For an HDB flat, you must do it seven days before the deduction on 10th- 13th of the month. On the other hand, for a private property, you must do it by the 20th of the month for deduction in the following month.

    Frequently Asked Questions 

    Q. Can I compare my DBS HDB loan with HDB concessionary loan?

    A. Yes, with a home loan interest savings calculator, you can easily compare your DBS HDB loan with HDB concessionary loan.

    Q. Is there a way to find out the monthly repayment for my renovation loan?

    A. Yes, you can use the renovation calculator to find out your repayment amount each month for your renovation loan. However, the computation made using the calculator is for indicative purposes only.

    Q. Will there be any site visits by the bank after disbursement?

    A. Yes, the bank will conduct visits after the loan disbursement to make sure that the proceeds are used for the stated renovation works.

    Q. Are there any online promotions available with DBS home loans?

    A. Yes, DBS offers online promotion packages with DBS home loans. These promotions are in the form of interest rates lock-in period. These promotional offers are available with completed properties as well as the buildings that are under construction.

    Q. Do I have the option of repricing my DBS home loan?

    A. Yes, you have the option of repricing your home loan by updating your loan to the latest interest rate package. However, you may have to pay a repricing fee based on the terms of your current loan.

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