DCB Bank Home Loan Interest Rate
- Eligibilty, Calculate EMI
Everyone’s dream is to purchase property. Everyone longs for it and has plans or ideas for their ideal house. A person used to work and save money in the past when the cost of land was relatively lower to pay the entire price for a house out of pocket.
Today’s housing prices are so high that few people can afford to buy a home outright without taking out a home loan from a bank such as DCB Bank. The government has also provided tax incentives and subsidised housing through programmes like PMAY, which makes housing affordable, realising that the cost of dwellings and the loans taken is a long-term burden. To know about home loan interest rates, checkout the latest home loan interest rates here.
Introduction: What is DCB Bank Home Loan?
DCB Bank Home Loan is a home loan product from DCB Bank, one of the leading private-sector banks in India. DCB is the Development Credit Bank and is one of the new-generation banks that the Reserve Bank of India, the bank regulator, granted a licence to operate as a scheduled commercial bank. It is designed to provide customers with solutions for their home financing needs.
The Development Credit Bank of India (DCB) was established in 1964 and has been working in the field of banking since then. The main goal behind its establishment was to achieve economic development by encouraging savings and investments.
This DCB Bank Home Loan offers customers various repayment plans including the popular 3-2-1 EMI option which will allow them to repay their home loan in three years, two years or one year respectively. To know a suitable EMI option for you, check our emi calculator.
What is a home loan?
A home loan is a loan for the purchase of a house. The reason why you should refinance your home loan is that typically, loans are given at a fixed interest rate. This means that the interest rates do not change over the life of the loan. If inflation goes up, it can make it difficult to repay your loans because the value of money decreases over time.
Types of Home loans
Fixed Rate Home Loan:
A fixed-rate home loan is one where the interest rate remains the same throughout the life of the loan. This is perfect if you know exactly how much money you will need to borrow and when you need to pay it back.
Fixed Rate Home Loans are also ideal for those who want to have certainty with their monthly repayments as they will remain constant over time.
The downside of Fixed Rate Home Loans is that if interest rates change, your repayments will not change with them so it’s important to be aware of this before signing on the dotted line.
Variable Rate Home Loan:
A variable-rate home loan is one where your interest rate may change over time depending on what’s happening in financial markets and how well your repayment plan is going. A variable-rate home loan is one where your interest rate may change over time depending on what’s happening in financial markets and how well your repayment plan is going.
What is The DCB Bank Home Loan Program?
The DCB Bank Home Loan Program is a residential home loan program that provides a fixed rate of interest for the life of the loan. To know how to apply, reach us.
The DCB Bank Home Loan Program is available for properties located in India. The borrower can choose between a tenor of 15 or 20 years with an option to pre-pay the loan at any time without any penalty. The customer can also avail of an additional 5-year fixed-rate home loan if they want to repay their home loan faster.
The following are some redeeming aspects to note:
Maximum Loan Amount: Your income plus cash flow are taken into account when DCB Bank evaluates your loan application to determine your eligibility. It simply implies that the amount of your loan is determined once your creditworthiness has been evaluated.
Smooth Approvals: At DCB Bank, the process of loan proposals is customer-centric, with relationship managers lending a helpful hand at every step to close the deal in your favour with the best home loan plan for you.
Wide Network: To meet the needs of their client base for executing loan proposals, the DCB Bank has a presence in 66 locations across India.
DCB Housing Loan- Loan Amount
The maximum loan amount available to a borrower is decided based on his/her income statements and cash flows. Click Here to know your loan amount eligibility.
Purpose: For purchase/construction of a new house, land purchase and construction thereon, and to avail balance transfer facility along with top-up loans
Loan Amount: Rs 10 lakh-Rs 5 crore
LTV Ratio: Up to 90% of property cost
DCB Bank Home Loan Highlights 2022
Interest Rate
9.06% p.a.
Loan Amount
Rs 10 lakh-Rs 5 crore
LTV Ratio
Up to 90% of property value
Processing Charges
Up to 2% of the loan amount, subject to a minimum of Rs.5,000
Note: Rates as of 12th September 2022
How Much is the DCB Bank Home Loan Interest Rate?
DCB Bank is a private commercial bank in India that was established in 1942. It has an interest rate of 8.35% on home loans and the minimum loan amount is Rs. 1,00,000. To know the interest rate, use our EMI Calculator.
The DCB Bank Home Loan Interest Rate is 8.35%. The minimum home loan amount is Rs. 1,00,000 with a tenure of 10 years (120 months).
The Interest Rate Home Loan at DCB Bank | ||
Product | Minimum | Maximum |
Home Loan | 9.50% | 15.00% |
DCB Bank Home Loan Interest Rate and EMI Calculator
DCB Bank offers home loans at competitive interest rates and attractive features.
The DCB Bank Home Loan Interest Rate and EMI Calculator is a quick and easy way to calculate the monthly instalments of your home loan. You can use this calculator to find out how much you can afford, how much you need to pay, or how much your monthly instalments will be.
Customers could use this EMI Calculator to simplify their lives and know precisely how much they have to pay each month. Customers will benefit from knowing how much the EMI will be depending on their loan requirements, which is important. This enables them to make long-term plans.
Compare Home Loan Interest Rates for Top Banks & HFCs
Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
8.50% – 9.15% | 8.40% – 9.05% | 8.40% – 9.05% | |
8.40% – 10.00% | 8.40% – 10.25% | 8.40% – 10.35% | |
8.00% – 10.00% | 8.00% – 10.20% | 8.00% – 10.40% | |
8.60% – 9.50% | 8.60% – 9.50% | 8.60% – 9.50% | |
8.49% onwards | 8.49% onwards | 8.49% onwards | |
8.50% – 12.50% | 8.50% – 12.50% | 8.50% – 12.50% | |
8.45% – 9.85% | 8.40% – 9.55% | 8.40% – 9.50% | |
8.45% – 9.95% | 8.45% – 9.95% | 8.45% – 10.20% | |
8.25% – 10.15% | 8.25% – 10.35% | 8.25% – 10.35% | |
8.45% onwards | 8.45% onwards | 8.45% onwards | |
7.70% – 8.70% | 7.70% – 8.70% | 7.70% – 8.70% | |
8.30% onwards | 8.30% onwards | 8.30% onwards | |
7.99% – 10.99% | 7.99% – 10.99% | 7.99% – 10.99% | |
8.60% onwards | 8.60% onwards | 8.60% onwards | |
8.37% – 9.60% | 8.37% – 9.65% | 8.37% – 9.70% |
Types of DCB Bank Home Loans
To avail of the DCB Bank Home Loans, the borrower needs to be an Indian citizen and also have a good credit history.
The bank has a wide range of home loans that are tailor-made for different sections of society. It offers loans up to Rs. 15 lakh with loan tenures ranging from 5 years to 20 years. The interest rates on these loans depend on the tenure of the loan but can go as low as 7%.
DCB Bank offers a range of home loans to suit individual needs and budgets.
The following are the different types of DCB Bank Home Loans:
- DCB Bank Fixed Rate Home Loan
- DCB Bank Floating Rate Home Loan
- DCB Bank Flexi-Rate Home Loan
- DCB Personal Loan for Housing
DCB bank only provides term loans and does not provide the overdraft facility that many lenders provide to provide consumers with more options. The DCB bank home loan interest rate is likewise limited to fixed and floating rates, with the former being more common and frequently chosen by borrowers.
By this point, it should also be evident that the DCB Bank gives the borrower a variety of funding options that cover all potential house ownership scenarios. Whatever the case, it’s time to review the DCB Bank’s home loan programmes in their entirety.
Eligibility Criteria
Eligibility criteria for DCB Bank Home Loan | |
Home Loan | |
Nationality | Resident Indians |
Target Types |
|
Property Types |
|
Age | Minimum:23 years |
Maximum: 65 years on maturity of the loan | |
Loan Amount |
|
Loan Tenure | Up to 30 years |
LTV Ratio | 90% of the cost of the property |
Insurance | Attractive insurance plans are offered to the extent of the loan amount for death and critical illness coverage. |
DCB Bank Home Loan Eligibility Criteria Check
It is best to perform an eligibility check, which is available on the DCB Bank website, before applying for a DCB Bank home loan. In this manner, your credit score won’t be impacted because the bank will just do a soft draw and compare it to other internal requirements to determine your eligibility. Check your eligibility Here.
Eligibility FAQs
1. How do I apply for a DCB Bank mortgage?
Applying for a home loan with DCB Bank is possible online or by going to the branch that is closest to you.
2. How can the house loan limit at DCB Bank be increased?
You can bargain with the bank for a higher loan amount when you have strong credit, a high salary, and employment with a reputable company. If you co-borrow the loan, your combined salaries may be able to secure you a larger loan amount. DCB bank home loan interest rate is then calculated.
The final alternative is to seek a top-up loan, that is attainable with strong bank standing and a track record of on-time EMI payments.
3. How can I pay my DCB Bank home loan bill?
You have 3 choices for repaying your DCB Bank mortgage: electronic clearing service, standing instructions, and post-dated checks.
DCB Bank Fixed Rate (FR) Home Loans for Salaried Employees
DCB Bank Fixed Rate (FR) Home Loans for Salaried Employees offer a convenient monthly repayment option and are available in two tenures – 5 years and 7 years.
The salient features of DCB Bank Fixed Rate Home Loan for Salaried Employees are:
- Low EMIs with a fixed rate of interest for the tenure chosen.
- No pre-closure charges or penalties for prepayment.
- No hidden charges or processing fees.
- Flexible tenures to choose from.
DCB Bank Floating Rate (FR) Home Loans for Self-Employed
DCB Bank offers floating-rate home loans for self-employed or entrepreneurs/self-employers. The DCB Bank Floating Rate Home Loan is a unique product that caters to the needs of self-employed individuals and entrepreneurs who are struggling with high EMIs due to their irregular income.
The FR Home Loan allows the borrower to repay the loan flexibly, as per his/her cash flow. This is achieved by linking the EMIs to the floating rate of interest on the Benchmark Prime Lending Rate (BPLR) which can be changed at any time by RBI. The FR Home Loan offers a competitive interest rate of 10.25% p.a., with an interesting ceiling of 8%.
Pros of DCB Bank Housing Loans
A housing loan is a type of mortgage that is used to purchase a property. DCB Bank offers housing loans with competitive rates and flexible tenure options.
A home loan is a loan given by the bank to the borrower to purchase a property. A home loan is a type of mortgage that is used to purchase a property. DCB Bank offers housing loans with competitive DCB bank home loan interest rate and flexible tenure options.
The DCB Bank home loan program has a lot of advantages:
- The first advantage is that it is a fixed-rate mortgage. This means that the interest rate won’t change over the life of the loan.
- The second advantage is that it has a competitive rate. This means that it’s more affordable than other programs on the market.
- The third advantage is that there are no pre-payment penalties. This means that you can make extra payments and pay off your loan quickly without incurring any additional charges or fees.
- The fourth advantage is that you can borrow up to 100% of your home’s value, which might not be possible with other programs on the market, depending on your credit score and down payment amount.
- A DCB Bank home loan scheme is a great way to get the home of your dreams. You can avail of several benefits with DCB Bank as well.
- You will get the best interest rates on your loans.
- You can avail of various schemes such as the ‘Dream Home Scheme’ and ‘Loan against Property Scheme’.
- Another advantage is that you can take loans without any guarantor or collateral.
- You will also enjoy several privileges such as free accidental death and disability coverage, personal accident insurance, life insurance, travel insurance and medical expenses coverage.
The key benefits of a DCB Bank Housing Loan are:
- Low DCB bank home loan interest rate
- Flexible tenure options
- Competitive interest rates
What are the Disadvantages of a DCB Bank Home Loan?
However, there are also some disadvantages, for example:
- Higher processing fees for foreign nationals who do not have a credit history with DCB Bank
- Higher DCB bank home loan interest rate for people who have bad credit scores
5 reasons to apply for a DCB Bank home loan
DCB Bank is one of the leading banks in India. It offers a wide range of banking products and services. And if you are looking for a home loan, you can apply for one from DCB Bank.
Here are five reasons to apply for your home loan from DCB Bank:
1) Low-interest rates- DCB Bank offers low-interest rates on its home loans compared to other banks in India.
2) Personalized attention– You will get personalized attention from the bank’s customer service team when applying for your home loan.
3) Quick approval process- The approval process is quick and hassle-free at DCB Bank.
4) Long repayment duration- You can repay your loan over a long duration period with flexible EMIs at DCB Bank.
5) Flexible lending options- You get flexible lending options like loans against property or term loans with low-interest rates at DCB Bank.
Processing Fee for DCB Bank Home Loans
DCB bank home loan interest rate begins at 8.25%. Mortgages from Rs. 10 lakh to Rs. 5 crores are available from DCB. There are loans available with both fixed as well as the adjustable rate of interest, based on your requirements and convenience.
Anyone employed or self-employed is qualified to apply for loans. With Rs. 5,000 minimum, the processing cost is 2% of the amount borrowed. Our Executive will help you out with the information regarding processing fee for your loan amount.
Fees and Other Charges
DCB Bank Home Loan Processing Fee and Other Charges
Particulars | Charges/Fee |
Processing Fee | Up to 2% of the loan amount, subject to a minimum of Rs.5,000 |
Annual Maintenance Charge | Up to 1% on principal outstanding |
Prepayment Charges | For floating rate home loan- NIL Part pre-payment for first 6 months- NIL For Part Fixed+Part Floating Interest Rates- NIL up to 25% of principal outstanding Full pre-payment for 1 year- NIL |
Penal Interest (in case of default) | 1% additional levy over the existing Rate of Interest |
Re-Pricing Charges (Home Loan including PayLess Loans) | Up to 1% of the outstanding loan amount (Minimum Fee/Charges of Rs.5,000/-) |
Penal Interest | 3% per month |
Cheque/ECS Swap Charge | Rs. 500/- per event |
Property Document Retrieval Charge | Rs. 500/- per event |
Cheque Bounce Charge | Rs. 750/- per event |
Amortization Schedule | Rs. 100/- per schedule |
Statement of Account | Rs. 100/- per statement |
Foreclosure Statement | Rs. 100/- per statement |
Revalidation of ‘No Objection Certificate | Rs. 100/- per NOC |
Provisional Income Tax Certificate | NIL |
Final Income Tax Certificate | NIL |
Interest Certificate | NIL |
Change of Address | NIL |
Loan Agreement Copy | Rs. 500/- per event |
No Dues Certificate | NIL |
Note: Goods and Services Tax (GST) as applicable will be levied in addition to the mentioned charges.
Some Tips to Keep in Mind Before Applying For Your Dream Home Loan With DCB Bank
Home loans are one of the most important financial decisions you will make in your life. The DCB Bank home loan process is designed to help you find the perfect home loan for your needs. DCB bank home loan interest rate are calculated based on the loan amount. To get help applying for this loan, contact us.
1. Know Your Credit Score
A good credit score can help you get approved for a lower interest rate and qualify for more money from the bank. But if your credit score is too low, it can be difficult to get approved for a loan at all. It’s important to understand how your credit score will affect your chances before applying for a home loan with DDB Bank.
2. Understand Your Situation
Before applying for a home loan, it’s important to understand what kind of situation you are in financially so that you can make an informed decision about which type of mortgage best suits your needs.
3. Make Sure You Can Afford It!
One of the most important factors when taking out a mortgage is whether or not you can afford it. The monthly mortgage payments can be more than the rent. It’s important to make sure you can afford the large monthly payments before getting into homeownership.
4. Get a Pre-Approval Letter from Your Lender
You should get a pre-approval letter from your lender before beginning the process of applying for a mortgage, which will tell you how much you qualify for. This will also let you know how much money your house will cost and what interest rates are available to you.
5. Find a Realtor to Show You Homes
You should start looking at homes now and find a good realtor who can help you navigate the process of finding the right home, paying for it and getting it into your name.
6. Some questions to ask
The first step that you need to take before applying for a home loan is to work out what type of mortgage best suit your needs.
Ask yourself the following questions:
- What kind of monthly payment are you looking for?
- Do you want to pay off your mortgage early or do you want it to be fully amortized?
- Are there any specific features that you would like your mortgage to have, such as prepayment options, balloon payments, etc.?
- What is the estimated period for which you will be in a position to repay the loan?
7. Understand the requirements
Before applying for a home loan, it’s important to take some time to understand the application process and what are the requirements.
8. Finalize the loan amount
It is essential that you decide in advance how much you want to borrow and how much of the property purchase price you want to pay upfront. You need to know what your debt-to-income ratio will be once you have obtained a new mortgage.
Documents Required to Apply for DCB Bank Home Loans and to know DCB bank home loan interest rate
Documents | Salaried | Self Employed |
Application Form | Duly signed by all the applicants | |
Photographs | Signed across the face | |
KYC | Valid Identity, Address and Age proof | |
Bank statement | Last six months | Last one year |
Income proof | 3 salary slips/certificate | 3 years ITR |
Turnover | NA | GST statement |
Continuity | 2 years Form 16 | Trade License |
Processing Fee | Cheque required | |
Additional documents for non-individuals | ||
Sole Proprietor | Registration Certificate Trade License GST statement ITR Copy of Utility bills | |
Partnership | Copy of partnership deed Registration Certificate | |
Companies | Incorporation Certificate Copy of MOA Copy of AOA Board Resolution | |
Applicable to all Transactions | ||
Property Documents | Title deeds for the execution of the mortgage Tax receipts Search reports | |
Loan disbursal documents | Signed Loan Agreement Repayment instruments | |
How to Apply for a DCB Home Loan
The procedures for requesting a home loan from DCB Bank are listed below:
1) Application and Approval
By visiting the DCB Bank website and completing the application form with the required information, you could apply for a home loan online. The loan part of the portal is where you can find the application. You must select the apply option and confirm your eligibility. You must complete the form by entering all the necessary information.
Depending on the sort of applicant you are, you should also attach the aforementioned documents. Additionally, you can hand-deliver your house loan application to a bank location. Within 5 to 10 days of the application submission, DCB Bank would sanction a home loan after analysing the supporting documents.
The bank’s surveyor will examine the property you want to buy when the mortgage is approved. The surveyor will create a legal and technical report after assessing the condition and current market price of the residential property.
Based on the analysis and market price, the DCB Bank will calculate the property’s value. After that, the bank will offer a loan for 90% of the value of the property. DCB bank home loan interest rate can be calculated accordingly. Click here for any assistance with the application.
2) Status
When you’ve submitted your application, you’ll like to know its progress. By visiting the DCB Bank website and selecting the “Track Your Application Status” link, you might accomplish this. A screen will show when you select the link asking you to input your Application ID, email address and mobile number. To learn the status of the loan application, just enter your details.
3) Statement
It makes sense that you would want to get monthly statements for a DCB bank mortgage if you have one. If you have a house loan with DCB bank, you will regularly receive your monthly statements. You can quickly review and keep track of all of your housing loan activity with the help of these statements. To acquire your statements, you are no longer required to phone the bank or go to a nearby branch. They will promptly show up in your mailbox and contain detailed information on your mortgage.
DCB Bank Home Loan Interest Rate – FAQs
Q.1 For house loans, does DCB Bank receive a fixed or fluctuating rate?
Ans. The DCB bank home loan interest rate are both fixed and adjustable in their interest rates to its clients.
Q.2 What is the highest loan amount offered by DCB Bank?
Ans. The highest loan amount for a borrower is established using cash flow projections and income data.
Q.3 What is the current interest rate for a house loan from DCB Bank?
Ans. The current DCB bank home loan interest rate offered is 8%.
Q.4 Is it possible to modify this interest rate?
Ans. No, it is not possible. However, it could change depending on the CIBIL score.
Q.5 What rate of interest will the DCB Bank employee receive on the mortgages?
Ans. There will be a 1% reduction in DCB bank home loan interest rate.
Conclusion: Should I Consider a DCB Home Loan?
The DCB home loan is a great option for people who have good credit history and a stable income. It has low EMIs, flexible tenure, and is backed by the government. To help you with your home loan, contact us today.
