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Delve into DCB Bank home loan, a reputable financial establishment renowned for its dependable offerings. Whether you're a salaried individual, a self-employed entrepreneur, or an NRI, DCB Bank presents an extensive range of home loan solutions tailored to meet your specific needs. This segment provides you with an in-depth understanding of DCB Bank home loans.
DCB Bank Home Loan Details
DCB Bank home loan schemes embody alluring features and flexible alternatives, streamlining a smooth and cost-effective journey towards realizing your dream of owning a home. Let's take a closer look at the fundamental details that define DCB Bank home loan options:
- Interest rate: The interest rate for DCB Bank home loan is currently 9.56% (EBLR). The EBLR is the External Benchmark Linked Rate, which is the base rate that is used to calculate the interest rate for home loans. The EBLR is revised every month.
- Loan amount The maximum loan amount for DCB Bank home loan is Rs. 5 crore. The loan amount will depend on the applicant's income, repayment capacity, and the value of the property.
- Processing fee The processing fee for a DCB Bank home loan is 2% of the loan amount, subject to a minimum of Rs. 5,000.
- Prepayment/Foreclosure Charges There are no prepayment charges for DCB Bank home loans if the loan is repaid within the first 6 months of disbursement. After 6 months, there are prepayment charges of 3% of the outstanding loan amount if the loan is repaid in the first year.
- Maximum tenure The maximum tenure for a DCB Bank home loan is 20 years. The tenure will depend on the applicant's age and repayment capacity.
- Rate packages available DCB Bank home loan offers two rate packages:
- Fixed rate
- The interest rate for the fixed rate package is fixed for the entire tenure of the loan.
DCB Bank Home Loan Interest Rates
| Scheme | Interest Rate Range |
| DCB Flexi Home Loan | 9.56% |
| DCB Fixed Rate Home Loan | 9.90% |
| DCB Gold Home Loan | 8.90% |
| DCB No Cost EMI Home Loan | 9.75% |
| DCB Senior Citizen Home Loan | 8.75% |
DCB Bank home loan EMI Calculator
The EMI calculator functions by calculating the monthly amount you need to pay for your DCB Bank home loan, covering both the principal sum and the accumulated interest. This calculation takes into account variables like the interest rate and the repayment period to accurately ascertain your monthly instalment.
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
• P = Loan amount
• R = Interest rate
• N = Repayment period in years
DCB Bank Home Loan Schemes
The financial institution offers competitive interest rates across DCB Bank home loan plans. Interest rates may vary based on the specific loan scheme and repayment duration. Presented below is a synopsis of the diverse DCB Bank Home Loan Schemes:
DCB Flexi Home Loan:
It is a floating rate home loan that offers the flexibility to choose your interest rate every year.
Applicant Type:
- Salaried and self-employed borrowers
Eligibility:
- Age: 21 years - 60 years
- Monthly income: INR 30,000 - INR 50,000.
- Employment Type: Salaried or self-employed.
Loan Tenure:
- Up to 30 years
Maximum Loan Amount:
- Depending on your repayment capacity
Interest Rate:
- 9.56% Onwards.
Processing Fees:
- 2.0% of the loan amount.
DCB Fixed Rate Home Loan:
It offers a fixed interest rate for the entire loan tenure, which can give you peace of mind.
Applicant Type:
- Salaried and self-employed borrowers
Eligibility:
- Age: 21 years - 60 years
- Monthly income: INR 30,000 - INR 50,000.
- Employment Type: Salaried or self-employed.
Loan Tenure:
- Up to 20 years
Maximum Loan Amount:
- Up to 5 Crores
Interest Rate:
- 9.90% Onwards.
Processing Fees:
- 2.0% of the loan amount.
DCB Gold Home Loan:
It is a home loan that uses gold as collateral. This can be a good option if you have gold that you can use to secure the loan.
Applicant Type:
- Salaried and self-employed borrowers
Eligibility:
- Age: 21 years - 60 years
- Monthly income: No minimum income requirement.
- Employment Type: No employment type requirement.
Loan Tenure:
- Up to 30 years
Maximum Loan Amount:
- Up to 20 Lakhs
Interest Rate:
- 8.90% Onwards.
Processing Fees:
- 1.0% of the loan amount.
DCB No Cost EMI Home Loan:
It is a home loan that offers no processing fee and no prepayment penalty. This can save you a significant amount of money on your home loan.
Applicant Type:
- Salaried and self-employed borrowers
Eligibility:
- Age: 21 years - 60 years
- Monthly income: INR 30,000
- Employment Type: Salaried or self-employed.
Loan Tenure:
- Up to 30 years
Maximum Loan Amount:
- Up to 5 Crores
Interest Rate:
- 9.75% Onwards.
Processing Fees:
- 2.0% of the loan amount.
DCB Senior Citizen Home Loan:
It is a home loan that is specifically designed for senior citizens. It offers a lower interest rate and a longer loan tenure than regular home loans.
Applicant Type:
- Senior Citizen borrowers
Eligibility:
- Age: 58 years - 75 years
- Monthly income: INR 15,000
- Employment Type: No employment type requirement.
Loan Tenure:
- Up to 20 years
Maximum Loan Amount:
- Up to 5 Crores
Interest Rate:
- 8.75% Onwards.
Processing Fees:
- 2.0% of the loan amount.
DCB Bank home loan top-up option is also available. The DCB Bank home loan top up facility empowers individuals who are currently servicing an active DCB Bank Home Loan to secure extra funds for endeavors like home enhancement, education, or addressing personal financial requirements. By comprehending the interest rates linked with diverse DCB Bank home loan plans and the accessibility of the DCB Bank home loan top-up feature, borrowers can ensure informed and astute decision-making.
DCB Bank Home Loan Eligibility
To qualify for a DCB Bank Home Loan, certain criteria need to be fulfilled. Eligibility prerequisites may differ depending on the specific loan scheme and the applicant's categorization. The following are essential aspects evaluated by DCB Bank when determining eligibility for a home loan:
- Age
- The minimum age of the applicant is 25 years.
- The maximum age is 65 years (at the time of loan maturity).
- Income
- The minimum monthly income requirement for a salaried individual is Rs. 30,000.
- For a self-employed individual, the minimum monthly income requirement is Rs. 50,000.
- Employment type
- Individuals who are salaried or self-employed with regular income are eligible for a DCB Home Loan.
- Credit score
- The minimum credit score required for a DCB Home Loan is 750.
- Property documents
- Sale deed of the property
- Property tax receipt
- In case of a resale property, the original sale deed and the latest mutation certificate
- Building plan
- Completion certificate
- NOC from the society (if applicable)
Alongside the above eligibility criteria, DCB Bank may also take into account additional factors including your debt-to-income ratio, savings, and overall financial solidity.
Documents Required for DCB Home Loan Application
When seeking a DCB Bank home loan, it's essential to furnish specific documents. The document prerequisites may differ depending on the applicant's classification and the selected loan scheme. Presented below is a compilation of typical documents requested by DCB Bank during the home loan application procedure:
Documents Based on Loan Purpose
1. Identity Proof
- PAN Card
- Aadhaar Card
- Passport
- Voter ID
- Driving License
2. Address Proof
- Aadhaar Card
- Passport
- Voter ID
- Utility Bills
- Rental Agreement
3. Income Proof
- Salary slips
- Bank statements
- Income tax returns
- Audited financial statements for self-employed individuals
4. Property Documents
- Sale agreement
- Property title deed
- Approved building plan
- Property tax receipts
5. Other Documents
- Passport-size photographs
- Bank statements
- Employment proof
How to Apply for DCB Home Loan
Initiating an application for a DCB Bank Home Loan is a simple process, facilitated by the availability of online application alternatives. Here is a comprehensive, step-by-step guide to assist you in navigating the procedure of applying for a DCB Bank Home Loan:
1. Research:
Gain an understanding of the diverse DCB Bank Home Loan schemes and select the one that aligns with your specific needs.
2. Check Eligibility:
Utilize DCB Bank’s online eligibility calculator to accurately assess your loan eligibility.
3. Gather Documents:
Assemble all the requisite documents as per the designated loan scheme and applicant classification.
4. Online Application:
Navigate to the official DCB Bank website or utilize reliable platforms like NoBroker for a seamless online application. You also have the option to track your DCB Bank home loan status online via the official website.
5. Fill Application Form:
Input precise details and seamlessly upload the required documents.
6. Application Review:
DCB Bank will meticulously evaluate your application and may request additional documentation if deemed necessary. Your patience is essential while awaiting the status of your DCB Bank home loan application.
7. Loan Approval and Disbursement:
Upon approval, the sanctioned loan amount will be disbursed directly to your bank account. By adhering to these steps, you can successfully navigate the DCB Bank Home Loan application process with convenience and efficiency.
By following these steps, you can successfully navigate the DCB Bank Home Loan application process with convenience and efficiency.
DCB Bank Home Loan Customer Care
If you have any queries or require assistance regarding a DCB Bank Home Loan, reaching out to their dedicated customer care team is a straightforward process. Below, you'll find the contact details for DCB Bank Home Loan Customer Care:
| Toll-Free Number (India) | 040 6815 7777 |
| Toll-Free Number (NRI) | 022 6899 7777 |
| Chargeable number for customers abroad | 022 6127 1000 |
| Address | DCB Bank Limited P.O. Box No. 7643, Malad (West), Mumbai - 400064, India |
Conclusion
DCB Bank home loan offers an outstanding chance for individuals to fulfil their dream of homeownership. With competitive interest rates, versatile loan choices, and an array of schemes, DCB Bank adeptly caters to the varied requirements of borrowers. By exploring this piece, you've acquired a comprehensive understanding of DCB Bank home loan particulars, encompassing interest rates, eligibility prerequisites, the application procedure, and avenues for customer support.
