- DCB Bank Home Loan
- Home Loan
- DCB Bank Home Loan Summary
- DCB Bank Home Loan Features and Benefits
- Factors Affecting Home Loan EMI
- Formula for EMI Calculation
- How to Use the DCB Bank Home Loan EMI Calculator by Fincity?
- DCB Bank Home Loan Eligibility Calculator
- Home Loan Fees and Additional Charges
- How to Apply for Home Loan on DCB Bank Portal?
- How to Apply for DCB Bank Home Loan with Fincity?
DCB Bank Home Loan
DCB Bank, like many popular banks, offers home loans at an attractive interest rate starting from 10.24%. The bank also provides balance transfer facility along with an attractive insurance on home loan plans to cover the loan amount in the event of any unfortunate incident occurred to the borrower.
A home is one of the first things people think of buying, in their youth – how they want it to look like, what are things they will have in the house, etc. But as they get older, they realize that to make this dream of theirs come true they need money which is not easy to save with the current economy and inflation crisis. It is to help this goal of people, to buy their dream homes that DCB Bank offers home loans.
A home loan is often a very large amount that you borrow from the bank, for the purpose of buying a home. The EMI also tends to be high and therefore you need to decide beforehand how much an amount of loan you would want, what interest rate you are comfortable paying, and also the tenure of the loan.
DCB Bank Home Loan Summary
|Interest Rate||Starting from 10.24% onwards|
|Loan Tenure||From 0 to 20 years|
|Loan-to-Value Ratio||LTV up to 90%|
|Processing Charges||Up to 2% of the loan amount|
DCB Bank Home Loan Features and Benefits
- High LTV of up to 90%
- Simple and quick approval
- Attractive interest rate
- Zero hidden charges
- Affordable insurance plan
- Top Up on existing home loan available
Factors Affecting Home Loan EMI
Home Loan EMI can be calculated using an online Housing Loan Calculator which takes into account many factors like loan amount, interest rate and the tenure or duration for which you are planning to avail the loan.
- Loan amount – This is the amount you want to borrow to fulfil your home needs. Home loan amount mainly depends on value of the property for which the loan is availed.
Fincity offers Home Loan for amounts as low as Rs. 30 lakhs to as high as Rs. 5 Crores.
- Loan Tenure – Loan tenure is the duration over which a Home Loan is repaid. In practice, a shorter tenure results in higher EMIs but helps you save on the total interest payout of the loan. The longest loan tenure available across banks and NBFC’s in India for buying a home on a loan is around 30 years, subject to the borrower’s current age and retirement age.
- Interest Rate – The Rate of Interest is the interest charged on the borrowed loan amount and is one of the components of monthly EMI along with principal repayment.
Formula for EMI Calculation
Generally, the EMI for a Home Loan is calculated using the given formula:
E = P * r * (1+r) ^ n / ([(1 + r) ^ n] – 1)
In the formula mentioned above,
E = Equated Instalment
This is the total obligations required to pay per month
P = Amount of Loan
This can be anywhere between Rs.15,00,000/- to Rs.5,00,00,000
r = Rate of Interest
This means the interest rate per month. For IDFC First Bank, this starts from 7.0%
n = tenure in months
Usually, the tenure for a home loan ranges from 15 years to 30 years.
How to Use the DCB Bank Home Loan EMI Calculator by Fincity?
You can calculate your home loan EMI almost instantly using the Home Loan Calculator. It is precise and easy to use for anyone. This calculator for Home Loan EMI might require just a few key home loan details from the user to display results.
Here’s an easy guide on how to use the home loan EMI calculator:
Step 1: Input the loan amount you wish to borrow.
Step 2: Input the applicable interest rate for the home loan.
Step 3: Input the tenure over which you will be able to repay your home loan.
As soon as you complete the above steps, your home loan EMI will be displayed along with other details such as total amount payable and also total interest payable.
DCB Bank Home Loan Eligibility Calculator
DCB Bank offers Home Loans to its customers at interest rates starting as low as 10.24% per annum. A borrower can pick from a range of DCB Bank home loan schemes for a loan tenure stretching up to 20 years. In this article, we help you understand the importance of using the DCB Bank Home Loan Eligibility calculator to know how much home loan you are likely to qualify for.
|DCB Bank Home Loan Eligibility Criteria|
|Age Limit||21 – 70 Years|
|Work Experience||Minimum 2 Years (Salaried) Minimum 5 Years (Self-Employed)|
Note: The details mentioned above are subject to change at the discretion of the lender.
Home Loan Fees and Additional Charges
Depending on the loan type you are applying for, a few charges may be levied. They are mentioned below:
- Processing fees: This is a one-time fee that is to be paid to the home loan provider after the loan application has been approved. The processing charge is dependent on the bank and the loan scheme you are applying for, the process charge thus is a variable metric. This fee is non-refundable.
- Prepayment charges: This is the fee or the penalty you will have to pay the lender, should you plan to repay your home loan before the completion of the tenure of the loan.
- Conversion fees: Some banks might also charge a small conversion fee if and when you decide to switch to a different loan scheme or even a different loan provider in order to decrease the interest rate associated with your current scheme.
- Cheque dishonor charges: This type of fee is levied when the loan provider, like the Bank or NBFC, is provided that a cheque issued by the borrower is found to be dishonored due to reasons such as insufficient funds in the borrower’s account.
- Home insurance: One of the best ways to protect the home is to insure it. The premium of this insurance should be paid directly to the concerned company during the insurance term to make sure that the insurance policy is running during the home loan tenure.
- Default charges: Loan providers also charge a penalty on delayed or missed repayments i.e., if you do not make your Equated Monthly Instalments (EMIs) or Pre-EMIs on time. But these types of defaulting charges vary from one bank to another.
- Incidental charges: These charges cover for the expenses and costs incurred by the bank to recover dues from a borrower who has failed to make his monthly instalments on time.
- Statutory/regulatory charges: The fee might include all the expenses associated with the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI), Memorandum of Entry and Deposit, and also stamp duty. You can visit the CERSAI’s official website to know more about these charges.
- Photocopy of documents: The fee is paid to the bank if you need a photocopy of your home loan documents for any personal needs.
- Change in loan term: Some banks also charge a nominal fee if you think of changing the tenure of your loan.
How to Apply for Home Loan on DCB Bank Portal?
Here are the steps to follow to apply for a DCB Home Loan on the bank website:
1) Visit DCB Bank’s official website.
2) Click on the ‘Apply Now’ button on the ‘Home Loan’ page.
3) Enter your personal, professional, property-related other details required to sign up. Check the authorization box and then click the Submit button.
4) A bank representative will get back to you with the next steps.
How to Apply for DCB Bank Home Loan with Fincity?
You can apply for an DCB Bank Home Loan on Fincity by following the steps below:
1) Click https://app.fincity.com and sign up.
2) Click ‘Home Loan’ under Loan Type.
3) Enter the required personal, professional, income, property-related details, and upload necessary documents.
4) Click Submit.