Highlights
- DCB Bank Home Loan Interest Rate is customized to benefit borrowers
- Read the page and know how to maximize from DCB Bank Home loan Interest Rate
To buy your dream home you can borrow funds from the DCB Bank. And the bank offers loans up to INR 5 crore. The user can get either a fixed or floating interest rate over the loan. While a fixed rate loan will imply the same rate of interest throughout the loan tenure, the floating rate will mean changes in the interest rate with the change in market conditions. Historically, if you talk about, the floating rate has proven to be cost-efficient for borrowers. And that is the reason why we recommend you to adopt the floating rate of interest. DCB Bank Home Loan Interest Rate is based on the income and repayment potential of an applicant. Read this page further to know how the interest rate of the bank can help you in repayment.
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DCB Bank Home Loan Interest Rates December 2023
| Category | Details |
|---|---|
| Interest Rate | As Applicable |
| Loan Amount | INR 10 Lakhs - INR 5 Crores (Upto 90% of the Market Value of the Property) |
| Tenure | 20 - 30 Years |
| Processing Fee | Upto 2% of the loan amount, with a minimum of INR 5,000, plus applicable GST charges |
| Prepayment Charges | NIL |
DCB Bank Home Loan Balance Transfer
If you are servicing home loan EMI obligations somewhere else but finding it hard to do so because of higher interest rates, think of switching the outstanding balance to DCB Bank at a lower interest rate. This will help reduce EMI and interest outgo. See the example below to know the kind of savings you can have on transferring the outstanding balance to DCB Bank at a lower rate.
For example, Rita has borrowed a loan of INR 80 lakh at an interest rate of 13.00% per annum. And now she needs to lower the burden of her home loan. She went to DCB Bank and they offered her an interest rate of 11.00% for her existing loan. So, she has decided to do a balance transfer. And before applying for it she makes calculations of her savings schedule after the transfer. Have a look at the below table to know what amount she has saved with the DCB Bank home loan interest rate.
| Particulars | Details |
|---|---|
| Original Loan Amount | INR 80,00,000 |
| Interest Rate | 13.00% |
| Tenure | 20 years |
| EMI @13.00% | INR 93,726 |
| Estimated Interest Outgo @13.00% | INR 1,44,94,254 |
| Interest Paid Till 8 Years | INR 78,16,000 |
| Outstanding Balance at the End of 8th Year | INR 68,18,298 |
| EMI @11.00% for the Remaining Years | INR 85,471 |
| Interest Payable @11.00% for the Remaining Years | INR 54,89,545 |
| Interest Paid Till Now + Interest Payable Over the Next 12 years | INR 1,33,05,545 |
| Estimated Savings in Terms of EMI | INR 8,255 |
| Estimated Savings in Terms of Interest Payment | INR 11,88,709 (1,44,94,254 - 1,33,05,545) |
So from the above example, you must have got an idea of the savings. But do not forget to add the nominal transfer fee which DCB Bank can charge on this balance transfer deal. Deducting the fee will give you the resultant savings.