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Home Loan

Deutsche Bank provides a hassle free home loan which helps an individual to meet his requirement to build a life time asset starting from purchasing a new house or a flat or a renovation.

 

Deutsche Bank Home Loan Interest Rate

Interest Rate 9.35% onwards
Processing Charges Upto 1% of loan amt.
Loan Tenure Upto 20 years
Loan Amount Upto 15 crores
Cheque Bounce Charges Rs.500 per instance
Cheque / Instrument Swap Charges Rs.500 per instance
Prepayment or Foreclosure Charges Nil if floating, up to 2% for fixed rate 

 

Various types of home loans offered by Deutsche Bank are:-
 

  • Deutsche Bank Home Loan to buy fully completed or under construction properties.
  • Home Improvement Plan.
  • Home Extension Plan.
  • Balance Transfer.
  • Deutsche Bank Home Loan for Non-Resident Individuals.

Features of Deutsche Bank Home Loan
 

Deutsche Bank Housing Loan has some unique features which are:
 

  1. The maximum value of the property is provided to the tune of 80%.
  2. The Deutsche Bank home loan offers hassle free home loan eligibility criteria for salaried and self-employed individuals depending on their income, age, assets, liabilities, savings, occupation, qualifications, number of dependents.
  3. Deutsche Home loans Interest rate is calculated on the outstanding loan amount resulting in the reduction of the interest amount extensively every time the Deutsche bank home loan EMI is paid or a part payment is made.
  4. Trouble free and faster loan processing.
  5. Insurance is provided with Deutsche Bank home loan to cover the risk of loan which helps the family to pay off outstanding loan in case of unanticipated scenarios.
  6. A Balance Transfer option is available here and one can take advantage of the same if  existing home loan is levies higher interest rate, then that home loan can be transferred to Deutsche Bank at the current rate.

Details of the Loan
 

  • Minimum loan tenor is 5 years.
  • Maximum Loan tenor is 20 years.
  • Maximum Loan amount: Rs.10 crores.

Features of Deutsche Bank Home Loan

Deutsche Bank Housing Loan has some unique features which are:
 

  1. The maximum value of the property is provided to the tune of 80%.
  2. Hassle free eligibility criteria for salaried and self employed individuals depending on their income, age, assets, liabilities, savings, occupation, qualifications, number of dependants.
  3. Interest is calculated on the outstanding loan amount resulting in the reduction of the interest amount extensively every time the EMI is paid or a part payment is made.
  4. Trouble free and faster documentation process.
  5. Insurance is provided with home loan to cover the risk of the loan which helps the family to pay the outstanding loan in case of unanticipated scenarios.
  6. A Balance Transfer option is available here and one can take the advantage of the same if  the existing home loan is running at a higher interest rate, that home loan can be transferred to Deutsche Bank at the current rate.

Schedule of Charges for Deutsche Bank Home Loan w.e.f 2nd June 2014

Narration

Home Loan and Property Purchase Loan ( All Variants)

1.Administration Fee

Up to 1%  of loan amount

2.Default Interest Rate

24% P.A.

3.Lock in Period

Within the first 6 months of disbursement, part payment or full payment is not allowed.

4. Loan Prepayment Charges

Fixed Rate Loan ( All Variants)

  1. Pre closure chares are 2.5% of the loan outstanding at the time of the loan closure.
  2. Part payment charges are 2.5% of the amount prepaid.

Floating Rate Loan ( For Home loan and Property Purchase)

  1. No part payment or prepayment charges.5Floating Rate Loan ( For Top Up Loan)
  2. No part payment or prepayment charges to individuals.

Top up loans disbursed after 1st April, 2013:-

  1. Part prepayment up to 25% of outstanding loan amount every financial year : Nil
  2. For amount part paid in excess of 25% of outstanding loan amount in every financial year: 2 % excess amount part paid.
  3. Pre closure charges of 2% is charged on the loan outstanding and on all the part payments made in the current financial year prior to loan closure for which no part payment charges were paid.

 

  • Part Prepayment cannot be done on partly disbursed loans.
  • Minimum amount for prepayment is 6 times of the EMI amount or Rs.1 lakh whichever is lower.

5.Transaction Fee

Rs.500/- ( customer initiated EMI / tenor change request including part payment)

6.Dulicate Statement Charge

Rs.200/-

7.Repricing Fee

Up to 1.5% of principal outstanding

8.Cheque/ ECS/SI Dishonor Charges

Rs.500/-

9.Service Tax , other government tax

As applicable.

10.Stamp Duty Charges

Based on the local rules and regulations and the type of mortgage.

11.ECS/PDC Swap Charge

Rs.500/-

12.Personal Credit Report Issuance Charge

Rs.50/-

13. Document Retrieval Charges

Rs.500/-

Documentation

 

As mentioned above, easy, hassle free and minimum mandatory documentations are needed along with the loan application form for the completion of loan processing. The details are as follows:-
 

Documentation

Salaried

Self employed

Financials

  1. Salary Slip for last 3 months
  2. Form 16 or ITR
  3. HR Certificate reflecting allowances and reimbursements.
  4. Copy of Bank Statements for main account for last 6 months.
  5. Repayment details of existing loan or loan closure letter.
  1. Income Tax return for last 2 years.
  2. Proof of business continuity for last 3 years.
  3. Profit and Loss account with computation of Income and Balance sheet for last 2 years certified by a CA.
  4. Copy of Bank Statements for main account for last 6 months.
  5. Note on nature of business, form of organization, suppliers and customers.

Proof of Age( Any One)

  1. Passport
  2. Voter’s Id
  3. Birth Certificate
  4. Valid Driving License
  5. Aadhar Card or letter issued by UIDAI
  6. PAN Card
  7. Job card issued by NREGA duly signed by any State Government Official.
  1. Passport
  2. Voter’s Id
  3. Birth Certificate
  4. Valid Driving License
  5. Aadhar Card or letter issued by UIDAI
  6. PAN Card
  7. Job card issued by NREGA duly signed by any State Government official.

 

 

 

Proof of Signature( Any One)

  1. Valid Passport
  2. Driving License.
  3. PAN Card.
  4. Banker’s Certificate.
  1. Valid Passport
  2. Driving License.
  3. PAN Card.
  4. Banker’s Certificate.
  5.  

Proof of Identity( Any One)

  1. Passport
  2. Voter’s Id
  3. Valid Driving License
  4. Aadhar Card or letter issued by UIDAI
  5. PAN Card
  1. Job card issued by NREGA duly signed by any State Government

Official.

  1. Passport
  2. Voter’s Id
  3. Valid Driving License
  4. Aadhar Card or letter issued by UIDAI
  5. PAN Card

Job card issued by NREGA duly signed by any State Government official.

Proof of Address( Any One)

  1. Passport
  2. Voter’s Id
  3. Valid Driving License
  4. Aadhar Card or letter issued by UIDAI
  1. Job card issued by NREGA duly signed by any State Government

Official.

  1. Passport
  2. Voter’s Id
  3. Valid Driving License
  4. Aadhar Card or letter issued by UIDAI
  5. Job card issued by NREGA duly signed by any State Government official.

Tax Benefit On Home Loan

Resident Individuals can get Tax benefits on both the interest and principal elements of a loan under the Income Tax Act, 1961. One gets a provisional IT certificate which can be issued anytime as per the request from the customer. Otherwise, the IT certificate is issued at the end of each financial year either in April or May. According to IT rules, one IT certificate is issued in the name of both applicant as well as co applicants.


Co-Applicants
 

For enhancement of the loan, one can include co-applicants for the loan.


Security / Collateral
 

Title Deeds are treated to be the main security or collateral which should be unambiguous, marketable and therefore free from any encumbrances.


Amortization Schedule
 

It’s a detailed statement which shows the breakup of the interest and the principal component of the EMI for every month. It helps the customer to know exact principal outstanding after each and every payment. The other advantage of this schedule is that a customer will know exactly when the loan will be paid off and he or she can plan accordingly as with each payment the principal goes down.


Top Up Loan
 

Additional loan can be taken by the customer against same property to meet a range of personal necessities. The existing loan tenor has to be of minimum 12 months. A good repayment track record is the main criteria to avail a top up loan. A written application needs to be provided stating the purpose of the top up loan. The purposes of the top up loan can be categorized as follows:-
 

  • Consumer durables: To buy fridge, AC, washing machine, TV etc.
  • Childs education: For further or higher studies.
  • Furnishing home: To buy furniture for the house.
  • Daughter’s marriage: To get fund for making the daughter’s marriage a special one.
  • Family holiday: To execute a planned family holiday.
  • Buying of vehicle: To buy car, bikes etc.
  • Any other necessity which is not illegal or speculative: Example may be to start a small boutique or a parlor.

3 simple steps to apply for Deutsche Bank Home Loan

  • Apply for Deutsche bank Home Loans: - Application form with mandatory documents as mentioned above including KYC documents for home loans needs to be submitted.
  • Sanction: - Bank sanction loan after verifying the necessary income and other credentials and property value and informs the customer in writing. However, Bank will also communicate in writing if the application for home loan is rejected. In both the cases, the maximum turnaround time will be one month from the date of application.
  • Disbursement: - Final stage where the amount is available at the disposal of the customer for the specified utilization. Loan will be disbursed on
  1. Identification and selection of the property.
  2. Legal and Technical clearance of the property.
  3. Submission and compliance with the legal documents
  4. Investment of one owns contribution towards the property purchase.

Frequently Asked Questions

  • How can you ascertain whether an applicant is capable to repay the loan or not?

The Deutsche Bank Home loan repayment capability of the applicant is based on a number of conditions such as the income, qualification, assets and liabilities, age, income of the partner, previous history of the money saved, etc. Basically, the loan amount is limited to 80% of the amount agreed or the market value whichever is lower.
 

  • Is there any loan term option available?

Deutsche Bank offers a variety of different loan tenure options ranging between 5 to 20 years not extending beyond the retirement age of the applicant, i.e., 65 years whichever is lower.
 

  • If the loan gets sanctioned or rejected, how will be the message conveyed to an applicant?

In case of sanction or rejection of the loan, an application must be sent to the bank along with full details and documents as per necessary. On receiving such application and within maximum loan tenure of one month, the final verdict will be conveyed to the applicant in writing.
 

  • Meaning of pre-EMI interest?

When the loan is partly paid, applicant is liable to pay a certain amount on a monthly basis called interest. This particular interest is called pre-EMI interest and is till the entire loan amount is paid. After such payment of interest, the EMIs come into being.
 

  • How is the interest on the loan of Deutsche Bank calculated?

The loan interest under Deutsche Bank is calculated basically under two schemes namely fixed rate and Floating Rate.
 

  • How is the interest under fixed rate and Floating rate computed?

Under Fixed Rate scheme of Deutsche Bank, the rate of interest that was applicable on the disbursal date remains constant throughout the duration of the fixed tenure. On the other hand, under Floating Rate scheme, the interest rate is connected to the Base Rate offered by the Deutsche Bank.
 

  • What happens if a cheque bounces or the payment delays?

In such cases, a certain amount is and the balance due is charged from the applicant depending upon the policy mentioned in the Deutsche Bank.
 

  • What is the meaning of EMI?

EMI or Equated Monthly Instalments is a fixed amount which is payable by the applicant to the bank at a fixed monthly calendar date. Every month, both the interest and the principle amount are paid to the bank so that after a certain period of time, the loan is paid off completely.
 

  • Is the housing loan scheme payable through EMI?

Yes, the entire loan is repaid through EMI or Equated Monthly Instalments.
 

  • What are the components of EMI?

EMI basically consists of two components namely interest and principal amount.
 

  • Define Monthly Reducing Balance?

The interest under Deutsche home loans of Deutsche Bank is calculated on a monthly basis as a result of which the principal amount reduces every month. Applicant saves money over the entire loan period.
 

  • What is meant by the top-up facility under Deutsche housing loans?

Top-up home loans facility is offered to the present Deutsche home loan applicants in order to meet the personal requirements on the basis of the total property value. It provides extra loans against the same property. This loan is only provided to the applicant that holds a goof repayment history.
 

  • For what purposes the Top-up home loans under Deutsche Bank used?

The Deutsche Bank top-up home loans can be used for the following purposes:
 

  • Buy two-wheeler or four-wheeler vehicle.
  • Going on a family vacation.
  • Marriage of the daughter or any other person in the family.
  • Education of the children.
  • Buy durable goods like television, air conditioner, cooler, refrigerator etc.
  • Fixing or accessorizing house.
  • How many types of Deutsche home loans is there Deutsche Bank and what are they?

Deutsche offers a host of different types of Deutsche home loan schemes to all the applicants. They are basically of 5 different types namely:
 

  • Home loans on fully completed or under construction properties.
  • Deutsche Home Improvement Loans.
  • Deutsche Home Extension Loan.
  • Balance Transfer.
  • Deutsche NRI home loan.
  • What objects of the loan applicant can be used as a security by the deutsche Bank?

Basically an applicant can avail Deutsche housing loans by securing the title deed of the property as collateral. That title has to be pre3cise and free from any sorts of errors.
 

  • How can the applicant enjoy the tax benefits under a particular year?

During the entire course of the year, applicant has the choice to request for a provisional IT certificate issued during that year with the help of which, they can enjoy tax benefits on their home loans.
 

  • Basically when can the applicant get a hold of the IT certificate?

The IT certificate is generally issued at the end of each computing year and it is delivered to anapplicant in the month of April or May of every year throughout the tenure of the Deutsche home loan.
 

  • Who can be a co-applicant of the home loan from Deutsche bank?

Generally the spouse or partner becomes the co-applicant of Deutsche home loan whereas their income is also taken into consideration for repaying the loan amount. Other than that, any other co-owners of the property become the co-applicant of the home loan under Deutsche Bank.
 

  • Is IT certificates available for both applicants and co-applicants?

Generally, based on the rules of the IT department, only one IT certificate is issued at the end of each year which includes the name of both the applicants and the co-applicants.
 

  • Is there a facility available for the prepayment of the loan?

Yes, the Deutsche home loan under Deutsche Bank supports the facility of prepayment which is payable either partly or completely. However, if the prepayment is done partly, no extra cost is charged from the applicant but in case of full prepayment, the applicant is liable to pay a nominal amount as prepayment charge.
 

  • What is the process of Deutsche home loan application?

In order to apply for a Deutsche home loan, the applicant must go through three different stages. They are as follows:
 

  • Application- This is the initial stage where applicant submits a properly filled in application along with the necessary required documents.
  • Sanction- In this step, the applicant receives an approval on the desired loan amount. That particular loan amount is based on the total property worth and the repayment strength of the applicant.
  • Disbursement- under this last stage, the entire loan amount gets acquitted on the property identification, submission of the entire documents, legal clearance of the property and applicant’s investment in the acquired property.

Applying for Deutsche Housing loan

Since the online trend has gained momentum, Deutsche Bank has also initiated an online loan application where any desirable candidate can open Paisabazaar.com website and apply for the home loan available at Deutsche Bank easily. The Paisabazaar.com website has multiple loan related tools which include tools for checking the eligibility of an applicant, tool for calculating the EMI of the home loan payable and finally the application process to apply for the home loan. The home loan application process requires the details of an applicant and the available loan tool calculates the required EMI or the EMI payable under the loan. If an applicant satisfies the eligibility criteria, the website would allow him to proceed with the application process and complete it within a short time.