Query regarding DBS Treasures Home Loan

[ozzy_ausbound]

Does anyone have a Home Loan with DBS Treasures? I'm looking to transfer my existing HDFC Home Loan as I'm not satisfied with the services, and am looking for a review about DBS Treasures Home Loan, especially on these parameters:

1. How easy is it to make a partial pre-payment?
   Can it be done online? With HDFC, they always ask me to visit the branch for pre-payment.
2. Is the interest rate in line with the current market rate?
   With HDFC, I have always seen an upward increase. Whenever the market rates go down, I have to specifically mail them, and then charge some fees to convert the loan to a lower interest rate.
3. Is it easy to manage the bank account and loan account from outside India
   I am planning to migrate in a year, so I am looking for features like converting existing account to NRE, remitting funds, re-KYC, opening account in another country where DBS has its presence before arrival.

I have been considering HSBC, SCB and Deutsche Bank, however the eligibility criteria for the premium banking (HSBC Premier/SCB Priority/Deutsche Private) is a bit out of my reach - it requires a home loan of 1.15Cr+ or 30L+ TRV. Although DBS Treasures too requires a TRV for 30L, they consider 40% of the home loan balance in the TRV, making it much easier to achieve. Getting the metal Vantage Card would be a cherry on top. I have an existing HDFC Imperia account, but it seems quite useless, as they are not even offering me an Infinia, just a useless RM who tries to sell the toxic insurance linked investment plans.

Thanks in advance for your inputs!

 

[avikrish]

1. I suggest to make pre-payment of any amount of home loan by visiting the branch.

Loan payments, pre-payment options are not that transparent, let us hope RBI brings good options like they are bringing ULI.

Even some Banks give pre payment, but most of the times the emis, interest components are not adjusted in real time.

2. Transferring a loan from one bank to another bank is a painful, cumbersome process. The new bank which is offering for transfer will again charge every thing from scratch,
Like processing fee, valuation charges, paper work, interest rate etc...


Below is my personal examination

In the starting time of loan , interest component is more in emi than principal

Now after you paid more interest to HDFC Bank , how do you expect the other banks bare the remaining loan emis with less interest.?

3. Reg managing the loan from abroad, you need to talk to manager of the bank and also customer care via email to get written confirmation on the things. I am not having any idea on this point.

You should not be charged for changing interest rates , bank should do on its own without any additional charges unless your loan is not linked to repo rate (non- mclr loan). Such loans gets reset only on October as per repo rate at that time. Before or after October you need to make additional payment for changing interest rates.

Check your loan agreement for mclr or non- mclr and the spread as well

With new bank you need to also check the spread along with interest rates, and also if yours is a non-mclr then new bank might convert to mclr as now it's a mandatory by RBI and they may charge additional fee for this again.

I suggest to email customer care about your additional charges for changing interest rates, and get it reversed if possible, raise RBI ombudsman as well if you feel bank is not giving proper reasoning.

I see HDFC is the money sucker when it comes to loans 😐

 

[FinCurious]

Does anyone have a Home Loan with DBS Treasures? I'm looking to transfer my existing HDFC Home Loan as I'm not satisfied with the services, and am looking for a review about DBS Treasures Home Loan, especially on these parameters:

1. How easy is it to make a partial pre-payment?
   Can it be done online? With HDFC, they always ask me to visit the branch for pre-payment.
2. Is the interest rate in line with the current market rate?
   With HDFC, I have always seen an upward increase. Whenever the market rates go down, I have to specifically mail them, and then charge some fees to convert the loan to a lower interest rate.
3. Is it easy to manage the bank account and loan account from outside India
   I am planning to migrate in a year, so I am looking for features like converting existing account to NRE, remitting funds, re-KYC, opening account in another country where DBS has its presence before arrival.

I have been considering HSBC, SCB and Deutsche Bank, however the eligibility criteria for the premium banking (HSBC Premier/SCB Priority/Deutsche Private) is a bit out of my reach - it requires a home loan of 1.15Cr+ or 30L+ TRV. Although DBS Treasures too requires a TRV for 30L, they consider 40% of the home loan balance in the TRV, making it much easier to achieve. Getting the metal Vantage Card would be a cherry on top. I have an existing HDFC Imperia account, but it seems quite useless, as they are not even offering me an Infinia, just a useless RM who tries to sell the toxic insurance linked investment plans.

Thanks in advance for your inputs!

I am having home loan with DBS, my experience is ok. When i took loan everything managed via home visit and i never went to bank.
But for prepayment you need to send them email and scan copy of prepayment form. No online option
Also intrest rate prospective as well they are not good. I had dropped email to them to reduce the rate else i will shift than they reduced it a little.
Now i am trying to move my homeloan to BOB home loan advantage. I have already listed the benefits on the below thred. You may have a look.
https://www.technofino.in/community...preferred-one-for-home-loan.31766/post-794851