As a premier investment bank, Deutsche Bank is a world leader in providing innovative financial solutions to institutions, corporates and individuals. Offering a fleet of integrated financial services, Deutsche Bank caters to personal banking customers with various loan products and investment options. Under its loan portfolio, Deutsche Bank has the perfect home financing solution suitable to customers intending to purchase a new home or renovate their existing properties.
Features and Benefits of a Deutsche Bank Home Loan:
Owning a home is a life-long dream for individuals and Deutsche Bank turns that dream into reality with its affordable housing loan solutions. A Deutsche Bank home loan can be procured with higher loan amounts at competitive interest rates. Deutsche Bank offers an easy documentation process for home loans thereby quickening the processing part of the loan.
Deutsche Bank provides different types of home loans depending on the requirement of the applicant. They are –
- Home Loan for fully completed or under-construction properties
- Home Extension Loan
- Home Improvement Loan
- Balance Transfers
- Home Loan for NRI
- Deutsche Bank gives the opportunity to a home owner to avail loans amounting to Rs 10 Crores, depending on the value and the type of property financed.
- The bank sanctions up to 80% of the value of the property to be financed. The loan amount is decided based on the borrower’s repayment capability, assets, savings history, liabilities, continuity of employment, income, age and other factors.
- Deutsche Bank customers have the option of transferring the outstanding balances on their existing home loans from other banks at the bank’s prevailing interest rates.
- Customers can opt for flexible home loan tenures ranging from 5 to 20 years.
- Deutsche Bank provides an exclusive life insurance coverage for home loan borrowers and their families.
- No prepayment is allowed within the first 6 months from the date of disbursal of the home loan. Deutsche Bank home loans can be prepaid in part or full and the minimum amount repaid should be atleast 6 times the EMI amount or Rs 1 lakh, whichever is lower. Part-repayment cannot be done on partly disbursed loans. For fixed rate loans, the bank levies a part pre-payment penalty of 2.50% of the amount prepaid. When the loan is foreclosed completely, then the pre-closure charges are 2.50% of the outstanding loan amount. No prepayment penalty is levied for floating rate home and property purchase loans. If a customer opts to pre-close 25% of the outstanding amount of a top-up loan with floating rates, then the bank does not charge any pre-penalty charge. Any amount above that will attract a penalty of 2% of the excess amount prepaid.
Eligibility Criteria and Documentation for a Deutsche Bank Home Loan:
- Deutsche Bank home loans can be procured by salaried professionals aged between 23 and 65 years or the retirement age, whichever is earlier. Self-employed businessmen need to be aged between 23 and 65 years to be eligible for a home loan.
- Applicants need to have a minimum gross annual income of Rs 500,000 to be eligible.
Documents required:
Income Documents – Salaried Professionals:
- Last 3 months’ pay slips
- Form 16 / ITR
- HR certification for allowances & reimbursements
- Last 6 months’ bank statement
- Existing loan repayment details or loan closure letter
Income Documents – Self-employed Businessmen:
- ITR for the last 2 years
- P/L Account along with computation of Income and Balance Sheet for last 2 years, duly certified by a CA
- Proof of business continuity for the last 3 years
- Last 6 months’ bank statement
- Short note on the nature of business, clients and suppliers, etc.
Address Proof:
- Passport
- Driving License
- Voter’s ID Card
- Job card issued by NREGA duly signed by a State Government officer
- Aadhar Card or Letter issued by the UIDAI
Proof of Signature (any one)
- Passport
- Banker’s Certificate
- Driving License
- PAN Card
Age Proof:
- Passport
- Voter’s ID Card
- PAN Card
- Birth Certificate
- Driving License
Deutsche Bank Home Loan Interest Rate:
Deutsche Bank offers extremely competitive rates of interest on their home loans in comparison to home loan interest rates offered by the rest of the market. Currently, customers can avail of interest rates of 9.75% on their floating rate home loans. This rate is applicable to all home loan tenures from a minimum of 5 years up to a maximum of 20 years, and up to a maximum loan amount of Rs 10 Crores.
Deutsche Bank MCLR Rate for Home Loans:
Deutsche Bank recently set its Marginal Cost of Funds Based Lending Rate (MCLR) at 9.65% for a tenor of one year. The new MCLR rates came into effect on April 1st 2016 and are applicable to all loans approved by the bank since that date.
The MCLR Rates set by Deutsche Bank are as follows:
| Loan Tenor | MCLR Rate |
| Overnight | 8.90% |
| 1 Month | 9.15% |
| 3 Months | 9.40% |
| 6 Months | 9.40% |
| 1 Year | 9.65% |