Home Loans

Managing Your Existing Home Loan

Thank you for taking up a home loan with us. Here are some things you should know to help you manage it better.

Managing Your Mortgage

At POSB, we understand a home loan may be one of your biggest financial commitments and you’ll want to manage it from time to time.

Here’s a resource page with information on repayments, redemption and other frequently asked questions on managing your home loan.


Understanding your Repayment

A. Monthly Instalments

  1. What are Monthly Instalments?

    Monthly instalments are repayments you make towards your loan and comprise of principal and interest. The principal amount paid is what goes towards paying down your outstanding loan.

  2. When are my monthly instalments due?

    1. Private and commercial property: 1st of each month
    2. HDB: 15th of each month

    Where the due date of the monthly instalments fall on a Sunday or gazetted public holiday, the debiting will be made on the next working day.

  3. I would like to change my Loan Servicing Account.

    Please complete the Loan Servicing Account Authorisation form and mail the original completed form to us.

    The following account types cannot be used as Loan Servicing Account:

    • POSB Current Account
    • POSB & DBS Trust Account
    • Children Development Account (CDA)
    • Save As You Earn (SAYE)
    • POSBKids Account
    • DBS Cashline
    • MySavings Account (MSA)

     

B. CPF Contributions to Loan Repayment

  1. I would like to revise my CPF contribution to the loan repayment. How do I go about it?

    You can revise your monthly repayment amount by applying at CPF website with your SingPass.

    1. For private property loan, this has to be completed by 20th of the month to be effective for deduction in the following month.
    2. For HDB loan, please submit your request to CPF Board 7 working days prior to the deduction on 10th - 13th of the month.

    Note: The above also applies if you wish to change the ratio of CPF funds between the borrowers.

  2. Why was my Bank account debited when my home loan is 100% serviceable by CPF Funds?

    We have debited your Loan Servicing Account because we did not receive your monthly funds from CPF. Please check with CPF Board.

    You may apply for the funds from CPF Board as arrears payment for the amount deducted from your Loan Servicing Account. Upon receipt of the amount, we will make arrangements to refund the amount to your Loan Servicing Account.

C. Partial Repayment

  1. What is Partial Repayment?

    Partial repayment is an ad-hoc repayment to reduce the principal outstanding balance of your loan by giving us one month’s notice in advance. You can use cash or CPF, if you have the approval of the CPF Board. Prepayment charges and/or clawback of fees will apply if the partial repayment is made within the commitment period.

  2. I would like to make a partial repayment.

    Partial repayment can be made via cash, CPF funds or a combination of cash and CPF funds. For all home loans, minimum partial repayment amount of S$10,000 and in increments of $1,000.

    To make a partial repayment, submit your request online.


Looking to review your Home Loan?

We would be pleased to discuss the options and interest rate packages that we can offer you, and for this, we need to do a complete credit assessment, including confirming your income and commitments.

To expedite the assessment, we will require you and your joint borrower to complete a request form and submit the relevant supporting documents.

We have prepared a guide with the application form depending on your property type:

  1. Owner Occupied (Housing loan only)
  2. Investment/Owner Occupied with Cash out

Email us your completed form and the supporting documents at loans@dbs.com


Redemption of your loan

There are two common scenarios for loan redemption, selling your property and paying off your home loan.

  1. Selling your property

    We hope you have had a good experience with DBS Home Advice.

    Have you spoken to us for a loan on your new property? If not, leave your contact details with us here and our Home Advice Specialist will get in touch with you shortly.

    Below 3 simple steps in redeeming your DBS home loan.

    Step 1:

    Appoint a law firm to arrange for the discharge of your home loan.

    Step 2:

    Complete and submit this form 3 months before the intended redemption as a three-month notice period is required for us to process your written instruction.

    You may refer to the Terms and Conditions for further details. While serving notice, interest will continue to accrue and monthly instalment will be payable until the redemption is complete.

    Step 3:

    The Bank will release its charges over your property and return the title deed and other security documents back to you. You can choose to leave your security documents with the Bank at a nominal safekeeping fee.

    You will be subjected to prepayment charges and/or clawback of fees, where applicable if the redemption is made within the commitment period. The fee(s) will be deducted from your loan servicing account.

  2. Paying off the home loan: I have the funds to do so

    Ever considered harnessing the potential of your liquidity for maximum returns? We have a range of financial products which could offer returns above what you are paying for your loan, so why not find out how you can make your money work harder for you? Leave your contact details here and our Relationship Manager will get in touch with you soon.

    If you would still like to proceed with the loan redemption, you may follow these steps.

    Step 1:

    Appoint a law firm to arrange for the discharge of your home loan.

    Step 2:

    Complete and submit this form 3 months before the intended redemption as a three-month notice period is required for us to process your written instruction.

    You may refer to the Terms and Conditions for further details. While serving notice, interest will continue to accrue and monthly instalment will be payable until the redemption is complete.

    Step 3:

    The Bank will release its charges over your property and return the title deed and other security documents back to you. You can choose to leave your security documents with the Bank at a nominal safekeeping fee.

    You will be subjected to prepayment charges and/or clawback of fees, where applicable if the redemption is made within the commitment period. The fee(s) will be deducted from your loan servicing account.

  3. Paying off the home loan: Shifting to another bank

    Have you spoken to our relationship officers for an in-depth analysis of your home loan? When it comes to your loan, there's no one better to turn to than DBS Home Advice.

    Email us at loans@dbs.com quoting your loan account number and we’ll be in touch with you soon.

Questions about capital repayment...

  • Fill in the form and we will be in contact with you shortly.

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  1. Latest SIBOR Rates (Updated as at Jul 2017)

  2. The Fixed Deposit Home Rate (FHR) is calculated based on the prevailing fixed deposit interest rate of DBS Bank for amounts as stated in the Letter of Offer. The prevailing S$ fixed deposit rates can be found here.

  3. Home Loan Fee Schedule

    S/NItemFees

    (i)

    Safe-keeping of title deed for facility that has been fully repaid

    S$300 per year (or part thereof)

    (ii)

    Administrative fee for use of third-party insurer for fire insurance

    S$100 per year

    (iii)

    Change in loan tenure

    S$250

    (iv)

    Request for Statements (per statement)

    • For current year
    • For previous 2 years
    • For more than 3 years ago

     

    S$20
    S$30
    S$50

Any request to vary the terms of your facility is subject to the Bank's approval and payment of the fees applicable to such requests, as determined by us.

Questions about capital repayment...

  • Fill in the form and we will be in contact with you shortly.

    Contact me

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