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Q&A

According to the contract, the borrower should apply for loan prepayment one month in advance. The borrower is required to visit the branch in person to submit the loan prepayment application form to the bank.

Yes.

However, according to the contract, prepayment of the mortgage loan within one year after loan disbursement is subject to a prepayment charge. Please refer to the relevant clause in the mortgage contract for details.

The mortgage title deed, loan settlement certificate and other documents will be ready for collection at designated DBS banking branches on Tuesdays or Thursdays, 3 business days after full settlement of the mortgage loan outstanding balance. Borrower may go to the relevant real estate registration center to cancel the mortgage registration.

Yes.

A borrower may entrust a third party to handle prepayment matters, provided that the power of attorney is notarized by the notary office. A borrower who is a foreigner is required to have the power of attorney authenticated by the relevant Chinese embassy.

Borrowers who have registered for our online banking service can check historical repayment records under “Loan Account” on the online banking platform.

Request for paper repayment records should be submitted in person at our banking branch. The Bank will mail the paper repayment records to the borrower.

In general, funds transfer after 4:00 PM via online banking channels will be effective the next business day. If the payment is received on the repayment due day, no overdue payment and no penalty interest will be incurred. Borrowers are requested to ensure that their full repayment amount is deposited in the repayment account on or before the repayment due day.

According to relevant laws and regulations, if the borrower fails to repay the loan installments on time, the Bank is required to log into the credit system of the People's Bank of China and register the relevant information. The individual credit report at the People's Bank of China is an important personal credit record of every citizen. A poor credit record may affect a borrower’s application for related business in the Bank in future, and may have other adverse impact on the borrower. Borrowers are reminded to repay their loan on time to maintain a good credit record.

DBS’s foreign currency mortgage loan base lending rate is a floating rate and is determined by the cost of onshore foreign currency of DBS, deposit interest rate, market interest rate etc., and not directly linked to overseas borrowing rates (ie. the US Federal Reserve benchmark interest rate, LIBOR, etc). Macroeconomic factors such as domestic monetary policy, market credit situation, and changes in RMB exchange rate will lead to changes in the onshore cost of capital, and consequently affect DBS’s foreign currency mortgage loan base lending.

The main considerations include cost of capital of the bank and pricing of industry players.
 

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