If you’re a homeowner in Singapore, you may be looking for ways to save money on your home loan. One option to consider is the DBS Multiplier Home Loan. This loan allows you to earn bonus interest on your savings when you transact with DBS/POSB in certain categories, such as credit card spend, home loan instalments, insurance, and investments.
By taking advantage of the DBS Multiplier Home Loan, you can potentially save thousands of dollars over the life of your loan. Plus, you’ll have the peace of mind that comes with knowing you’re getting the best possible interest rate on your loan. In this article, we’ll take a closer look at how the DBS Multiplier Home Loan works, and how you can maximise your savings by using this loan to its full potential.
Key Takeaways
- The DBS Multiplier Home Loan allows you to earn bonus interest on your savings when you transact with DBS/POSB in certain categories.
- By using the DBS Multiplier Home Loan, you can potentially save thousands of dollars over the life of your loan.
- To maximise your savings, be sure to transact in the eligible categories and take advantage of the advanced features and benefits of the loan.
Understanding the DBS Multiplier Home Loan
If you’re planning to purchase a new home or refinance your existing home loan, the DBS Multiplier Home Loan is an option you should consider. Here’s what you need to know about this loan.
Key Features of DBS Multiplier
The DBS Multiplier Home Loan is a hybrid loan that combines the features of a home loan and a savings account. With this loan, you can enjoy a potentially lower interest rate on your home loan while earning bonus interest on your savings account.
Here are some of the key features of the DBS Multiplier Home Loan:
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Interest rates: The interest rate for the DBS Multiplier Home Loan varies based on the amount of your loan and the loan tenure. You can get a lower interest rate if you have a higher loan amount and a longer loan tenure.
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Bonus interest: You can earn bonus interest on your savings account by fulfilling the eligibility criteria for the DBS Multiplier Account. The eligibility criteria include credit income and transacting in one or more categories.
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Flexible repayment: You can choose to make your home loan repayments monthly or quarterly, depending on your preference.
How the Multiplier Effect Works
The Multiplier Effect is a feature of the DBS Multiplier Home Loan that allows you to enjoy a potentially lower interest rate on your home loan while earning bonus interest on your savings account.
Here’s how it works:
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Step 1: Credit income: You need to credit your income to your DBS Multiplier Account to be eligible for bonus interest. The more income you credit, the higher the bonus interest rate you can earn.
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Step 2: Transact in one or more categories: You need to transact in one or more categories to be eligible for bonus interest. The categories include credit card spend, home loan instalment, insurance, investments, and more. The more categories you transact in, the higher the bonus interest rate you can earn.
By fulfilling the eligibility criteria for the DBS Multiplier Account, you can enjoy a potentially lower interest rate on your home loan while earning bonus interest on your savings account. This can help you save money on your home loan and grow your savings at the same time.
Overall, the DBS Multiplier Home Loan is a great option if you’re looking for a flexible home loan that allows you to earn bonus interest on your savings account. With its competitive interest rates and flexible repayment options, it’s definitely worth considering if you’re in the market for a new home loan or looking to refinance your existing home loan.
Maximising Your Savings
If you’re looking to maximise your savings with DBS Multiplier home loan in Singapore, there are several ways to do so. By leveraging salary credits, optimising credit card spend, and incorporating insurance and investments, you can earn higher interest rates and bonus interest.
Leveraging Salary Credits
One of the easiest ways to maximise your savings is by leveraging salary credits. By crediting your income into your DBS/POSB account, you can earn up to 4.1% p.a. with Multiplier Account. This means that the more you earn, the more you can save. Additionally, by maintaining a higher balance in your account, you can earn a higher interest rate.
Optimising Credit Card Spend
Another way to maximise your savings is by optimising your credit card spend. With DBS Multiplier, you can earn bonus interest by transacting on your DBS/POSB credit card. The more you spend, the more bonus interest you can earn. Additionally, by using your credit card to pay for your home loan, you can earn even more bonus interest.
Incorporating Insurance and Investments
Lastly, incorporating insurance and investments into your savings strategy can help you maximise your savings. By purchasing insurance and investing in financial products, you can earn even higher interest rates and bonus interest. Additionally, by diversifying your portfolio, you can reduce your risk and increase your returns.
Overall, by leveraging salary credits, optimising credit card spend, and incorporating insurance and investments, you can maximise your savings with DBS Multiplier home loan in Singapore. With higher interest rates and bonus interest, you can achieve your financial goals faster and more efficiently.
Eligibility and Application Process
If you are a working adult and looking for a home loan in Singapore, you might want to check out the DBS Multiplier Home Loan. This loan offers attractive fixed and floating rate options that can cater to your needs. Furthermore, it comes with a Multiplier Account that can help you earn higher interest rates on your balance.
Determining Eligibility for the Multiplier Account
Before you can apply for the Multiplier Account, you need to determine whether you are eligible for it. To be eligible, you need to have at least one eligible transaction per month. An eligible transaction can be one of the following:
- Salary credit
- Dividend credit
- Crediting of funds from another bank
- Payment of bills using GIRO
- Payment of insurance premiums
In addition, you need to maintain a minimum monthly average balance of $3,000 in your Multiplier Account. The higher your balance, the higher the interest rate you can earn.
Step-by-Step Application Guide
If you are eligible for the Multiplier Account, you can apply for it by following these steps:
- Visit the DBS website and click on the “Apply Now” button for the Multiplier Account.
- Fill in your personal details and upload the required documents, such as your NRIC or passport.
- Choose the type of account you want to open and select the Multiplier Account.
- Follow the instructions to complete the application process.
Once your application is approved, you can start using the Multiplier Account to earn higher interest rates on your balance. You can also link your Multiplier Account to your DBS Home Loan to enjoy even more benefits.
In conclusion, the DBS Multiplier Home Loan is a great option for those who are looking for a flexible and convenient home loan in Singapore. By opening a Multiplier Account, you can earn higher interest rates on your balance and enjoy a range of other benefits. So why not apply for the Multiplier Account today and start enjoying the benefits it has to offer?
Advanced Features and Benefits
DBS Multiplier Home Loan Singapore is an excellent way to finance your dream home. It has several advanced features and benefits that make it stand out from the competition.
Multi-Currency and Overseas Advantages
With DBS Multiplier Home Loan Singapore, you can enjoy the benefits of a multi-currency account. This means that you can have your loan in one currency and your savings in another. This feature is particularly useful if you have foreign currency income or if you are planning to move overseas. You can also enjoy the convenience of making payments in different currencies without having to worry about exchange rates.
Digital Banking Perks
DBS Multiplier Home Loan Singapore also offers several digital banking perks. You can access your account online or through the DBS mobile app. This means that you can manage your account from anywhere in the world. You can also enjoy the convenience of making payments and transferring funds online. With DBS Multiplier Account, you can transact in one or more of the following categories: credit card/PayLah! retail spend, home loan instalment, insurance, investments, adding up to $500 or more.
Moreover, the DBS mobile app also has several features that make it easier to manage your finances. You can view your account balance, make payments, and transfer funds with just a few clicks. You can also set up alerts and notifications to keep track of your transactions.
In conclusion, DBS Multiplier Home Loan Singapore is an excellent option if you are looking for a home loan that offers advanced features and benefits. With its multi-currency account and digital banking perks, you can enjoy the convenience of managing your finances from anywhere in the world.
Beyond Banking with DBS
DBS is more than just a bank. With a strong commitment to society and a focus on the future of banking, DBS is a leader in the industry. As a customer, you can feel confident that your banking needs are being met while also contributing to a better society.
DBS’s Commitment to Society
DBS is committed to corporate social responsibility and supporting social enterprises. In 2023, the bank pledged to donate $10 million to support social enterprises in Singapore and Hong Kong. Additionally, DBS has been recognised for its commitment to sustainability, being named the World’s Best Bank for Sustainable Finance in 2022.
By banking with DBS, you can feel good knowing that you are supporting a bank that is dedicated to making a positive impact on society.
Career Opportunities at DBS
DBS is not only a great bank for customers but also a great place to work. With a focus on innovation and technology, DBS is at the forefront of the future of banking. As a result, there are many exciting career opportunities available at DBS.
Whether you are interested in consumer banking or corporate banking, DBS offers a wide range of career opportunities. Additionally, the bank is committed to developing its employees, offering training and development programmes to help employees grow and succeed.
Overall, DBS is more than just a bank. With a strong commitment to society and exciting career opportunities, banking with DBS is a smart choice for anyone looking for a bank that is dedicated to making a positive impact.
Frequently Asked Questions
What are the latest interest rates for DBS Multiplier home loans?
DBS Multiplier home loans offer competitive interest rates that are subject to change depending on prevailing market conditions. You can check the latest interest rates by visiting the DBS website or contacting a DBS representative.
How can I calculate my monthly repayments with a DBS Multiplier home loan?
You can use DBS’ online loan calculator to estimate your monthly repayments based on your loan amount, loan tenure, and interest rate. This tool is available on the DBS website and can help you plan your finances accordingly.
What criteria must I meet to be eligible for a DBS Multiplier home loan?
To be eligible for a DBS Multiplier home loan, you must meet the following criteria:
- You must be a Singapore citizen or permanent resident
- You must be at least 21 years old
- You must have a minimum annual income of $30,000
- You must have a DBS Multiplier account
Can you give a rundown on the DBS Multiplier home loan benefits?
DBS Multiplier home loans offer several benefits, such as:
- Competitive interest rates
- Flexibility to choose your loan tenure
- No lock-in period
- No penalty for early repayment
- Ability to earn bonus interest on your DBS Multiplier account
How do I effectively manage my DBS Multiplier account for maximum benefits?
To effectively manage your DBS Multiplier account, you should:
- Credit your income into your account
- Transact in one or more of the following categories: credit card spend, home loan instalment, insurance, investments
- Ensure that your transactions add up to at least $2,000 per month to qualify for bonus interest
- Monitor your account regularly to ensure that you are earning the maximum interest possible
In comparison to OCBC 360, which offers better perks, DBS Multiplier?
Both DBS Multiplier and OCBC 360 offer competitive interest rates and attractive benefits. However, the best option for you depends on your individual needs and financial situation. It is recommended that you compare the benefits and features of both accounts and choose the one that best suits your needs.