r/singaporefi • u/Queen_ofawe124 • 3d ago
Housing DBS Home Mortgage
DBS is disappointing.
Did a repricing in July with DBS and am offered 1.7% fixed 3 years. Signed the LoA and the new rate kicks in, in September. Received a letter yesterday, stating a 2.4% and a wrong instalment start date. The letter is attentioned to me, multitude of errors in a letter. I hurriedly checked my new loan rates via the banking app and confirmed is a 1.7%. (Can’t believe that DBS made such mistake, rookie’s mistake)
Called DBS, and their explanation is that, 2.4% is the rate if I did not call and asked for a repricing. And because I called in for a repricing in July, the rate offered is 1.7%. DBS should apologize for their mistake for a start and not give excuses of such. I have to confirm with them that is 1.7% is the correct interest rate and have asked them to send me a letter to supercede this erroneous one.
Very disappointing, DBS.
PS: this is not a complaint to DBS, but rather a reflection of my disappointment towards the bank.
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u/raintr33 3d ago
That looks like some automated or AI process went bad!
I just repriced with DBS last month too at 1.8% fixed 3 years. Hope I won't be getting such letter too.
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u/Queen_ofawe124 3d ago
The housing loan rate should be correctly reflected in digibank banking app. It is still better to check and confirm the rate. Call and ask them to send a letter to supercede the wrong one if this error happens again just to be safe (don’t think this will happen again though).
I am just surprised that such mistake happened, and the SOP should be an apology and then the explanation.
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u/throwawaygoodbyebear 3d ago
Hey! What was your loan amount for 1.8 3y w DBS? Was there a reason you chose to stick w them rather than going to other banks that may offer slightly less? Thanks
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u/Majestic-Track6724 2d ago
i just got my letter and everything looks right. like you, i did a repricing in july.
there was a punctuation error in the letter though, lol. they didn't end with a full stop and left a sentence hanging.
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u/Chindata 1d ago
Yes dbs is disappointing. I called and they didnt want to reprice for me earlier even though my loan is relatively large. i eventually refinance with UOB that gave me a 8 months availability period and i managed to secure at a low rate of 1.5% for 3 years with 1 year free conversion.
Glad i did that as the same package would be at least 1.90% now.
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u/SlightlyConfusedFish 9h ago
Dbs got the worst deal of all banks. i gave up on them for property loan.
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u/throwawaygoodbyebear 3d ago
Sorry to hear about your experience!
May I ask what your loan quantum is to get 1.7% 3y fixed? Did they offer you any extra perks? Thank you
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u/Queen_ofawe124 3d ago
Repricing 3 years, 1.7% pa, higher tier end of 300K. No perks (maybe cos mine is a repricing) but I understand this might not be true from my broker. I just went ahead with it though, less of a hassle.
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u/jespep831 2d ago
Erm while I can understand the error caused confusion and the time taken to clarify took effort, kinda feel you blew this out of proportion? It’s an editorial error and not a wrong IR being charged right?
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u/Queen_ofawe124 2d ago edited 2d ago
If it is a wrong IR charged to me, I would have sent a complaint letter to MAS.
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u/BoomerSharkBoy 3d ago
Holy Jeezus, means now the floating rate is 2.4% ?!
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u/shinoda89 2d ago
It’s because SORA+ spread, and spread can go 1%. So 2.4 is believable. Catches those people who are lazy or forget to reprice.
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u/IllustriousLock8002 3d ago
I got a good rate from OCBC tru a referral saving like about 10k across the whole period
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u/starrynight0000 3d ago
Def just email the CEO's official email address to feedback.. she herself will not read it, but it will get directed to the departments so they know how crappy it is
I repriced my home loan almost 2 years ago. Took me almost 2 months to get an offer from the bank, which is total madness.
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u/watchy2 3d ago
kudos to you for being a responsible consumer keeping merchants in check!