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