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House Loans.. ..Which bank is better?
Posted: Tue Aug 31, 2010 11:33 am
by auntieM
Hope parents can share some info on their 'loaning' experience.. ..
Thanks
Posted: Tue Aug 31, 2010 11:37 am
by verykiasu2010
try dollardex.com
good summary of info on all bank loans on offers in singapore
Posted: Tue Aug 31, 2010 12:31 pm
by fussyMummy
Hi,
I am not really understand the fixed and various rate....
Which one is reasonable and better ?
Many thanks
Posted: Tue Aug 31, 2010 12:37 pm
by MMM
We are going for the peg to US sibor rate currently. Given the outlook of US economy, it appears that rate will continue to be low for awhile.
Heard maybank has the lowest rate at 0.88%?
It's good to go for fixed rate if you antipicate the interest rate to be moving up. So you are hedging your rate exposure iso letting it float from month to month.
Posted: Tue Aug 31, 2010 1:47 pm
by auntieM
Sei sei for advice
Posted: Tue Aug 31, 2010 10:02 pm
by Gecko
What bank provides the "Best" loan can be different at different times.
Why not try a mortgage broker?
They will advise you on the best rates. Don't have to pay. They get commission from the bank.
Gecko
Posted: Tue Aug 31, 2010 11:09 pm
by Xmasbaby
You can try this link
http://www.housingloansg.com/web/
Hope it helps....
Posted: Wed Sep 01, 2010 9:09 am
by Cheval
fussyMummy wrote:Hi,
I am not really understand the fixed and various rate....
Which one is reasonable and better ?
Many thanks
these are the upmost basic notions. you got to read to understand them by yourself. and pay attention to terms and conditions.
final decision would depend on a number of factors and considerations. no 'best' for everyone.
Posted: Wed Sep 01, 2010 11:12 am
by cherrygal
Just some nuggets of wisdom from a financial expert who came to my office for a lunchtime talk:
If you want cash and CPF to invest in 2nd property or stocks, then take the longest loan period possible and keep refinancing it. Make sure your loan interest rate is lower than or similar to the interest rate CPF is awarding you (currently 2.5%).
If you dunno how to invest or dun wish to invest, then take the shortest loan period and pay off faster to avoid massive interest.
If the loan interest rate is higher than what the CPF gives u in interest, then use your CPF to do block repayments to shorten the loan period and reduce interest paid to bank.
There are no such things as fixed rates forever. At most, the rate can be fixed for up to 3-5 yrs. Then it will convert to a floating rate. So it is always advisable to refinance your home once the lock-in period is over.
Posted: Wed Sep 01, 2010 11:24 am
by MMM
cherrygal wrote: So it is always advisable to refinance your home once the lock-in period is over.
Yes, it is very important to take note of the lock in period. Start having a conversation at least 4 months before the lock in period expires. So that in case you want to switch, you can give the bank ample notice period without incurring any penalty cost.
Always refinance. Be on the ball for this.