Getting ready to buy your own home is a rewarding process. Soon, you will have the comfort that investment in your own piece of real estate will provide. However, a less comforting part of the process is applying for mortgage loans. The application process is full of stress about how you will afford your mortgage, if you will get approved, and if you are going with the right lender. You can get preapproved, so you know up-front what you are
A loan is a financial tool for getting the required monetary support to fulfil your immediate or a specific need that you don’t have the means/financial capability to do at the moment. A loan provides you with the ability to go about fulfilling your need without having to worry about the financial stress on your savings, as it is the bank that provides you with the required finances in lieu of collateral. The loan agreement requires consideration/collateral to be approved
Before you purchase your HDB flat, you will be faced with the dilemma of deciding between a HDB loan or a bank mortgage loan. This article demonstrates why it may make sense to choose a bank mortgage loan. HDB loan is pegged at 0.1% above the interest rate of CPF Ordinary Account. Therefore, the current interest rate on HDB loan is 2.6%. However, you might be able to save on your interest payment if you choose a bank mortgage loan
For any potential home buyer, home loans should be a serious business. Pick the wrong kind and it can cause a cascade of unfortunate events, including being trapped in a huge debt and even losing your home. But between a bank and an HDB loan, which one is better? Let’s compare them: How much can you borrow? Under the HDB loan, you can borrow up to 90% of the purchase price or the market value, whichever is lower. Banks, on
Your home is often the biggest purchase you ever made in your life, however that also means landing yourself the biggest debt you ever had. Properties in Singapore are expensive – be it HDB flats, excecuive condos, or bungalows. It’s not uncommon to have a million dollar price tag onto it. And often, taking up a mortgage loan would also means being in debt for 25, 30 or even 40 years. Therefore, you want to be careful in choosing the
