Refinancing refers to switching from one housing loan package to another, usually to get better rates.
A New Home mortgage loan is the beginning of what will be a long journey. This is when you decide how long your loan should be, what type of mortgage rate you want and if you want a specialty loan.
Loan packages sometimes differ between a HDB and a private property
BUC refers to a property that is normally sold off the plans while the physical building is still under construction.
Choose your current bank from the list.
A fixed rate mortgage is a mortgage where the interest rate is fixed throughout the term of the loan as opposed to floating rates which may adjust or "float".
If you are currently locked in, please check with your bank if there are any penalties for full redemption (i.e. changing to another bank).
Your remaining loan amount if the outstanding amount you have to pay back on your loan. (Initial Loan amount - Principal repaid).
The loan quantum or principal is the amount of money that you borrow. Banks generally loan up to 80% of the property valuation or asking price (whichever is lower).
Optional. Banks generally loan up to 80% of the property valuation or asking price (whichever is lower). 90% loans are on a case by case basis.
The period of time that you will take to fully repay your loan. .
Fixed-rate charges the same rate of interest throughout the duration of the loan. Floating rates can rise or fall throughout the tenure of the loan. In Singapore, floating rate packages are usually pegged to SIBOR (Singapore Interbank Offered Rate) or SOR (Singapore Swap Offer Rate) rates.
Some deals come with an account whereby cash deposited into this account will offset the interest that you pay on your housing loan quantum.
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