What Are Some of The Advantages of Taking a Home Loan?
In Singapore, the option of taking a HDB loan is also available. However, there are certain advantages of taking a bank loan over taking the said HDB loan.
Lower interest rates
HDB loan lenders tend to charge a higher interest rate than several other mortgage lenders in the market. The difference may seem like a mere percentage point or less, but in the long-term, this amount can accumulate to quite an impressive amount.
A HDB loan comes with restrictions on the household wage cap, and it is also extended to Singapore Citizens only. Bank loans have different eligibility requirements provided that one’s credit rating falls within their requirements.
With the wide variety of banks in Singapore, there are just as many options for home loan Singapore. Each of these loans comes with its individual interest rate, additional benefits, penalties, lock-in period and more. By shopping around, you can find and settle into a plan that is most suitable for your needs.