Singapore

Mortgage Loan Guide

Transform your Singapore property loan into a financial supremacy.

The Essential Guide for Mortgage and Property

Here are some essential factors to consider before you finally settle on a loan.

Prior to filling out a loan application, you will need to make sure that you are eligible for it. Consider such things as annual income, age, credit score and the like. Your credit report will let the bank know whether you are a good debtor, or a risk to their investment.

Most borrowers are fixated on the interest rates, but there are other conditions of the loan that you must look at. This can help you avoid rude shocks in the future, especially in the eventuality that you would like to refinance. Some loan conditions can greatly affect the future cost of refinancing and may negate any potential of saving on costs.

If you are looking at a variable interest rate, it will be pegged on a particular benchmark rate. In Singapore, the two benchmark rates are SOR and SIBOR.

The interest rate is definitely one of the key factors in selecting a home loan Singapore. Consider how low the rate is, and also whether it is variable or fixed. It is also important to find out the benchmark rate in use.

If you will be paying 50% of the home loan Singapore, and you will have your spouse and kids living with you in the home, taking home insurance is actually a necessity for you. If you will be purchasing a private property in Singapore, Mortgage Reducing Term Assurance as it is known will not be mandatory, but it is definitely something to consider.

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