Free Advice/Discussion on Bank Mortgage loan

[endlssorrow]

Is it bo hua to pegged to FHR24?

Yup, just send in your request thru this link. https://www.dbs.com.sg/personal/loans/home-loans/manage-mortgage-repricing.page
An officer will be assigned to you. Their current rates are no better den your 1.4% but you can try bargain with them with other bank's offer.

But your loan is currently pegged to FHR9. For FHR9 there's some chance for it to be adjusted downwards. So I dun think there's a hurry for you to refi or reprice now.

Few banks can offer 1.3% now. UOB, Maybank etc.

 

[Unbiasedsg_]

He also think 1.5% is good deal lei

It’s subjective and all loans are case to case basics.

Most banks have a minimum loan amount in order to enjoy the legal subsidies. Hence for clients who are close to finish repaying their loan, our suggestion will be to renegotiate better terms with the current bank when the locked in period is up.

Should you require further assistance, please do not hesitate to contact me.

 

[stam]

How does banks usually calculate for early repayments?

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[Unbiasedsg_]

How does banks usually calculate for early repayments?

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Do you mean 1.5% penalty during the locked in period?

 

[Property_Broker]

How does banks usually calculate for early repayments?

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Hi Stam,

Are you referring to partial prepayment or full redemption? Is it within the lock in period or without?

You might want to be more specific so that we can help you out~

 

[stam]

Do you mean 1.5% penalty during the locked in period?

I am thinking after lock in period maybe have lump sum can pay finish or repay more amount

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[stam]

Hi Stam,

Are you referring to partial prepayment or full redemption? Is it within the lock in period or without?

You might want to be more specific so that we can help you out~

Hi propert_broker,

I am thinking if maybe 5 years accumulate enough lump sum, can finish paying or make lump sum payments into the loan.

Usually how they count the interests for property loans? Is it the same as car loans?

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[Unbiasedsg_]

Hi propert_broker,

I am thinking if maybe 5 years accumulate enough lump sum, can finish paying or make lump sum payments into the loan.

Usually how they count the interests for property loans? Is it the same as car loans?

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Hi Stam,
Its totally different from car loans. Most property bank loans in Singapore are based on amortization.

You can refer to the following link for more info:-
https://www.investopedia.com/terms/a/amortization.asp

 

[wetdreamx]

Hi propert_broker,

I am thinking if maybe 5 years accumulate enough lump sum, can finish paying or make lump sum payments into the loan.

Usually how they count the interests for property loans? Is it the same as car loans?

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Car loan in Singapore is a killer format...

 

[Property_Broker]

Hi propert_broker,

I am thinking if maybe 5 years accumulate enough lump sum, can finish paying or make lump sum payments into the loan.

Usually how they count the interests for property loans? Is it the same as car loans?

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Hi Stam,

Yes. You can do that as well. However just fyi, if you are clearing the housing loan via CPF. THere will be a accrued interest of 2.5% accumulated yearly basis.

For Mortgage loan, the process of amortization is essentially a compounding method. Hence you are paying interest and principle on a monthly basis.

For Car loan, Simple interest add-on loans: These are actually written as a single loan; all of the interest that will be due is calculated up front, added to the total of the loan as a finance charge, then that sum is divided over the number of months in the term to arrive at your monthly payment. Each payment consists of exactly the same amount of principal and interest

Hence yes. Car loan is very expensive.

https://www.hsh.com/ask-the-expert/whats-the-difference-between-car-loans-and-mortgages.html

 

[Property_Broker]

Car loan in Singapore is a killer format...

lol yea. If you want early repayment, you will incur Rule of 78 penalty.

 

[klcc121]

Any recommendation for 279k remaining loan with 22years HDB loan term?

 

[Property_Broker]

Any recommendation for 279k remaining loan with 22years HDB loan term?

It seem that you can go for 1.5% fixed for 2/3/5 years with DBS. They will be giving you cash rebate of $2k(Which is more than enough to pay for your legal fee and valuation fee).

i have pm you u~

 

[faeith]

Hello.

I am Singapore PR going to purchase my first flat. Currently not on any types of loan or on any credit card installments atm. Ive found and interested to purchase a resale EC for 800k. Looking to take a loan of 500k. Ive seen the fixed and floating interest rates and more inclined towards DBS's fixed rate of 1.5% five yrs or 1.28% 2 yrs. Ive spoke to some banker and they told me they expect SIBOR rates to decrease further in maybe 1-2 years time. Would it be risky to go for SIBOR? and also, for a loan amt of 500k, is it possible to negotiate the fixed interest rate with DBS for 5 years to 1.28%?

 

[hengheng23]

Hi guys. I've signed up for DBS 2 year package at 1.5% but loan is only to be disbursed in Dec. Is it possible still to ask to match the current 1.28% offer though it might not be reasonable.

 

[halfnode]

Hi guys. I've signed up for DBS 2 year package at 1.5% but loan is only to be disbursed in Dec. Is it possible still to ask to match the current 1.28% offer though it might not be reasonable.

once signed on the line, can't change. You can try asking the guy that you signed the package with though. No harm asking, at most just rejected only mah.

 

[Shu]

It seem that you can go for 1.5% fixed for 2/3/5 years with DBS. They will be giving you cash rebate of $2k(Which is more than enough to pay for your legal fee and valuation fee).

i have pm you u~

What would your considerations be in choosing 2, 3 and 5 years fixed interest package ah?

Is only your own sense of whether you think rates will go up or down? Or are there other considerations?

Thanks!

 

[sovent]

Looking to get a bank loan AIP. PM me.

 

[endlssorrow]

What’s the lowest u think bank dbs ocbc UOB can offer for fixed d?

 

[spcs2020]

What’s the lowest u think bank dbs ocbc UOB can offer for fixed d?

Think can take a calculated risk and go for floating rate. US already indicated that their interest rates will remain close to zero till 2022 minimally, and I think possibly go beyond that.

If goes by floating rate, it's around <= 1%