Free Advice/Discussion on Bank Mortgage loan

Fifa2006

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I signing LO today think too late. Banker told me FHD safer less risk. To layman FHD if they dunno, they will think the same as me also haha.


I might not be fully right as there isn't any past record of FHR since is the newest product but this is just how I personally interpret it.

Coz in business point of view, which product manager will come out with a package to help client rather than helping their company?

But since u have already signed the LO, just stick to it. Maybe you save money from it in long run? Noone knows till then :)
 

DingDang51

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Need advice on whether to reprice or refinance. I'm currently with DBS 3 months sibor + 0.7%. Staying in EC (completed), with outstanding loan $450K.

I am comparing these 3 packages.


DBS 18mth FHR
Yr1-3: (0.6+0.9) = 1.5%
Yr4 onwards: (0.6+0.9) = 1.5%
- need pay "admin fee" $800 to reprice

SCB 48mth FDR
Yr1: (0.5+0.5) = 1%
Yr2 onwards: (0.5+0.9) = 1.4%
- need to buy fire insurance
- not sure if need to pay legal fee, valuation etc
- no free conversion if FDR increase

OCBC 36mth FDR
Yr1-4: (0.65+0.83) = 1.48%
Yr5 onwards: (0.65+0.87) = 1.52%
- no need to pay fire insurance for mcst covered pty
- not sure if need to pay legal fee, valuation etc
- free conversion if FDR increase


Any inputs greatly appreciated. Thanks.
I'm currently with DBS on FHR18+1.2% package. When I enquired with them recently on repricing, the package they offered had negligible savings. I wonder how you were offered this repricing package.

Anyone knows the reason? I'm about to do refinancing with ocbc because of this...

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MortgageSingapore

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When buying property with bank loan, how much is the minimum cash needed (let say loan is 1 million to make it easy)?

Lawyers, stamp duty, etc can use cpf?

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20% downpayment
(5% cash mandatory, rest CPF/CASH)

For example buying a $1M property, you need $50k cash, $150k cash/CPF.
Lawyer can use cpf, stamp duty cash.
 

DealuxTravel

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20% downpayment
(5% cash mandatory, rest CPF/CASH)

For example buying a $1M property, you need $50k cash, $150k cash/CPF.
Lawyer can use cpf, stamp duty cash.


Stamp duty of 3% -$5400 , must be paid in cash and can be reimbursed by CPF later ( by asking lawyer to write in to draw on your CPF )

If you hold HDB / private property and have not sold off yet, need pay ABSD in cash also.

Some miscellaneous cash items are - payment of 6 months maintenance ( for new condo )
 

breadie01

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Stamp duty of 3% -$5400 , must be paid in cash and can be reimbursed by CPF later ( by asking lawyer to write in to draw on your CPF

Stamp duty can be paid directly with CPF without cash first, but this is dependent on the law firm you have appointed.
 

henrylbh

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Stamp duty can be paid directly with CPF without cash first, but this is dependent on the law firm you have appointed.

You did that or just guessing?

Stamp duty is payable (to IRAS, not CPF) within 2 weeks from the time/date you sign SPA at the lawyer office. At that time use of CPF monies has not be activated and there may not be enough time to meet the 2 weeks deadline and penalty is heavy.
 

henrylbh

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hi, any buyers here encounter a rogue seller? as buyer give the OTP fee $1k to seller, seller back out but encash the $1k cheque anyway. how like that? what recourse to take? complain HDB got use or not?

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Go see seller and ask for immediate refund, if you don't want the deal. If he seller doesn't want to return the money, sue him or whack him or pour kerosene on his door as warning to pay.
 

kiwi77sg

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I really need everybody advice please as it is my first time taking bank loan.

I am on DPS and UOB offer me their bank's prevailing FD property loan rate_36 M package charge at 0.86% above the bank's prevailing FD property loan rate_36 M for 1st 3 years and 0.95% 4th year onward.

The bank's FD Property Loan_Rate_36M now is currently 0.65% per annum.

Is this the current best offer against all bank now?

Thank you in advance.

Strange... UOB quoted me differently.Your 1st 3 yr at 1.51% is much cheaper than mine. Please PM me the contact of the banker.
 

stonesix

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Hi Guys,

Any contact to share for Mortgage Redemption service to redeem the Title Deeds from bank after fully paid off loan?
 

breadie01

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You did that or just guessing?

Stamp duty is payable (to IRAS, not CPF) within 2 weeks from the time/date you sign SPA at the lawyer office. At that time use of CPF monies has not be activated and there may not be enough time to meet the 2 weeks deadline and penalty is heavy.

I did that, so no not a guess.
 

sukukia

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hi, any buyers here encounter a rogue seller? as buyer give the OTP fee $1k to seller, seller back out but encash the $1k cheque anyway. how like that? what recourse to take? complain HDB got use or not?

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Seller cannot withdraw from OTP. Parties' rights and obligations are all stated in OTP. Buyer has upper hand in this case, either specific performance or sue for damages after buying an alternative HDB. This is a private matter, HDB won't chap. Consult a lawyer if in doubt...
 

ceestudent

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Is sibor rate generally safer option compare to fdr rate, since it is not just depend on one bank only?
 
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rochmer

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Hi
The bank's letter of offer, you have to sign it at their office? Can bring home to study the terms?

And it is ok to use UOB's lawyers? any recommendation? for HDB bto.
Will lawyers' office quote on the phone or you have to visit them personally?
 

cheery

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Letter of Offer, if you are not in a hurry for the promotion, you can bring home to read on it then comfy liao then meet the banker up again to sign.


Lawyer Choice :

Bank's usually have their own Lawyers Panel.
I tend to use one in their Lawyers' Panel to avoid additional fees (in that sense that Bank can use that Lawyer as well to act/represent on their behalf)

Ask your banker for recommendation of the Lawyer on their Panel, if you do not already have one in mind.

Usually the banker knows the Cost of the legal fees on the back of their minds, but for a more accurate costing -- you can call or email the lawyer's firm.
 
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Rexxed

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Just want to seek everyone's opinion regarding UOB and DBS fixed-deposit home loan for EC under BUC scheme.

The rates offered to me for the 1st to 3rd year are almost similar at about 1.51% at the current fixed-D rates. For UOB, however, it will rise to 1.65 vs 1.60 for DBS (assuming that Fixed D rates remain stagnant). No lock in period.

Which would be a better bank to go to?

I'm a first time home buyer.

Thanks!
 
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