Free Advice/Discussion on Bank Mortgage loan

ahuafreak

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Hi. Below is the link to the page from DBS

Home Loan Special
Enjoy peace of mind with our 2-year fixed rate at just 1.40% p.a.. Till 31 Oct.
Lock-in your rates now, it is guaranteed.

2-Year Fixed Rate
Year 1 - 2 1.40%
Thereafter FHR9* + 1.15%
Commitment Period 2 years
*The current FHR9 is 0.250% p.a. All rates are quoted on a per annum basis.
 

sostenuto

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Anyone knows the fixed margin for stand chart 48mth Fix D home loan?
Will they revise the fixed margin upwards?
 

sostenuto

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It is at 0.5. Yes they will revise the rate up sooner or later.



You are referring to the Fix D interest or the margin itself? What I understand is the fixed margin is sticking with u until you do refinancing or repricing. Only the Fix D interest is the variable.
 

ng-rach

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You are referring to the Fix D interest or the margin itself? What I understand is the fixed margin is sticking with u until you do refinancing or repricing. Only the Fix D interest is the variable.

Fixed Margain / Bank's spread is at 0.8% (throughout), the variable component which is the 48M FD rate is at 0.50%.

Technically they won't revise the bank's spread which will backfire themselves. Otherwise, if they really really want to, they may. But before they touch the spread, they will probably increase the FD rate instead of the spread.
 
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mssynice168

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Need a dbs mortgage specialist.. anybody can share one?


We did a walk in at TPY HDB hub DBS. Most of the other banks we walk in dun entertain us, just give us name card or ask for contact for call back. But for DBS, even though there is no in house loan specialist, but the staff there are willing to give general advice on their home loan package and also discuss with you what documents are required. One of the staff help us to prepare and get ready the things needed for the submission of the loan application.
 

alpha29

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all banks provide legal subsidy for refinancing (but depends on property type and loan outstanding). UOB offers 0.4% (cap at $1.6k for hdb and $1.8k for private) of your outstanding amount for both hdb and private (minimum $100k outstanding).

DBS is 1.3% throughout for refinancing. How much is your loan quantum and type of ppty?

Dbs 1.4% fixed rate for 2 year is very attractive. But does it offer legl subsidy for loan amt of $300k? I read that ocbc does. Also, who can i speak to at dbs for advice?
 

tgtan38

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For DBS Bank loan advice, interested you may contact KT at 82236456 during office hours. (Well familiar and professional for home loan), if not interested only seek to know the rate, my advice please dont disturb as they have sale target to archive monthly and train junior staff.

For OCBC Bank Loan rate, interested should walk in branch ask for advice rate. (Usually walk into branch ask for rate and show on internet are different). If anyone interest ask for well familiar and professional ocbc staff, I can recommend)

Do take note! DBS, POSB & May Bank recommend law firm charges S$2500 for the fee as for OCBC Bank recommend law firm charge S$2200 for the Fee.

Forget about ICBC Bank for the home loan acquire as they only interested private and Condo property.

My two cents
 
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ng-rach

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No, so far loan below 500k to get 1.4% is not worth because you have to pay legal fees. Getting lowest doesn't mean it's the best, must calculate your cost outlay (which is also a cost to you).

You can consider OCBC which gives full legal subsidy for HDB if loan amount above $300k (For refinancing only).


Dbs 1.4% fixed rate for 2 year is very attractive. But does it offer legl subsidy for loan amt of $300k? I read that ocbc does. Also, who can i speak to at dbs for advice?
 
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diediex

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Hi all, say if i am getting a new BTO; what is stopping me from getting HDB loan then refinance to bank loan immediately to avoid the cash downpayment?
 

ixoral

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I think processing time min 2-3wks assuming documents all ready n submitted timely.

They accept letter of employment (as long show proof of income) if u start work less than 3mths.
 

MortgageSingapore

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Hi all, say if i am getting a new BTO; what is stopping me from getting HDB loan then refinance to bank loan immediately to avoid the cash downpayment?

Just have to remember that bank will only loan you 80% of the current market value of the property.
 

diediex

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Just have to remember that bank will only loan you 80% of the current market value of the property.

Hi thanks for the reply. We definitely have more than 20% of current market value of the property, so just wondering if there is a way to avoid the cash downpayment yet still taking bank loan. Would u consider that a loophole? actually why even need a 5% cash component in the first place, to discourage ppl from private loan?

After reading, I realised that refinancing loan would require a legal and valuation fees of 2-2.5K, but some banks can subsidies heavily. I can't find any other hurdles.

Anyway, it seems that now UOB and OCBC has withdrawn their Fixed D floating plan. All are pegged to SIBOR now
 

anakinsky

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Hi ,

Recently just bought a 1 Mil 2 bedroom freehold condo .

Currently shopping for housing loan , does any local bank offer Flexi loan like MortgageOne loan from SCB ?

I had spare cash and would like use it to offset loan interest .

Thanks
 

MortgageSingapore

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Hi ,

Recently just bought a 1 Mil 2 bedroom freehold condo .

Currently shopping for housing loan , does any local bank offer Flexi loan like MortgageOne loan from SCB ?

I had spare cash and would like use it to offset loan interest .

Thanks

Not local bank but Citibank.

They offer 50% interest offset with your funds.

Current interest rate 1.35%
Loan amount $1M for 25 years
Spare cash to park at Citibank. No lock in, base on average daily balance. For example say $500k.

Monthly instalment: $3929.97, interest $1125, principal $2804.27.

Interest offset based on $500k x 0.675% / 12 = $281.25.

Revised calculation: monthly instalment remains same at $3929.97. Interest less off $281.25 = $843.75. Principal becomes $3085.52.

This helps you reduce your principal significantly, helping you pay off your loan faster.
 

Ronaldo88

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I need loan of 240k..thking of hdb or bank loan..will go for one which gve more savings..bank tends to charge more on the associated costs like legal,fire insurance,etc..
 

dnsfpl

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if can always choose hdb loan

almost everything, like fire, mortgage (hps) insurance etc can pay using cpf
 
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