Free Advice/Discussion on Bank Mortgage loan

[Elvis_j_s]

Mind to tell me more?
which package is better for Housing loan about 250k..
IPA is valid for one bank or also valid for other bank?

 

[Fifa2006]

Different bank have different guideline for IPA. some bank use a higher percentage to do stres test while others use current interest rate to do stress test. So IPA is different

 

[Amarox]

May I know what is SIBOR ?

I'm a PR but my wife is non citizen, can I apply IPA?

 

[Fifa2006]

SIBOR stands for Singapore Interbank Offered Rate and is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the Singapore wholesale money market (or interbank market).

Yes you can apply for IPA

 

[trinity4ever]

Hi Fifa2006

Can tell me which bank is offering 1.35% fixed for 1st 3 yrs? So far, those that I found are not giving me such gd rates

Thank you.

Hi hazardous,
I assume your property is an uncompleted property
Most bank will only offer Sor/Sibor rates for uncompleted property.
Rate will for sure go up years to come .
I can't predict the rate in the future but I can quote you some rates for
You to take reference from in the current market

For mass market
Best fixed rate
1st 3 yrs :1.35%

Best sibor
1st year: 3mth sibor + 0.55%
thereafter : 3mth sibor + 0.65%

3msibor today is :0.39744

 

[Fifa2006]

Hi trinity4ever,

Roughly how much is your loan size ? Private or HDB?

 

[dcode]

Hi,

Which bank are you talking about for this?
I about to commit to a housing loan most prob ocbc or uob ... now sourcing to see any other offer extra perks

Hi hazardous,
I assume your property is an uncompleted property
Most bank will only offer Sor/Sibor rates for uncompleted property.
Rate will for sure go up years to come .
I can't predict the rate in the future but I can quote you some rates for
You to take reference from in the current market

For mass market
Best fixed rate
1st 3 yrs :1.35%

Best sibor
1st year: 3mth sibor + 0.55%
thereafter : 3mth sibor + 0.65%

3msibor today is :0.39744

 

[trinity4ever]

Abt S$400k. HDB. Thanks.

Hi trinity4ever,

Roughly how much is your loan size ? Private or HDB?

 

[Elvis_j_s]

Hi bro,

Thank for reply.

Just to ask using online such as Housing Loan Singapore | Best Home Loan Bank Rate Calculator Comparison Singapore or Compare Singapore Home Loans | Singapore Housing Loans | Singapore Mortgage Refinancing| SmartLoans to get suitable among all the bank? Is it absolute free as they mentioned or any hidden cost?

 

[Fifa2006]

Hi Elvis,

Others I am not sure , but service from www.housingmatters.com.Sg is free for you

 

[Elvis_j_s]

Hi Elvis,

Others I am not sure , but service from Housing Matters in Singapore is free for you

This must be your page...

 

[Fifa2006]

can't guarantee for ppl but can guarantee for myself

 

[alisonfisher325]

Just call up one of my banker and he mention their promo rate(Do note that bank have the right to cease the promo package as and when they need to )

500k loan onwards

2 years lock in
1st year: sibor +0.55%
Thereafter: 3mth sibor +. 0.65%

Which bank is this..this looks like a very good deal..I have been going through a lot of banks for Singapore loans.. POSB looks good but this a better deal..

 

[omomom]

When selecting your mortgage loans, you should not be just comparing the rates but also the other freebies and subsidies. Recently, I chose one of the banks, thinking it is offering 'lower' rates for the 1st 3 yrs. End up i am paying more on the legal fees cos it does not have full subsidies, while the other banks charging higher interest rates give FULL legal subsidies.

Also, do take note on the legal charge quotations. Typically, the legal firm should charge somewhere around 2.5K (before bank subsidiy) and this should include all other charges like CPF Conveyancing Fees and Mortgage Stamp Fees ($500).

I was recently quoted by one legal firm $2500 (legal fees) + $300 (cpf conveyancing fee) + $500 (mortgage stamp fee) = $3300. The 2nd legal firm i went charges me only $2300 inclusive of all other charges.

 

[Fifa2006]

Package not available for HDB and EC(below 10years).

Which bank is this..this looks like a very good deal..I have been going through a lot of banks for Singapore loans.. POSB looks good but this a better deal..

 

[Fifa2006]

There are different charges from different Lawfirm . Its just like for the same bottle of soft drink, at different location it's served at different price. Went to robertson quay last week and bought a bottle of 7 up. It cost me $2.30 from 7-11 which I can purchase at ntuc for less than a dollar. I can't say that they cheat my money.

As a service provider , I think different Lawfirm have the right to price their service fee as their overhead(manpower, rental etc) is different.

So for consumer , we have to do our homework before engaging a Lawfirm. But it doesn't mean that getting a Lawfirm that charge cheaper is good as I have client complaining to me that some Lawfirm that they engage screw up the case and end up they having to engage another Lawfirm end up paying more money.

If you were to enter a bank with Sibor Package without doing your homework, the banker will confirm tell you the pros of SIBOR and the CONS of SOR. This is how banker works else they won't be able to hit their target.

But it's different if you were to engage a mortgage broker for your loan, be it refinance or new purchase. they will explain to you what different package there are in the market and advice you which package suits you.

Unless facing a tough case or that particular bank dun do standard payout to the broker, broker will normally give Free service to their client .

When selecting your mortgage loans, you should not be just comparing the rates but also the other freebies and subsidies. Recently, I chose one of the banks, thinking it is offering 'lower' rates for the 1st 3 yrs. End up i am paying more on the legal fees cos it does not have full subsidies, while the other banks charging higher interest rates give FULL legal subsidies.

Also, do take note on the legal charge quotations. Typically, the legal firm should charge somewhere around 2.5K (before bank subsidiy) and this should include all other charges like CPF Conveyancing Fees and Mortgage Stamp Fees ($500).

I was recently quoted by one legal firm $2500 (legal fees) + $300 (cpf conveyancing fee) + $500 (mortgage stamp fee) = $3300. The 2nd legal firm i went charges me only $2300 inclusive of all other charges.

 

[OlympicDreamer]

Hi all..

My dad will get $150,000 after separation settlement from the sale of the HDB apartment.

Because he has already applied for a HDB loan before, we cannot apply for another HDB loan!! So can only turn to Bank. But I am not happy if we apply for another HDB.

I am thinking maybe I can apply for a Private Housing loan for a terrace/corner terrace/semi detached. But it is mentioned that a loan of up to 80% can be taken so 20% downpayment must be made in cash or CPF. taking $150,000 to be 20%, the price of an apartment we can "afford" is a $750,000 apartment.

Is there no other way to get around this? Not even if my salary increase?

 

[Fifa2006]

Hi ,

Do message me how much u declare as your income for 2 years so that I can advice you accordinly

 

[wongkc]

Hi,

I have a question in mind. Currently my name is listed as a joint borrower of my dad's property (coz my dad's old age and my mum is not working, the bank want to bring in another name as a borrower) but i am not the owner of the private property, can i still borrow up to 80% to finance a private condo i am intending to buy?

Thanks.

 

[sg_trader]

would the bank approve loan if i dont have an income at the moment but willing to pledge the condo I intend to buy? I dont have problems paying for the 20%.. just need to borrow the 80%. thanks!