Free Advice/Discussion on Bank Mortgage loan

Property_Broker

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new condo price - 1 million or 1.3 million

Probably loan amount of 1 mil or 800k, upcoming NEW private condo
For BUC loan above 800k


3m Sibor + 0.7% Throughout.
However do take note that sibor will be phrasing out soon. Based on the latest report, it will no longer offer to the new-to-bank client September 2021 onward. It will cease totally on 2023.

1m SORA + 0.98% Throughout.

You can pm me if you want more details.
 

zackontherun

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Anyone can find dbs FHR6 historical rates or anyway I can understand the past 20 years rates to calculate how much interest the fhr6 can be if I suay
 

r0_ger

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Anyone has any experience with CIMB? They have a 1.12% 2 yr fixed rate with legal fees subsidy for panel lawyer. Loan amt more than 1mil.
 

Panerex

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Dear all

currently I am paying my DBS home loan via CPF.

let’s say if I switch to a hybrid mode where Cash 99% + CPF 1%, will this attract additional admin or interest charges?

I assume DBS will deduct from my CPF first. When it realises it is insufficient, it will then deduct from my designated POSB bank account.

thanks all
 

glorfindel

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Anyone can find dbs FHR6 historical rates or anyway I can understand the past 20 years rates to calculate how much interest the fhr6 can be if I suay

Don't think the FHR6 historical values will matter much. They didn't have incentive to raise FHR6 in the past, now that they have FHR6 loans they will have incentive to raise FHR6 in the future.
 

Property_Broker

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Anyone can find dbs FHR6 historical rates or anyway I can understand the past 20 years rates to calculate how much interest the fhr6 can be if I suay
Hi @zackontherun

DBS start using FHR6 only this year hence it is relative new.

DBS use FHR > FHR24 etc etc ever since 2015 onward.

I have the records for the others.


DBS
FHR -> 0.4% -> 0.675% -> 0.80% -> 0.975% -> 1.075% -> 1.40% -> 1.15% -> 1.025%
FHR8 -> 0.20% -> 0.50% -> 0.675% -> 0.95% -> 0.60%
FHR9 -> 0.25% -> 0.50% -> 0.80% -> 0.95% ->1.35% -> 0.95
FHR18 -> 0.60% -> 0.80% -> 0.95% -> 1.10% -> 1.40% -> 1.30%
FHR24 -> 0.90

I am not a fan for rates that is packed to fixed deposit. It is not transparent and the bank can revised the rate anytime by giving u 1 month notice. Hence it is like living under the bank mercy.
 

Property_Broker

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Dear all

currently I am paying my DBS home loan via CPF.

let’s say if I switch to a hybrid mode where Cash 99% + CPF 1%, will this attract additional admin or interest charges?

I assume DBS will deduct from my CPF first. When it realises it is insufficient, it will then deduct from my designated POSB bank account.

thanks all
Hi Panerex,

There is no admin fee to it. You have to go CPF website and amend the CPF usage. The bank will deduct your cpf and deduct from your loan servicing account if there is shortfall.
 

Property_Broker

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hi @t14henry ,

i will recommend that you can just go with 1-2 banks max. Doing too much IPA might flip against you as well. Some credit approver will doubt your creditability when you apply so many banks.
 

The_Davis

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Hi @zackontherun

DBS start using FHR6 only this year hence it is relative new.

DBS use FHR > FHR24 etc etc ever since 2015 onward.

I have the records for the others.


DBS
FHR -> 0.4% -> 0.675% -> 0.80% -> 0.975% -> 1.075% -> 1.40% -> 1.15% -> 1.025%
FHR8 -> 0.20% -> 0.50% -> 0.675% -> 0.95% -> 0.60%
FHR9 -> 0.25% -> 0.50% -> 0.80% -> 0.95% ->1.35% -> 0.95
FHR18 -> 0.60% -> 0.80% -> 0.95% -> 1.10% -> 1.40% -> 1.30%
FHR24 -> 0.90

I am not a fan for rates that is packed to fixed deposit. It is not transparent and the bank can revised the rate anytime by giving u 1 month notice. Hence it is like living under the bank mercy.
Seems like trend is up up up up up down down... up?
 

Passerboy

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Hi @zackontherun

DBS start using FHR6 only this year hence it is relative new.

DBS use FHR > FHR24 etc etc ever since 2015 onward.

I have the records for the others.


DBS
FHR -> 0.4% -> 0.675% -> 0.80% -> 0.975% -> 1.075% -> 1.40% -> 1.15% -> 1.025%
FHR8 -> 0.20% -> 0.50% -> 0.675% -> 0.95% -> 0.60%
FHR9 -> 0.25% -> 0.50% -> 0.80% -> 0.95% ->1.35% -> 0.95
FHR18 -> 0.60% -> 0.80% -> 0.95% -> 1.10% -> 1.40% -> 1.30%
FHR24 -> 0.90

I am not a fan for rates that is packed to fixed deposit. It is not transparent and the bank can revised the rate anytime by giving u 1 month notice. Hence it is like living under the bank mercy.
Second this. Personally took up FHR related rates and regretted, fortunately got two revisions, and the spread got revised downwards, but to choose again would choose Sibor.
 

Property_Broker

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Seems like trend is up up up up up down down... up?
I cant import the interest rate chart over here due to the limitation in this forum.
But interest rate is heading upward from 2016~2019. Hence you can see FHR move according to the interest rate trend.

When interest rate start to go downward from 2020 onward, DBS react very slowly on it. This is how they get profit from client.

In short DBS will revise the rate VERY FAST when interest go upward. They will revise the rate VERY SLOW when interest go downward. lol.
 

Property_Broker

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Second this. Personally took up FHR related rates and regretted, fortunately got two revisions, and the spread got revised downwards, but to choose again would choose Sibor.
hahah! yea~ Sad to say that sometime we need to experience it before we can learn~

My view is that either you go with FIXED(Fixed and guaranteed) or Floating(SIBOR/SORA).
Dont go for interbank rate (Rate that is pegged to board rate or fixed deposit rate).
 
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