Housing loan

[helinoob]

Hi guys. Thinking of changing from hdb loan to bank loan. Mind sharing what bank, interest rate and type of home loan u are on currently?

Thanks!

 

[K20A]

There's a minimum sum to change, I think

 

[fandango]

Hi guys. Thinking of changing from hdb loan to bank loan. Mind sharing what bank, interest rate and type of home loan u are on currently?

Thanks!

Pay finish hdb loan back in 2015. Happy like bird

 

[Hello_Kitty]

There's a minimum sum to change, I think

is it $200,000????

 

[fire]

What's the reason for changing?

 

[helinoob]

What's the reason for changing?

To capitalize on the lower interest rate of bank vs hdb loan

 

[diequick]

Hi guys. Thinking of changing from hdb loan to bank loan. Mind sharing what bank, interest rate and type of home loan u are on currently?

Thanks!

There are mortgage brokers, u can go online and get their assistance. Its "free", they get their commissions from the banks, so they would have a few, its presented swee swee in spreadsheets, then u see see look look, which one best for u.

Why u want to switch?

Bank loans, would typically require u to get the MRTA from them/partners. HDB loan is standard HPS. I think HPS can be paid via CPF, bank MRTA oni cash. HPS is bigger pool, pte insurers smaller pool, so in theory, larger pool ==> lower premiums. i.e. do the maths properly, u may still need to fork out some cash in bank loan + pte home insurance vs all CPF/HPS hdb loan.

Loan amt? Banks typically gt a min. loan amt. Yes, u may meet it now, but what happens (after lock in period) when % rate climbs above 2.6%, and then u decide to switch but the loan amt is below the min. loan amt (currently i think its 150k, up to them to adjust on their own). If u dont have 150k (in CPF/cash) to pay off, then whatever interest they put, u have to take lor.

Finally, when u r done with the loan. In HDB loans, the title deed auto-magically goes to SLA. For bank loans, u engage a lawyer, get a physical copy (newly printed), u get to keep (dont lose it), either in a fire-proof safe (dont let termites bite, pple steal etc). Lose it, when u want to sell, i suppose need $$$ to engage lawyer again.

 

[articland05]

once u exit hdb loan u can never go back again iirc

 

[grevq80o]

you know if you refinance with private loan, cannot change back to HDB loan ya?

please check the refinancing cost (lawyer fees etc) and calculate how many years needed to pay that using the $ you saved from interest rate.

Some banks have loan specialists who may have special offers (e.g. for 5 year fixed, typically it is 3 years fixed)... For me I have always thought Maybank provides the best interest rate... but i may be wrong.. since i no more mortgage.

 

[d3n]

Hi guys. Thinking of changing from hdb loan to bank loan. Mind sharing what bank, interest rate and type of home loan u are on currently?

Thanks!

me using DBS... min $200k , 2,5% now but i think now is lower around 1.8%

 

[hachi]

When your bank loan lower than the min amount? How? Stay with the bank and let them any charge interests since they know you cannot switch or hope by the you got the money redeem? What's the end game?

 

[Milodrink]

Pay finish hdb loan back in 2015. Happy like bird

Hello bird