Loan Refinancing

[rarenick]

Hi

My bank just informed me it will raise the loan for my HDB flat from 1.84% to 2.416%.

Hence I would like to know which bank can offer me a very good interest rate and whether it could help me in the legal fee involved. I also plan to reduce the loan sum by using my CPF savings.

Will I have to approach my current bank after I have decided which is the next bank to take up the refinancing?

 

[rarenick]

Any good bank to intro?

Sent from me to you using GAGT

 

[Aerial86]

Hi I've sent you a pm

 

[henrylbh]

Hi

My bank just informed me it will raise the loan for my HDB flat from 1.84% to 2.416%.

Hence I would like to know which bank can offer me a very good interest rate and whether it could help me in the legal fee involved. I also plan to reduce the loan sum by using my CPF savings.

Will I have to approach my current bank after I have decided which is the next bank to take up the refinancing?

Forsake your bank unless your outstanding loan is low and you are stuck and cannot switch.

Sibor plus spread is less than 2% currently.

 

[tk]

Any good bank to intro?

Go through mortgage loan brokers.. they will be able to help u compare the different packages available for refinancing..

 

[FP_IFA]

What kind of package are you holding? Don't anyhow ditch. I know there is a DBS package on HDB that cap its rate to 2.5% for 8 to 10 years. If you ditch this, you be in trouble when sibor goes up more later.

 

[wondrdoggie]

Came across this article that may be useful..

"Standard Chartered has just mentioned that their 1.78% fixed interest for 2 years is only valid until this Wednesday 13th April. Given that the Sibor rates are generally about 1.8% and higher, this is actually a pretty decent deal.

Other noteworthy mentions are: Maybank, which has fixed 1.78% and 1.98% interest for the first 2 years with a 2-year lock in; and OCBC, which also has a relatively attractive fixed rate of 1.98% for the first 2 years. (It was 1.88% just a few weeks ago, which should give you an idea of how quickly the rates can fluctuate.)"

Full article here -- https://www.drwealth.com/2015/04/13/get-the-fixed-home-loan-rates-now-before-they-go-up-any-further/