Buying a home in Singapore is a huge financial commitment whether it’s an HDB flat or private property. It is probably the biggest amount of money you’ll ever spend in a lifetime! Most of us can’t fork out such a huge lump sum, and hence, need a home loan (also known as a mortgage loan or housing loan). The best home loan is unique to each individual and often customised around an individual’s personal needs, risk appetite and goals. We are going to talk about the best home loan in Singapore based on your property type to help you pick the cheapest bank in 2021: Best Home Loans for a Resale P ..read more

What is an interest offset mortgage account? An interest offset mortgage account can be likened to an everyday savings account that enables you to get a high interest rate, and that matches the interest rate of your housing loan in Singapore. An interest offset mortgage account enables you to both withdraw and make deposits as you would with a typical current or savings account. The major difference is that when the money is left in your offset account for a certain period, it is possible to reduce the amount of interest being charged on your home loan in Singapore. The higher the balance of y ..read more

Your first home is one of the most major investments that you will ever make in your life. So understandably, you want to make sure that you’re making smart decisions when it comes to picking the right housing loan. This research process can be long-drawn and confusing.  If you are looking to buy a HDB in Singapore in 2021, a common thought comes to mind, “Should I choose a HDB loan or a bank loan?” The simple answer is, a bank loan for a HDB is generally cheaper and better in the long run. But, before jumping the gun, it is always important understand the differences between a HDB loan a ..read more

What is a credit report and what does a credit score mean? A credit report is a consolidated report of the repayment history and outstanding balances of all debt obligations (credit cards, car loans, mortgages, personal loans etc) taken from a financial institution in Singapore. A credit score or credit rating is a points based system within the credit report which is used to ascertain the probability of default an individual might have for any debt facilities. Banks use your credit score to determine during their credit underwriting process to determine if they should lend any form of loans o ..read more

Mortgages can be complex financial products even for the experienced, much less the layman. Having a home in Singapore is one of the most significant milestones that we all strive for. But, how much thought do we put into securing a mortgage which extends to 10, 15, or even 30 years? With the space that we currently live in, it is no surprise that most of our financial decisions are impacted by technology. Thus, it shouldn’t be hard to think that identifying the best mortgage loan should be done the same way. To tackle the common questions of “Which bank is best for my home loan?” or “Will mor ..read more

The Singapore government is well known for being interventionist when it comes to the property market. Besides financing requirements, one other way they control property demand is through a form of tax called stamp duty. These property taxes ensure Singapore citizens and Permanent Residents have priority in home ownership. They also prevent roller-coaster prices that would hurt the economy and ultimately the cost of living. On the lookout for a new home? Here’s what to know about property stamp duties on residential properties in Singapore: What is buyer stamp duty? How to calculate buyer st ..read more

You might think that finding the best home loan rates in Singapore is a simple matter of calling the banks and asking; or perhaps just using a comparison site. In reality, you’re not likely to get the best deal that way. The key thing to understand is that, most of the time, banks don’t state their best rates upfront.  The market for home loans is very competitive, and mortgage bankers also have quotas to meet. This can be tough, given that there’s little difference between bank loans other than the interest rate. So to meet those quotas, mortgage bankers are given a bit of leeway to disb ..read more

Buying your first home and securing your mortgage loan can be pretty confusing when there are more than 21 banks offering close to 145 options for housing loans in Singapore. Not only that but having to understand requirements like Total Debt Servicing Ratio (TDSR) and Mortgage Servicing ratio (MSR) just adds more misery. But all is not doom and gloom as we highlight some of the key points to take note when buying your first property and taking up a mortgage loan in Singapore. Differences between HDB and a Private Property There is a systematic categorization of property in Singapore that one ..read more

When you buy a property, you’ll need the services of a conveyancing property lawyer in Singapore to handle the entire process, which is transferring the legal ownership of a property. This must be done in a specific, formal manner. For instance, you can’t just verbally agree to exchange money for a property, as that is unlikely to be recognised by law. This process—formalising your ownership over a property—requires the services of a law firm. But while many people assume the bank gets to pick the firm in question, that isn’t necessarily true. You can in fact use a cheaper law firm of your cho ..read more

A home equity loan and cash-out refinancing, allows you to draw out the value of your house in cash without having to sell it. To many Singaporeans, one of the main drawbacks of property is that it locks down your cash. To start a business or send your children overseas to study, you may have to sell your house but by taking a home equity loan, you get to fulfil your obligations while keeping your home. Contents: What is a home equity loan (cash-out refinancing)? How to use a home equity loan for debt consolidation? How to calculate the equity loan amount for my property? Does CPF usage affec ..read more