Banks see problems in extra checks needed for home loan applications New government measures to cool the property market and curb speculation in the resale market for HDB flats could cause headaches for banks here due to the extra checks needed for home-loan applicants, but the impact on loans growth will likely be small, a check by BT shows. 'Banks will certainly run into problems for any pre-existing...
Finance
Maybank S'pore ups the ante in residential mortgage market Maybank Singapore has raised the bar in the home loans market with a slew of offerings that include mortgage rates below 1 per cent. Its fixed rate packages, with either a three or five-year fixed term, offer the lowest rate in town at 0.88 per cent a year in the first year. For its home loans pegged to interbank lending rates, Maybank is...
Maybank Singapore has raised the bar in the home loans market with its slew of latest offerings that include mortgage rates lower than one per cent in the first year. For instance, its fixed rate packages with either a three or five-year term offers the lowest rate in town at 0.88 per cent a year in the first year. As for its home loans that are pegged to interbank lending rates, Maybank is offering...
The percentage of mortgagors falling behind in their repayments in Singapore has halved over the last two years. Releasing the data on Monday, DP Credit Bureau (DPCB) said the average default rate fell to 0.43 per cent in March this year compared to 0.89 per cent in March 2008. This means that in 2008 one in every 112 mortgagors was in default on their repayments, and this figure dropped to just one in...
ANZ Bank offers unique floating rate mortgage ANZ Bank has launched a new floating rate home loan, believed to be the first of its kind here. The bank claims it could reduce the anxiety of homeowners because the loan is pegged to at least two reference rates, unlike the banking norm in Singapore where home loans are usually pegged to only one. Floating rate home loans are usually pegged to either the...
Sibor and SOR, rates that mortgages are pegged to, have fallen KEY interest rates that determine mortgage levels have fallen steeply, promising cheaper home loans but even leaner times for those with bank deposits. The rates have been driven down by the economic recovery, which has led to an increased willingness by banks to lend and a flood of cash coming in from foreign investors. The falling rates...
A PROPERTY is, perhaps, one of the most expensive items a person will purchase in his lifetime, and the mortgage debt is often a big concern for many. However, there are various means through which one can significantly manage such debt and gain financial freedom quickly. Besides cultivating sharp financial habits to spend less and save more to pay off the loan early, financial experts recommend that one...
Buying a home is one of the biggest purchases you will make in your lifetime, so it's important to do your homework before you apply for that loan. Prepare in advance You must pay at least 1 per cent of the purchase price in exchange for an option to purchase. After that, you have 14 days to decide whether to proceed with the deal and pay the balance of 9 per cent for a completed property or 4 per cent...
It's important to insure home loans in case breadwinner dies early The house we own is easily a family's biggest of big-ticket items, but only three out of 10 home loan customers here buy mortgage insurance. While we believe we have insurance for nearly all of our needs, from children's education to hospitalisation, some of us do not realise that our home loans need to be insured too. Mortgage insurance...
SINGAPORE'S quick recovery from the global financial crisis has seen consumer sentiments and consumption moving in tandem. It is a time when people might look to spend more on big-ticket items such as properties, cars and weddings and, in the process, take a loan to finance their purchases. Getting a loan is usually not a difficult task, but there are many factors one should first consider. 'Consumers...