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...
Home Loans
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...
POSB's HDB home loans can now be secured within an hour, the bank said yesterday, in a move to improve efficiency and convenience for its customers. With the 60-minute Promise, customers who apply for HDB home loans can complete and return the required documents via email or fax between 9am and 3pm from Monday to Friday. When the application is received and deemed satisfactory, the customer will receive...
TWO key interest rates that determine how much your home loan costs are near their all-time lows but borrowers taking out new mortgages may not be better off. Borrowers usually benefit when these measures drop but this time banks are responding to the riskier economic climate and surging property market by charging more for loans. The most well-known of these measures - the three-month Singapore...
TWO developers have tied up with financial institutions to offer low interest rates to buyers of certain residential projects. Hong Leong Finance is offering rates of as low as 0.98 per cent a year on loans to buyers of its sister firm City Developments' (CDL) The Residences at W Singapore at Sentosa Cove. For the Waterbank at Dakota condominium, United Overseas Bank (UOB) is offering an enticing deal:...
HONG Leong Finance (HLF) is offering buyers of The Residences at W Singapore Sentosa Cove an exclusive financing package, with rates from 0.98 per cent a year. The 228-unit luxury project is being developed by City Developments Ltd (CDL), another Hong Leong Group unit. HLF said that its home loan offerings feature some of the best interest rates in town. 'With an active property market, customers are no...
Singapore's big lenders are aggressively lowering rates to beat off competition from each other and smaller finance houses in a hot home loans market. Financiers had the lowest interest rates at the start of the year, but three months on, banks have also started dropping prices. The Singapore property market is heating up, helping to propel the home loans space. Competition is stiff among major local...